PROFX Markers is a UK- based brokerage with headquarters in London. On the surface, they do not appear to be anything more the run-of-the-mill broker. However, the latest batch of negative user feedback caught our eye, so we wanted to explore for ourselves. In this PPOFX Review, we attempt to find out just what drew so many traders to leave negative comments.
Quality of service
Exploring the homepage, you will have mixed feelings. While there seem to be plenty of shortcuts, the problem is that most of them are broken, and just lead back to the homepage. This type of negligence will prove to be problematic in other ways, but for now, let’s stick to the visual design. It is definitely inviting, with a well-designed menus layout. This will come handy given the fact that most homepage shortcuts don’t work as intended.
Beginners will have a rough time at PROFX Markets, as there doesn’t appear to be any tutorials or educational material. The demo account is intended for practice, but this can in no way replace a comprehensive library that most other brokerages offer at no additional charge.
Speed of response
On paper, PROFX Markets crosses all boxes when it comes to support system, but in practice, it all falls apart. Live chat feature is a joke. It is custom-built, and it doesn’t even work half of the time. If you need a quick fix, you can either phone them directly or write to them on Skype. Since the quality of any written replies we have gotten are laughably bad, we would advise reaching out to their UK-based phone line that can at least offer some competent staff.
This is practically the only part of PROFX Markets that we can legitimately praise. This brokerage not only offers the Meta Trader 4, but also Meta Trader 5 platform on both desktop and mobile versions. With its grand suite of features, it will surely attract the industry veterans who adore the range of features it offers. This, however, has proven to be a repelling feature for most novice traders who desire a more beginner-friendly experience.
In a time when not many brokerages offer a mobile experience, PROFX Markets developed both MT4 and MT5 versions on iOS and Android platforms. These are by no means a stripped-down versions but offer a full desktop experience.
Shockingly, PROFX Markets offers no transparency whatsoever. If you were hoping to calculate all trading costs beforehand, you are out of luck. If you want to browse their terms and conditions, you will find that this is one of those broken links that cannot be accessed. Even if we were willing to overlook all other imperfections, this red flag cannot be underestimated. In this day and age, this is simply inexcusable.
As we previously mentioned, PROFX Markets is an unlicensed broker. Similar to many new brokers, they haven’t bothered obtaining a licence. Even though many brokers will not experience any wrongdoing at first, this can prove to be problematic in a long run. With many other faults, we feel that a lack of licence can prove to be the least of issues. In any case, we would advise caution.
Variety of Payment Methods
When it comes to depositing and withdrawing your funds, traders can rest easy knowing that all industry standards are present here. You can choose from Credit card, Neteller, WebMoney and Skrill. All these methods work flawlessly. Your requests are processed instantly but in some cases, you will need to wait extra time because of your bank regulations.
In the end, we were left with many outtakes. This PROFX Markets review covered most hot topics, and we can now summarize all our thoughts. Despite offering fantastic trading platforms, there are too many flaws we cannot overlook. Lack of transparency does a lot of harm to this brand. New brokers will avoid PROFX Markets because of this reputation they are working towards. The lack of professionalism starts with the homepage and many grammatical errors and broken links, and this negligence is apparent in many other aspects. For these reasons, we would strongly advise against devoting your time and money with PROFX Markets.