Beware! Broker FX Pro 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.
We really want to like Broker FX Pro, because it comes with the feeling that it can be something so much more than it is. With such a generic yet suggestive name Broker FX Pro should be more than what we fond out. And what we discovered is not at all what the nomenclature implies. Read the review to see for yourself.
The registration page was familiar, but never so much as to claim that he have seen it before. We assume that we have stumbled upon similar ones… Nevertheless, we registered very easily and fast, in just under a 20 seconds. Yet, what came after was recognisable. This user dashboard was fundamentally the same with other brokers that we have reviewed in the past, all of which shared a common element: they were all illegal.
We tries accessing a trading software from the user area, which turned out to be a problematic endeavour, but not for the reasons that you would think. The main result arising from these issues is the completely irrelevant trading conditions. More on these issues below.
The website is only in English. However, the dashboard is usable in English, Bulgarian, Arabic, Chinese, Czech, Spanish, German, French, Croatian, Italian, Japanese, Polish, Portuguese, Romanian, Russian, Vietnamese, and Greek. This is clear proof that the broker does not own its client area, but has obviously taken a preexisting template and has re-used it, as many shady brokerages have done before.
BROKER FX PRO REGULATION AND SAFETY OF FUNDS
The only claim that the broker has an address in the UK, and works under the laws there. Howver, there is no mention that the broker is regulated by the FCA.
The FCA is the most austere regulator in Europe, and all UK based brokers must unconditionally have a license issued by them if they wish to function within the boundaries of the law.
Clearly Broker FX Pro does not hold a license form them, not only because the FCA’s online database of regulated entities holds no result for a Broker FX Pro, but also because the broker never once claims that is is a holder of a license.
Thus Broker FX Pro is UNREGULATED, and as such is not a safe environment for investors!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
Furthermore, the legal documents are incredibly short, especially the Terms and Conditions, which are around 2 pages. This is completely unacceptable!
BROKER FX PRO TRADING SOFTWARE
The user are gives the alleged ability to open either an MT4 as a desktop trading software, or as a web-based browser. The desktop software link was nothing more but a redirecting link to the official MetaQuotes website, while the browser MT4 was not under the broker’s name, but under a FXBFIBrokerFinInvest, giving us not only a different broker name but also the inability to change the account from a demo one.
In shorter words, it seems that Broker FX Pro has no trading software, and thus begging the question what kind of broker Broker FX Pro really is?
There are no trading conditions to be applied anywhere, and even if the broker claims to be offering leverages and assets, these are 100% completely useless when there is no terminal.
BROKER FX PRO DEPOSIT/WITHDRAW METHODS AND FEES
Users can deposit only via credit card, according to the payment area. Once we clicked on deposit, to see what happens, we were redirected to a bitcoin exchange that seems to be on the dark side of things. There a form was required of us to fill. At that point we left. As is was with the trading conditions, deposits seem to be irrelevant, and even if the website has info on a minimum, it is clear to us that this value if just for show. And even if it wasn’t, a minimum account funding requirement of $1000 is way to high;4 times the average.
As per the registration process, users can open an account in GBP, USD, and EUR.
Withdrawal information is overall non-existent. The website has nothing on in. The withdraw dashboard in the user area is also useless. In order to get any real withdrawal info we must deposit, and this is something that we will not do.
We are aware of the fact that there are no provisions from legal documents to be included in this review, because Broker FX Pro has very short such provisions. This in and of itself can be interpreted as a worrying sign; brokers with short binding documents do not provide the necessary policies that lay out the rules of conduct for traders and for the broker itself. Without them, or with criminally short ones, Broker FX Pro can, technically, do what ever it wants with a user’s deposit and private info. Adding further insult to injury is the lack of regulation, and what we are left with is a company that should not be invested in!
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.