Properfly foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://www.properflycrm.com/pc/user/regist, about the company's legal and temporary regulatory information, the company's address DENVER 4610 SOUTH ULSTER STREET 150 SUITE.
Properfly Forex Broker
Basic Information
United States
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Properfly Forex Broker - Complete Information Guide
1. Broker Overview
Properfly Limited, established in 2023, is a relatively new player in the Forex brokerage industry. Headquartered in Denver, Colorado, USA, Properfly operates as a private entity, primarily catering to retail traders and institutional clients. The broker claims to provide a wide range of trading services, including access to various financial markets such as Forex, CFDs, indices, and cryptocurrencies.
Despite its recent inception, Properfly has set ambitious goals to expand its market presence and enhance its trading offerings. However, the company has faced scrutiny regarding its operational transparency and regulatory compliance. The business model of Properfly focuses on retail Forex trading, providing clients with an array of trading instruments and tools to facilitate their trading activities.
As a relatively new broker, Properfly's development has been marked by its attempts to establish a user-friendly trading platform and an extensive selection of trading products. However, the absence of detailed information on its services has raised concerns among potential clients about the reliability and credibility of the broker.
2. Regulation and Compliance Information
Properfly Limited is registered with the National Futures Association (NFA) in the United States. However, it is important to note that the broker currently operates without valid regulation from recognized financial authorities, which raises significant red flags for potential investors. The lack of a robust regulatory framework raises concerns about the safety of client funds and the overall integrity of the trading environment.
The NFA registration number for Properfly is 0555487, but the absence of additional regulatory oversight means that clients may have limited recourse in the event of disputes or issues. Furthermore, Properfly does not participate in any investor compensation schemes, which could leave clients vulnerable in case of broker insolvency.
Properfly claims to adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, implementing measures to verify client identities and prevent fraudulent activities. However, the lack of a comprehensive regulatory framework diminishes the effectiveness of these measures.
3. Trading Products and Services
Properfly offers a diverse range of trading products, including:
Forex Currency Pairs: The broker provides access to a variety of currency pairs, including major, minor, and exotic pairs. However, specific details about the total number of currency pairs offered are not clearly stated.
CFD Products: Properfly allows trading in various asset classes, including indices, commodities, stocks, and cryptocurrencies. The range of available CFDs enables traders to diversify their portfolios and capitalize on market movements.
Special Products: While the broker advertises a wide variety of trading instruments, the actual accessibility and diversity of these products may vary. Traders should conduct thorough research to confirm the availability of specific instruments.
Retail Trading Services: Properfly primarily serves retail traders, providing them with the necessary tools and resources to engage in trading activities. The company emphasizes a user-friendly trading experience, although detailed information about specific services is limited.
Institutional Client Services: There is no clear indication that Properfly offers specialized services for institutional clients, which may limit its appeal to larger traders or financial institutions.
White Label Solutions and Asset Management Services: Details regarding white label solutions and asset management services are not provided, indicating that these offerings may not be part of Properfly's current business model.
4. Trading Platform and Technology
Properfly supports the widely recognized MetaTrader 5 (MT5) trading platform, which is known for its advanced features and user-friendly interface. The MT5 platform allows traders to access their accounts from multiple devices, including desktop computers, tablets, and smartphones.
Web-Based Trading Platform: Properfly offers a web trader interface, enabling clients to trade directly from their web browsers without the need for software installation. This feature enhances accessibility for traders who prefer not to download additional applications.
Mobile Application: The broker provides a mobile app compatible with both iOS and Android devices, allowing traders to engage in trading activities on the go.
Execution Models: Properfly utilizes a market-making execution model, which may raise concerns regarding potential conflicts of interest. The broker's execution methods should be carefully reviewed by prospective clients.
Server Locations and Infrastructure: Specific information about server locations and the technical infrastructure supporting Properfly's trading platform is not readily available, which could affect the reliability of trade execution.
API Access and Automated Trading Support: There is no clear indication that Properfly offers API access or support for automated trading strategies, which may limit options for algorithmic traders.
5. Account Types and Trading Conditions
Properfly offers various trading accounts, although specific details about account types and conditions are not clearly outlined on their website. The following points summarize the available account features:
Standard Account Conditions: Details regarding minimum deposit requirements, spreads, and commissions for standard accounts are not explicitly stated.
Advanced Account Types: Information on advanced account types such as VIP or professional accounts is also lacking, making it difficult for traders to assess their options.
