Beware! Any1Pro 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.
Stop dreaming! Start trading! is the motto on Any1Pro interface. Do you think your dreams will come true if you trade with this broker? Let’s find out.
Any1Pro Regulation and safety of funds
First of all, we find in the footer of the company’s website that the address is in the Dominican Republic. We checked the register of the Financial Services Unit, the body registering the forex brokers in the Dominican Republic, but the name of Any1Pro does not appear to be there as you can see from the image below. It means that this broker non-legitimate there. In the governing Law and Exclusive Courts section of this broker’s website, we found that the governing law for any disputes will the one in St. Vincent and the Grenadines. This is another offshore zone where the Financial Services Authority does not regulate forex brokers. We now have sufficient proof that this broker is non-legit, non-licensed and most probably is a scammer.
It looks like your dreams won’t come true if you choose to trade with this broker. On the other hand, there are many licensed brokers from the well-established jurisdictions, such as the US, Australia, the EU and the UK where you can have your pick of the litter. We recommend brokers from these jurisdictions because clients’ safety of funds is guaranteed by setting in place of many measures that help ward off scammers and providing compensations in case of broker’s insolvency. The best conditions, in our opinion, are offered in the EU and the UK. First of all, to be licensed in these jurisdictions, brokers must jump through various hoops. First of all, they must have an initial capital of no less than 730,000 EUR which among other things serves to screen off scammers as they won’t invest so much money just to look legit. In addition to that, clients’ funds are protected because they are kept in segregated accounts with tier-1 bank establishments. In addition to that, licensed brokers must report their transactions to provide transparency on their deals and they must keep low leverage. But the best part is that licensed brokers deduct funds towards compensation funds or schemes from which, in case of bankruptcy, clients get compensated. If the broker is licensed by FCA and contributes towards the local Financial Services Compensation Scheme, its clients will be refunded by up to 85,000 GBP per person. The compensation licensed brokers regulated by CySec can guarantee is not so big, only up to 20,000 EUR per person but it’s still not negligible amount when it comes to refunding traders.
In the US and Australia, there are no compensation funds or schemes. However, licensed forex brokers are so well-capitalised (in the US the initial capital is $20 million and in Australia, 1 million AUD) that it provides enough funds to protect clients in case of bankruptcy.
We strongly advise you to research thoroughly and choose wisely a licensed broker that will suit best your trading needs.
Any1Pro Trading software
Any1Pro is a forex broker trading in shares, forex, metals, indices, ETFs, commodities, bonds and cryptocurrencies. The trading software offered to its traders is a web trader (image below). On the left-hand side, you can see the menu with trading products. In this case, it shows the forex currency pairs. In the centre of the screen, you see the candlestick chart of the EUR/USD currency pairs with its fluctuation in price. On the right-hand side, you see the bid/ask price and other information including the pips value, trading volume, required margin, etc. From the bid/ask price for the EUR/USD, we calculated the spread to be 3 pips. This spread is above the industry average of 1.5 pips and is not beneficial to traders as the cost of transactions will be high and they won’t be able to make a sustainable profit in the long run. In addition to that, the leverage is 1:100 which is also high and presents risks for traders of experiencing big financial loss. Unfortunately, this is not the highest this broker offers. If you look at the company’s interface, you will see that the leverage can go as high as 1:500.
We already mentioned that one of the measures for protecting clients’ money and lowering the exposure to risk is the low leverage that licensed brokers in the EU and the US must offer. In the EU, the leverage cannot exceed 1:30 and in the US, 1:50. In Australia, the last of the well-established jurisdictions that still offers unlimited leverage to seekers of thrills, conditions will change shortly when in March 2021 a cap on leverage to match the one in the EU will be imposed.
If you are familiar with trading platforms, you would know that a web trader is not the best platform and does not offer many tools and instruments to enhance traders’ experience. On the other hand, MetaTrader 4 and MetaTrader 5, the Rolls-Royces of the trading platforms, offer so much more. Both platforms come equipped with an excellent array of trading tools and instruments, including an auto trading option, code base with customs scripts, trading signals, an app market and a financial calendar, VPS, etc. The charting options these platforms have are out of this world and offer a rich choice of chart types, time frames, colours or the client can create personalized templates. There is also an array of technical analysis indicators, such as Fibonacci retracement, Bollinger Bands, moving averages and others that help predict the future direction of exchange rates and makes a profit.
We strongly recommend trading with a licensed broker that offers either of these platforms.
Any1Pro Deposit/Withdrawal methods and fees
The number of trading accounts offered by Any1Pro is 5 – Silver, Gold, Platinum, VIP and Diamond. The minimum initial deposit amount starts at the staggering $10,000! If you compare this amount with what licensed brokers ask, you will see that it can be as little as $1-5. The other accounts start at $25,000, $50,000, $100,000 and $500,000 respectively.
The payment methods include credit card, American Express and Mir. Not a big choice, we must say!
For accounts that stay inactive for 45 days or more, the company charges a monthly fee of $100. We must say that the period of inactivity is too short. Some brokers allow for up to 6 months or even 1 year. In addition to that, the monthly fee is also very high.
As per Any1Pro policy, if you withdraw funds via bank wire, it does not charge fees. On the other hand, withdrawals made via credit card will incur a fee of 3.5%.
As many non-licensed brokers do, this one also offers bonuses. To some traders, bonuses may look attractive as they add more funds to trade with. However, you need to remember that bonuses are not trader’s funds but broker’s and they come with some conditions attached to them that you need to be cautious of. In this case, if the trader wants to withdraw from the account or from the bonus amount, then he/she must execute a trading volume of at least 10% of the bonus amount.
As we mentioned already, licensed brokers do not offer any bonuses or other incentives so that they do not mess with the client’s funds and withdrawal options. So, please be aware of this when looking for a broker.
How does scam work?
Scam works in different ways. It could be either that you receive an unsolicited telephone call or you see one of these flashy ads on the Internet or the social media promising you a quick and easy profit. Scammers will promise you the sky and the earth until you give way to temptation and deposit money. Once you give them money you get caught in the scammers’ mousetrap and the cheese in the shape of a big fat money fall is gone! It may take some time before you realise that you are being scammed. Scammers are smooth talkers and they are masters of deception. They will give you some excuses as to why the big profit hasn’t come yet and will try to lure you to make even a bigger investment because according to them, the more you invest, the more you profit. After you have been waiting for a while and you finally come to your senses, you realise that you are being scammed. All you want now is to get your money back and get out of there. However, the scammers won’t make it easy for you! They will try to delay you so that you miss the deadline for applying for a chargeback.
What to do if scammed?
There are a few things that you must do immediately – file for a chargeback if you have paid using a VISA or MasterCard. Those two payment providers allow you 540 days time frame within which you may file for a chargeback.
However, the chances are grim if you have used bank transfer or Bitcoin as a payment method. There is no chance you’ll be able to recover your money.
In such a desperate situation, some so-called ‘recovery agents’ may approach you with offers to recover your money for a fee. Be cautious as you may be dealing with another type of scammers. Always check the information about the recovery agency – make sure it is legitimate and transparent in the public eye. Also, some scammers publish personal comments after our review about how they have been scammed and how they found a recovery agent who helped them get their money back. Do not trust such comments and do not use the published contact info in them as it will lead you to another scammer!
And lastly, a reminder to cancel your credit card if you have given your CVV code to the scammers and erase any software from you PC that gives the scammer access to your personal data.