Beware! Promarketsonline 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.
Warning! Promarketsonline is a scam Forex broker, and a very dangerous one indeed, you should avoid it and report urgently if some of their representatives contact you! Upon entering their website you realize it has nothing to offer, a very cheap one with almost no useful information presented . It is probably due to the scam pattern adopted by Promarketsonline, instead, they might fascinate you with the professional language used all around, which is a very rare find among the scammers.
Promarketsonline and the group operating this website has warnings issued against them on three different continents! Find out more about this formidable scam Forex broker in the full Promarketsonline review.
Promarketsonline REGULATION AND SAFETY OF FUNDS
Promarketsonline is a trading name of Crewire Holdings Ltd, an SVG dodgy offshore company which is a proven scam. There are a number of warnings issued against them on three different continents, including Europe, Asia and Oceania. In the first place, we have to start with the most recent one, which partially reveals some of their scam techniques. FMA, the financial regulator in New Zealand officially blacklisted Promarketsonline on 14 September 2020, stating that the so-called Forex broker has no authorization to operate there. It is said that Promarketsonline have been actively contacting New Zealanders promising to them a gain of high profits, while falsely advertising with New Zealand celebrities, abusing their image. Have a look at the warning yourself!
Then comes the warning issued by MAS(Monetary Authority of Singapore), which scrutinize both Promarketsonline and Crewire Holdings Ltd, and link these with Primecapitec, a broker we have already reviewed.
Primecapitec itself was officialy blacklisted by FINMA in Switzerland and FCA in the UK earlier this year, here is an excerpt from the British warning!
Your funds are not safe if you deposit with Promarketsonline, it’s an unlicensed, unauthorized and unregulated offshore Forex broker, a proven scam that was blacklisted by many financial watchdogs around the world.
If you are looking for a reliable, true Forex broker choose between the CySEC(EU) and FCA(UK) regulated companies, which are the leaders in the retail Forex industry. The customer protection policy is placed on top of their priority list, not because they want to, but because they have to. In these jurisdictions the Forex brokers have to comply with many strict rules and regulations, such as minimum capital requirements of 730 000 EUR, personnel qualification standards, segregation of the clients accounts etc. But most importantly, there are money protection schemes in operation, such as ICF in Cyprus and FSCS in UK, which guarantee the deposits of the traders. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
Promarketsonline TRADING SOFTWARE
Promarketsonline does not offer MT4 or MT5 accounts to its clients, in fact, there isn’t a single trading platform provided by them, neither Metatrader nor a web-based one. The real trading conditions remain a mystery for us, it might looks like a very strange situation, but it isn’t, as a matter of fact. There are many scam Forex brokers who will not bother to build a professional website, and that is because they operate heavily on the social media nowadays, actively approaching their targets, using many different scam techniques. We suspect that Promarketsonline will supply traders with login details only after they have been approached, because there isn’t a way to register an account through their website, either. What seemed like a fail, might actually turn to be a very powerful scam strategy afterwards. It will make them look like a boutique, high-end financial company making its own customer selection, picking up those from the high society only, including stars, celebrities etc. Would you like to be a part of the upper classes? Of course you do, everyone does, and that is the very human feature that Promarketsonline exploits, particularly in New Zealand. Beware!
No spreads, no leverage levels and no margin requirement known.
Promarketsonline DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit required by Promarketsonline is 250 EUR. There are plenty of funding methods listed on their website, such as bank card transfers, wire transfers, Skrill, Ideal, Bpay, Giropay, Trustly and Przelewy24, just to name some of them. In reality, however, there is no way we can confirm that all of these payment systems are available.
No minimum withdrawal amount known, also no fees or charges specified. A dormant account, however, will be subject to a deduction of 10% monthly after 6 months of inactivity. The withdrawal request is said be processed within 2-5 days.
Currently there are no bonuses offered, but Promarketsonline gives a hint that trading incentives are possible. In case a bonus is given out, the minimum trading volume required to withdraw funds is 30 times the sum in your account at the specific moment.
Also an indebted account is allowed by Promarketsonline, negative balance protection is not available, not that we have had any expectations whatsoever! We have to mark that we’ve seen this identical Non-Deposited Funds clause, word by word the same, in the T&Cs of countless other controversial Forex brokers, such as Bid Brokers Stock, Glad2Trade, CFBroker, Finlay.io, Investo Brokers and many more we have already reviewed.
No partnership or affiliate programs known to be in existence.
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
Fraudsters are working in the social media nowadays, an increasing number of scammers will first introduce their “services” to the people through Facebook or Instagram. You will click on a page, promising a lush lifestyle if you follow their example, they will contact you, probably offer you a demo account and after some time you will be tempted to invest and make guaranteed profits. Once you are signed-up they will ask you to deposit money and this is just the beginning, because gradually they will be asking for more, no matter if you lose or make profits. The end is always the same, a robbed-off investor who lost his hard-earned money.
Promarketsonline, in particular, falsely uses the image of famous celebrities to its own advantage. Many people with limited knowledge about the retail Forex market might easily believe in the scammers lies simply because of the VIP persons, whose image is being involved in the scam. Beware! Always make sure that you are dealing with legit and trustworthy Forex brokers, do not be fooled by the pics of stars or celebrities.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!