A trustworthy online broker by your side can make a difference in your success and failure in the financial markets. Some people have had to learn this lesson the hard way and you do not want to do that. Just because you are eager to begin trading does not mean that you should choose your broker in a hurry because even a bit of negligence on your part can lead to disaster. With frauds and scams happening left and right, you do not want to be trapped. This can happen even when a company looks straightforward and genuine, as you can discover through this Profort review.
These schemes have become rather prevalent in the financial markets, given that there is a lot of money involved and that people often skip out on their research and diligence when it comes to choosing a broker. There is a very heavy price that has to be paid for it, so you should not make that mistake. Finding a trustworthy broker can pay off in the long run, even if it requires you to make some effort in the beginning. You will not have to worry about losing your money to a shady company, nor have your data stolen.
Plus, it will also allow you to focus on your trading, but not if you are constantly stressing about the authenticity of your brokerage. How do you avoid disaster? You can do this simply by checking and verifying the information that a broker provides and the claims they make. After all, it is very easy for anyone to claim anything over the internet, but whether they deliver or not is a completely different ballgame. This is just what you find when you take a closer look at Profort because the story of this forex and CFD broker starts falling apart when you look closely.
Their promises begin unraveling at the seams when you go through the Profort website thoroughly and tells you that this is not a trustworthy broker at all. How? Let’s find out:
Virtually anonymous website
Signing up with any online broker is a big decision because you will have to deposit your money with them and also provide extensive personal and financial information. Therefore, it is a given that you cannot trust just any company with all of this. It would be foolish of you to do so without finding out everything relevant about the platform and you want to do the same with Profort as well.
Yes, it claims to be a forex and CFD brokerage, but you need to know the company that owns and operates this brokerage, where it is based and whether it has a license or not. All of these features can help you determine the authenticity and trustworthiness of Profort and help you make the right decision. Unfortunately, you will not be satisfied with Profort in this regard.
This is because when you go through the Profort website, you will discover that this is a virtually anonymous brokerage. It is lacking in corporate background, which means there is no information about the company behind the platform and there are no details about its whereabouts either. Likewise, they have not mentioned a single word about licensing and regulation, which is another big concern.
The only piece of information that you will find about Profort is in their Terms and Conditions where they have made a mention of Seychelles. But, this will not reassure you either because this is just an offshore jurisdiction that is often referred to as a scam haven because of their lax rules. This means that there is nothing reliable to be found about Profort.
Offering guaranteed profits
When you go through the offerings of Profort on their website, you will come across the investment plans they offer. These can be very tempting for people because they are offering expected returns to users. Who does not want to make profits? Of course, everyone is interested in trading in the financial markets for the purpose of making profits. However, you should remember that no one can guarantee you profits in this space.
The financial markets are renowned for their volatility and unpredictability and even the most professional and expert traders cannot always generate profits. Yet, it seems that Profort is offering you guaranteed returns and this is a major sign of a scam happening. The markets are highly risky and no one can promise such returns. In fact, brokers based in the UK and EU are actually required to warn their clients about the risk of losses.
Availability of remote desktop applications
Another problem that you will discover on the Profort website that should make you question their trustworthiness is the availability of remote desktop applications like TeamViewer and AnyDesk. The purpose of these apps is to provide people with access to their PC environment from anywhere, as long as they are connected to the internet.
But, brokers like Profort usually offer these apps to their clients and ask for installation details. This gives them access to all the data on your PC, which include sensitive information like your banking details and passwords. Hence, they will be able to steal from money from your account directly and there is nothing you will be able to do about it.
Only bitcoin payments allowed
A look at the payment options that are supported at Profort will also give you another reason to mistrust the brokerage. You will come to know that they only accept deposits in Bitcoins. Sure, there is nothing wrong with the cryptocurrency and it is certainly quite valuable. But, you should remember that crypto payments have become popular amongst scammers. This is because they are final and cannot be reversed. This means that unlike credit cards like VISA and MasterCard, you do not have the option of filing for a chargeback.
All of these are hallmarks of a scam and this means that Profort is definitely not a trustworthy broker and you should not opt for it at all.