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Looking for an online broker? If you are thinking about trading in the forex market, or CFDs, you will require the services of one. Even before people began trading online, it has always been the case; you cannot trade without the services of a brokerage. The good news is that there are plenty of companies that are offering their trading services, so you do not have to worry about not finding options to choose from. As a matter of fact, the variety ensures that there is healthy competition and you can get some very good packages to choose from. But, this Greenproline review will show you another side of brokerages as well.
Not everything is as it appears to be and this is true for the internet. You have probably heard about the countless scams that have happened online and people have lost their money one way or the other. Since there is a great deal of money involved in the online trading space, it should not come as a surprise that scams are rampant here as well. In fact, the topmost tactic that these cybercriminals use is to masquerade as brokerages to draw people to their platform and convince them to part with their money.
These fraudulent and bogus brokers have become quite prevalent in the market, so much so that most people are unable to distinguish between them and authentic ones. Eventually you do find out because the former will not let you access your funds. But, you definitely do not want to have to deal with that kind of nerve-wracking experience because it also affects your confidence. Hence, it is better to make an effort beforehand to determine if you are dealing with an impostor or a genuine brokerage. How can you do that? There are some things that can make it quite apparent.
You will discover this when you check out Greenlinepro, which goes to great lengths to convince traders that it is a good and dependable brokerage. However, you will find out that there are a number of issues that you simply cannot overlook. What are they? Let’s take a look:
Absence of a license
If you do not want to deal with an impostor brokerage, you need to find one that has a license. Companies that have a license are monitored by a regulatory body, which means they can offer you protections in terms of safety of funds and transparency of services. They also comply with rules and regulations and offer a certain standard of services, so you will be able to make the most of trading opportunities. The problem is that Greenlinepro does not have a license and is not regulated.
If you check out the Greenlinepro website, you will discover that it has listed an address in London, United Kingdom. In order to have an office in the UK, the brokerage would need a license from the Financial Conduct Authority (FCA). This is the regulatory body for the region and companies cannot operate there without a license from them. But, when you check the online register of the FCA, you will not find Greenlinepro listed.
This means that Greenlinepro is not a regulated and licensed broker in the UK. It could indicate two things; either the broker is not based in the UK, or it is illegally operating from there. Furthermore, when you go through the Terms and Conditions that the brokerage has given on its website, you will come across the mention of Saint Vincent and the Grenadines.
Apparently, Greenlinepro complies with the laws of the SVG, which does not really make a difference because the Financial Services Authority (FSA) of the offshore jurisdiction has stated that they do not monitor the forex industry. This means that the broker is not licensed and you cannot trust a company like that.
Malicious bonus policy
If you need further confirmation that Greenlinepro is not a regulated and licensed broker, all you have to do is discover that they are offering trading bonuses to their clients. Sure, trading bonuses are very lucrative and draw your attention, but you should note that regulatory authorities in various jurisdictions have imposed a ban on them. This is because these bonuses come with strings attached that are not beneficial for the traders.
The fact that Greenlinepro claims to have an office in the UK means that it should not be offering you trading bonuses at all because they are forbidden there. But, not only is it offering bonuses, it also has a malicious policy to go with it. They require you to achieve a certain turnover before you will be allowed to make a withdrawal. The minimum requirement is so high that even the most professional trader will not be able to achieve it.
Lack of good trading platform
The trading platform offered by a brokerage is one of its most important features because you have to use this software to execute your trades in the market. Plus, it also provides you the tools and other functions that can make a big difference. You obviously want quality, but Greenlinepro does not even come close. You will find that they are offering a very basic web trading platform that is oversimplified and lacking in features and tools.
Most genuine brokerages offer their clients the MT4 and the MT5 trading platforms, something that an impostor like Greenlinepro is unlikely to do.
Unreliable deposit methods
The deposit methods of a broker are also relevant because you want to have the option of filing for a chargeback when needed. Unfortunately, you will not be able to do so in the case of Greenlinepro because it only offers you two payment methods; wire transfers or crypto payments. The problem with these options is that they are final and irreversible; you will not be able to get your money back through a chargeback.
All of the problems that you discover about Greenlinepro make it evident that you are dealing with an impostor and not a genuine brokerage.