PROBIS Forex Broker

Probis Forex Broker - Comprehensive Information Guide

1. Broker Overview

Probis Financial Services Limited is an Australian-based trading platform that was founded in 2009. The company's headquarters is located at Suite 11.01, Level 11, 227 Elizabeth Street, Sydney, NSW 2000, Australia. Probis is a privately held company that primarily serves retail clients looking to engage in foreign exchange (Forex) and contracts for difference (CFD) trading.

Since its inception, Probis has aimed to provide a diverse range of financial instruments, including Forex, commodity CFDs, and securities CFDs. The platform has evolved over the years to cater to various trading styles and preferences, allowing both novice and experienced traders to access the global financial markets. One of the significant milestones in the company's history was its regulation by the Australian Securities and Investments Commission (ASIC) under license number 338241. However, this regulatory status has been revoked as of July 17, 2023, when the company entered voluntary administration, raising concerns about its operational integrity.

The business model of Probis focuses on retail Forex trading and CFD contracts, providing traders with the tools necessary to execute trades in a competitive environment. The platform is designed to facilitate efficient and secure online trading, making it a potential choice for those interested in exploring the world of Forex and CFD trading.

2. Regulatory and Compliance Information

Probis was previously regulated by the Australian Securities and Investments Commission (ASIC), holding the license number 338241. However, as of July 17, 2023, its regulatory license has been suspended following the company's decision to enter voluntary administration. This suspension means that the broker is currently operating without regulatory oversight, which poses significant risks for potential clients.

The regulatory framework under ASIC allowed Probis to offer a range of financial services, including general financial advice and market-making in foreign exchange contracts and derivatives. The company was also required to adhere to strict compliance measures, including Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, to ensure the safety of client funds.

As part of its operational standards, Probis was mandated to keep client funds in segregated accounts, providing a level of protection for investors. However, with the revocation of its license, clients may no longer have the same level of protection. Additionally, the firm must maintain membership with the Australian Financial Complaints Authority (AFCA) until October 30, 2023, ensuring that compensatory measures for retail clients are in place during this period.

3. Trading Products and Services

Probis offers a variety of trading products, primarily focusing on the Forex market and CFDs. The platform provides access to numerous currency pairs, including major pairs such as EUR/USD, USD/JPY, and GBP/USD. The exact number of Forex pairs available for trading has not been specified, but it includes a range of popular options.

In addition to Forex, Probis also offers CFDs on commodities, allowing traders to speculate on the price movements of assets such as gold, silver, crude oil, and agricultural products. The platform includes CFDs on various indices, such as the US 30 index and the UK 100 index, providing traders with opportunities to diversify their portfolios.

However, it is important to note that the company does not currently offer any cryptocurrency trading options. The frequency of product updates and the introduction of new trading instruments have not been explicitly detailed, which may be a concern for traders seeking a dynamic trading environment.

Probis primarily serves retail clients, but it has also indicated the potential for institutional services. However, specific offerings for institutional clients, such as white-label solutions or asset management services, have not been disclosed.

4. Trading Platform and Technology

Probis operates its proprietary trading platform known as Probis Auton. This platform is designed for efficient and secure online trading, supporting a variety of financial instruments, including Forex, indices, precious metals, and commodities. The platform is accessible on multiple devices, including PCs, tablets, and mobile phones, ensuring flexibility for traders.

Currently, Probis does not support popular trading platforms such as MetaTrader 4 or MetaTrader 5, which may limit its appeal to traders accustomed to these widely used platforms. The proprietary platform is designed to facilitate 24-hour trading, but specific details regarding its functionality, user interface, and execution modes (e.g., ECN, STP, Market Making) have not been extensively elaborated upon.

The platform's technical infrastructure, including server locations and support for automated trading via APIs, has not been specified, which could be a critical consideration for algorithmic traders or those seeking advanced trading capabilities.

5. Account Types and Trading Conditions

Probis offers two primary types of trading accounts: live accounts for real-money trading and demo accounts for practice. The minimum deposit requirement for live accounts has not been explicitly stated, which may vary based on individual trading preferences and conditions.

The trading conditions for live accounts include a maximum leverage of 1:30 for major currency pairs, while minor currency pairs and gold trading offer leverage of 1:20. CFDs on products other than gold are available with a leverage of 1:10. The spreads for Forex trading typically start at 3 pips, but specific commission details are not disclosed, which may affect overall trading costs.

Probis has also indicated the availability of a demo account, allowing traders to practice their strategies without risking real capital. However, the specific features and limitations of the demo account have not been detailed.

6. Fund Management

Probis supports bank wire transfers as the primary method for depositing and withdrawing funds. The processing time for domestic transfers generally takes 1-2 business days, while international transfers may take 3-5 business days. The broker does not charge any fees for deposits, but clients should be aware that intermediary fees may apply for international transactions.

The minimum deposit requirements for different account types have not been specified, which may pose challenges for traders looking to start with a defined capital. Withdrawal methods include using the "withdraw margin" button within the trading platform or contacting customer service directly. The processing time for withdrawals has not been explicitly mentioned, which could be a concern for traders needing timely access to their funds.

7. Customer Support and Educational Resources

Probis provides customer support through various channels, including telephone and email. The customer service team can be reached at +61 2 9047 7800 or via dedicated email addresses for different inquiries. However, the absence of online chat support may limit immediate assistance for clients.

The support services are available during standard business hours, but the specific coverage in terms of time zones has not been detailed. The company does not explicitly mention multilingual support, which could be a consideration for non-English speaking clients.

In terms of educational resources, Probis offers content related to FX and CFD trading, including insights into market dynamics, trading strategies, and technical analysis. However, the extent and depth of these resources, such as webinars, tutorials, or market analysis services, have not been elaborated upon.

8. Regional Coverage and Restrictions

Probis primarily serves the Australian market, given its headquarters in Sydney. However, the search results do not provide specific information regarding the distribution of regional offices or the exact countries it services.

It is important to note that due to its current regulatory status, Probis may not accept clients from certain jurisdictions. The details regarding specific countries or regions that are restricted from opening accounts with Probis have not been provided, which could be a crucial factor for potential clients considering this broker.

In conclusion, while Probis offers a range of trading products and services, its uncertain regulatory status raises significant concerns about the safety of investments. Potential users should carefully consider these factors and conduct thorough research before engaging with the platform. The absence of transparency regarding commission fees and potential non-trading fees like swap interest charges can also impact overall trading costs.