Proxfinance

KYC with Proxfinance is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.

I lost a significant amount because Proxfinance did not execute my stop loss during a flash crash. They said the market was illiquid. Other brokers managed to execute. I have no proof they did not trade against me. Avoid.

After doing some research AFTER the fact (I know, I should have done this first), I discovered that Proxfinance is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.

The spread at Proxfinance is not what they advertise. During volatile markets it widens so much that you lose before the trade even starts. I found them from a review site like this one and initially thought the platform was good - until I started trading seriously.

I found Proxfinance through a financial advisor and the initial impression was positive. But for close to eighteen months later, I have encountered so many issues that I cannot recommend them. Trades failing, charts not loading, and support tickets going unanswered for days at a time.

I joined Proxfinance after doing extensive research and from the start, things felt off. The signup process collected far more personal information than necessary, the verification took unreasonably long, and when I finally got access, the platform was nothing like what was advertised.

Proxfinance advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.

Proxfinance 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.

The only good thing about Proxfinance is that they remind you why regulation matters. I found them after doing extensive research. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.

Proxfinance 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.