Faced with Client Complaints! What Fraud Traps Does ProMarkets Finance Lay?

In the labyrinthine world of forex trading, trust is the bond that binds clients and brokers. But what happens when that trust is shattered by cunning fraudsters pretending to be legitimate trading platforms? In this scam alert, we delve into the shadowy side of ProMarkets Finance - where unsuspecting clients paid the costs of dealing with it.

With clients' trust in ProMarkets Finance dwindling, BrokersView has recently received several trader complaints against the scam broker.

According to the complaint submitted by the trader “LEL”, ProMarkets Finance initially provided him with a robot called Orion Promarkets to conduct trading, duping him into making several deposits by faking a credible appearance. However, LEL’s account was frozen when he made only his first attempt to withdraw his funds, and his inquiries about the case went unanswered by the broker.

“LEL” said that ProMarkets Finance stole $24,000 from him.

Unraveling ProMarkets Finance

 As we unravel the deceptive web, we wish to arm you with the knowledge to discern the genuine from the counterfeit.

ProMarkets Finance claims to be powered by the most advanced technologies, with an AI platform adapted to global financial markets sending real-time reports and insights. However, we cannot find any information about the platform on its website, only an application that users can download with a click without knowing anything about it at all.

The broker says the safety of clients is their priority and that it offers quick and efficient support 24 hours a day, Monday through Friday. Then why did traders’ problems go unresponsive? And its 'Contact us' page is not working.

Prominently featured on its 'About us' page, the inflated figures include more than 43 million clients worldwide and over 45 million open positions. However, the trading site was registered not long ago and is just a year away from its expiration date. These figures are far from being realized.

Allegedly following international laws implemented by global regulators, ProMarkets Finance tries to convince traders of its fully regulated status. But is this the case?

Is ProMarkets Finance Regulated?

ProMarkets Finance professes to have obtained global regulation including the UK FCA, ASIC, and CySEC. However, our search results reveal that none of these financial regulatory agencies record the broker’s information.

ProMarkets Finance provides a location in the British Virgin Islands. Upon inquiry, the BVI FSC does not authorize the broker to offer financial services.

Therefore, ProMarkets Finance is an unregulated broker. Entrusting money to the platform carries huge risks.

Other Feedback

Another complaint, also filed in January, alleges that ProMarkets Finance stole a client fund of $61,000. In the victim’s narrative, ProMarkets Finance secretly transferred his trading account to a platform called OBV MARKETS and sent him a document allegedly from JP Morgan. The victim believed that ProMarkets Finance used the name of the major investment bank to commit fraud.

Bottomline

Choosing a regulated broker is a fundamental safeguard for your financial well-being. Regulatory bodies enforce rules to maintain market integrity, regulated brokers must adhere to strict guidelines, resulting in higher transparency and accountability and lower risks. Whether you’re trading stocks, forex, or other assets, prioritize compliance and choose wisely. 

If you are unsure about the qualifications of your potential broker, ask us a Question. BrokersView will answer for free.