ProFX Market is a London based foreign exchange broker. ProFX MArket claim some of their benefits to be the ability for any client type to sign up, having a multi-skilled and multi-lingual support team, over 60 currency pairs, CFDs, Sport metals and Indices available to trade as well as over 180 Share CFDs. Multiple account types offering the right environment for all sorts of traders as well as multiple training platforms, a copy trade program and extensive knowledge and training resources. Throughout this review, we will look into everything that is on offer so you can see if they are the right broker for you.
Account Types
If you decide to join up then there is a choice of 5 accounts waiting for you, each with their own requirements and features, so let’s look at what they are.
Pro Winner Account: This account requires a minimum deposit of at least $100 and is in a base currency of EUR, USD or GBP, it comes with a maximum leverage of 1:500 and spreads starting from 1.2 pips. Trade sizes start from 0.01 lots and go up in increments of 0.01 lots up to t a maximum of 20 lots, there can be 300 lots open at any one time. The margin call level is set at 100% with the stop out level at 30%.
Pro Market Account: This account needs a deposit of $100 and comes with spreads starting at 0 pips and due to this there is an added commission, the maximum leverage is 1:500. The account can be in EUR, USD or GBP as a base currency and there are no added commissions. Trades start at 0.01 lots and go up in increments of 0.01 lots up to a maximum of 20 lots with 300 open lots at any one time.
Pro Trader Account: Spreads on this account start low (figures not stated) and the leverage goes up to 1:500. The account can be in EUR, USD or GBP as a base currency and there are no added commissions. Trades start at 0.01 lots and go up in increments of 0.01 lots up to a maximum of 20 lots with 300 open lots at any one time.
Pro Professional Account: This account can be in EUR, USD or GBP, it comes with a maximum leverage of 1:500 and spreads are unknown. Trade sizes start from 0.01 lots and go up in increments of 0.01 lots up to a maximum of 20 lots, there can be 300 lots open at any one time. The margin call level is set at 100% with the stop out level at 30%.
Pro Honor Account: The minimum deposit for this account is unknown, however, it comes with spreads starting at 0 pips and due to this there is an added commission, the maximum leverage is 1:500. The account can be in EUR, USD or GBP as a base currency and there are no added commissions. Trades start at 0.01 lots and go up in increments of 0.01 lots up to a maximum of 20 lots with 300 open lots at any one time.
Platforms
There are two different platforms to chose from, both are from the MetaQuotes company, let’s briefly look at what they are.
MetaTrader 4 (MT4): MetaTrader 4 is the world’s most popular Forex exchanging stage. Over 70% of FX brokers now offer to their clients, while over 90% of all exchanges operating within the retail Forex market are connected by way of the MetaTrader 4 platform. Since 2005, MT4 has remained the most well-known FX exchange terminal and more than a decade later, the platform continues to receive top honors within the industry.
MetaTrader 5 (MT5): MetaTrader 5 is a multi-resource Forex platform that permits the exchange of Forex, stocks, and fates. It offers the tools required for complete value examination, utilization of algorithmic applications (robots, Expert Advisors, etc.) and copy trading. MT5 allows traders to enjoy the freedom of trading while on the go, courtesty of applications for smartphones and tablets. The browser-based Web Platform provides even more profit possibilities, as it permits trading from any web browser and any internet-connected device. Simply choose your preferred format and trade 24 hours a day.
Leverage
The maximum leverage available is 1:500, for all accounts the leverage is flexible, this means that it moves to depend on the size of the trade. The larger the trade the smaller the leverage will be.
Trade Sizes
Trade sizes start from as small as 0.01 lots which are known as micro-lots, they then go up in increments of 0.01 lots so the next trade would be 0.02 lots. They increase up to a maximum of 20 lots which is an appropriate number. You can have a maximum of 300 lots open at any one time.
Trading Costs
The trading costs can be a little confusing, we have outlined them below to make it slightly easier to understand.
