ProtechFX – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
ProtechFX - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
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://protechfx.com
Founded: 2023
Regulations: Not Licensed
Languages: English, German, Italian
Deposit Methods: Information Unavailable
Minimum Deposit: Information Unavailable
Free Demo Account: Not Provided
Number of Assets: Information Unavailable
Types of Assets: Forex, Commodities, Indices, Stocks, Cryptocurrencies
Trading Accounts and Conditions
ProtechFX has two tabs: Trading Accounts and Account Types. However, when you click on those tabs you are taken to a part of the web page that talks about the ways in which you can invest with this broker. There is no mention of the types of trading accounts they may have and neither are there any trading conditions provided. We have no information at all – not even a minimum deposit requirement.
ProtechFX – Advantages
There are no advantages in dealing with this broker. ProtechFX is a scam.
ProtechFX – Disadvantages
Here are all the disadvantages that tell us that we are dealing with a scammer in ProtechFX:
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Unregulated Broker
According to the footer of their website, ProtechFX is the trade name of Crowd Tech Ltd. The broker also states that they have offices in Cyprus, the UK and Sydney, Australia. However, there is not other contact information besides the two addresses given. We do not have any contact number at either of these two so-called offices. We are also not given any further information about ProtechFX’s regulation status.
Brokers operating out of the UK, Cyprus and Australia need to be registered with and regulated by the FCA, the CySEC and the ASIC. The Cyprus Securities and Exchange Commission is the financial regulator of Cyprus, while the Australian Securities and Investments Commission regulates the forex market in Australia. And the Financial Conduct Authority is the UK’s financial watchdog.
We checked all authorities’ registers. ProtechFX (and their parent company Crowd Tech Ltd) are not listed any of the financial authorities. This means that their indications of being a legitimate broker are all lies. This broker is not regulated in any way.
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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Blacklisted by Multiple Authorities
While checking on ProtechFX’s legal status, we found out that not only was this broker not regulated, but that they have been blacklisted by multiple financial authorities.
On June 22, 2023, the CySEC blacklisted ProtechFX for operating illegally in their jurisdiction. And then, on July 17, the Italian regulator, the CONSOB, followed suit and blacklisted this broker.
To have one financial authority blacklist a broker is bad enough. To have two means that this broker is really creating trouble! There can be no greater proof of this broker’s scam.
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No Legal Documents
We went through ProtechFX’s entire website and could not find any legal documents anywhere. The links exist, but they lead back to the homepage.
The lack of legal documents is a clear indication of a broker’s scam. Legitimate brokers have to make their legal documents easily accessible to all that visit their websites. This is because these legal documents are what make up the contract between you and the broker. They need to be detailed, spelling out every term of service, the broker’s policies and so on.
When these documents are missing and a trader signs up with that broker, the trader is basically giving up their security and rights. No authority can really help them, since that trader signed up with the broker without checking for their terms of service.
This is why it is so important to take the time to ensure that you read through the legal documents; they are in place to not only protect the broker, but also you.
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Poor Trading Platform
ProtechFX claims to offer powerful trading platforms called the ProtechFX Trading System. It is supposedly the broker’s flagship trading platform, designed to meet the needs of all kinds of traders.
When we accessed their trading platform, we found out that ProtechFX was just telling more lies. This broker has no such trading platform. What this broker offers to their clients is a very poorly constructed, simplistic trading software, one that is web-based and does little more than allow you to buy and sell.
The lack of a good trading platform is a key sign of a scam. The trading platform is a broker’s only product offering, so it has to be the best. So, when it is sub-par, you know you are looking at an untrustworthy broker.
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No Trading Conditions
Along with the trading platform, the trading conditions are key. A broker’s only service offering. Therefore, they need to be clear, detailed and competitive.
With scammers, there will always be issues with their trading conditions. With ProtechFX, there are absolutely no trading conditions at all. We do not know what the minimum deposit is, or even what the spreads or leverages offered are. Order execution methods, commissions and so on are all missing.
And this is another red flag that tells us that we are dealing with a scammer.
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Issues with Payments
Once again, the lack of information permeates every aspect of this broker’s website. We do not know anything about the types of payment options that may be available to clients. We also do not know anything about this broker’s payment policies, including their withdrawal conditions.
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No Links Working
And finally, none of this broker’s links on their website work. If you click on any link on ProtechFX’s website, you are taken right back to the home page. But if you click on the Open Account link, then you receive an error message. You are unable to access the account opening section. This means that the only way that you can open an account with this broker is by contacting them. And this is a typical scam tactic, where the scammer can screen their clients. And they usually target novice traders, those who do not know any better and are easily swayed by big promises of profits.
Conclusion
ProtechFX is a scammer that has been found out by authorities in multiple jurisdictions. This is not a broker that you should ever trust.
ProtechFX
Pros
- None
Cons
- Unregulated Broker
- Blacklisted by Multiple Authorities
- No Legal Documents
- Poor Trading Platform
- No Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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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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