Tradingpro.com is an offshore broker that promises good trading terms, but we have many reasons to be wary of them. Although we wouldn’t call it a fraud, in this review we’ll explain why you should carefully consider whether it’s a good idea to entrust Tradingpro.com with your money.
Tradingpro Regulation and the Safety of Funds
On its website, a real company that offers financial services will have clear and detailed information about the business that owns and runs it, where it is located, and what licenses it has. Authentic brokers also give customers access to a wide range of legal documents. The existence of such material does not imply that it is accurate or truthful.
The website’s home page states that two businesses—TradingPro International LTD, based in Saint Vincent and the Grenadines (SVG), and TradingPro International (PTY) LTD, registered in South Africa—are responsible for this broker.
Both companies are real, according to a search of the pertinent records. Nonetheless, the Terms and Conditions wording makes it obvious that the contract is between the client and the offshore firm with an SVG base.
Unlike other offshore jurisdictions, this nation has financial authority, but it does not control the activities of forex and CFD brokers. The Financial Services Authority (FSA) of St. Vincent and the Grenadines has sent out many warnings about this problem.
According to the registration information of one of the trading platforms used by Tradingpro.com, the company is based in another offshore zone called Vanuatu.
Those differences raise questions about TradingPro.com. If you want to invest in financial instruments, you should work with a registered broker in a country with strict rules, especially if you are just starting as a trader.
Only reputable brokers operating in well-established financial hubs like the UK, EU, USA, or Australia deserve your confidence. There, strong regulatory agencies like the Financial Conduct Authority (FCA) of the UK, the Cyprus Securities and Exchange Commission (CySEC), the Commodities Futures Trading Commission (CFTC) of the US, and the Australian Securities and Exchanges Commission (ASIC) supervise the activities of brokers. These brokers offer protections to their clients, including negative balance security and segregation of client and broker funds.
Brokers are also required to take part in guarantee programs in the EU and the UK, which protect a portion of the trader’s money if the broker goes bankrupt. The maximum value of these assurances is 20,000 EUR in the EU and 80,000 GBP in the UK. The likelihood of such a bankruptcy, however, is minimal because regulators also impose substantial net capital requirements on businesses: EUR 730 000 in the UK and Cyprus, AUD 1000 000 in Australia, and at least USD 20 million in the United States.
Trading software from TradingPro.com
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two of the most popular trading platforms available on Tradingpro.com. Yet as of the time this article was being written, Tradingpro.com did not even permit the creation of a demo account. We were unable to test the platforms’ functionality as a result.
It is advised to get in touch with one of the many trustworthy brokers who provide MT5 or the still widely used MT4. These platforms have made a name for themselves by providing a broad range of features, such as numerous options for customization, support for multiple accounts, the ability to create and employ distinctive scripts for automated trading, as well as the capacity to backtest trading strategies.
Trading Conditions for TradingPro.com
Tradingpro.com provides five different types of trading accounts. The minimum deposit specified is exceedingly low—merely 1 USD. You should be aware that many regulated and licensed brokers also permit you to begin trading with a small amount.
Also, this information is wrong because, according to the list of accepted payment methods, the minimum deposit for credit cards is $100 and the minimum deposit for e-wallets is $10.
The account’s exposures determine the maximum leverage, which can be as high as 1:2,000. Trading with high leverage increases the danger of experiencing unexpected and significant losses, so regulated brokers do not provide such levels to retail traders. The maximum leverage allowed in the European Union and the United Kingdom is 1:30; in the United States, it is 1:50.
A spread of 1.6 pips is promised by Tradingpro.com. This level aligns with the standard deviations for the sector. But many registered brokers provide even better deals, making it difficult to conclude that partnering with an unregulated business is worthwhile given the additional risk involved.
Many bonuses, promotions, and reward games are available on Tradingpro.com. The majority of financial regulators forbid these actions. You should carefully study the terms and conditions before taking a bonus. A 50% deposit incentive, for instance, is available from Tradingpro.com, but if you utilize it, you won’t be able to cash out 50% of your trading gains.
Deposit/withdraw methods and fees for Tradingpro.com
Tradingpro.com asserts that credit/debit cards, cryptocurrencies, and Asian payment processors like FasaPay and DragonPay are all acceptable methods for making deposits and withdrawals of money. Due to our inability to create an account, we are unable to verify whether this is real.
A wide range of transparent payment options, including bank transfers and well-known e-wallets like PayPal, Skrill, and Neteller, are frequently made available to customers by licensed brokers.
Depending on the chosen payment method, the minimum withdrawal amount ranges from 10 to 100 USD.
There is no information about deposit and withdrawal fees on Tradingpro.com.
How does the fraud occur?
Many are tempted to try their luck in the financial markets by stories of people becoming wealthy using cryptocurrencies. But you must exercise extreme caution to avoid falling victim to any of the numerous scammers active in the online world. These con artists merely pass themselves off as brokers and entice you with claims that they will handle the complex facets of investing for you.
If you get in touch with these con artists, they will initially persuade you to send them a tiny deposit of a few hundred dollars. To get you to pay them more money, they could even temporarily deceive you into thinking your investment is making fantastic profits. Yet, your money won’t be put to use. Also, you will discover that it is hard to retrieve your alleged winnings or even your initial money.
The con artists can claim that a sudden shift in the market has cost you all of your investments. They may also point to parts of their Terms and Conditions that say you have to meet impossible-to-meet minimum trading volume requirements before you can get your money. And because these scam websites hide behind fake names and offshore businesses that don’t have to follow laws and rules, they can disappear quickly.
How to Respond to a Scam
If you become a victim of scammers, you should alert the appropriate authorities in your country and warn other prospective victims online. The likelihood of getting your money back, though, is low.
If you paid with a credit or debit card, you could ask for a chargeback. Yet, if you’ve given the fraudsters identification verification, like a copy of a driver’s license, you can dispute such requests. You should never believe online scammers who ask for a fee upfront and promise to retrieve your money. They are undoubtedly con artists as well.
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