Finance Proof Review – Broker Lies About Regulation

When it comes to foreign exchange markets, you should be conscious of scam brokers luring traders and capitalizing on the growing interest in online financial trading services. A textbook case of such a broker is Finance Proof pretending to be a regulated brokerage firm by multiple financial authorities. Actually, this shady company is a blatant liar rendering services based on deception and misinformation. 

So, please continue reading this Finance Proof review to find out all information on this investment scam.

​​What’s more, we strongly recommend that you avoid the fraudulent brokers CryptoFXPro, PredCoin, and StateHills.

Is It True That Finance Proof Is Licensed by The Financial Regulators?

Even though the Finance Proof broker states that it is authorized by several financial market regulators, it is a falsehood. As a matter of fact, this phony broker is nowhere near enough to be licensed under ASIC (Australia), FCA (UK), IFSC (Belize), and FSA (Mauritius) as it claims. 

Other than that, Finance Proof is based in Saint Vincent and the Grenadines, an offshore haven for fraudsters. That is because SVG is among the jurisdictions that have weak control over forex brokers.

Finance Proof is based in Saint Vincent and the Grenadines. It claims to hold multiple licenses, but, in fact, it is not authorized to provide services anywhere. Likewise, this unlicensed brokerage firm fabricates its adverse conditions to appear profitable. All in all, please stay away from Finance Proof. 

Arguments For Trading With a Licensed Broker

Instead of taking chances with an unregulated broker that can be involved in fraudulent trading activities, we recommend investing only with a licensed brokerage company. By doing so, there are many benefits. One of them certainly is the safety of funds, which is guaranteed by strict legislation. Especially forex providers accredited by the Australian ASIC, British FCA, and German BaFin are trustworthy. 

For example, they ensure your money by implementing negative balance protection and keeping your funds separate from their capital (i.e., segregated accounts). On top of that, their traders are covered by identification programs (up to 100,000 EUR per trader). 

Lastly, other advantages are outstanding customer service, state-of-the-art technology, favorable and transparent conditions, and plenty of educational resources.     

What Platforms Does Finance Proof Also Offer? – Available Trade Software

Regarding trading software, the most widely used are MT4, MT5, cTrader, and Sirix. As a result of their advanced features, the vast majority of leading brokers prefer aforesaid platforms. Some examples of their cutting-edge tools are stop loss, copy trading, and expert advisors. 

By comparison, the Finance Proof web trader can’t be in the same league with the latest trading programs. It simply lacks the necessary resources for safe and successful trading.          

Can Access The Trading Platform From Mobile Device?

In addition to insufficient instruments, the web trader limits you to trading from a browser. In other words, this internet-based trading platform isn’t available as computer software or a mobile trading app. 

Needless to say that in today’s fast-paced technological advancements, this is a big drawback. In contrast, modern trading systems enable trading on any device (desktops, smartphones, and tablets). 

Which Assets Can The Investor Trade?

Finance Proof trading allegedly allows trading with the most popular trading instruments. However, it is one of many dirty tricks to attract traders. An example of its tradable assets is as follows.

• Forex: USD/EUR, NZD/AUD, CAD/GBP
• Crypto: Tether, Litecoin, Dogecoin
• Shares: Nike, Facebook, British American Tobacco
• Indices: FTSE 100, CAC 40, DAX 30
• Commodities: metals (silver, gold, copper), energies (natural gas, crude oil, wind power), agricultural products (wheat, coffee, corn).

No matter how this offer seems appealing or credible, it is just another big fat lie cooked by this fraudulent broker. Therefore, if you want access to global markets, go with legitimate businesses.

Where Does Finance Proof Engage In Fraud? – Countries Of Service

After researching where Finance Proof fraud is active, it seems that it is focused on scamming traders from 

• US 
• Germany 
• Canada 
• Italy.

