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Pro Markets Review - Is it scam or safe?

Pro Markets Review - is forexcapitalmarket.org scam or good forex broker?

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

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Trading Accounts

  

Account Type Minimum Deposit Maximum Leverage Spread
Standard $50 1:300 From 3.0 pips
Premium $500 1:200 From 2.0 pips
Elite $1,500 1:200 From 1.0 pips
ECN $2,500 1:100 From 0.5 pips

 

Pro Markets, which operates forexcapitalmarket.com, offers multiple account types, with fairly varying conditions. The company provides forex, spot metals and CFDs on oil futures and equity indices. The company seems to be focused mostly on the Middle East market.

 

The Company. Security of Funds

 

Company Country Regulation
Pro Markets UAE Central Bank of UAE

 

Pro Markets is regulated by the Central Bank of the United Arab Emirates. This kind of regulation is rather exotic and fairly hard to asses properly. We would definitely consider it better than off-shore regulation, but maybe not at the same level as the top watchdogs, such as the UK's FCA.

 

As we always mention, the regulatory framework, which a broker has to abide by is very important when determining one's credibility. Tighter regulation is better for the safety of your funds. If a company is under the oversight of the aforementioned Financial Conduct Authority, it has to keep client's money in the so called segregated accounts. This means it can't access the capital freely and use it for its own expenses. Another key measure is the mandatory participation in the Financial Services Compensation Scheme (FSCS), which serves as an insurance policy against your broker going bankrupt. In the case of dealing with a UK regulated company, which goes under, your account would be covered, up to GBP 50,000.

 

Pro Markets, operates a domain which is not remotely connected to the company's name, which is not that unusual. The more interesting story is that they used to do so under another one, which is also not that close to it.

 

 

Trading Conditions

 

Minimum Initial Deposit

Pro Markets has set its minimum deposit requirement at $50. This is in-line with what you would expect from a forex broker nowadays. That being said, there are those who go even, like EverFX, which only requires $25.

 

Keep in mind, the minimum deposit level should only be a factor for you if you are a new trader, who is willing to test how real money trading feels. More experienced traders should know, a trading strategy requires to be funded adequately.

 

Average spreads & Commissions

The spreads, offered by Pro Markets are very different for the different account types. The Standard and Premium account spreads are not relevant to the current state of the retail forex industry. On the other hand the Elite and ECN spreads are very competitive. Our tests with the platform, showed the spread on EUR/USD hover in the 1.2-1.3 pip range, during the most liquid time of the day. That being said we found additional issues, which we will mention in the platform review. Feel free to check our comparison of spreads, offered by some of the world's leading brokers.

 

Leverage

Pro Markets provides varying leverage ratios for the different account types, raging from 1:300 to 1:100. The company has limited the gearing potential for bigger accounts, which is a common risk management procedure.

The levels themselves are more than sufficient for serious traders, who follow trading rules. if you think you need even more leverage, you either do not understand the risks involved completely, or are confusing trading with gambling.

 

Trading Platforms

 

Pro Markets offer the popular MetaTrader4(MT4) platform. It has proven itself over the years, with many brokers preferring it to the alternative of developing their own proprietary platform. Its popularity has led to an explosion of custom technical indicators and automated trading systems. Furthermore mobile versions are available in both major app stores, which work fairly well with most devices, in our experience.

 

The particular MT4 offering, by Pro Markets does have a few weaknesses at the moment of writing of this review. First of all the charting history only goes back to August of 2016. This is not sufficient for big picture technical analysis. Furthermore there are gaps where you would no expect there to be any, as illustrated by this screenshot:

 

 
Lots of gaps on the EUR/USD daily chart (click to zoom-in)
 

 

Overall, this feels like an issue with the liquidity provider. This is not that uncommon of a problem and can be fixed relatively easily.

 

Methods of Payment

 

The payment methods offered by Pro Markets should satisfy most clients. They are: Bank Transfer, Credit/Debit Card, Skrill, Perfect Money and even Bitcoin. Keep in mind international bank transfers may take several business days.

 

Conclusion

 

Pro markets is a Dubai (UAE) based forex broker. The company is regulated by the local Central Bank. Trading conditions vary between the different account types, with the better ones being quite good. On the other hand, the broker has major issues with the chart history as well as unexpected gaps. These difficulties are so important, that they would damage one's ability to trade totally. Here is a list of this broker's strong and weak sides:

 

Pros Cons
UAE Regulation Non-competitive spreads for small accounts
MetaTrader4 (MT4) platform Problems with charting history
  Problems with gaps

 

Latest news about Pro Markets
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Traders` reviews for Pro Markets

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

 

 

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