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ProperTrade Review - is it scam or safe?

ProperTrade review - Is proper-trade.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ProperTrade
ProperTrade is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


ProperTrade is an offshore broker, registered on the Marsha Islands, offering a selection of currency pairs and CFDs with a leverage of up to 1:200 and a web based trading platform. Unfortunately the broker is not regulated as it should be, if they want to target customers on markets like the European Union, the US or Australia, so if you are thinking about opening an account with them be sure to read this review first.

 

Trading account  Min. deposit Max. leverage Spread

Standard Account

n/a 1:200 3,6 pips

 

ProperTrade Advantages:

 

50 currency pairs and many CFDs

 

Surely the selection of trading assets is a positive point for ProperTrade – over 50 currency pairs, many of which exotic or minor like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDILS, USDHUF, USDHKD and USDDKK, as well as CFDs on Brent, WTI Crude and natural gas, silver, gold, platinum, palladium and copper, agricultural commodities like cocoa, coffee, corn, cotton, orange juice, soybean, sugar and wheat, 23 indices, 30 ETFs, stocks, bonds and major crypto coins including Cardano, Bitcoin Cash, Bitcoin, Bitcoin Gold, Dash, EOS, Ethereum, Ethereum Classic, IOTA, Litecoin, NEO, Qtum, Tron, Stellar, Monero, Ripple and Zcash. 

 

In any case here you may also check our list of brokers trading with bitcoin CFDs as well: 

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:200

 

We do not see leverage as high as 1:200 often these days, especially after late last summer the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex transactions at 1:30, following similar steps by the regulators in the US, Japan and Australia. All that was done to reduce the retail investment risk, an yet if would like to trade with higher leverage, you may always check our list of brokers, regulated in Australia – the last major regulatory hub where higher margin trading remains unrestricted:

 

>>Brokers regulated in Australia<<

 

Lots of payment methods

 

And ProperTrade accepts payments in lots of ways – credit and debit cards like VISA, MasterCard and American Express, as well as Neteller, Okpay, Perfect Money, Skrill, QIWI and  Webmoney, which are all pretty commonly used e-wallets. Still, as the broker seems not to accept payments with bitcoins, here you may also check our list of brokers, which do:

 

>>Forex Brokers Accepting Bitcoin<<

 

ProperTrade Disadvantages:

 

Not regulated

 

Although in its contact details ProperTrade claims to be based in the UK, B-Market Limited, the company that operates the broker is actually registered offshore, on the Marshall Islands - one of the most remote territories in the middle of the Pacific ocean.

 

And as we already noted the broker does not have a license, which is required if they want to target customers in the UK, other European Union countries, Canada, Australia or the US. 

 

All brokers operating in the UK, for example, should be licensed by the local Financial Conduct Authority (FCA) or another regulator from an EU country such as the the Cyprus Securities Exchange Commission (CySEC).

 

And besides, if you trade with a FCA regulated broker you will actually get an insurance on your trading account, which will cover up to 85 000 GBP of your funds, so here you may check as well our list of UK regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Uncompetitive spreads

 

When we tested the ProperTrade  trading platform with a demo account we were not impressed by the spreads. The benchmark EURUSD spread floated around 3,5 pips and that is like three times higher than the levels traders usually consider attractive. In any case, here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Unusual withdraw fees 

 

For some reason ProperTrade will charge you additional 50 EUR on top of the 3,5% withdraw fee with a credit card. And they also apply 10 USD  monthly maintenance fee.

 

MetaTrader4 not supported

 

The web based trading platform offered by ProperTrade is overly simplified and lacks many features, standard with proven trading solutions like the MetaTrader4 – probably the most venerated trading platform on the market. 

 

 

MT4 has a user friendly interface, an excellent set of advanced charting tools, numerous market indicators and even modifiable trading robots, with the help of which one can run automated trading sessions. So here you may also check our list of brokers, offering MetaTader4:

 

>>MT4 Brokers<<

 

Conclusion:

 

Trading with unregulated brokers has always been associated with a unreasonably high risk of getting scammed. As we noted ProperTrade does not have a legit license so here we will repeat our usual advise – trade only with brokers regulated by well known and well respected financial watchdogs, such as FCA in the UK, CySEC in Cyprus and ASIC in Australia.

Latest news about ProperTrade
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Traders` reviews for ProperTrade

Spread

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Slippage

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Requotes

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Price feed

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Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Summary

Pros

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Proper-Trade is a scam! Watch out!

Proper-Trade is a scam! Watch out! I have been contacted by 2 gentlemen with an accent from Spain, they are from the company proper-trade .com they say that the company belongs to the bank of england and that now the bank works through them in the stock exchange of London, which My data was provided by Investing, so they propose that I transfer the money that I have in my bank account to a bank account with bank of england, managed by them (proper trade) and for these special clients they will give better interest than the Bank , a 2% monthly and that in turn they, as broker, they assign me a mentor who will teach me to work investing in the stock exchange of London, and that's where the second actor appears. One of them says to call Felipe Botello his mail is [email protected], the other says to be called Bryan Alfonso his email is [email protected] even this Bryan came to give me his number in The Central Registration Depository CRD 5781916 as approved broker, I searched in brockercheck and it coincides with a Bryan Alfonso regulated by FINRA, I wrote to them and they inform me that FINRA only regulates companies of the United States and that they have no relation with proper trade. These scammers use different methods so that their victims deposit more and more money in their account. They use pressure, emotional blackmail, try to make their clients fall in love, open a risky operation where more capital is required in order not to lose a considerable sum of money, they also close the platform so you can not operate, and that use their own platform, instead of metatrader4. If you deposit with a card, they register the payment in the name of another company and in the client's platform the deposit appears with a date different from the real one, Attention! Do you see the background of all this? The inconvenience when it comes to claiming your bank? At first I fell into their wiles, and decided to deposit $ 1,000 in Proper-Trade but then, seeing the desire of them for me to deposit more money, I realized that they are scammers so I decide to withdraw my money and that's where they come from. problems. In order to prove them I requested a small withdrawal, of 50 dollars, which supposedly would pay me with the commitment to invest more. Now they demanded of me. And the best comes ... In my client area of ​​Proper-Trade, it appears that this withdrawal has already been paid to the credit card, but this money has not arrived and this has been months. They did not answer emails or telephones again. Beware of Proper-Trade scammers. Spread the message. Nobody else be scammed.

Xiomara 06/18/2019
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