I am about to register an account with this broker. Located in Seychelles they say, but I am more concerned about the trading environment, any bad or good experiences? Please be sincere, I don’t need critics.
Profiforex is okay for me for 1 and half year now. But be warned that they are very strict with their rules and regulation. For example, do not scalp with the 4 digit quotes. if you do, they’ll cancel the profits made from the trades and return your initial deposit and probably close your account. The platform is very fast in execution with rare slippage occurrence and I trade the news here with no issues. This is why many use this broker regardless of where it is located.
You can go ahead. I like the platform and order speed. I’ll recommend this broker anytime.
Thank you everyone for the heads up! Your reply really helped in my decision making. I did open a micro
account with them and things are quite very good. Jenny, you are right about the 4 digit quote thing. I do scalp with the 5 digit quote when necessary. You are also right about the speed of the platform. I have withdrawn only once as a test. I will let you know if subsequent withdrawals are processed or if there is any problem at all.
@ProKing, I am happy to hear that you’ve made progress. However, be advised never to scalp the 4 digit quotations or you will have yourself to blame. If you want to scalp, do it with the 5 digit quotes which you still have access to with the same account.
have not traded with them yet but would like to know see their reviews
I do scalp the 4 digit quotes, though my trades are usually 60seconds and above. Profiforex never canceled my profits when I do this. So, unless yours is less than 60seconds.
Its a nice forex broker, you can go ahead. If you want a fast and slippage free platform, then this is one of those brokers you can rely on.
I was wondering if we could just go ahead and post everything we know about Profiforex both now and future experience here henceforth. This could help all of us. If there are sudden changes you notice, please post it here for us.
I will be checking out this broker soon! Is there any form of regulation?
No serious regulation for this broker. Still they are transparent enough to admit it when i asked some months back. But they provided their License and registration number.
I’ve heard nothing but positive reviews about this broker but personally I won’t feel comfortable with a broker who isn’t regulated.
Thank you Harry for this information. You are right about the scalping EA. I wanted to try one on this platform with no success. It did not even trade.
@Jenny, you seem to have been trading with Profiforex a long time. Do you know what the quotations with BIG mean on the mt4 platform?
If you trade the BIG quotes you sill get a rebate for each trade you make. I have not tried it because the commission fee is high
Some months ago, the Customer service told me that the BIG quotes are not functioning yet. Since then I have not used it. But on the bonus page, it says we could get up to 80 USD per 1 Lot, if we trade the BIG quotes. So I think it is functioning now, the spreads are the same with the rest, and the commission is 0.6pips.
Thank you for the info. I think I’ll give it a try and see…
Concerning Profiforex, I would like to know; Please tell me, how are your interest charges and payments calculated?
And what is your current interest rates? I would kindly appreciate your response.
I think you should contact their online customer support… Normally I do see interest charges for overnight trades on the mt4 platform. The charges are same with others brokers.
Thank you. They showed me their spread and swap page. The spreads is really low, but I am yet to find out if they allow news trading. online support said they do. Is anyone here trading the news with this broker?