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ProBtcTrade Review - is it scam or safe?

ProBtcTrade review - Is probtctrade.com scam or good forex broker?

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

RECOMMENDED FOREX BROKERS


ProBtcTrade is yet another unregulated, offshore broker that recently came into the focus of the European regulators, notably the Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy, after it turned out they are targeting European customers without authorization.

 

Account type Min. deposit Max. leverage Spreads
Mini Account $250 1:200 1,6 pips
Standard Account $2500 1:200 n/a
Gold Account $20 000 1:200 n/a
Platinum Account $50 000 1:200 n/a

 

ProBtcTrade Advantages:

 

Impressive selection of currency pairs and crypto CFDs

 

Actually, the list of trading instruments is probably the only clear advantage of ProBtcTrade. They do offer nearly 70 forex pairs with lots of exotic currencies including Mexican Peso, South African Rand, Turkish Lira, Singapore Dollar, Swedish Krona, Russian Ruble, Polish Zloty, Norwegian Krone,Hungarian Forint, Hong Kong Dollar, Danish Krone, Czech Krona and  Philippine Peso.

 

The selection of CFDs is also not bad. On their trading platform we came across a number of commodities, indices, stocks, oil, natural gas, gold, silver, platinum, palladium and even crypto coins – namely Litecoin, Monero, Ripple, Zcahs, Dash, IOTA, Stellar, Bitcoin and Ethereum. Actually, if you are into trading crypto assets, here you may check our list of brokers, offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

High leverage

 

Leverage of up to 1:200 as offered by ProBtcTrade is rare these days as regulators through out Europe, the USA, Japan and others adopted a rather conservative approach to margin trading in general, in an effort to decrease risk for retail investors. 

 

Higher leverage is still offered by unregulated, offshore brokers, as is the case with ProBtcTrade, as well as by some brokers regulated in Australia, the last major regulatory hub where leverage remains unrestricted. Here you may check our list of brokers regulated by the Australian Securities and Investments Commission (ASIC):

 

>>Brokers regulated in Australia<<

 

Initial deposit of 250 USD

 

We should note that most brokers ask for about 250 USD as an initial investment and that is the case with ProBtcTrade as well. Surely you will need that kind of money, if you are about to trade a larger amount than a micro lot. And yet, with some well known names such as FBS and IG, you can open a trading account with just 5 USD or so.

 

ProBtcTrade Disdvantages:

 

CONSOB warning on ProBtcTrade

 

CONSOB warns about ProBtcTrade and a couple of other brokers, notably  SmartProFX, FirstFXClub, 360SmartFX, CryptoClubFX, GameBtcFx and  Btcglobefx, all of which owned and operated by a single company - Game Capital Ads Limited, which is reportedly based on St. Vincent and the Grenadines. 

 

According CONSOB ProBtcTrade, and the other brokers in the list, have targeted EU customers without proper authorization – the EU market is strictly regulated and can be serviced only by brokers, officially licensed by European regulators, such as the Cyprus Securities and Exchange Commission (CySEC)  or the Financial Conduct Authority in the UK.

 

Unlike all unregulated, offshore companies, properly licensed brokers do guarantee the safety of your investment, because they are strictly supervised and have to abide by strict rules, among which to file regular reports, to allow external audits, to maintain a certain minimum operational capital, to provide clients with a negative balance protection, to keep their money in a segregated, trust account, to refrain form offering trading bonuses and with all regulators in EU even to insure traders funds.

 

For example if you are trading with a CySEC broker your funds will be guaranteed up to 20 000 EUR, even if your broker files for bankruptcy. Similarly, if your broker is regulated by FCA your insurance will cover up to 50 000 GBP of your funds. Besides, here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unacceptable withdraw conditions linked to trading bonuses

 

As we noted the practice of offering trading bonuses is prohibited by the European Securities and Markets Authority (ESMA), as well as by many other regulators, and that is because trading bonuses are usually linked to some special withdraw conditions. 

 

In the case of ProBtcTrade, if you accept a trading bonus you will have to trade at least 3,3 lots for every 10 USD of bonus. That may prove quite challenging, as one standard lot is 100 000 USD and if you receive a 300 USD bonus, you will have to trade at least 10 000 000 USD, before you will be able to withdraw.

 

MetaTrader4 provided by a third company 

 

The MetaTrader4 platform, available at ProBtcTrade  is provided by a third party - West Media Group, and that we should note, is not very usual.

 

Still, the platform is one of the best and most reliable trading solutions on the market. It has an excellent charting package, user friendly interface, numerous market indicators and even customizable trading bots, with which one can easily run automated trading sessions. Besides, here you may check our list of MT4 supporting brokers:

 

 >>MT4 Brokers<<

 

Seemingly attractive spreads

 

When we opened a demo account with ProBtcTrade the benchmark EURUSD spread was just 0,1 pips, and as there was no trading commission, that is actually too good to be true even with one of their premium accounts. 

 

Otherwise, on their web site ProBtcTrade says their spreads start form 1,6 pips, which is slightly higher than the levels most traders expect with a standard account. Besides, here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Skrill unavailable as payment method

 

ProBtcTrade accepts payments with bitcoins, bank wire, credit cards like VISA and MasterCard and a couple of e-wallets, including Neteller and AstroPay. The broker, however, does not accept Skrill, and that is worth noting, because in the EU Skrill is available only to  brokers with legit licenses. As we already noted, ProBtcTrade is not regulated.

 

Besides, if you like the idea of paying with bitcoins, here you may check our list of brokers, also accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

As we already noted ProBtcTrade is a unregulated broker with a fresh warning form the Italian CONSOB. Trading with unregulated brokers has always been extremely risky so we will repeat our usual warning in such cases – make sure you deal only with properly regulated brokers.

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Traders` reviews for ProBtcTrade

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ProBtcTrade = FRAUD

They are scam professionals!!! Don’t send money because you will never see them again... ATTENTION

Anonymous 07/29/2019
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