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/.
After spending for about three months trying to make Prophinity work for me, I have given up. The platform has too many limitations, the fees are not competitive, and the quality of their market data is questionable. There are much better options available.
Pros: Clear documentation|Responsive team
Cons: Slow to add new assets|Spreads widen during volatile periods
I found this company through a friend who recommended it. Before investing, I checked various regulatory databases and found that Prophinity has been flagged as an unauthorized entity. I informed my friend immediately. Please always verify with official sources - a quick search could save you thousands.
Cons: Listed in warning databases|No transparency|Pressure to invest quickly
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. Prophinity said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: No hidden fees|Multi-device support|Stable platform
Cons: Limited demo account features|Email notifications too frequent