These markers are one of the most sought-after and also have the most stringent regulations. For instance, legit brokers operating in the US must hold a minimum operating capital of 20M USD. Other than this, all companies providing services in the foregoing countries must be authorized by respective supervisory bodies. In this case, relevant US and Canadian territorial authorities, German BaFin, and Italian CONSOB.

Trader’s Reviews of Finance Proof

When examining online Finance Proof reviews, we have discovered that many victims have withdrawal issues. In plain English, this financial swindler doesn’t let them draw funds out. That is so typical for all trading scams. Once they rope you into investing, you will hardly ever see your money again. 

Of course, with professional help, it doesn’t have to be that way. But more about this matter later.

What Are the Different Finance Proof Account Types?

Regarding the type of trading accounts, Finance Proof provides the following versions.

• Beginner: starting deposit of 150 USD, 1:100 leverage
• Amateur: starting deposit of 1,000 USD, 1:500 leverage 
• Professional: starting deposit of 10,000 USD, 1:500 leverage.

Additionally, there is no demo account at Finance Proof. This option enables practicing trading and testing platforms and conditions. Since it can’t be cashed in on, scammers rarely offer a demo account.  

Provides Finance Proof With Bonuses?

As it goes with every broker scam, Finance Proof attempts to entice traders with generous bonuses. However, when you open an account at Finance Proof, you will soon realize that the terms of bonuses are at the whim of this unscrupulous broker. This means that it won’t allow you to redeem or withdraw rewards. 

So, regardless of how promotions appear lucrative, they are a decoy. Due to the misuse of bonuses, they are prohibited in many jurisdictions. 

The Importance of Legal Documents

In terms of regulations, forex trading is a heavily controlled industry. All brokers must be certified by financial regulators to operate legally. Leading brokerage companies providing services globally hold multiple licenses to meet the requirements of every market. 

Being a licensed FX provider means that a company plays by the book. Otherwise, an unlicensed brokerage firm can’t be trusted since no third parties monitor its activities. 

About Leverage, Spreads, and Fees

Speaking of leverage at Finance Proof, its maximum ratio is 1:500 (amateur and professional accounts). A clear warning sign is that this high leverage is offered to less experienced traders (i.e., to holders of an amateur account). The high ratio is not an issue for professional traders since they have enough skills to handle the risk arising from it. That is why many financial authorities limit leverage for retail traders (e.g., it is 1:30 in the UK).

As for spreads and trading fees, they are not revealed. Anyhow, expect tight spreads and zero trading emissions, which are manipulated to seem profitable.

High Minimum Deposit and Withdrawal Terms

Regarding the minimum required deposit at Finance Proof, it is 150 USD. This is not too much higher than the industry standard. But it still is a needless risk because this is an outright scam. For example, you can start trading with a credible company for as low as 10 USD. 

Concerning withdrawals at Finance Proof, you should know that there are no money withdrawal guarantees with unregulated brokerage services.      

Payment Methods Available

Aside from this, Finance Proof accepts only cryptocurrencies as a funding method. With legitimate brokers, this wouldn’t be a problem since they also support credit and debit cards and wire transfers. 

However, it raises a red flag when a con artist insists on crypto payments since they are hard to trace and reverse. So, the intention to rip you off is obvious. Thus, please stay away from Finance Proof.

Scammed by Finance Proof Broker? – Allow Us to Hear Your Story.

With reference to what to do in case you are defrauded by Finance Proof, cyber security experts advise taking immediate action. First, you should report it to the relevant authorities. This will help them build awareness and the case against this financial swindler. Also, don’t forget about leaving negative reviews on this bogus broker. In doing so, other traders will be able to avoid its tricks. 

In any case, if you were scammed by a broker, let us know.

What Is the Process of Chargeback?

In relation to getting your money back, it is possible through a chargeback process, which depends on the means of payment. With secure methods like credit/debit cards and bank transactions, it is not an issue. You can do it by yourself. 

However, the problem is with crypto wallets — a preferred method of fraudsters. Accordingly, reversing crypto payments requires the assistance of chargeback specialists. For this reason, get in touch with us.