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TradeProFX Review - is it scam or safe?

TradeProFX Review - is tradeprofx.net scam or good forex broker?

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

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Beginners  N/A  1:400 from 3 pips
Positional  N/A  1:300 from 2 pips
Scalpers  N/A  1:200 from 1 pips
Professional  N/A  1:200 from 1 pips + $8/lot

 

Forex and CFD broker TradeProFX provides access to the MetaTrader4 (MT4) platform with leverage up to 1:400. Its clients are offered 4 account types, as well as a 20% deposit upon signup. Although this may sound attractive to some investors, we would not recommend dealing with TradeProFX, and the reasons for that are highlighted below.

 

 

TradeProFX Advantages

 

MT4 available, high leverage offered

The presence of the MT4 is always good news. The platform provides a full spectrum of trading tools and resources:  a number of built-in technical indicators, advanced charting package, wide range of Expert Advisers (EAs), extensive back-testing environment, as well as other advanced features. Furthermore, the MT4 is available as a desktop download, web-based platform and mobile apps

 

 

>> Check out the top-rated MT4 brokers <<

 

 

Another thing that could be viewed as an advantage of this broker, provided that it is not a fraidster, is that TradeProFX offers high leverage levels, up to 1:400. Now that a lot of jurisdictions have capped leverage for investor protection concerns, it seems that most brokers who offer higher ratios are unregulated, which adds additional risk to forex margin trading.

 

 

TradeProFX Disadvantages

 

Registered offshore

 

 

In the broker’s Terms and Conditions uploaded on the website, we read that TradeProFX is a trademark of TradeProFX Holdings Limited, a company incorporated in the popular offshore zone Vanuatu. However, going on the online registry of the Vanuatu Financial Services Commission (VSFC) we find no mention of the company’s name which leads us to conclude that the broker is not licensed even offshore.

 

 

Click to view larger.

 

Although a license from the VSFC doesn’t mean much in the world of forex trading, it’s better than nothing. With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients.

 

Possibly related to other shady brokers

When we downloaded the MT4 from the broker’s website, it turned out that it is provide by another company - TradePro Services Ltd. Actually, we have reviewed a couple of brokers that use MT4 provided by this company, and they are all operating without valid forex broker licenses. TP Global FX is one such example, and some sources suggest that the people behind TradeProFX are the same who run TradePro Capitals, which seems like a scam broker.

 

 

>> Use a better MT4 broker <<

 

 

High spreads announced

The broker’s website features some information on trading costs, however, they seem quite high – the benchmark EUR/USD spread starting from 3 pips on the most basic Beginners acount. This is at least two times higher than the average in the industry.

 

Most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. For further information and comparison, check out the below link:

 

 

>> Compare the spreads of the top-tier forex brokers <<

 

Unfavorable clauses in the T&C

Furthermore, in the broker’s Terms and Conditions we read that TradeProFX may impose trading volume requirements and other restrictions on the account, in case it has to suspend it services.

 

 

Click to view larger.

 

Most brokers impose trading volume requirements only when it comes to withdrawal of non-deposited funds such as bonuses, so we find this clause unfavorable to clients of TradeProFX.

 

No information on the initial deposit required

We could not find a minimum deposit amount. This is not a major flaw, yet we believe that potential clients of TradeProFX should know what is the initial investment required for live trading with this broker. Of course, it is possible that the minimum reveal itselfs once a user has registered and proceeds to deposit.

 

 

Conclusion

 

TradeProFX is one of the many unregulated brokers with questionable credibility operating on the forex market. We must emphasize that the lack of financial regulation brings together with it uncertainty regarding the most crucial aspect of a brokerage – the safety of clients’ funds. When dealing with unregulated brokers traders as clients are not protected if something goes wrong.

 

As always, we recommend that you don't invest with any such brokers and don't send any personal infortion. It is best to only deal with well-established and licensed forex brokers. That being said, one of the most trustworthy authorities in Europe are the UK’s Financial Conduct Authority and the Cyprus Securities and Exchange Commission (CySEC).

 

 

>> Trade with a broker regulated in Cyprus <<

 

 

And finally, here are the highlights of the present review of TradeProFX :

 

Pros Cons
MT4 available No financial regulation
Up to 1:400 in leverage Possibly related to other shady brokers
  High spreads
  Unfavorable clauses in the T&C
  No information on the initial deposit required

 

Latest news about TradeProFX
No news about TradeProFX . Check back later.
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Traders` reviews for TradeProFX

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

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Customer service

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Summary

Pros

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fake company

i have loss 500 usd. i have try to contect broker. but not pick up the phone. and my account is deleted from company.

BASANT KUMAR 07/30/2019
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