TitanPro 500 Review – 5 things you should know about Titanpro500.com

TitanPro 500 Review – 5 things you should know about Titanpro500.com

Beware! TitanPro 500 is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

TitanPro 500 is a CFD brokerage based in Hungary. It provides а web-based trading platform, not the the MetaTrader 4 platform. Clients are extended a leverage of up to 1:300 and have a wide range of currency pairs available. The spread on EUR/USD, however, is 3 pips which is quite but the required minimum deposit is the industry average of $250.

TitanPro 500 regulation & safety of funds

Reading through the terms and conditions of the brokerage we discern that the website is actually operated by a Hungarian company with the name BAR Auditing Kft. We remind readers that Hungary is a member-state of the European Union and online Forex trading is duly integrated within its regulatory framework which is modeled after the ESMA guidelines.

However, we find no mention of a license by the Hungarian authorities – thus we may safely conclude that the brokerage TitanPro 500 does not fall under any regulatory oversight whatsoever. However, the brokerage does inform us about its trading conditions and it provides a web-based trading platform.

Through a demo account we could see a spread on EUR/USD of 3 pips which is excessively high and double the industry average of a pip and a half. Furthermore, the web-based trading platform leaves something to be desired but the required minimum deposit is at least nothing out of the ordinary. The brokerage does not provide the MetaTrader 4 trading platform (only a web-based one) which we always consider a disadvantage since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots.

Putting aside the trading conditions of the brokerage – the lack of regulation incline us to suspect that potential clients of the brokerage may be exposed to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

TitanPro 500 deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via the standard Visa, MasterCard and bank wire, as well as Bitcoin. However, we do no see the popular e-wallets such as WebMoney, Neteller, Skrill which saddens us.

Going through the terms and conditions of the brokerage we did come upon provisions worth noting. The brokerage openly states that it does not charge withdrawal fees or trading commissions. However, there are bonus withdrawal conditions. Here is a screenshot:

We read that all traders who have taken advantage of the bonus promotion have to execute a minimum trading volume of 25 times the bonus amount and the initial deposit. Such a requirement isn’t at all uncommon for unregulated brokerages who only wait for clients fall into the trap.

As was stated – we did not find any stated withdrawal fees, however, dealing with unregulated brokerage we may never be sure whether they wont charge unexpected fees once the clients have deposited their funds. This is why we advise traders 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 Cashless PayGroup 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 a chargeback 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 Btcoinpro – 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.

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!

 

Rich Snippet Data
Review Date
Reviewed Broker
TitanPro 500
Broker Rating
1.21star1stargraygraygray

Top Forex Brokers

Broker Country Rating Min. Deposit Website
US 5/5 $50 Click for a special offerWebsite
Australia 4.90/5 $100 Click for a special offerWebsite

2 Comments

  1. Franklyn Kondehson

    Please can someone help me for a recovery Titanpro500 this evil creatures have done damage to my finance. I fell for thier relentless and consistent calls they took all my CryptoCurrency these guys are heartless. Please the cyber security Authority should investigate them and bring these monsters to book they evil and deadly scammers.

  2. these are top fraud maker in the world, The guys can manipulate you until he get access to your computer so that they can show you how trading works and they request access to your computer and show you how it works, that is how phishing begins and start taking credit card details and depositing money into their trading system which then

    They request bunch of documents (just) to verify my identity:
    1. Identity document
    2. Photo of yourself holding ID document (selfie)
    3. Payment confirmation
    4. A provision of proof of your physical or billing address
    5. Declaration of Deposit and in the end they state:
    They told you Please note that if we do not receive the required documents, you will not be able to withdrawals even your bank

    they can access and change password and use the money at any time, you can not withdraw any money from that account. When you discuss with them always force you to use that balance in the trading as they can’t refund and threaten with two options of either accepting loss or depositing more money best fraud makers

    be aware of this company and make sure you claim your report to https://www.actionfraud.police.uk/

    This company need to be shutdown they are still doing fraud

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

Coiniers Review – 5 things you should know about Coiniers.com

Coiniers is a Forex brokerage registered in Seychelles.