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ForexTrading.Pro Review - is it scam or safe?

ForexTrading.Pro Review - Is forextrading.pro scam or good forex broker?

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

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Trading Accounts & Conditions

  

 

Account type Minimum deposit Maximum leverage Spread
Standard (called pro) $0 1:1000* From 0.2 pips + $5.20 commission per lot

*leverage varies based on your account size, going lower for the bigger traders. Details provided below.

 

ForexTrading.Pro (which operates at this exact domain – forextrading.pro) is a forex broker, which has an interesting offering. While the trading conditions with this company are very nice, there is a major problem with their service. Read the full review to see why we gave them this low of a rating.

 

ForexTrading.Pro Advantages

 

Trading with a proven platform (MT4) 

MetaTrader4 is still the most dominant forex trading platform, despite being very old at this point in time. When we say “dominant”, we don’t only mean a lot of brokers offer it (including this one), but want to also highlight the fact a lot of traders like it. The charting offers almost unrivaled potential for technical analysis, while the support for Expert Advisors allows everybody to experiment with automated trading. Here is a preview of the interesting default layout offered by ForexTrading.Pro:

 

How MT4 looks after you download it from  ForexTrading.Pro

 

>>Looking for more MT4 brokers?<<

 

Very competitive spreads

Traders at ForexTrading.Pro would supposedly get very tight spreads, with a relatively low commission charged on top. That being said, the company claims to have a $5.20 fee per lot, while our test of the demo platform revealed a 6.14 rate. Still, with the 0.2-0.3 pips EUR/USD spread, this is one of the most competitive brokers on the market, with an effective cost of trading below 1 pip

 

An easy way to calculate commissions into spreads is the rule that every $10 charged is equal to 1 pip. This comes with a lot of additional clauses, like the fact it only applies for pairs where the US dollar is the second currency. 

 

Incredibly high leverage offered

This broker offers various leverage ratios, with quite a high one being available for the smallest clients. We feel the need to reiterate for the risks involved with all types of margin trading. Those of you who are already familiar with them, will be surprised by the incredible levels offered by ForexTrading.Pro:

 

The various leverage ratios at ForexTrading.Pro

 

All sorts of payment methods

The variety of e-wallets supported by ForexTrading.Pro is impressive. Traditional payment systems, like Bank Transfers and Credit Cards are accompanied by Skrill, Neteller, WebMoney, Perfect Money, Payza and FasaPay. On top of that Bitcoin payments are also accepted.

 

No minimum deposit

ForexTrading.Pro doesn’t have a minimum requirement for most of the aforementioned ways of depositing funds. The only exception are Bank Transfers, where one has to invest a minimum of $1,000.

 

Swap-free accounts available

While this feature will not affect all clients, it is an integral feature for attracting Muslim clients. Such accounts are considered Shariah-Compliant.

 

>>Other Islamic forex brokers<<

 

ForexTrading.Pro Disadvantages

 

Unregulated, offshore company, interesting claims

ForexTrading.Pro is a proudly unregulated broker. We say that, as this is one of the few of these companies, which explains their reasoning. In a two page document, which can easily be reached on their website, they claim financial regulation isn’t as important as some industry experts would lead you to believe. The thoughts are interesting, but they still don’t solve the main issue which oversight solves – counterpary risk (i.e. the possibility your broker will not allow you to withdraw funds, whenever you ask). Other than this interesting statement, the company behind this broker is based in Saint Vincent and the Grenadines.

 

Few CFDs

The trading instruments available at ForexTrading.Pro aren’t that many. Their offer features currency pairs, gold and silver. This may not be an issue with the magnitude of the previous one, but is still a negative factor. Here is the full list:

 

The instruments at ForexTrading.Pro

 

Conclusion

 

ForexTrading.Pro is an unregulated, offshore forex broker, which offers a very attractive trading environment. They are probably the only company to be completely open about their lack of oversight and offer some arguments in their defence. While you may agree with some of what they say in their manifesto, at the end of the day, you will have no guarantee for the security of your funds with such a broker.

 

As we briefly stated in the review, financial regulation is created in order to protect clients from the risk of them not getting payed back. Whatever ForexTrading.Pro may say, their word is the only guarantee you will get.

 

On the other hand, when trading with a well-regulated company, like the ones registered with the UK’s Financial Conduct Authority (FCA), you can bee certain your investment will be safe.

 

>>A list of trusted, FCA-regulated brokers<<

 

Such brokers are forced to follow a lot of rules on reporting and providing a fair trading system. On top of that, client accounts must be segregated from the firm’s operational balance. Furthermore, the FCA-regulated brokers must participate in the Financial Services Compensation Scheme (FSCS) – a system which protects you, even if the company becomes insolvent. Still, the most important principle is that, they will always honor client withdrawal requests.

 

The key points about this broker, with one being much more significant than the rest (in our opinion):

 

Pros Cons
Trading with a proven platform (MT4) Unregulated, offshore company, interesting claims
Very competitive spreads Few CFDs
Incredibly high leverage offered  
All sorts of payment methods  
No minimum deposit  
Swap-free accounts available  

 

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Traders` reviews for ForexTrading.Pro

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

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