PROCFD is operated by the Investment Service Company UR TRADE FIX Ltd (registration number 336677) and this company is licensed and regulated under the Cyprus Securities and Exchange Commission (CySEC). They offer quite a wide variety of assets to choose from and also a Demo account for those who want to test out their trading conditions without investing real funds into the account. Keep reading to find out more about this broker and what they have to offer.
Account Types
PROCFD offers four different account types to choose from namely, the Standard, the Gold, the VIP, and the Islamic account.
The Standard account has fixed spreads, daily market analysis, fast executions & quick withdrawals and payments, and quite a high leverage of 1:500.
The Gold account is suitable for advanced traders who have a good hold on the do’s and don’ts of trading. This account comes with a personal account manager, special offers, ALGO trading, live coverage of the market match, and also high leverage of 1:500.
The VIP account is the most ‘luxurious’ account on offer, according to the broker. Customers who hold a VIP account receive a personal dealer who provides them with – market updates, trading ideas, and VIP promotional offers. This account also comes with super low fixed spreads and a leverage of 1:500.
The broker also offers an Islamic account that has similar characteristics to the other accounts however this one is interest-free. The broker states that the guaranteed spreads of this account are equivalent to those in their regular accounts.
You can find more details about each account on the PROCFD’s Accounts page on their website.
Platforms
PROCFD offers its customers a choice of 3 platforms options to use when trading on their PORCFD accounts, these are the Mobile Trader, Desktop Trader, and Web trader. These platforms are linked and can be accessed by the customers using one username and password.
The desktop trader is ideal for professional traders that use Microsoft.NET technology. The platform comes equipped with advanced integrated charts and it also allows customers to execute one click trades and it is also customizable to fit the customer’s particular preferences.
The Web trader was created to suit the needs of those customers that have issues because of security systems installed on their computers, such as Firewalls, which tend to make trading using the download version more difficult. With this platform, customers are allowed to access a large number of features directly from their own computer, opening, and closing positions, depositing and withdrawing funds, and also viewing the account history.nUnfortunately, PROCFD does not offer the MT4 platform which is by far the most popular platform around.
Leverage
This broker offers a very high leverage of 1:500 for all of their available accounts. Customers must be extremely cautious when dealing with such high ratios as this can bring about major losses as well as major wins.
Trade Sizes
The website of PROCFD seems to be missing some key information, especially when it comes to trading conditions, so unfortunately we cannot comment any further regarding what trade sizes are allowed to be traded when using a PROCFD account.
Trading Costs
The broker does not specify if there are any added trading costs customers might encounter apart from the spread so we cannot comment any further regarding this.
Assets
PROCFD has quite a vast array of currencies available including popular pairs such as EUR/USD and EUR/JPY along with some minor and exotic pairs available as well. As for commodities, this broker offers Coffee, Corn, and Natural gas to mention a few and Apple, Amazon, Cisco, Facebook, Google, IBM, and some others as Shares. PROCFD also has some indices available for trading including Poland 20, US 500, and Netherlands 25 amongst others. You can find the full list of available trading assets on the broker’s website.
Spreads
Apart from mentioning that their accounts have super low, fixed spreads, PROCFD does not provide factual information about how low the spreads actually are, so we cannot comment on this for the time being.
Minimum Deposit
On online customer reviews, we found that this broker asks for a minimum deposit requirement of $100, which is quite standard in the industry. We cannot confirm if this is 100% accurate as the broker does not include this information on their site.
Deposit Methods & Costs
No information is provided regarding how customers can deposit funds into their accounts or what costs they might encounter when doing so.
Withdrawal Methods & Costs
Same as with deposits, there is no mention of withdrawal methods and costs on the website.
Withdrawal Processing & Wait Time
Since there is no information regarding withdrawals on the site, we cannot comment on this for the time being.
Bonuses & Promotions
Customers of PROCFD can apply for one PROCFD promotional offer during the promotion period stated by the broker. The total refund given by the broker will not exceed the initial deposit amount deposited by the customer when opening his/her account. In order for customers to withdraw their bonus funds, they must first generate 10000 times the volume of their net deposits, but first, in order for customers to actually claim the bonus, they must send an email to PROCFD’s promotions department.
The Useful Information segment found on this broker’s website has a Forex History article, which mentions briefly the changes the industry has gone through throughout its history, which although makes for an interesting read, it is not very useful for those looking for information to actually help them when it comes to trading. They do have another article which covers a number of points when it comes to influences on currency prices as well as general information about Forex. This segment of their website also has a list of different strategies and analyses customers can choose to adopt during their trading.
Customer Service
Customers wanting to get in touch with PROCFD can do so via email or telephone. We did try contacting them to clarify some of the information that is not clear or completely missing from their website, but we did not receive any reply to our email. Here is their contact information:
Address – Kanika International Business
Centre 4, Profiti Ilia Street,
Germasogeia, CY-4046 Limassol, Cyprus
Telephone – + 44 77522 899 621
Email – infor@procfd.com
Demo Account
PROCFD has a Demo account available for those wanting to get an idea and familiarize themselves with the brokers trading conditions. The broker also states that the Demo account and the trading platform itself has an educational area where customers will have access to tutorials on a variety of aspects of technical analysis and chart patterns.
Countries Accepted
PROCFD does not mention any specific countries that are restricted from using their services.
Conclusion
PROCFD is a Cyprus based broker that offers a variety of accounts available and a number of different assets available for trading. We did find that their website is missing a lot of key information potential customers would be looking to find before creating an account with them which is obviously a disadvantage. Our experience with their customer service left much to be desired as our emails were not answered and as a result, we could not provide all the necessary information. If you’re interested and would like to know more, head on to PROCFD’s website and try contacting them yourself and determine whether PROCFD would be a good choice for you.
