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Progrex Review - Is it scam or safe?

Progrex Review - is progrex.org scam or good forex broker?

RATING: 3.3 / 2 REVIEWS ForexBrokerz Progrex
Progrex is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type   Minimum deposit Minimum trade size Maximum leverage Spreads (& Commission)
Classic $10 0.01 1:500 3 pips, fixed
Cent ECN $5 0.01 1:500 From 0.3 pips + $15 /lot
ECN (Islamic) $20 0.01 1:500 From 0.3 pips + $15 /lot

 

Progrex offers its clients three account types: a Classic commission-free one with fixed spreads, and two ECN ones with tight variable spreads and commission fees applicable.

 

Otherwise, all accounts offer leverage up to 1:500 and micro tradeable lots to those traders unwilling to put much at stake on the MetaTrader 4 platform.

 

Besides, all account types can be opened with small deposits, even ECN ones. The bad news is that fixed spreads are high and ECN commissions are salty, so basically trading costs per lot with Progrex are around 2 pips (spread + commission on ECN accounts) or 3 pips for standard lot (Classic accounts) the EUR/USD pair. By comparison, most brokers offer spreads within the range of 1.0 – 1.5 pips per lot for this pair. FxChoice, for example, provides spreads averaged 0.5 pips and apply commission fees amounting to $7 per lot (round turn) on its ECN accounts.

 

The Company. Security of Funds

 

Company

Country

Regulation

Progrex LLC

Seychelles

N/A

 

Founded in 2016, Progrex is an offshore broker, offering trading in a number of currency pairs and various CFDs (on indices, commodities and stocks) on the MetaTrader 4 platform.

 

Offshore zones are attractive destinations for emerging forex brokers because of the looser regulation and taxes, if any, and the less costly registration procedure. The problem is that these companies are either not licensed, or even is they are, little focus is placed on supervision and client protection.  Even worse, many of those companies are simply fraudsters, trying to rip you off.

 

In other words, doing business with offshore and/or non-regulated brokers is risky and that is why we do not recommend it. Instead, we would advise you to select among FCA-regulated brokerages, or Swiss ones, where the respective financial watchdogs are always on alert and your money will be safe and protected.

 

Trading Platforms

 

Like most brokers, this one also supports the MetaTrader 4 (MT4) platform, available as PC, web and mobile downloadable versions.

 

MT4 is equipped with all a trader needs: advanced charting package, a number of technical analysis indicators, Expert Advisors (EA) and extensive back-testing options. MT4 has been around for more than 10 years and it seems its popularity is not fading yet, although its developer MetaQuotes said it will no longer issue updates for it and will focus on MT5.

 

When we downloaded the PC version, however, we noticed that this is Fidelis Capital Markets’ platform.

 

Promotions

Progrex offers Welcome Bonus of $55.5 to each live account holder. In fact, it does not offer demo accounts.

 

Withdrawals are available, if the account balance becomes $500 and more, and after trading 1 standard lot for each $1 of the bonus amount.

 

Also, the broker says it provides 50% bonus for each deposit and the withdrawal conditions are the same.

 

Methods of Payment

 

Progrex offers its clients the following payment methods: bank wire transfer, via credit/debit cards, as well as e-wallets such as Skrill, Paypal, Neteller, Qiwi, Webmoney, Lavapay.

 

Keep in mind that Minimal Withdrawal amount for credit/debit cards is $50, and for bank transfer $5000.

 

Conclusion

 

Progrex is an offshore brokerage, whose offerings are really attractive: It provides online trading services in a wide range of financial instruments, including stocks, on two trading platforms (MT4 & MT5). Besides, Progrex claims to be a STP/ECN broker, however one cannot be sure, as no authority is supervising its activity. That is why we do not recommend this broker.

 

Pros Cons
Tight ECN spreads Offshore broker
MT4 available High fixed spreads on Classic accounts
Low initial deposits required, bonuses offered Salty commission fees on ECN accounts
  No demo accounts

 

Latest news about Progrex
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Traders` reviews for Progrex

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

 

 

Deposit

Traded on their no deposit bonus. Finished the balance to 350 (approximately), replenished the account and brought to the card 500 dollars.

James 04/13/2017
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