Profinum

[dwaddell]

Hi all,

Appreciate any help from anyone with experience/knowledge of this FX broker, Profinum, www.profinum.com.

0 pip spreads, designed for the smaller guy, london office (which I think is one of these mail accomodation places), registered out of BVI.

Thinking of opening an account with them, but slightly concerned that I've not heard of them before, and the 0 pip spread, which seems fantastic - but is it too good to be true, albeit with a small commission.

Thanks,

Dave.

 

[jacinto]

hi,

i have heard of them, have had the same thoughts as you i am sure. I have seen something at forexfactory.com, but nothing that allows to make a judgement.

I guess i will wait some time to see what others experience. in the meantime, it is a nice to have broker.

j

 

[dwaddell]

OK,

from what I can understand, they are basically providing their FX service using the white label setup from ACT Forex - http://www.actforex.com/act_for_institutions_and_ibs/actforex_for_ibs.html - which allows customisation of all the revenue streams etc, but I dont know who the transactions are then clearing through, need to dig a little deeper.

I've opened an account today and will send them an email asking for the full details of their back end processing procedures before I commit.

Dave

 

[Blu-Ray]

Be careful with these people.

I downloaded the demo and works okay, but having read a thread on ET, it says although the address is in London, it's just a virtual office address, which anyone can rent.

 

[dwaddell]

Yeah, thats what I understood.

I've opened an account and deposited $1000, I have to say that so far the service has been excellent.

Will keep you posted as to progress once I start placing trades with them next week.

Dave

 

[jacinto]

Yeah, thats what I understood.

I've opened an account and deposited $1000, I have to say that so far the service has been excellent.

Will keep you posted as to progress once I start placing trades with them next week.

Dave

hi dave,

there is the alleged case Profinum is a scam. Have been trying to get as much info about them as possible, as they suit many of my needs for some of my trading. However, in my browsing, this has been posted on the internet. it is the guy from Kingforexsignals dealing with the Profinum CEO (Mika whatever) on the phone. dont know what to say, but here it is.

http://www.kingforexsignals.com/Robvideos/010307_Profinium1_Rob/010307_Profinium1_Rob.html

http://www.kingforexsignals.com/Robvideos/010307_Profinium2_Rob/010307_Profinium2_Rob.html

http://www.kingforexsignals.com/Robvideos/011107_SpecialEd_Rob/011107_SpecialEd_Rob.html

I dont know if this is true or not, but keep an eye open.

j

 

[dwaddell]

Hi,

Interesting but really quite juvenile is it not?

I've placed money in, traded and withdrawn with no problems.

EURUSD spread was consistently zero and matched my ProRealTime pricing very closely, Cable spread varied from 0-2, mostly a pip.

Cant say I've had any problem, always polite and always responded to questions promptly, I asked specifically about this scalping instance which was in breach of their policy and recevied and full and frank explanation which kept me happy.

My only issue is the security of funds, i.e. there is no security of funds.

Dave

hi dave,

there is the alleged case Profinum is a scam. Have been trying to get as much info about them as possible, as they suit many of my needs for some of my trading. However, in my browsing, this has been posted on the internet. it is the guy from Kingforexsignals dealing with the Profinum CEO (Mika whatever) on the phone. dont know what to say, but here it is.

http://www.kingforexsignals.com/Robvideos/010307_Profinium1_Rob/010307_Profinium1_Rob.html

http://www.kingforexsignals.com/Robvideos/010307_Profinium2_Rob/010307_Profinium2_Rob.html

http://www.kingforexsignals.com/Robvideos/011107_SpecialEd_Rob/011107_SpecialEd_Rob.html

I dont know if this is true or not, but keep an eye open.

j

 

[jacinto]

Hi,

Interesting but really quite juvenile is it not?

I've placed money in, traded and withdrawn with no problems.

EURUSD spread was consistently zero and matched my ProRealTime pricing very closely, Cable spread varied from 0-2, mostly a pip.

Cant say I've had any problem, always polite and always responded to questions promptly, I asked specifically about this scalping instance which was in breach of their policy and recevied and full and frank explanation which kept me happy.

My only issue is the security of funds, i.e. there is no security of funds.

Dave

well, those were my initial thoughts. juvenile. yet, with a new broker, juvenile things can signal bigger problems.

very happy to hear your experience has been good. it certainly improves my perspective of this broker, bearing in mind what you say.......no security of funds.

regards

j

 

[Blu-Ray]

My only issue is the security of funds, i.e. there is no security of funds.

Dave

No security of funds AND no office, sounds like he's reeling people in and then he'll just disappear.

Please be careful Dave.

Blu-Ray

 

[dwaddell]

All I can say is that my experience has been good.

Yes, the security of funds is an issue and yes the business model may not be 'the norm' but I cannot say anything negative in terms of my experience.

You pays your money and takes your chances in this life.

Dave

No security of funds AND no office, sounds like he's reeling people in and then he'll just disappear.

Please be careful Dave.

Blu-Ray

 

[bugscoe]

The one issue I heard with them was when you try to withdraw your money. I'm sorry since I don't remember which board it was (perhaps Elite) but some woman was scalping with them. Tried to withdraw her profits and they claimed they were not valid since she earned them scalping, and then wiped them out. I may have the details a little wrong but that was the gist of the issue.

I say there is a reason they are offering 0 spreads and it isn't to allow you to make easy money.

 

[Blu-Ray]

The one issue I heard with them was when you try to withdraw your money. I'm sorry since I don't remember which board it was (perhaps Elite) but some woman was scalping with them. Tried to withdraw her profits and they claimed they were not valid since she earned them scalping, and then wiped them out. I may have the details a little wrong but that was the gist of the issue.

I say there is a reason they are offering 0 spreads and it isn't to allow you to make easy money.

Yes, you're right, I also read that story, I believe they took $3000 off her.

 

[dwaddell]

Oh Dear!

FYI:

--------------------------------
Dear Client,


Due to a system malfunction and the extreme volatility seen last night we
have sustained a large loss. In order to secure the Client funds we have
no choice but to stop the online trading service – all positions that are
still open at 11AM GMT, March 5th 2007 will be closed out at market price
at that time.

Your money is safe.

Please send a signed withdrawal form as follows:

q fax to: +44 20 77883407
q email to: [email protected]


We are truly sorry about having to stop our service, but our top priority
is the safety of your money. We thank you for being a Client and hope that
you will find a good broker for your Forex trades.



Profinum
-----------------------------------

 

[jacinto]

thank you for the follow up Dave,

Hope you get out OK. Sorry to hear that. I wonder if they were caught on the wrong side.

J

 

[dwaddell]

No bother,

Fortunately been out for a month or so, now using MB Trading/EFX.

Dave

 

[kavsp]

Hi

Got the same message and I have to agree their service has been excellent and they were reponsible enough to shut themselves down to protect client funds AND I can confirm that I have received my money back in full (I had withdrawn money before anyway)...

Now, must find a broker that does stuff as good as these guys did and start again... I have rules that I follow to minimise the risk of unknown brokers affecting me, put in small money, make money using your normal methods, withdraw 1/3 of your money repeat this until all your initial money is out and thereafter withdraw 50% of all earnings!

Anyone have any ideas as to who I might be able to go with? I registered with Crown Forex before Profinum came along, but never got round to depositing anything with them, have heard various rumours about them too...

Kavs