Proforexroom set strong sail, but failed to catch wind

Arun Kumar
Nilabja Banerjee

Forex trading is big and has been a phenomenal money earner for professional traders. Proforexroom (proforexroom.com) was one of the first few to offer online trading options for traders in the early 2000s.

PFR had targeted novice traders and had the ambitious plan of training these greenhorns. Its target was Indian and Asian markets as trading in forex was still not well known then, and DARE covered PFR’s expansion into these markets as they provided training services for foreign exchange dealers.

The training would happen as the markets were live so that trainee traders would get the real time and real hand experience. The training was to happen from 8.30 am CET (Central European Time) till 6 pm CET, which was 11.30 am IST till 9.30 pm IST. The thought was that the European markets were bigger with large trading volumes as compared to Asian markets, offering better lessons for these trainees.

A sinking ship

But PFR did not catch the imagination of the public, even though the participation of Indian citizens in forex and other markets increased exponentially over the years.

To attract people, it had offered two weeks of free trials for the general public. The company’s trading software had several inbuilt technical tools to evaluate the risk profile of clients. It wanted to bring to the people trading techniques and strategies that were reserved only for bankers till then.

The US-based company offered demonstration and live accounts for trainees to try their hand at, of course with the guidance of experienced trainers.

The company now only has a small online presence on Facebook.