About the company:
ProfiForex has been offering services of online trading since 2010. This is an offshore broker which operates with the STP technology. Trading instruments are currencies, CFDs, and precious metals.
Company. Security of funds
ProfiForex (the trade name is Profiforex Corp.) is a company located in the Seychelles where the regulation of a forex broker is not required. As a result, brokers based on these islands do not face the strict requirements imposed on the British and American companies. It is not necessary to carry out regular audits, to keep customers' funds on separated accounts (although ProfiForex claims that they keep funds of the client on the segregated accounts), to have a certain minimum capital as evidence of the financial strength.
Offshore areas are an attractive destination for new brokers due to the more loyal regulation and a less expensive registration procedure. However, if you intend to invest large sums of money, we recommend you to choose among the brokerage agencies regulated by the FCA or the US regulators, where there are more guarantees that your funds will be safe and protected.
ProfiForex provides its clients with two main standard account types: Micro and Standard. All the transactions on Micro accounts are performed in cents. The operation with small amounts and lower risk is perfect for those who just take the first steps in the foreign exchange market. Standard account allows trading big volumes and is suited to experienced traders.
In addition, Islamic Accounts are available to those clients who do not wish to earn the interest for religious reasons. There is an additional commission for this free service.
ProfiForex also provides the PAMM system to customers who prefer their accounts to be managed by experienced traders (managers). On the other hand, these professional traders have an opportunity to generate additional income.
Minimum initial deposit
The minimum amount required for opening an account in ProfiForex is only $1. Given the absence of the licence by a regulatory body, this amount seems entirely reasonable.
Spreads and commissions
The broker offers both fixed and variable spreads, accessible for accounts of both types. Fixed spreads are 2 pips on EUR/USD and do not include a commission fee. This fixed spread is considered to be average for Forex.
At the same time, variable spreads average 0.7 or 0.4 on EUR/USD and include a commission fee of 0.3/0.6 pip. Therefore, trading operations with variable spread, involving commissions, are about 1 pip that is a relatively low cost in the foreign exchange market.
The maximum leverage levels in ProfiForex achieve 1:500. We recommend traders to be cautious about using higher levels of a leverage, as they not only increase profits with a small deposit, but also increase losses.
The MT4 trading platform is available in the company. It needs no introduction, all professional traders have long been familiar with the program which is the most popular one to date. This rank was reached thanks to a user-friendly interface and useful functions which ensure efficient trading. By the way, its nearest opponent is the next generation of MT5.
The broker offers a 50-100% for a deposit which you can get on an unlimited number of accounts.
The customer support service works 24 hours a day. A trader can ask a question by live chat or email. And yet, the broker does not provide a contact phone number.
ProfiForex customers are provided with the following payment options: credit/debit cards (Visa, MasterCard), Skrill, Bitcoin, Okpay, Webmoney, PerfectMoney, Neteller, RBK Money, LiqPay, W1, Yandex Money, QiWi, UnionPay, Boleto, and Mobile.
PayPal is currently unavailable.
The accepted currencies: EUR, GBP, and USD.
ProfiForex 1/10 (votes 2189)