Sunday, April 28, 2013

Profi Forex Review

Today we will take a look at a fairly new forex broker named Profi Forex. The Last Bear did not know about this broker, but came across its name in several forex forums so we decided to check them out and see what they have to offer. We were a bit skeptical from the start as the name irritated us, but we decided to move past the name and review them anyway despite their first bad impression. Actually the name was the second bad impression; the first one was the forum posters who launched a desperate attempt to promote them had terrible English skills.

So, before we even went to their website Profi Forex received two strikes, which is a terrible position to start an evaluation process. Three strikes and you are out. So we trotted over to their home page and bam, strike three. This would be the end of our review as this broker struck out before we got started, but this would not be fair to our readers so here are the reasons why you should stay away from this broker:

  1. The guys who run and operate Profi Forex did not care to spend enough time and money to design an acceptable website and give that this is their primary source of communication with potential clients they have failed. In case they did not have the required funds to pay for design, another red flag. You don’t want to trade with a broker who can’t afford an acceptable online presence through their website.

  2. They claim their team has three years of trading experience. That is not even enough to understand the basics of forex trading. In other words they told you that they are inexperienced, stay away from them. Even worse they think three years in the forex market is enough experience to run a forex broker. Terrible idea!

  3. They offer jobs to traders in order to manage client’s funds, but they do not offer PAMM accounts. They also do not have the required license which is a big red flag. They claim that after you prove our trading skills to them, which require no more than to make between $100 and $200 in your trading account, that they will assign you client’s funds between $2,000 and $10,000. This is absolute non-sense and on top of that illegal. Furthermore they claim you will earn roughly 30% or 35% in commissions. Ludicrous!

  4. There are forex brokers who cater to professional traders as well as institutional clients and there are forex brokers who cater to retail clients. Profi Forex does neither and appears to cater to individuals who have never placed a trade in their live with a mindset that they will lose their deposits. They do not offer any educational services, well they do but what they have put up and call a forex course is the same as not having one.
Conclusion

Profi Forex started with two strikes before we even took a look at their website and we had very low expectations. Profit forex managed to come in way below expectations and we stop shy of labeling it a bucket shop. We recommend that you stay as far away with your deposits as possible from this institution. It is hard to even call them a forex broker. Two claws down, The Last Bear has roared.

10 comments:

Seriously, have you asked around to hear what traders think about profiforex? I think you should do that. This broker has been around for years and I am yet to see a review that says scam. What do you think?

This broker is a very good one. I registered with profiforex a couple of months ago since I was looking for a non US broker. I did not expect it to be better than some brokers I had seen. Their spreads are really low and good for trading and the trading commission is just 0.3pips. Its good to trade here. The tradition condition I see here is far better than what the so-called-big brokers offer. Anyone wants to trade successfully should not just look at the website design of a broker, but should look at what they offer.

Yes, we have done that and the verdict is the same. The design was very minimal in our decision. Thanks for your input, but the verdict remains. Their heavy use of forum posters to advertise them also added in a negative aspect.

It is a scam, I've been trading and wining with them for a month, and when I tried to withraw the gains, they've changed all my trades and they say that I have no money left in the account. They have still all the gains and the capital.

This is what they have sent me, all bullshit:

You have received this message because our software while analyzing your 158105 account has detected the deals executed on non-market quotations. Your trading system is based on the imperfection of Instant Execution mechanism. Let us remind that on real forex there is “Market Execution” and according to our Client Agreement we reserve the right to rewrite your deals in accordance with the quotations that actually existed in the market at that time. According to our Client Agreement the deals are rewritten according to the tick quotations of Dukascopy (Swiss Forex Bank). You can find the charts to each deal below. Please note that you can download the tick quotations of Dukascopy from their website www.dukascopy.com and check everything by yourself.

Profiforex is scam...

I want to make everyone aware that ProfiForex are a thieves and a big scam. Whenever you are profitable and ask for a withdrawal they will go through all your trades and adjust the entry and exit prices. Turn winners into losers and you will end up with a negative balance.
They will use excuses about that there was a bug in the execution and update your entries to prices to their advantage. This happened the first time to me in January 2013 and again in July 2013.
The first time they agreed to give me my initial deposit ($100) back, my account size was over $100k.
I was not using any “cheating” system, I was using a scalper called XMT that only enters/exits with pending orders.
The second time I was also using a scalping system. There is nothing in their terms and conditions about scalping. ONLY on their 4 digit quotes are you not allowed to scalp. I was always using 5 digit.
The second time they are just ignoring any communication. My account was $17k in profit and they adjusted all the trades leaving my account in a negative 11 000 balance after I requested withdrawal.
Here is myfxbook for everyone to see:
http://www.myfxbook.com/members/sonnyjim/mt4-157852/614394

@Rafa: Thank you for your feedback. Who do you trade with now?

@ProfiforexIsScam: Thanks for your feedback, but I have to admit that your story is a bit off. I do not trust that you turned $100 into $100K. I also question why you kept trading with them after you got scammed? You wrote this in June and claim it happened the second time at a future date?

Do you care to clarify?

Profiforex is not a scam as the above trader has claimed. I don't know about him and how he traded, but turning that small deposit into something huge means that he has used an illegal means of trading. I think he is the one scamming the broker, which is why he kept returning to trade with them and the broker refused to grant his withdraw request. I am a long time profiforex trader and when I see posts like this, it pisses me off. Usually I don't care but I had this urge to give a reply. Profiforex has never withheld my withdraw request orders. They have this strict policy of against arbitrage, hedging and scalping with a 4 digit quotation. Whoever this Rafa is, am sure he is a scammer and has no proof of claim.

@ John W: Thanks for your comment. While I agree with you that Rafa's case makes no sense there have been quite a few scam complaints about Profiforex. I do see that they have been changing and maybe the changes are for the better. Time will tell.

From when I reviewed/talked to them it really came across like an amateur bucketshop for reasons I have mentioned in my review.

This is my first time reading your post @thelastbear and this is my third month with this broker. Actually I don't see how all the things you have said has affected my trades with profiforex. I think this broker is nice, as far as I can tell. With regards to @Rafa, whom I think its the same person that goes by "Profiforexscam", I usually use the profiforex forum and I interact with my fellow traders on that platform. Actually no trader or client has had any serious issues with profiforex. So, I think your judgement is wrong. I think I'll defend this broker any time.

Thanks for your comment Victor. This review had nothing to do with the negative comments made about Profiforex which were obviously posted after this post was published. The bad review came after taking a look at them, talking to them and the responses given. I am glad they are good for you and as long as you are happy trading there you should continue to do so.

SCAMRS IF I EVER SEEN ONE THEY GOT ABOUT 100 FROM ME TO LEARN THAT THEY WILL LOCK THE BUTTON SO U CANT SWITCH YOUR TRADES OR CANCEL, SO THE TRADE KEEPS RUNNING. IN A DIRECTION. TO WHERE U LOOSE ALL YOUR MONEY. I'M DONE THEY WONT GET ANOTHER WOODEN NICKEL FROM ME EVER AGAIN, THERE ARE NOTE PROFITABLE ONES!

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