ProFort.io review – 5 things you should know about profort.io

ProFort.io review – 5 things you should know about profort.io

Rating: 1

Beware! ProFort.io is an offshore broker! Your investment may be at risk.

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ProFort.io could have never fooled us into believing that it is anything but a scammer entity. We needed only a second of its time to start noticing common scammer elements. For instance, the ever present third party charts that were scattered through the entire site. Or, better yet, the false promises and lies! But these are just the beginning. Read the review for more.

After an easy registration, we were led straight to a web trader that that acted as the main focus of the user dashboard. This approach always made us feel rushed.

From this web trader, we saw the following tradeable assets: forex currency pairs, commodities, cryptocurrencies, stocks, and indices. The EUR/USD spread is 2 pips which is right on the line of becoming unfavorable, but at its current state is just about average. There was no leverage value indicated anywhere.

PROFORT.IO REGULATION AND SAFETY OF FUNDS

The main regulatory detail that we get id from the footer, where we are told that Profort.io will not and does not accept users from countries or/and jurisdictions where Profort.io “shall be especially licensed, accredited or regulated by other ways”. Moreover, the user is “fully responsible for any negative impact arisen from {the user’s} residence country regulations”. 

This is what illicit brokers state in order to maintain an image of legitimacy. Such statements are purposefully ambiguous, and at times confusing to the layman. For instance, we cannot define what “especially licensed” means but we do know that it excludes a proper license. In our case, this may simply mean that Profort.io is not available there where local FX watchdogs would blacklist it, i.e anywhere with a regulation.

Maybe that’s why is gives an offshore location when it mentions where it might be incorporated: the Seychelles. However, the broker has missed to discover that the Seychelles actually have one of the best offshore regulators in place, namely the Financial Services Authority (FSA), therefore excluding the possibility that the company is legally registered there.

Moreover, it gives the following  – +11 1 1 1 111 11 – as a contact number, suggesting that in reality it does not want to be bother, making ProFort.io an anonymous entity, and an unregulated one at that.

Moreover, don’t let the broker access your PC station through screen sharing softwares Any Desk and Team Viewer. These allow a third party to take over you PC! You can imagine the damage that can be done!

Unless you wish to throw your money away for no reason , there is absolutely no incentive for investing in unlicensed brokers. In fact, you would be doing them a big favor by funding their further fraudulent projects. If you wish to trade real FX and CFD with regulated brokers, looks no further that those that are regulated, especially in well known locations such as Europe, the UK, the US, or Australia. The regulators there are pedantic to a ridiculous degree and will do everything in their power to uphold the rights of the user and the integrity of the market industry. It is within their power to penalize brokers and demand client compensation, as well as to set industry standards and introduce new rules and regulation.

PROFORT.IO TRADING SOFTWARE

Again we are placed in front of a typical scammer broker software, one that does not need a lot of words. It’s a terminal that traverses through a ton of unregulated brokers.

There are very few features here, and what we do have is not nearly enough to retain users.

The website openly promotes a different web trader, one that is obviously more advanced and more to our taste. It has close to nothing to do with this one.

PROFORT.IO DEPOSIT/WITHDRAW METHODS AND FEES

The dashboard discloses that client scan only pay by means of bitcoin wallet, in that only through the hardest to trace payment method out there. The minimum deposit is $250

As for withdrawals, they happen by means of bank, card, crypto, and “other”. The withdrawal methods go against the most important AML- don’t have different deposit methods than the withdrawal ones, and vice versa. Moreover, the withdrawal area looks as if the client will never get his money back. It’s just that bad.

On the website, we learn that withdrawals take up to 3 days to process while there are also mentions of mention of withdrawal and deposit fees, and other charges, all of which have been left completely undisclosed.

These payment conditions are typical of the most fraudulent broker types. Do not invest here for you will lose you money!

HOW DOES THE SCAM WORK

Getting scammed usually happens without you knowing it. It’s a deceivingly simple process that owes its success precisely because it seems so avoidable.

First, there is the matter of getting in contact with the broker which happens in one of two ways. Either it contacts you, or you it. If it calls, it means that somewhere in your net journey you accidently left a phone number or an email address. Or you were persuaded by the broker to contact it, which is why many scammer brokerage sites looks so appealing.

The hardest thing to achieve, for a fraudster, is to convince a user to invest an initial deposit. Prior to this a certain level of trust must be built, centered around a false sense of rapport. The broker will fake an interest in the user and in the process talk about market and profit opportunities, as well as investment choices. It’s all a part of a retaining strategy that will keep the user invested for at least a couple of thousand dollars, on average, until, eventually, he realizes the scammer pit he has fallen in.

When this happens, the broker will seize all contact with the user, and might even block the client from the website. It will go to great lengths not to return a single penny of the user’s money.

WHAT TO DO IF SCAMMED

The first thing you should do it to file for a charge back. That’s if you have invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days giving users more than enough time to try to get their money back.

Wire transfer deposits are not as easy to acquire, and the best advice we can give you is to set up a reimbursement strategy with the bank leading the transactions. Most banks have strategies put in motion when these circumstances are met. Furthermore, if scammed via a wire transfer, it’s best to change your bank account user name and password.

Unfortunately, all crypto deposits are most surely lost for good. These transactions are untraceable and therefore once they reach the scammer end it all depends on the fraudsters if you see your money back or not.

Lastly, do not trust recovery agents or agencies. These are either separate scammers trying to get a hold of any leftovers, or can even be an extension of the brokerage scam.

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