MFSA warns against ProuFx

MFSA

The public should not engage in trading with an entity operating under the name of ProuFx which has an internet presence at www.proufx.com, the financial watchdog said in a statement on Tuesday evening.

The Malta Financial Services Authority warned that the entity was not a Maltese registered company nor licensed or otherwise by the financial watchdog to provide the service of an exchange or other financial services which would require licensing under Maltese law.

The entity presents itself as an online Forex broker with a web-based trading platform where traders can have access to global financial markets and can choose from over 250 trading instruments including currency pairs, stocks and indices with a leverage of up to 1:500, the Malta Financial Services Authority explained.

MFSA’s Spanish counterpart issued warnings against the entity.

The MFSA reiterated its message aimed at financial services consumers to be cautious when entering into financial services transaction and to ascertain that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or other reputable financial services regulator.