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ProtechFX

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Operating status: SCAM

Website: https://protechfx.com/

Broker violations and abnormal records
  • 2023-06-21 The CySEC issued a warning against ProtechFX

    On June 22, 2023, the Cyprus Securities and Exchange Commission (CySEC) added ProtechFX to its warning list, stating it does not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities: https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=674cc20c-98ee-459e-8c71-8938ac092fab

    On June 22, 2023, the Cyprus Securities and Exchange Commission (CySEC) added ProtechFX to its warning list, stating it does not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities: https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=674cc20c-98ee-459e-8c71-8938ac092fab
  • 2023-06-26 BrokersView has reviewed that ProtechFX is an unregulated broker

    ProtechFX fails to disclose its regulatory information and licensing data, which can be interpreted as a scam indicator, as legitimate brokers always prominently display their accreditation and licenses to instill trust and transparency. This is a red flag. In an attempt to appear legitimate, ProtechFX displays three addresses in Australia, the UK, and Cyprus. According to the local law, brokers in the three countries are required to respectively seek authorization from the Australian Securities and Investment Commission (ASIC), the Financial Conduct Authority (FCA), and the Cyprus Securities and Exchange Commission (CySEC). However, our search for this company in the registers of the aforementioned authorities didn't yield any results. This means ProtechFX is operating outside the regulatory framework.

    In addition, the CySEC has added ProtechFX to its warning list, stating it does not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities.

    In essence, ProtechFX is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. It is unequivocally a scam.

    ProtechFX fails to disclose its regulatory information and licensing data, which can be interpreted as a scam indicator, as legitimate brokers always prominently display their accreditation and licenses to instill trust and transparency. This is a red flag. In an attempt to appear legitimate, ProtechFX displays three addresses in Australia, the UK, and Cyprus. According to the local law, brokers in the three countries are required to respectively seek authorization from the Australian Securities and Investment Commission (ASIC), the Financial Conduct Authority (FCA), and the Cyprus Securities and Exchange Commission (CySEC). However, our search for this company in the registers of the aforementioned authorities didn't yield any results. This means ProtechFX is operating outside the regulatory framework.In addition, the CySEC has added ProtechFX to its warning list, stating it does not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities.In essence, ProtechFX is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. It is unequivocally a scam.
  • 2023-07-16 The Italian CONSOB orders the blackout of ProtechFX website

    On July 17, 2023, the Italian Companies and Exchange Commission (CONSOB) has ordered ProtechFX's website to be blacked out since it offers financial services illegally. https://www.consob.it/web/consob-and-its-activities/warnings?viewId=ultime_com_tutela

    On July 17, 2023, the Italian Companies and Exchange Commission (CONSOB) has ordered ProtechFX's website to be blacked out since it offers financial services illegally. https://www.consob.it/web/consob-and-its-activities/warnings?viewId=ultime_com_tutela

Related Complaints

Q&A

How's their maximum leverage?

Frederica
Greece
2023-07-04
ANSWER ProtechFX is an unlicensed broker that we advise against trading with, despite the seemingly attractive deals it offers.ProtechFX's failure to disclose its regulatory information and licensing data can be interpreted as a scam indicator, as legitimate brokers, in order to instill trust and transparency, always prominently display their accreditation and licenses. This is a red flag. In an attempt to appear legitimate, ProtechFX displays three addresses, respectively in Australia, the UK, and Cyprus. As per local law, ProtechFX is required to seek authorization from the Australian Securities and Investment Commission (ASIC), the Financial Conduct Authority (FCA), and the Cyprus Securities and Exchange Commission (CySEC). However, our search for this company in the registers of the aforementioned authorities didn't yield any results, indicating that ProtechFX operates outside the regulatory framework.Additionally, the CySEC has issued a warning concerning ProtechFX, stating it does not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities.Regarding your question, ProtechFX is an unlicensed broker carrying significant risks, including financial losses and identity theft, as there are no rules in place to safeguard investors' interests. Therefore, we strongly suggest investors stay away from unlicensed brokers like ProtechFX and instead choose a fully regulated one to mitigate such risks.
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