Propflys Information
Propflys is a boutique trading broker from the UK that offers clients trading services in 70 currency pairs, 100 indices, and other financial derivatives all on the widely-used MT5 platform. With pricing that appeals to a number of market players and the absence of trading commissions, it is mostly focused on advanced users who prefer traditional trading with flexibility in terms of fees. However, it has some limitations as fewer account options and low customer support are provided for beginners.
Pros and Cons
Is Propflys Legit？
This broker Propflys is Out of Scope of Business defined by the license number 13920176 e.g. from HO London Surrey Road SE236PQ Nice Office 518 SCB. The company has the registration of ordinary business but it does as well not have the business that is focused on Forex.
What Can I Trade on Propflys？
Propflys offers numerous trading possibilities to its clients. They have 70 pairs of different currencies all of which include major and minor currencies. Furthermore, there are 100 indices making it possible for traders to trade in many countries across the globe. Apart from these, there is also provision for other financial instruments which are derivatives of the initial investment further improving the trading experiences.
Account Type
Propflys only has 1 type of account, which is a real, live account. The procedure of opening the account is very much easy, just enter your name, email, something like a verification number, proponents phone number, then select the region to set the password.
Propflys Fees
Taking industry standards into account, Propflys‘ trading fees are among the lowest and the most ’reasonable‘. Here’s an interesting more step by step layout:
Spreads:
Propflys has very low spreads. This is so especially for the major products. For instance, XAUUSD (gold) spread is 4.5 points and XAGUSD (silver) spread is 2.8 points. While trading in the forex market, traders will be able to find even lower spreads as low as 1.5 points for major currency pairs, which makes it very suitable for those who wish to trade without incurring losses costwise.
Commissions:
Perhaps the most distinguishing feature about Propflys is that they do not apply any other commissions on the trades unlike most of the other brokers. This is a factor that will help a lot in minimising trade expenses, which in most cases incur high costs for high turnover traders who would be likely to have incurred high costs in a commission based trading environment.
Swap Fees at Propflys are honoured in accordance with the industrys norms. Such charges are taken only on overnight positions with respect to the product and the position long/short. While swap fees are nothing unusual in trading in leveraged products, Propflys makes sure they remain reasonable which brings down the charges for those traders who hold the positions for a long period of time.
All things considered, the company tries to make their fees as low as possible and is target oriented. This is beneficial for these accommodating customers who are new to trading as well as those who have been trading for years and are in search of low cost trading options.
Trading Platform
Propflys provides MetaTrader 5 (MT5) for its clients, which is accessible as a desktop or mobile application. Mobile applications are also made available after the web-based version goes live. MT5, which is also one of the most reputable and frequently adopted trading platforms for its all-in-one characteristics, is similarly robust. The Propflys MT5 Console platform allows its users to have a great trading experience coupled with useful and realistic trading functions. The platform is modular giving the opportunity for traders to approach it differently with features such as instant one click trading and in depth market technical analysis. Also, Propflys trades automatically according to the Expert Advisor robot programs. The configuration of this program is streamed so the systems are installed today even for such efficient trading; it has made the experience more enjoyable.
Customer Service
For Propflys, response time is recorded when clients are addressed, this support is for 5/D - a 24-hour customer service for most, which refers to the assistance clients seek. Help is provided by way of email, calling, and web-based forms among other contact forms.
The Bottom Line
The greatest advantage of Propflys is its commission-free trading with low trading costs. Yet, the primary disadvantage is the rather low clientele assistance support, which is available 5 days only out of 7. This broker is most appropriate for those traders who want to pay less for trade services and get advanced trading facilities.
FAQs
What trading platforms does Propflys offer？
Propflys has the intention of rolling out Meta Trader 5 (MT5) platform which can support computer and mobile version.
Why does Propflys not apply any commission on trades？
Trading with Propflys does not attract any commissions hence the trader enjoys value for money.
What types of accounts can be found on the Propflys website？
Propflys offers only one type of account: real one, which can be instantly opened through web.
Risk Warning
Online trading involves considerable risk, so it may not be suitable for every client. Please make sure that you totally understand the risks involved and notice that the information above provided in this review may be subject to alteration owing to the constant updating of the company's services and policies.
