Finance Proof – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Finance Proof - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://financeproof.net
Founded: 2020 – 2023
Regulations: None
Languages: English, Russian, Spanish, German, French, Italian, Japanese
Deposit Methods: Bitcoin, Tether
Minimum Deposit: $150
Free Demo Account: No
Number of Assets: Unspecified
Types of Assets: Currencies, Metals, Stocks, Commodities, Indices, Cryptocurrencies
Trading Accounts and Conditions
Finance Proof offers their clients the following trading conditions:
- Beginner: The minimum deposit is $150. The leverage is 1:100.
- Amateur: The minimum deposit is $1,000. The leverage is 1:500.
- Professional: The minimum deposit is $10,000. The leverage is 1:500.
There is no information on the broker’s website with regard to the spreads they offer. And since their trading platform is dysfunctional, we could not check the trading conditions for ourselves.
Finance Proof – Advantages
You will find no advantages in trading with Finance Proof.
Finance Proof – Disadvantages
Here are all the disadvantages that tell us that we are dealing with a scammer in Finance Proof:
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Lies About Regulation
The first sign of Finance Proof being a scammer is the fact that they have lied about their regulation status.
This broker does not specify who runs their website. We do not clearly know the parent company behind Finance Proof. The indication is that the name of the company is Finance Proof, but the broker does not explicitly state this fact.
There is a Glasgow, Scotland address, and a UK telephone number provided on this broker’s website.
This broker also claims to be regulated by multiple financial authorities. On the footer of their website, the broker states that they are regulated by the Financial Services Commission of the Republic of Mauritius (License number C22014055) and the Financial Conduct Authority (FCA) of the UK and the International Financial Services Commission (IFSC).
On their Accreditations and Licenses page, the broker also claims to be licensed by the ASIC (Australian Securities and Investments Commission), MiFID (Markets in Financial Instruments Directive), and other non-governmental institutions.
All of these claims are lies. We checked the FCA’s and Mauritius FSA’s online registers and found that there is no company (or brokerage) by the name of Finance Proof listed with either of them. The same was the case with the ASIC. All of this broker’s claims are just lies.
Now, considering the fact that that the address provided by the broker is bogus and we don’t really have a company name, we can safely say that we are dealing with a scammer – an anonymous and unregulated entity.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Poor Trading Platform
On their website, Finance Proof claims to offer their clients the best possible trading platform in the financial markets, one that is great for both beginners as well as experienced traders. However, this broker is careful not to specify which trading platform they offer.
The only way we could find out was by registering for an account with them. We were able to open an account with this broker in seconds (which is another red flag – there was no verification process required).
Once we were in, we saw their trading platform. Once more, we realized this broker was just lying about the kind of trading platform they offered. The platform this broker actually has is simplistic at best. The platform does not do anything – even the basic buy/sell function is not working.
This clearly tells us that Financial Proof is a shabby scammer, not even investing in a real trading platform!
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Issues with Trading Conditions
Another red flag that tells us that Finance Proof is not legitimate is the poor trading conditions they offer.
First, their minimum deposit is $150. It seems quite reasonable until you realize that there are so many regulated and reputed brokers that will allow you to open an account with them for less than $50.
And then, there are the leverages. A maximum leverage of 1:500 is not only highly risky, but it is also illegal in most of the jurisdictions that this broker claims to be regulated in. In the EU, the UK and Australia, the maximum leverage allowed is 1:30, so what this broker offers clearly tells us we are dealing with a scammer.
This broker does not even bother to mention their spreads. This is not surprising once we see that they do not even have a working trading platform.
Other trading conditions such as commissions, fees, order execution methods, and so on are also missing.
All of these are indications of a scam.
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Issues with Payments
There is no mention of the types of payment options this broker offers anywhere on their website. The only way we were able to find out about their payment options was by registering for a trading account. And even then, then only way we found out was by trying to fund out new account with Finance Options.
When we tried to fund our account, we found out that there were only two funding options – Bitcoin or Tether. Both cryptocurrencies. Which is a huge red flag.
There were none of the regular range of payment options – debit/credit cards, bank or wire transfers, e-wallets and so on.
This is just another sign that Finance Proof is a scammer. Crypto transactions are permanent and untraceable. So, if you realize you have been scammed and want your money back, you cannot do so if you have carried out a cryptocurrency transaction.
We recommend that traders use a credit card for their first transactions with a new broker. This is because this payment method allows you to file for a chargeback in case you are scammed. This means that there is a chance that you can get your money back. So, until you trust your broker, it is best to avoid using cryptocurrencies to carry out your transactions.
Conclusion
Finance Proof is a scammer and this broker needs to be avoided by all traders.
Finance Proof
Pros
- None
Cons
- Lies About Regulation
- Poor Trading Platform
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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