Due to its unlicensed status, we strongly suggest you drop the plan to engage with Prolific Trades. It comes with significant risks, as evidenced by two warnings issued by financial regulatory bodies.
Prolific Trades' claim about its regulatory status is unfounded.
A warning from the Malta Financial Services Authority (MFSA) denied the false statement of Prolific Trade that they are regulated by MFSA.
Prolific Trades also purports to be regulated by the Polish Financial Supervision Authority (PFSA). However, our search for the company in the Polish financial watchdog's registry didn't yield any results.
Prolific Trades asserts that they are registered in the USA, where a forex broker must be regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). However, our search for the company in the NFA register revealed that it is not an NFA member and thus not subject to these two regulators' oversight.
What's more, the Federal Financial Supervisory Authority (BaFin) warns consumers about the website prolifictrades.com, saying it is providing financial and investment services via this website without the required authorisation and not regulated by other national supervisory authorities. You can find more information here.
In conclusion, dealing with Prolific Trades is very risky, as there are no rules in place to safeguard investors. Individuals trading with the fraudulent platform will lose their money and give away their personal information. Therefore, we strongly suggest investors stay away from unlicensed brokers like Prolific Trades and instead choose a fully regulated one.
