Beware! PromkFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
There is a certain tinge of PromkFX that will be alluring to many users, and we definitely see the appeal. One cannot deny that there are elements here that seem and feel very professional and legitimate, but unfortunately, we discovered that PromkFX has shamelessly stolen a lot of the info on its website from another, an actual legit, broker. Instances such as this one may be very difficult to detect, especially for those users that are new to the FX trading game. Most scammers target these same users, and so the following review is dedicated to PromkFX’s potential victims. Please read the text before investing or attempting to even crate an account.
We were met with a familiar registration process but were not available to complete it. The broker required from us ID information, and thus we had no way to continue. We would not recommend clients to give away their personal details so easily. It would be a dangerous move, one that exposes them to all sorts of risks!
Without registering, we had to take all the trading and payment info from the website, that has always been untrustworthy-as all shady brokers are!
From the site, we learn that the Standard account offers a fair spread of 1 pip and a leverage cap of 1:100. PromkFX claims to offer forex currency pairs, commodities, crypto assets, and indices. Pretty standard trading conditions, but we cannot be sure if they are trustworthy.
The broker is available in English and Chinese.
PROMKFX REGULATION AND SAFETY OF FUNDS
PromkFX does have one main thing to say that shocked us. It claims to be licensed by the FCA. Now, thankfully we are skeptics and always check for a license directly with the regulator, even when the broker is regulated. PromkFX was nowhere to be seen in the official FCA database, and therefore, is not licensed by the Britsh watchdog.
Moreover, there is an official warning against the broker by the FCA that we came across while researching the company, which tells us all we need to know about PromkFX- that it is UNREGULATED.
Other than the FCA lie, there are a bunch of stolen details, including the holding company name, as well as other elements that have been “borrowed” from other brokers, as revealed in the FCA warning.
PromkFX really is a scam, and a relentless one. To deceive to be licensed by one of the most notorious regulators is a sin in the industry and a clear indication that PromkFX is a fraud. All your investments will be lost, and your personal information will be used against you.
It’s easy to check for a license. Just visit the regulator that supports the brokers, or the one that is allegedly licensing the broker, and check its online registered for the name of the company. All Any UK, EU, US, or Aussie-regulated are superb in their own right, although many different, and the user should go first see which one serves her/his needs best. This is the main responsibility of the user. Everything else is covered by the overseer. They abide by legislation, and in turn, all regulated brokers are tightly scrutinized and regularly checked. All such entities follow strict operational guidelines that put the user and her safety as a top priority. It’s also good to know that the UK and CySEC offer client compensation funds that reimburse users of FCA/CySEC-regulated brokers that have gone into insolvency for one reason or another. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
PROMKFX TRADING SOFTWARE
We have no way to prove access the MT5 that is ready to be downloaded. Yes, PromkFX comes with an MT5, the proven winner of the best trading software.
The MT5 is a beacon of constant innovation and serves as an industry standard, thus setting the bar extremely high for all the competition.
However, the MT5 is not enough to redeem this broker. It remains illegitimate and a risk to all!
PROMKFX DEPOSIT/WITHDRAW METHODS AND FEES
As with the trading conditions, the payment details will have to be taken from the website. And again, we cannot vouch for the info on the website seeing that PromkFX is unregulated.
With that said, the broker reveals a minimum deposit of $500 that can be deposited by means of credit cards, debit cards, wire transfers, and a range of alternative e-wallets.
Withdrawals under $100 will be automatically charged a fixed fee of $5. Other than that, there are no fees. The typical withdrawal processing time is 1 day.
The verdict is simple and straightforward. PromkFX is not licensed and is a result of this not worth the risk. It is also a scam, making it even more dangerous.
HOW DOES THE SCAM WORK
It still, and always will boggle us how investment scams can be so effective considering how easy they are to dissect and explain.
The crucial moment with any investment scam is the online ads that have been fashioned by the fraudsters. Ads that promise ridiculous luxury items and services are right about it. The more ludicrous it sounds and looks, the bigger the lie.
Of course, there are other ways to stumble on these sources, but ads seem to be the most effective way.
These ads lead to investment websites that seem good at first but are actually just illusions. Their main goal is to attract the user and manipulate him into investing. It’s not too difficult a thing to do- usually, this happens over the phone with a rep of the broker and the user talking for some time, with the rep finally convincing the client to invest an initial sum.
The first investment is the gateway to the scam. Once the first payment has gone through, the user is trapped, because now he or she must look over the investment. Now moves in the expert scammer, those that will leech from you as much money as they can possibly take. Until the user has been alarmed and is aware of the scam.
When this happens, it’s usually too late. The user won’t be able to withdraw or will have a very difficult time doing so.
WHAT TO DO IF SCAMMED
A credit card or debit card chargeback is the safest move. MasterCard and VISA have a chargeback period of 540 days.
Bank transfer funds are harder to recuperate, although not impossible. First, the user should change his bank account user name and password, and then directly contact his bank in order o find a solution together to the stolen funds problem.
All crypto deposits are lost, and the only way to see them back is if the scammers are suddenly hit by a wave of redemption, and pay the client back. This rarely, if ever, happens.
Finally, please do not trust recovery agents or agencies, who are complete scammers in their own right and will take more money from you. They claim to offer ways of retrieving the lost money but will ask for a service fee before conducting this seemingly impossible venture. After a while, the user will realize that the money paid to these has also been lost.
