Beware! Galore 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.
When you think about it, does the name Galore Pro convey any level of professionalism and suggested security and honesty? Such a title, it is our opinion, should not be granted to a forex broker, because in no way doe sit remind us of the industry. Yet, the website of this questionable firm is quite decent, and there are visual cues that did raise an eyebrow or two. However, visuals set aside, does Galore Pro have what it takes to fill the shoes of your new go to broker? Or is this one doomed to fail? Read the review to find out.
The registration process required very little of us prior to entering the user area. However, at once, the user area wanted us to deposit. We skipped this step, and proceeded to the trading platform, which was problematic for a reason we will soon see. What we have to say is that the assets for trading are commodities, forex pairs, cryptocurrencies, stocks, and indices. A spread or leverage value are not really applicable,a s we will soon see why.
English, German, Italian, and Russian are the available languages in which the website of Galore Pro can be translated in.
GALORE PRO REGULATION AND SAFETY OF FUNDS
The footer of the broker locates the company in the ever-lurking St. Vincent and the Grenadines. The Terms and Conditions also claim that the broker function under the jurisdiction of SVG.
St. Vincent and the Grenadines is all to known now as the number one location for illegitimate brokers to hide in, because the country offers the perfect grounds for these types of firms. There is no FX regulatory process at play, and thus there is no legal framework to be applied to all the numerous illicit brokerage firms operating from there.
Considering this, Galore Pro is NOT A HOLDER OF A LICENSE, and as such is a complete risk to all deposits.
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.
However, there have been recent efforts made in the country to introduce a regulator. However, as of now, there is no clear indication on how and when this will happen.
GALORE PRO TRADING SOFTWARE
The trading here is done from a very simple and scammer looking terminal. One look at it, and we were convinced. Not to mention, that we have encountered this exact same platform on countless other occasions, all illicit brokers.
The platform not only has a chart provided by a third party, but also the cost of trade is different from the chart and the actual bars indication the buy/sell costs. This inconsistency is proof that Galore Pro is completely illicit, and the main reason why we didn’t include any spread and leverage values.
GALORE PRO DEPOSIT/WITHDRAW METHODS AND FEES
The deposit section reveals that the minimum requirement for funding an account is $250. Users can deposit via Credit and Debit cards, bitcoin, and a purchasing crypto website that only offers you to buy cryptocurrency with no connection to Galore Pro.
There is a clause that seem to suggest that Galore Pro has the right to deposit in your name at its sole discretion.
Withdrawal requests are processed within 5 days, and the minimum withdrawal sum for wire transfer is $500, according to the Terms and Conditions. There are withdrawal fees that are yet to be disclosed, as well as other taxes and charges that keep popping up, however Galore Pro has never stated their value. The withdrawal section in the user area, on the other hand, claims that the minimum withdrawal is $10, and there are no withdrawal methods indicated; it is almost as if the user just sends a withdrawal request and will get no feedback at all.
The dormant account fee is activate after 30 days of client inactivity. The charge is $85.
The following clause indicates, albeit very subtly, that Galore Pro has not integrated the Negative Balance Policy. This is a crucial addition, and it means that the broker can lose more money that she has deposited, which no legitimate broker would allow.
Furthermore, ones a user deposit he or she will not have proprietary claim over her/his funds. This means that basically the broker can do with this money what ever it chooses to, as indicated in the provision below.
Notice that the further we go down with these provisions the worst it gets. Well, we present to you the Non-Deposited Funds clause. This provision is the quintessential illicit broker clause, stating that any profit made from trading cannot be withdrawn.
The indemnification clause is a must with so many illegal clauses present. Here is a small provision of it:
The Terms and Conditions can be changed without prior notice.
Furthermore, the company can suspend the account of a user for no reason whatsoever.
All these provisos should be more than enough proof to completely turn you away from Galore Pro. Do not deposit here if you value your funds!
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.