Pro Winner Account: No added commission
Pro Market Account:
- Commission applicable on Energy 10$ each lot
- Commission applicable on $ index 10$ each lot
- Commission applicable on Crypto Trading 0.25% each side
- Commission applicable on Future 15$ each lot
- Commission applicable on indices 15$ each lot
- Commission applied on Shares 0.02% each side 2000$ on every 1cr$ volume
- Commission applicable on any other symbol 5$
Pro Trader Account:
- Commission applicable on Crypto Trading 0.25% each side
- Commission applicable on Future 25$ each lot
- Commission applicable on indices 25$ each lot
- Commission applied on Shares 0.02% each side 2000$ on every 1cr$ volume
Pro Professional Account:
- Commission applicable on Crypto Trading 0.25% each side
- Commission applicable on Future 20$ each lot
- Commission applicable on indices 20$ each lot
- Commission applied on Shares 0.02% each side 2000$ on every 1cr$ volume
Pro Honor Account:
- Commission applicable on Energy 8$ each lot
- Commission applicable on $ index 8$ each lot
- Commission applicable on Crypto Trading 0.25% each side
- Commission applicable on Future 10$ each lot
- Commission applicable on indices 10$ each lot
- Commission applied on Shares 0.02% each side 2000$ on every 1cr$ volume
- Commission applicable on any other symbol 3$ per lot
Assets
There are a number of different asset groups on ProfitFX Market, we will briefly go over them, there does not appear to be a gull breakdown so we will provide whatever info we can find.
Forex, CFDs, and Futures: All available to trade, but there isn’t much information about the specific instruments available so we cannot state that they are.
Cryptocurrencies: Bitcoin, Ethereum, Litecoin and, Ripple are all available to trade.
Metals: Gold, Silver, and Palladium are available to trade.
Indices: Some of the available indices include Australia 200, Europe 50, France 40, Germany 30, Hong Kong 33, Japan 225, Netherlands 25, Singapore 30, Swiss 20, UK 100, US Nas 100, US Russ 2000, US SPX 500 and, US Wall St 30.
Shares: You can trade US shares such as Apple, Gap, Baidu, American Eagle, Bank of America, Cisco, BP, Chevron, Mattel, General Motors and many more.
Spreads
Sadly we only know what the spreads are on a few of the accounts, the Pro Winner account has spreads starting from 1.2 pips, the Pro Markets and Pro Honor account state that they have raw ECN spreads starting from as low as 0 pips. The spreads are variable which means they will move with the markets when there is volatility in the markets the spreads will often wisen and become larger.
Minimum Deposit
The minimum deposit required to open up an account is $100 which will allow you to open a Pro Winner account.
Deposit Methods & Costs
Unfortunately, the site does not indicate what methods are available to deposit with. Looking over the internet we can see some methods mentioned however we do not want to speculate and will only go with what is on the website. So this information is missing and we cannot comment on it, it is also unknown if there are any fees for depositing.
Withdrawal Methods & Costs
Just like with the deposit methods, there is also no information about withdrawals. It is vital that this information is made available as many potential clients won’t want to part with their money if they do not know how they can get it back or if it will cost them to do so.
Withdrawal Processing & Wait Time
We do not know exact times, but in most cases, one can expect withdrawals to be fully processed between 1 to 7 business days after the request is made. We highly recommend that you speak with ProFX Market’s customer service team if you have questions regarding deposits and/or withdrawals.
Bonuses & Promotions
There doesn’t seem to be any promotions or bonuses on offer at the time of writing this review, if you are interested in bonuses then you can either wait or get in contact with the customer service team to see if there are any upcoming promotions you can take part in.
Educational & Trading Tools
In terms of trading tools there, is a lot in the section however not all of it is relevant, we will quickly go over the bits that are. There are a number of different indicators available such as technical indicators to use, there are also a number of different calculators for working out a profit, pivot levels and pips. Currency converters are also available as well as some sentiment markers. Finally, there is an economic calendar that indicates upcoming news events and the markets that they will affect.
Customer Service
Should you need to contact ProFX Market, you can do so in a number of different ways. You can use the online submission form, fill in your query and you should get a reply via email. You can also use the postal address, phone number, email or skype username to contact them.
Address: 71-75, Shelton Street, London, UK
Skype: Profx Market
Demo Account
There is a button to open up a demo account, however when we tried clicking it, the page it loaded was broken and so we were unable to open up an account.
Countries Accepted
The only statement present is the following: “Forex Trading is not allowed in some countries, before investing your money, make sure whether your country is allowing this or not.” If you are not sure of your eligibility, you could contact the customer service team to find out.
Conclusion
The account pages provided by ProFX Market is a little confusing, there is a lot of info missing or muddles up to make it hard to understand what the real differences are. The trading conditions that we do know are passable. However, we do not know much about the forex currency pairs as they were not present on the site and we could not use the demo account to check as the page was not loading for us. There is also a lack of information on deposits and withdrawals, this is vital information as we need to know how we can get out the money in and out and also how much it will cost. Without that information, it makes it hard for us to recommend them as a broker to sue at this point in time.
