TheproFX Market Review – Can this Broker be Trusted?

TheproFX Market Review

The internet is filled to the brim with online brokers offering you access to the financial markets. Thus, when you decide to engage in trading, you do not need to be concerned about running short of options, or opportunities for that matter.

But, this is not mean that you should just sign up with the first company you come across because not all of them are the right fit.

Sure, you need to consider your preferences and goals to choose an appropriate broker, but you also need to ascertain their trustworthiness and reliability. TheproFX Market review below sheds some light on why you need to do so.

Many people do not want to wait to start trading, so they just choose the first platform that appears to be decent. But, you have to bear in mind that when it comes to the internet, things may not be what they appear to be. Just because the website seems decent and the company makes big promises does not mean that they would actually be able to deliver what they promise.

You have to do your due diligence because there are fraudulent brokerages that exist as well. Criminals deliberately create lucrative websites and offerings to get people to sign up with them and they take their deposits and disappear. You do not want to be just another victim of such scam and fake companies and the only way to avoid this is by being diligent.

Never fall for appearances and always verify the claims of a company to ensure that you do not end up making a mistake. This is what needs to be done with TheproFX Market as well, which presents itself as an award-winning US based brokerage.

This would be enough to convince anyone to sign up with them, but when you try to verify their claims, you can learn the truth. What is it? Let’s take a look.

License and regulation

When you are looking for a trustworthy brokerage, the first thing you need to prioritize is their licensing and regulatory status.

A licensed and regulated company can be trusted because they are monitored by the regulatory body of the jurisdiction they are based in and are required to provide quality services. Licensed companies have to be transparent and fair and they can also be held accountable in case of a problem.

Since people give preference to licensed and regulated brokerages to avoid scams, most fraudsters claim to be regulated as well and this is what TheproFX Market is doing.

You will find that it claims to be an internationally regulated platform and it has added a couple of certificates of incorporation on its website to back it up. One of these certificates is from the United States and the other from St. Vincent and the Grenadines.

Even if these certificates were genuine, they cannot be considered a substitute for a legitimate Forex license. In order to operate in the US market, TheproFX Market needs to be licensed by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). If you check the online registers of these bodies, you will not find it listed.

As far as St. Vincent and the Grenadines is concerned, this is an offshore jurisdiction and the local financial authorities do not pay attention to the forex industry, so a registration there does not make a difference at all. Moreover, you will also find that essentially TheproFX Market is an anonymous brokerage because they do not provide any information on their website.

You will not find a corporate address, or even the name of the company operating TheproFX Market. They only offer an obscure email and phone number and assurance that they are based in the United States. Even if they had an address, it would not have made a difference because a check has already revealed that they are not licensed to operate in the US.

Trading conditions

Checking the trading conditions of a brokerage is essential because you want to ensure that you can make profits and achieve your financial goals. These conditions play a key role in this process because they determine the costs you will incur and the flexibility the brokerage has to offer.

In order to lure customers, you will find that TheproFX Market promises tight spreads and high leverage. The leverage ratio is 1:1000, which is downright excessive. Such high levels of leverage are not permitted for retail traders in various jurisdictions due to the risks involved. Any brokerage that is offering you such ratios does not have your best interests at heart.

Payment methods

The payment methods that are offered by an online broker can reveal a lot about it. Most professional and trustworthy companies will offer a variety of methods for the convenience of their clients. In addition, they will also add methods that come with a chargeback option to reassure people that their money is safe and they can get it back when they want.

Since they are legitimate, they do not have a problem in doing so, but scam brokers would obviously not offer any such options. When you check the payment methods at TheproFX Market, you will find that they offer some popular e-wallets like Skrill, Neteller and PayPal and these are quite secure.

But, when you register on the platform and access the payment options, you will discover that only crypto deposits are offered.

TheproFX Market only accepts deposits in bitcoin and other cryptocurrencies and this makes it untrustworthy. Crypto payments are a favored method of scammers because they are irreversible and anonymous for the most part. This makes it easy for fraudsters to take your money and vanish.

Plus, you will also find that TheproFX Market wants you to deposit $500 to open an account, which is at least twice the standard amount.

In fact, most brokers these days are offering micro accounts for as low as $10, which makes this excessively high, given that you will not be able to get a refund.

The Verdict

It is apparent that TheproFX Market cannot be trusted and you should continue your hunt for a trustworthy platform.