ProFx Market Review
ProFx Market offers its clients 5 account types, depending on their initial investment amount. All account types provide variable spreads, micro tradeable lots, and NDD environment with market execution. The Micro, Premium and Gold account types are commission-free, while the two ECN accounts involve a commission, but provide tighter spreads.
The HFT account (HFT stands for High Frequency Trading) is intended for traders who want professional advantage. Besides, there is a special Islamic (swap-free) account for investors of Islamic belief.
While the minimum initial deposit of $20 required by ProFx Market looks attractively low, the one required for ECN accounts is very high ($2 500). What is more, we find the ECN commission pretty high, amounting to $10 per standard lot. Thus, trading costs on ECN account amount to more than 1.5 pips (0.5 pips spread + commission) per lot, which is above the average. By comparison, FIBO Group (holding a CySEC license) offers spreads averaged 0.2 pips on EUR/USD on cTrader (ECN) accounts, where a commission of $6 per lot round turn applies.
The Company. Security of Funds
Profx Market is a young London-based STP/ECN broker that offers trading in more than 65 currency pairs, 10 CFDs, as well as Gold and Silver on the industry’s standard MetaTrader 4 platform.
The company behind the brand, ProFXmarket Ltd., is registered in the UK, but is not regulated by the FCA (nor by any other authority).
We generally advise traders to avoid non-regulated and offshore companies, as doing business with such is extremely risky and clients of such brokers have no protection in case something goes wrong. So, if you intend to invest a large amount of money, Profx Market is not recommended. You’d better select among brokers regulated by reliable authorities such as UK’s FCA, or Australia’s ASIC (for instance), where regulation and supervision is strict and your funds will be safe.
like most brokers, this one also supports the MetaTrader 4 (MT4) platform, desktop and mobile version available. Since 2005 it has been holding the title of the most popular Forex trading terminal and it continues to be the most widely used platform, although its developer tries to strengthen the market position of its successor and phase MT4 out.
MT4 is easy to use and offers a number of technical analysis indicators, extensive back-testing options, advanced charting package, and wide range of Expert Advisors (EA), allowing clients to automate their trades.
Methods of Payment
ProFx Market offers its clients the following payment methods: bank wire transfer and via credit/debit cards, as well as e-wallets such as Skrill, Neteller and Perfect Money.
ProFx Market is a new UK-based forex and CFD broker that supports the popular MT4 platform. It claims to offer pure NDD environment, however we find the trading costs on ECN accounts too high. What is worse, ProFx Market is not licensed by FCA, nor by any regulator.
ProFx Market Review Conclusion
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