ProperFly Information
ProperFly is an unregulated brokerage company registered in the United Kingdom. This firm provides a swath of investment options with its popular MT5 platform. ProperFly offers six live trading accounts and a free demo account. However, this firm charges a withdrawal fee.
Pros and Cons
Is ProperFly Legit?
ProperFly currently does not hold any valid regulatory certificates. Although it is incorporated in the United Kingdom, it lacks regulation from any recognized financial authority. Opening an online brokerage account can be an easy way to start investing and there are always risks in investing. But we can choose to stay away from certain risks.
What Can I Trade on ProperFly?
When checking out online brokerages, it's important to look under the hood at how you can invest.
With ProperFly, you can make a diversified portfolio with 700+ instruments in 6 asset classes, including forex, indices, metals, energies, stocks, and cryptocurrencies. If you're looking for ETFs or bonds, you won't find them here.
- Forex: more than 60 currency pairs and open 24/7
- Stocks: more than 500 world stocks available for trading
- Forex: trade crypto CFDs 24/7
- Energies: include oil and oil products
- Metals: trading in gold, silver, copper, palladium and platinum
Account Types
ProperFly offers 6 account types, including Micro, Bronze, Silver, Gold, Platinum, and Diamond-VIP. The minimum deposit for a Micro account is $250.
Generally, different types of services become available as your portfolio grows. For example, if you invest at least $25,000, you'll get the chance to participate in IPOs, trading signals from Trading Central + market buzz, daily market reviews with analysts, and trading signals.
Higher tiers also mean you can pay less in fees. When you open a Platinum account with ProperFly, you'll have spreads starting with 0.3 pips and no commission for withdrawal.
Interestingly, the withdrawal processing time also depends on your account type, which can be shortened from 48 hours to 5 hours if you invest at least $100,000.
Besides, a demo account is also available with this firm.
ProperFly Fees
Investment fees can detract from your returns. Every brokerage is different when it comes to fees, though many of them have moved toward commission-free trading. With ProperFly, the fees depend on your account type.
- Micro, Bronze, Silver, and Gold: spreads are from 0.6 pips.
- Platinum, and Diamond-VIP: spreads are from 0.3 pips.
Besides, there is no withdrawal commission for Gold, Platinum, and Diamond-VIP accounts. Micro accounts charge withdrawal commission each time you use a credit card or Perfect Money. The withdrawal fee is 3.5% for using Perfect Money and 2% for using a credit card.
Trading Platform
MT5 (MetaTrader 5) is available with ProperFly. You can apply it on multiple devices, including Windows, MAC, Android, and IOS. It is a diversified financial trading platform that allows trading foreign exchange, stocks, and futures. It provides automated trading systems and excellent tools for various price analyses, the use of algorithmic trading applications, and copy trading.
Deposit and Withdrawal
ProperFly provides 3 ways to transfer your money. You need to pay no commission for funding and withdrawals using a bank transfer. However, if you withdraw through Perfect Money or credit card, you need to pay a commission of 3.5% or 2% respectively.
As mentioned previously, the processing time of withdrawal depends on your account type.
Deposit Options
Withdrawal Options
Customer Support Options
For any questions you might have, help is available 08:00 - 20:00 (GMT+3) by phone (+44 204 5772489), email (support@sohobi.com), or a live chat feature. You can also hit a button on an online message box.
The Bottom Line
ProperFly makes building a diversified portfolio easier with its wide selection of investment options. And you can choose from its seven live trading accounts based on your individual needs. However, you need to choose carefully because it determines some key factors of trading, such as withdrawal fees, processing time, etc. This firm is not regulated by any recognized financial authority. Before choosing a brokerage, remember to consider the cost and the potential risk.
FAQs
Is ProperFly a regulated brokerage?
No, ProperFly is not regulated by any reputable financial authority. Before choosing a brokerage, remember to consider the risk involved.
Does ProperFly offer trading of IPOs?
Yes, ProperFly provides IPO trades but you need to invest at least $25,000 to get the chance to engage in IPOs.
What account types does ProperFly have?
ProperFly offers six live trading accounts and a demo account.
Risk Warning
Online trading involves considerable risk, so it may not be suitable for everyone.
