Beware! Finance 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.
Finance Pro begins with a pleasing website clad in a soft green, accompanied by animations and a very smooth interface, that is a pleasure to surf through. However, once we started to dig through the website, we were git by the fact that Finance Pro does not have much to say. The legal documents are long, there is no doubt about it, yet aside from that the subsections of the website are rather uninformative and short, and their number is not satisfying. This obvious contradiction is a worrying sign, and is our secondary impression. Where will things go from here? Read the review to find out.
The process of registering can be an important sign for the way the broker presents itself. Finance Pro comes with a way too simple procedure that we quickly completed, and were presented with a very familiar user dashboard that we immediately associated with all the previous illegal brokerages that we had reviewed with the same user area.
The trading platform, which we were able to get a hold of with a live account, gave us a EUR/USD spread of 0.7 pips, which you would think is good, but in Finance Pro’s case we do not trust it for a reason we will discuss in the Software section of the review. The leverage can be changed to its maximum value of 1:300. The trading assets are forex pairs, crypto, commodities, stocks, and indices.
The website comes in English, German, Spanish, and Italian. However, as proof that something is not right, the user dashboard come equipped with more than a dozen available languages: English, Arabic, Bulgaria, Chinese, Czech, Russian, Spanish, Croatian, German, French, Italian, Portuguese, Japanese, Polish, Romanian, Vietnamese, and Greek.
FINANCE PRO REGULATION AND SAFETY OF FUNDS
The Terms and Conditions claims that the legal docs are to be understood under the laws of the Marshall Islands. The Marshall Islands is a well known residency of illicit forex brokerages, and as such is always seen with a suspicious eye. The nation has no financial regulator, and as such cannot grant to anyone any type of legitimate authorisation for FX trading.
And anyway, the website does not claim that the broker is actually regulated anywhere else. So, Finance Pro is UNREGULATED, and a risk to all your funds!
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.
User’s information can be shared with the broker’s partners, which we have no idea who they are…. Be aware!
FINANCE PRO TRADING SOFTWARE
The trading platform at play here is a seemingly proprietary trader, that looks decent enough, if not for one big problem that sticks out like a sore thumb.
The charts are provided by TradingView, which is a sign that they do not represent Finance Pro’s own liquidity. So, we cannot know for sure that the favourable cost of trade that we revealed in the first section of the review is in fact applied to Finance Pro.
Anyway, this trading software, aside form stop/loss features and pending orders, has absolutely nothing up its sleeve. Overall, this is a very poor platform.
FINANCE PRO DEPOSIT/WITHDRAW METHODS AND FEES
The user area reveals that the minimum deposit is €50. The payment methods may look like a literal mess, and we will just put them here as a snip:
Just take a look at this mess… How can anyone trust in this and proceed to deposit?
Furthermore, according to the Terms and Conditions the deposits of a user may be charged with a $15 tax!
Withdrawals are processed within 3 days of the issuance of the request. There are withdrawal fees as revealed by the Terms and Conditions, however, their value has not been revealed.
On the other spectrum, the withdrawal section reveals nothing without a user depositing first.
Be aware that Finance Pro will charge a fee of $36 when the user has not done any trading for more that 30 days. If there are less that $36 in the client’s account, the broker will simply close the account. This put pressure on the user…
All bonus related withdrawals must first go through a trading requirement equal to $500 000 for every $50 of bonus granted.
However, further down the Terms and Conditions, there are other bonus conditions, more heavy that the ones we just covered. This one claims that a users who has accepted a bonus must pass through a trading volume requirement of $20 000 for every bonus dollar received. This is incredibly high!
In case of a chargeback, or as Finance Pro is calling it “take back”, the company will close open trades. A charge back is quite possibly the only way that user can get her money back after been defrauded by the illicit broker.
The indemnification clause not only absolves the broker of any guilt, but does the same for any third parties that the broker has shared any client details with.
No need to point out the obvious that users and readers alike are not advised to deposit their funds here. This company will not return your funds!
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.