Beware! GetCoPro is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
GetcoPro is a CFD forex brokerage presumably from UK which also offers binary options trading. It provides a web-based trading platform and a generous leverage. Traders are extended a leverage of up to 1:500. Furthermore, there is a wide range of trading products from which to choose and a spread of 3.2 pips on EUR/USD which is about twice the industry average.
GetcoPro regulation & safety of funds
There is a staggering lack of clarity regarding the brokerage. GetcoPro falsely states that it is owned and operated by an Austrian Investment firm, which is licensed and regulated by the Dutch Authority for Financial markets (AMF) and does so with a number of nerve-wracking spelling mistakes. However, the truth is far from it. The brokerage in question is actually owned by the company GetcoPro Ltd. which is registered in the UK, but does not have a license issued by the relevant authorities. Furthermore, we come upon a warning issued by the Austrian Financial Market Authority regarding the firm and further stating that the brokerage is providing financial services illegally.
We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.
The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.
Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.
GetcoPro deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw via VISA and MasterCard, bank/wire transfer and bitcoin, PayPal and Neteller. We did not come across any disturbing provisions in the terms of the brokerage, but that shouldn’t be seen as a guarantee there aren’t any. More often than not scammers like to hide such provisions and only inform traders about them after they have invested funds.
This is why we remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or The bitcoin miner where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing achargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.
It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case GetcoPro – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half. Visa is expected to do the same in December.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!