Multibank Group Regulation and Broker Review
Multibank Group broker review: regulated in Cyprus, Australia, and Germany, but facing revoked licenses and severe complaints.
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FCA Warning: Beware of the Unlicensed ProfitFX Pro
Abstract：ProfitFX Pro has actually found itself the subject of unlicensed forex brokers alert from the UK authority. Of course, even without the warning the fact that ProfitFX Pro is up to no good is clear as unregulated investment companies have much freedom to steal money from victims with little to no consequences.
Company history from 2012 or 2018？
After taking a look at its “About Us”, ProfitFX Pro shows it is a renowned STP/ECN broker founded in 2018 at the top page and is a renowned STP/ECN broker founded in 2012 at the bottom page. This is an obvious scam sign.
Actually, domain name(https://profitfxpro.com/) check result proves it was created in 2022.
Missing legal documentation
ProfitFX Pro claims to be a reliable broker but misses any details of its regulation. The lack of such important information may be a distinct signal of unlicensed broker, as regulated financial brokers are always required to provide and present their accreditations and legal documentation. Here you do not know who you are dealing with, nor what the terms of the deal are.
A warning from the FCA
Headquartered in the UK, ProfitFX Pro is offering investors access to a wide range of instruments across forex, metal, indices, energies with best trading conditions. But this address is undoubtedly fake. As per the UK law, only duly FCA-licensed brokers can offer such financial services. We did not find a license record, but a warning that ProfitFX Pro is an unauthorised entity on the FCA.
These proof make it clear: ProfitFX Pro is not regulated by any regulators. Investors' money in this broker is unsafe and can not be protected by any laws. Therefore, it is a scam.
If you want to trade forex, it would be better to deal with a trustworthy, regulated broker.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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