Proven Review Is Provencmfx.com A Scam Or Legit Broker

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Proven Review: Is Provencmfx.com A Scam Or Legit Broker?

Provencmfx.com Review: this is the website of a Forex broker that claims to be based in the United States of America. Is Proven a legit or scam forex broker? Forex traders who are on the constant lookout for safe brokers to invest funds with are invited to read this revealing review about the aforementioned broker.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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Proven mentions that it is a licensed broker with headquarters in the US. Forex trading in the United States is under the watch of the National Futures Association (NFA) and all brokers in the region must be regulated by it. But on checking, we came up with two companies that have nothing to do with Forex. Further, the website does not provide a particular address.

Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of Proven

One advantage touted by the website of this broker is the many trading assets made available to clients. Another one is the provision of a user-friendly trading platform for easy and effective use. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Proven Trading Platform

The MetaTrader 4 trading platform is used by clients of Proven. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

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Trading instruments offered to traders are 70+ currency pairs, CFDs on 12+ indices, precious metals, oil, gas, stocks, and crypto coins. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The maximum leverage offered to clients is 1:100 and while this may seem generous, it is not advisable. High leverages can lead to a huge loss of funds as well. Spreads are fixed at 0 pips which is unbelievably low.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Proven

The means of making deposits and withdrawals with this broker are not listed which we find disappointing and discouraging.

This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

There is no information on what the required minimum deposit is. However, we want readers to have in mind that the obtainable average common among legit brokers is $100 to $250. Withdrawal fees are not disclosed.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Proven Licensed?

No. Proven is not a properly licensed and registered broker. The broker falsely claims to be licensed in the US as the NFA does not list it among legit Forex brokers.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To contact the broker or a representative of the customer care, send an email to [email protected]

Conclusion

Proven is not a licensed broker and as such, we give it a low rating. Further, it does not give much corporate information. Spreads are unusually low and trading conditions are not clearly revealed. If you have anything to say about this broker, do so in the comment section.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

Proven review – Is provencmfx.com scam or good forex broker?

Proven presents it self as a U.S. regulated forex broker, offering a great variety of trading instruments, with spreads starting virtually form zero, leverage as high as 1:100 and the MetaTrader4 platform.

Account type Min. deposit Max. leverage Spread s
Standard Account n/a 1:100 0 pips

As good as all of that may sound, there are a number of questions about the legitimacy of the broker, starting form the simple fact that their website is virtually anonymous, there is no contact address or phone, and their supposed U.S. license turned out not to be what it seems. Before depositing any funds with Proven, better check this review first.

Proven Advantages:

Lots of forex pairs and other trading instruments

On the Proven trading platform we counted nearly 70 forex pairs, and CFDs on 12 indices, gold, silver, oil, natural gas, stocks and some crypto coins like Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin. Still here we may also suggest that you check our list of brokers trading with bitcoin CFDs as well:

Anonymous website, falsely claims to be regulated in the U.S.

Form their presentation we understand that Proven is owned by a company named PROVEN CAPITAL MANAGEMENT LLC. And they says to be regulated by the National Futures Association (NFA) in the U.S., so we diligently checked the NFA registers and we found two companies named PROVEN CAPITAL MANAGEMENT LLC. – one based in Vineyard, Utah and the other in Arkadelphia, Arkansas. But because Proven does not bother to provide us with a contact address, we can not be sure if they are linked to any of the above mentioned companies.

In any case neither the Utah company, which is registered as a Commodity Pool Operator, nor the Arkansas company, which currently has no registered status, are authorized to provide forex brokerage services in the U.S. or on any other regulated market for that matter.

Bear in mind that the American forex market is one of the most strictly regulated ones and apart form being a NFA member, a legit forex broker in the U.S. should also be registered at NFA as a Forex Dealer Member, Forex Firm, Futures Commission Merchant and Retail Foreign Exchange Dealer as for example is the case with OANDA, one of the few brokerage companies regulated in the U.S., because of the prohibitively high operational capital requirement – a U.S. broker should maintain no less than 20 000 000 USD as operational capital, the same amount as required by the financial authorities in Switzerland for the Swiss banks.

That said, it is obvious to us that Proven is deliberately trying to mislead investors that they are a U.S. regulated broker, while in reality they are nothing more than an anonymous website, most probably is involved in scam.

Client Agreement missing

The Terms and Conditions or the Client Agreement is a key legal document that establishes the relations between the trader and the broker. And that document was missing on the Proven website, so basically if you register with them you will have to agree with something you have not read.

When we opened a demo account, we saw spread starting virtually from zero, without a trading commission. That is clearly unrealistic. A legit broker profits either from a trading commission or from some mark up on the spreads, so basically the demo account provided by Proven simply does not match the real trading conditions, which is yet another indication that we are dealing with scammers. Besides, here you may check our list of brokers offering tighter spreads:

As we already discussed, Proven is an anonymous website, which falsely claims to be regulated by the financial authorities in the U.S. in an apparent attempt to mislead investors. So our best advise is to avoid such websites at all cost and to trade only with legit brokers, licensed and authorized by an official financial regulator such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

And besides, with a FCA regulated broker your money will even be protected by a client compensation fund, covering up to 85 000 GBP of your funds. Here you may check as well our list of brokers regulated in the UK:

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