Special Accounts: Properfly does not provide clear information about the availability of Islamic accounts or corporate accounts.
Demo Account Policy: There is no mention of a demo account option, which could hinder new traders from practicing before committing real funds.
Leverage Ratios: The leverage offered by Properfly is not disclosed, making it essential for traders to inquire directly with the broker.
Minimum Trade Size: Specific information regarding the minimum trade size is not provided, which could impact trading strategies.
Overnight Fees Policy: Details about overnight fees or swap rates for positions held overnight are also not mentioned, raising concerns about the transparency of trading costs.
6. Fund Management
Properfly supports various deposit methods, although specific details are not thoroughly outlined:
Supported Deposit Methods: The broker accepts deposits via bank transfers, credit cards, and electronic wallets, although the exact methods and their availability may vary.
Minimum Deposit Requirements: The minimum deposit for different account types is not clearly specified, which could lead to confusion for prospective clients.
Deposit Processing Times: Information regarding how long deposits take to process is not provided, potentially impacting traders' ability to fund their accounts in a timely manner.
Deposit Fees: There is no information available regarding any fees associated with deposits, which could affect overall trading costs.
Withdrawal Methods and Restrictions: Properfly allows withdrawals through bank transfers and other methods, but specific limitations and processing times are not disclosed.
Withdrawal Processing Times: The time taken to process withdrawals is also unspecified, which could be a concern for clients needing quick access to their funds.
Withdrawal Fee Structure: Details regarding any fees associated with withdrawals are not provided, leaving traders uncertain about potential costs.
7. Customer Support and Educational Resources
Properfly offers a range of customer support channels, although specific details about their availability are limited:
Support Channels: Clients can reach out for support via email, phone, and potentially through online chat, though specific details on response times are not provided.
Service Hours and Time Zone Coverage: The operational hours of customer support are not clearly stated, making it difficult for clients in different time zones to access assistance.
Multilingual Support: Properfly appears to support multiple languages, although the exact languages offered are not specified.
Educational Resources: The broker provides educational materials such as webinars, tutorials, and eBooks to help traders improve their skills and knowledge.
Market Analysis Services: Properfly offers market analysis services, including daily reports and research updates, although the quality and frequency of these analyses are not detailed.
Trading Tools: The availability of trading tools such as calculators, economic calendars, and signal services is not mentioned, which could limit traders' ability to make informed decisions.
8. Geographic Coverage and Restrictions
Properfly operates in various markets, but specific details regarding its geographic coverage are limited:
Primary Service Markets: Properfly primarily serves clients in the United States, although its services may extend to other regions.
Regional Office Distribution: The broker claims to have multiple offices, but specific locations are not disclosed, raising questions about its operational capabilities.
Countries/Regions Not Accepted: Properfly does not accept clients from certain jurisdictions, including the United States, Canada, and others, which may limit its potential client base.
Special Restrictions: The broker's terms indicate that it does not engage with clients from regions with specific legal or regulatory challenges, although detailed information is not provided.
In conclusion, Properfly broker presents a mixed picture for potential traders. While it offers a variety of trading products and services, the lack of transparency regarding its regulatory status, trading conditions, and customer support raises significant concerns. Prospective clients should conduct thorough research and consider these factors before engaging with Properfly.
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Latest Reviews
DuPonter
Peru
I gotta keep it real about Properfly. The website's got some issues – couldn't find crucial info about accounts, spreads, and deposits. That's a red flag. Even though they're registered with the National Futures Association and got a license, the lack of transparency on the important stuff raises concerns. It's like they're playing hide and seek with the details. Without clear info, it's tough for traders like me to know what we're getting into. Better options out there if you ask me.
37130
2023-12-07
Penelope Zenobia Harrington
Belarus
I've had a mixed experience with Properfly. On the positive side, they offer a diverse range of trading instruments, including forex, indices, commodities, CFDs, and cryptocurrencies. The MetaTrader5 (MT5) platform is solid, providing a secure and reliable trading environment. The educational resources, like the blog and trading guide, are helpful for traders looking to enhance their skills. However, the lack of detailed information on account types, spreads, commissions, and deposit/withdrawal methods is a significant drawback. This limited transparency makes it challenging for traders to assess the overall cost of trading and choose the most suitable account options.
37130
2023-12-06
かずのこ
Japan
It's a scam. If you apply for a small withdrawal (10,000 to 50,000 yen) during the process, it will pass. All I can say is that it's deceitful.
Exposure
2024-01-19