False Registration! Unlicensed Forex Broker protonforex.com is a Scam

In forex market, many regulatory bodies take actions to further tighten forex regulations. Under this circumstance, many unlicensed brokers figure out ways to appeal investors by falsely claiming good conditions like excellent trading terms, exceptional client service and serious regulation. However, when we check their regulatory status, we found negative results. That means the unlicensed brokers often provide forex offerings without legal licenses.

Recently, BrokersView learned that a forex broker named protonforex.com is one of the above brokers who operate and attract clients without a license.

False Registration Information

The firm showed on its "Privacy Policy" that its Privacy Statement is dated 5th February 2016. That means the company must be established before or not late than 2016. However, when we checked its domain, the result shows the firm was newly created in 2021. How could this happen? Is it reasonable for a company's policy occurred before the existence of the company itself? The answer is definitely "No", and the firm uses false and misleading information. Therefore, there is the highest possible level of caution for you when dealing with protonforex.com.

Offering Service Without any Regulation

Viewing its "About Us", protonforex.com claims that it is adhere to the highest standards of EU financial markets and is accredited by financial Regulations Authorities. But what are the regulators? And where are its license/regulation information? It lists no any regulatory certifications or governmental registrations on its website. As a trader, you definitely know the basic point, all legal brokers are not only registered but will provide their credentials and help you verify they are registered and regulated. Therefore, we know protonforex.com is unregulated currently. 

Besides, it also shows it is registered in Birmingham, a UK city. As per the United Kingdom law, any company based in the UK that wants to operate on the financial market needs FCA regulation. As the fraud claims to be located in UK, it must operate with FCA license. However, it has no FCA license. The fact is that the entity is avoiding this rule, because nowhere in the FCA register, we were able to find protonforex.com. That means investors' funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.

BrokersView suggests investors to stay away from protonforex.com and keep vigilant when choosing forex brokers. If you are not sure on how to find a licensed broker, you can search on our website to check brokers' details.

We welcome to you to send your trading stories to service@brokersview.com if you unfortunately had a bad experience with an unlicensed broker.