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ProTradeFX Review - is it scam or safe?

ProTradeFX Review - Is protradefx.com scam or good forex broker?

RATING: 1.4 / 1 REVIEWS ForexBrokerz ProTradeFX
ProTradeFX is an offshore broker. Your money is not safe.

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ProTradeFX is an unregulated, offshore forex and CFD broker, targeting Italy and the Middle Eastern countries. If you are thinking about opening an account with them better read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account 250 1:200 2,4 pips, fixed
Classic Account 2500 1:200 1,4 pips, floating
Premium Account 20 000 1:200 0,6 pips, floating
Gold Account 50 000 1:200 0,6 pips, floating

 

ProTradeFX Advantages:

 

Variety of trading accounts

 

With ProTradeFX, you can open a Standard, Classic, Premium or Gold account. With a Standard Account however you can trade only the base currencies, with a Classic Account in addition you get gold, silver and oil CFDs, while only with the premium accounts you will get full access to all the currency pairs, including the CFDs on indices and stocks. 

 

Various trading instruments

 

ProTradeFX offers 59 forex pairs including some exotic currencies - Singapore Dollar, Hong Kong Dollar, South African Rand, Chinese Yuan, Danish Krone, Swedish Krone, Norwegian Krone, Polish Zloti, Hungarian Forint, Czech Krona, Mexican Peso, Turkish Lira and  Russian Rubla.  You can also trade with CFDs on gold, silver, oil, indices and stocks. There are no CFDs on crypto currencies however. Here you can check our list of brokers trading with Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Sufficient leverage

 

The maximum leverage offered by CFX Point is 1:200 – enough to fit most trading styles. Yet having in mind that higher leverage means higher risk, you can check our list of brokers offering leverage of up to 1:500 and above:

 

>> Brokers offering at least 1:500 in leverage <<

 

A choice between a web trading platform and MT4

 

ProTradeFX offers a choice between a web based trading platform, which we were not been able to open with the Demo account and the well known MetaTrader4, suitable both for beginner and experienced traders with its user friendly interface, excellent charting tools, and the algorithmic trading option, where traders can write down their own customized indicators and trading bots with a specially designed scripting language – the MQL4. Still here you can check our list of brokers also offering the MT4 platform:

 

>>Find other MT4 brokers here<<

 

Support in a couple of languages

 

The ProTradeFX website is supported in Italian, English and Arabic and there is a UK and a Bahrain telephone numbers available for customer inquiries.

 

ProTradeFX Disadvantages:

 

Lack of regulation

 

ProTradeFX is owned by AJN TRADE LTD, which is registered at Trust Company Complex, Majuro, MH 96960, Marshall Islands. We should note that a number of other offshore brokers including CFX Point,  Eone FX, Novatrades, iForex24, Tradex1 and AvaInvestments are also registered at the same address. 

 

ProTradeFX does not have a license by any of the respected financial regulators, such as CySEC in Cyprus, the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investment Commission (ASIC) and that significantly erodes its credibility. 

 

By definition, unregulated brokers are not bound by any financial and ethical rules and that should alert potential investors. 

 

Brokers with sound regulation on the other hand have to abide by strict rules. Apart from being obliged to maintain a minimum capital adequacy ratio and to hold all clients money in a segregated, trust account, CySEC and  FCA brokers have to participate in clients money insurance schemes, under which traders can receive part of their capital back in case their broker goes insolvent. 

 

In the case of CySEC the compensation can reach 20 000 EUR, while with FCA it can be up to 50 000 GBP. Here you can check our list of FCA regulated brokers:

 

>>Find FCA regulated Brokers here<<

 

Misleading information about the offered spreads

 

On its website ProTradeFX says that with a Standard Account spreads are fixed and start at 2,4 pips, while with a Classic Account the EURUSD spread is 2,4 pips and is floating, but the USDJPY spread is just 1,4 pips. With the Premium and the Gold accounts the spreads are advertised to start at 0,6 pips. ProTradeFX however says it takes a commission on the trade, without specifying the amount. 

 

In the same time, when tested with a Demo account the EURUSD spread was as low as 0,2 – 0,3 pips and the trade was without commission, which is impressive, but we are not sure which account type the Demo account mirrors. Here you can check our list of brokers offering eve tighter spreads:

 

>> Lowest spread forex brokers<<

 

High minimum deposit requirement

 

To open a Standard Account with ProTradeFX you should deposit at least 250 USD, and that is a setback as with most brokers you can open a standard account with a 100 USD or less. With FXTM and XM for example the minimum deposit is just 5 USD. 

 

In the same time for a Classic Account you should cash in 2500 USD, for a Premium Account - 20 000 USD and for a Gold Account 50 000 USD, which is obviously excessive. 

 

No e-wallets as payment method offered

 

While most brokers offer e-wallets such as Skrill, Neteller and PayPal, with ProTradeFX you can deposit or withdraw money only with Visa, MasterCard and Maestro, as well as via bank wire. Here you can check our list of brokers, offering Skrill as a payment method:

 

>>Skrill Forex brokers<<

 

No information about the minimum trading size

 

There is no information on the website of the broker about the minimum trading size. Have in mind that many brokers offer their customers Micro Accounts, where one can trade packages of 0,01 lots or just 1000 currency units. Here you can check our list of brokers with Micro Accounts:

 

>>Micro Account Forex Brokers<<

 

Conclusion:

 

ProTradeFX is an offshore, unregulated, forex and CFD broker with very low credibility. Another setback is that you can get full access to all trading instruments and the good spreads only with the premium accounts, which however have excessive minimum deposit requirements. Our strong advise is not to waist your money and time with ProTradeFX.

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Traders` reviews for ProTradeFX

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