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Forex Pro Broker Review – is it scam or safe?

Forex Pro Broker Review  – is www.forexprobroker.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz Forex Pro Broker
Forex Pro Broker is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Mini $500 0.01 lot 1:500 1.1 pips
Standard $5000 0.01 lot 1:500 1 pip
VIP $25 000 0.01 lot 1:500 From 0.2 pips

 

Forex Pro Broker has three types of live trading accounts with same leverage and minimum trade size, which the broker touts as “flexible”. The main difference between the accounts is the size of the minimum deposit and the spreads. There is also a free demo account with virtual $50 000.

 

The broker offers a portfolio of over 60 currencies and metals and CFDs on indices.

 

Forex Pro Broker says it encourages hedging and scalping.

 

 

The Company. Security of Funds

 

Company Country Regulation
Forex Pro Broker SVG FSA

  

Forex Pro Broker is yet another offshore broker that does not provide sufficient information about itself, which is always very dubious. After some digging up we found that the broker is one of the hundreds based on the Saint Vincent and the Grenadines and says it is regulated by the local Financial Services Authority. This suggests dealing with it is risky. - The SVG has very lax regulations and requirements and does not provide sufficient client protection, even though it claims otherwise.

 

Like we always advise – it is better to choose a forex broker with proper and robust oversight, like the one provided by UK's FCA or Australian Securities and Investment Commission (ASIC).

 

It appears that Forex Pro Broker has a penchant of using random logos to substantiate some of its claims. For example, the broker says it keeps client money in “The European Bank”. It is worth noting that there is no such entity. There is the “European Central Bank”, which a) does not accept client deposits, because it is the central bank for the euro and administers monetary policy of the eurozone and b) has a different logo. Of course, it could be a mistake, but, frankly, it is more likely that this is done to mislead potential clients.

 

 

Trading platforms

 

Here we come across the misleading logos again. Forex Pro Broker has put the logos of the most popular trading platform – MetaTrader 4 and the well-known ECN platform cTrader, thus suggesting that it offers both. On a closer look, however, it becomes clear that the broker only offers MT4. - The download links for cTrader are inactive.

 

There is nothing wrong with that, but the ruse leaves a bad taste in one's mouth and definitely raises some serious doubts about the broker's honesty.

 

 

Payment methods

 

Forex Pro Broker says it has 10 funding options. Among them are Credit/Debit card, local bank transfer, wire transfer, Skrill and Neteller.

 

 

Conclusion

 

Forex Pro Broker is one of the hundreds of offshore brokers regulated by authorities who offer next to none oversight and client protection, for a small fee.

 

 

Like many of the offshore forex brokers, this one also has rather high initial deposit requirements, without offering much in terms of favorable trading conditions, so it is better if you choose a properly regulated one with better conditions.

 

Pros Cons
  High deposit
  Misleading information

 

 

Latest news about Forex Pro Broker
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Traders` reviews for Forex Pro Broker

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Fraud

No. 1 fraud company. They never return the money deposited.

balaji tk. 08/05/2019
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