Prophinity has been flagged by The Dutch Authority for the Financial Markets for "Market Manipulation (pump and dump schemes, wash trades, etc.)". The Netherlands Authority for the Financial Markets (AFM) warns consumers not to respond to offers from Prophinity. This company is a suspected boiler room, a form of online investment fraud. Prophinity has approached persons without being asked, to offer them investment proposals. A boiler room ... This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: https://www.prophinity.com/.
If you are reading this considering Prophinity - run. I wish I had read more negative reviews after attending a webinar they hosted. I thought the positive ones were real. Maybe some are. My experience over for a couple of months now has been so bad I feel obligated to warn others. Do not make my mistake.
Pros: Educational resources|Intuitive for beginners
Cons: Minimum deposit could be lower|Alert system is basic
The mobile app from Prophinity is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Transparent fees|Good analytical tools|Easy withdrawals|Regular platform improvements
Cons: Cannot customize dashboard fully
Prophinity changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Full transparency|Dedicated account manager
Cons: No crypto staking|Search feature is basic
Prophinity has the worst mobile app I have ever used for investing. It crashes constantly, features that work on desktop are missing entirely, and the security implementation is questionable at best. How they released this app is beyond me.
Pros: Professional team|Multi-currency support|Full transparency
Cons: Website design could be more modern
I closed a profitable position at Prophinity and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.
Pros: Dedicated account manager|Risk management tools|Smooth onboarding|Real-time alerts
Cons: No live chat on mobile
This company appears on the IOSCO I-SCAN international warnings list. Over 68 financial regulators worldwide contribute to this database. While being listed doesn't automatically mean fraud, it's a significant red flag that potential investors should take seriously. Do your research thoroughly.
Cons: Appears in regulatory warnings database|Uncertain regulatory status
I want to warn everyone about Prophinity. They have been flagged by The Dutch Authority for the Financial Markets as an unauthorized entity. I wish I had checked before investing. They use high-pressure sales tactics and fake testimonials. Once you send money, getting it back is nearly impossible.
Cons: Lost entire investment|Reported to authorities|Unresponsive
Do not be fooled by the professional-looking website. Behind the scenes, Prophinity is disorganized and incompetent. I found them after a trusted YouTuber reviewed them and I can only assume the positive reviews are either outdated or paid for because my experience was terrible.
Pros: Quick verification|Multi-currency support|Stable platform|Multiple order types
Cons: None so far
I wanted to transfer my portfolio from another broker to Prophinity. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Dividend tracking|Portfolio tracking tools|Economic calendar
Cons: Mobile app could be improved
Prophinity seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Portfolio tracking tools|Risk management tools|Multiple order types|No hidden fees
Cons: Spreads widen during volatile periods