FinProfm pretends to be a world class brokerage that offers trading instruments covering stocks, futures, commodities and cryptocurrencies along with indices. They apparently have got recognition in the industry and generate over 40 billion dollars of trading volume.
After spending a couple of hours on their platform, we found nothing but disturbing facts which we will discuss in detail in the following paragraphs. As far as legitimacy goes, they clearly are not the ones you need to bet on.
FinProfm Contact Details
One of the easiest ways to gauge the reputation of a platform is to check out how quickly their support team responds and how accessible they are. This broker provides both phone, chat and email support. However, their actual location is debatable and the responsiveness is not the same across all modes.
Address – Elias-Canetti-Strasse 2, 8050 Zürich, Switzerland
Email – support@finprofmmail.com
Phone – +61272590560, +16473661464, +442045786227, +33159202386
Trading Conditions and Regulation
This platform doesn’t reveal much details about trading costs and other associated fees. Funding and withdrawals are also not covered. They do have few account types and as a rule of thumb, the more capital you commit, the higher leverage and features you unlock.
Moving on to the regulation part, obviously the firm doesn’t state anything about it. We searched about them on different regulator’s databases and nothing remotely relevant showed up. On the flip side, Australian authorities have issued warnings about them.
FinProfm: Scam or Legit?
FinProfm looks like a platform that is not only operating outside law, but in a dauntingly vague manner. As the risk proposition dictates ridiculous chances of getting the money back along with zero security of funds, it is not a wise move to even get tangled with them in any way.
As a rule of thumb, never deposit with any unregulated platforms and read the fine print carefully before pulling the trigger. After all, in this online world, one can never be too safe, right?
Bottom Line
Depositing with an offshore, unlicensed broker can be an emotionally and financially draining experience. If you are unable to withdraw from this entity, reach out to us to know about the further steps you can take to retrieve the funds. In case you have personal experience with them, we are all ears.
