Lack of License Information
The website footer contains a standard disclaimer often found on broker websites. However, it lacks any mention of a license or regulatory authority.
Why is this important?Legitimate brokers always disclose their license number and regulatory body to prove their legitimacy. If such information is missing, it’s a major warning sign.
Red flag: Lack of regulatory transparency.
Suspicious License Number
After extensive searching, we found license number L19908/IWBG, which is linked to the Mwali International Services Authority (M.I.S.A.) in the Comoros.
What’s concerning?
On the official M.I.S.A. website, proxgain.com is NOT listed as a licensed entity.
M.I.S.A. warns about fake licenses, and Proxgain may be using a fraudulent license number to deceive clients.
How to verify?You can check the official regulator’s website to confirm that Proxgain is not registered.
Red flag: The broker likely has no valid license or is using a fake one.
No Information About the Company’s Location
Another major concern is the complete absence of any physical address on the Proxgain website.
Why does this matter?
Legitimate brokers disclose their location so that clients know which jurisdiction governs them.
If a company hides its location, it may be avoiding legal responsibility.
Red flag: The broker operates with no clear jurisdiction or regulation.
Fake Platform Claims
Proxgain claims to offer web, Android, iPhone, and PC trading platforms, but all links redirect to the web version only.
What does this mean?
Getting listed on Google Play and the App Store requires a valid license, which Proxgain does not have.
False claims about platform availability are a common scam tactic used to mislead traders.
Red flag: No real mobile trading platforms despite advertised claims.
Suspicious Contact Number
Proxgain provides a contact number, but it is not registered to a legal entity and was purchased through IP telephony services.
Why is this a problem?
Legitimate brokers offer verified contact details, including company-registered phone numbers.
IP-based phone services allow scammers to change numbers frequently to avoid complaints.
Red flag: No real customer support or verified phone number.
Very Few Online Reviews
Proxgain has almost no presence on reputable review platforms like Trustpilot or Forex Peace Army.
Why is this concerning?
Reliable brokers have dozens or hundreds of real reviews from traders.
Lack of information suggests that the company is new or actively removing negative feedback.
Red flag: Minimal independent reviews online.
Recently Registered Domain
The proxgain.com domain was registered in November 2024, making it a very new website.
Why does this matter?
Most scam brokers only operate for 3-6 months before shutting down and disappearing with investors’ funds.
Proxgain could be another short-term scam designed to steal deposits.
Red flag: Newly registered domain with no established reputation.
Red Flags
Lack of regulatory transparency
No real mobile trading platforms despite advertised claims
No real customer support or verified phone number
Minimal independent reviews online
Newly registered domain with no established reputation
The broker operates with no clear jurisdiction or regulation
The broker likely has no valid license or is using a fake one
Final Verdict: High Risk of Scam
Proxgain exhibits multiple warning signs of a fraudulent broker:
No license mentioned on the website
Uses a questionable registration number
Does not disclose company location
False claims about trading platforms
Phone number is IP-based, not legally registered
Very few independent reviews
Recently registered website, likely to disappear soon
Recommendation: DO NOT trade with Proxgain. If you have already deposited funds, withdraw them immediately before potential restrictions are imposed.
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