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Pro Trades Review
If you are searching for an online broker, there is a strong possibility that you have heard about the existence of shady and scam ones. Indeed, there have been too many cases for you to have not come across the stories. After you discover just how devastating these fraudulent platforms can be, it is understood that you would want to steer clear of them. The only problem is that it is easier said than done. Most of these scam operations have gotten better at concealing their flaws, so you have to dig deep in order to identify them. You can check out this Pro Trades review to know how it can be done.
There are different features and services of a broker that play a role in your overall trading experience. Instead of focusing on just one or two primary ones, you should consider the whole package because this makes it easier for you to see any gaping holes that may exist. Previously, people did not follow this process and this left them vulnerable to the tactics of scammers and fraudsters. But, nowadays, you can easily check the various aspects of a broker’s website and then learn the answer.
There are certain elements that indicate what kind of a broker you are dealing with; whether it is a scam, or a legitimate operation. You just need to be willing to put in the time and effort required to make this discovery. It may seem like a lot of effort initially, but the resulting consequences are in your favor and this is what you need to bear in mind. Once you have the right broker, you will be free to tap into the opportunities of the financial markets, something a scam broker like Pro Trades cannot offer.
But, what makes Pro Trades a scam broker? Let’s find out in this review below:
They are not licensed
The first and most prominent indicator that Pro Trades is not a legitimate platform is their lack of license. Any trustworthy and reliable broker will have the appropriate regulation and licensing for providing their services and mostly shady companies avoid this process because it is bound to expose them. The same is the case with Pro Trades. According to their website, the company is based in London, United Kingdom, but this doesn’t seem to be the case.
In order to operate in the UK, Pro Trades would require the approval of the FCA (Financial Conduct Authority), which is the regulatory body responsible for overseeing the British financial markets. They cannot provide any services in the UK without an FCA license. But, if you check the online register of the FCA, you will not find Pro Trades mentioned. This means that it is either lying about where it is based, or is illegally based in the UK.
In addition, you will also discover that they are breaking two of the FCA policies that are imposed on brokers. This includes the offering of crypto CFDs, which have been banned by the regulatory authority due to the high risk of volatility associated with this asset class.
Their Terms and Conditions are exploitative
The Terms and Conditions of a broker are the policies and terms agreed upon between the trader and the broker. They highlight your relationship and the rules you are expected to follow, including the fee you have to pay. A quick check of the Terms and Conditions on the Pro Trade website shows that they are certainly not fair in any regard. It becomes obvious that the broker charges ridiculous fees from its clients.
They have a dormant account fee, and while it is the norm for brokers to charge a fee for inactive accounts, it is higher than what a legitimate company would ever ask for. Likewise, the withdrawal charges of Pro Trades are also audacious. They charge at least $35 for every transaction, along with a 10% levy. You can avoid this surcharge with a 200 times turnover, which is impossible to say the least.
Most importantly, Pro Trades doesn’t allow you to withdraw your profits and this is because of the trading bonuses it offers. This is another practice that the FCA does not permit due to its exploitative nature and it becomes evident when you check Pro Trades’ terms and conditions. They state that the profits are divided into two categories. One is for profits made via the trading bonuses you get and it cannot be withdrawn until some impossible turnover requirements are met. The second is for profits made via your own funds that can be withdrawn.
The problem is that there is no way to physically separate the two kinds of profits, which means that Pro Trades will simply deny all of your withdrawal requests, until you reach the minimum trading volume requirements that are impossible for anyone to actually achieve.
They offer unsuitable leverage
When you check the leverage being offered by Pro Trades, you will find that they have restricted it to 1:10 for all asset classes. When it comes to cryptocurrencies, this is considered very high, considering the volatile nature of the assets. But, for other asset classes like forex, this is too low. The FCA has permitted brokers to offer a leverage of 1:30 for these assets, but you will not find this available here.
They don’t have a good trading platform
One of the most important tools that an online broker offers is a trading platform and you need a good one to make the most of your trading experience. The MT4 and the MT5 are well-known across the financial markets for their powerful technology and tools, but Pro Trades doesn’t offer its clients to either of these trading solutions. Instead, you are given the option of using a web trading platform that you will find severely lacking and not reassuring at all.
The Final Verdict
After taking into account the numerous problems Pro Trades has, it is not that difficult for anyone to determine that it is truly a scam broker that should be avoided.