PROFX Market has been gaining a lot of traction lately, but not all user feedback has been positive, so we decided to take a closer look. With headquarters in London, PROFX Market is a forex brokerage that is open to clients from all around the world. According to them, everyone has a right to trade, so they do not discriminate based on religion, location or age (minors are obviously not allowed to create an account). This open-ended approach translates into what they are offering to traders, and that includes forex, crypto, shares, cfds, indices and metals. Continue reading our PROFX Market review to find out how all of this performs in real life.
Quality of service
Homepage reveals a professional design that presents most of PROFX Market features. Most of the important shortcuts are right there in front of you, which is very user friendly. Luckily, menus are well organized, and you will find most of that you need in just a click or two. There is one thing that gave us issues. Even though the front page is littered with shortcuts, some of them seem to be broken as the lead back to the homepage.
If you are new to trading, you will be disappointed to find out there are no educational tools. While the web is filled with tutorials, we like to see brokerages put in some effort in retaining clients at all stages. This is not a deal-breaker but is a sign of a lack of effort and that is a red flag for many traders.
Speed of response
Everyone dreads that moment when you encounter an issue while trading and need quick assistance. At PROFX Markets, you have several options, but most of them are practically useless. There is a quick chat feature, but it is very limited in its functionality. If you want a quick response, you’d be much better contacting PROFX Markets on Skype. While they respond quickly, the quality of that response is not acceptable. Most of the time you feel like you are chatting to someone who has absolutely no background in trading and is just reading from a poorly constructed script. Alternatively, you can write an email, but be prepared to wait several days for a proper response.
Easily this is the part where PROFX Markets shines. They offer the industry standard Meta Trader 4 & 5 platforms. Experienced traders will feel at home with these platforms and the excess of features they offer. This is however a double-edged sword, as beginners might feel overwhelmed at times, especially since there are no tutorials.
There are also iOS and Android versions of the platform. This is excellent for traders on the go, who can now adjust their strategies wherever they are as long as they have an active internet connection.
One of the biggest issues we had with PROFX Markets, is the lack of overall transparency. There is little to none information regarding the cost of trading. If you are to look up terms and conditions, you will find that there is a broken link that leads to the homepage. This omission is shocking and leads us to believe that there might be something suspicious. We strongly advise all traders to proceed at their own risk.
PROFX Markets is not a regulated brand, as it lacks any financial watchdog overlooking its operations. There is a link on the homepage that supposedly addresses the licencing, however, it is another dead end. While this isn’t a red flag in itself, traders should be careful either way.
Variety of Payment Methods
There are numerous payment methods available for making deposits and withdrawals. PROFX Markets offers its clients to choose from Credit cards, Neteller, WebMoney and Skrill. All of these work as a charm, but there can be a significant difference in withdrawal times, depending on your choice. Generally, whenever you are relying on a bank, you will have to wait several more days.
At the end of our PROFX Markets review, we have to conclude that this is a decent broker with a lot to offer. Unfortunately, there are several glaring flaws that we cannot overlook. We cannot recommend any brokerage that acts mysteriously regarding its trading cost or fails to employ properly qualified staff. Finally, the lack of any type of tutorials, or educational tools, in general, makes the whole package appear completely unattractive.