Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


Provident Trade is a licensed broker if we take their word for it. They present a nice website that might as well make some people believe Provident Trade is a trustworthy Forex broker. Most of the details essential for the traders are well outlined, covering pretty much everything necessary. The problem is that we cannot really verify their regulatory status. Find out why in the full Provident Trade review.


Provident Trade is allegedly a South African regulated broker owned and operated by Red Pine Capital (Pty) Ltd, a company based in Johannesburg. We checked the FSCA register and found the company abovementioned holds a license to operate as a Forex broker. But there is a big problem because the South African financial regulator does not enlist the trading names companies use. Such a deficiency makes it easy for scammers to clone regulated companies, which undermines the credibility of FSCA as a trustworthy regulator. Your funds are not safe if you deposit with Provident Trade because it’s impossible to verify if it’s a trading name of a licensed company or not. The lack of third-party provided sufficient information about this broker makes it a shady entity we cannot recommend to the traders.

See our list with the EU (mostly CySEC regulated) and the British (FCA regulated) brokers. We chose these for Europe is a safe place for the traders’ funds, as there are loads of stringent rules serving as customer protection measures. The list includes minimum capital requirements of 730 000 EUR; clients’ account segregation; personnel qualification standards and daily trading report the brokers have to provide. But what’s most important for the traders is that there are deposit insurance funds the brokers are part of, which guarantees the clients’ money. If you trade with CySEC brokers, you can claim up to 20 000 EUR in compensation, while the clients of FCA brokers are guaranteed of even up to 85 000 GBP per client. Each EU member state is compelled to create and further operate similar insurance funds, which are considered the last resort for the traders if a Forex broker fails to meet its financial obligations.


Provident Trade provides MetaTrader5 accounts; MetaTrader4 is not available for trading. Metatrader is the most popular Forex platform in the world beloved by the traders, and it’s no wonder Provident Trade relies on it. It comes with sophisticated tools and features such as Expert Advisors, Algo Trading, Complex Indicators, etc. Metatrader also created a marketplace with more than 10 000 trading apps available at the time of writing.

The lowest EUR/USD spread we encountered when demo trading was 1.5 pips, which isn’t really a favourable Buy/Sell difference anymore. The European regulated brokers’ standard is 1 pip or below, so Provident Trade isn’t a competitive broker either. The spread is the price to execute a trade, so a lower difference makes trading more affordable and improves the profit potential. There are loads of regulated brokers offering spreads of 0.1 with their micro accounts, which is an argument enough to stay away from Provident Trade.

Provident Trade provides a maximum leverage ratio of 1:500, a level too risky for the traders. The leverage is a powerful financial tool multiplying the size of the positions opened, but it dramatically increases the risk. EU, UK and Australia (from 2021) imposed a leverage cap on the market- 1:30 as a customer protection measure while Canada and the US agreed on 1:50. We do not recommend brokers offering higher ratios due to the absence of adequate regulation, the risks aside.


The minimum initial deposit with Provident Trade is $500, five times higher than the regulated brokers’ standard- $100 on average to let traders begin with a real account. The funding options available are Credit/Debit card, Wire Transfers, Skrill, WesternUnion, WebMoney, Neteller, Qiwi and Yandex Money. We recommend bank card fundings only because it allows to file for chargeback within 540 days from the deposit date, in case things go wrong for the traders.

There are no minimum withdrawal requirements and withdrawal fees set in general. However, Provident Trade claims that Wire Transfers are subject to fees, but they do not specify anything in size and scope. Provident trade process the withdrawal request within 1-5 days, which should be considered worse than the regulated brokers’ practice- within 48 hours.

Provident Trade puts the account dormant after 12 months of inactivity and charges with $25 for the first year with $25 incurring every 6 months afterwards. It’s not too bad actually, especially if we compare to other shady brokers sharing the same regulatory problems.

Provident Trade offers bonuses to its clients, but the additional requirements introduced significantly worsen the trading conditions. Traders should execute one lot ($100 000) for each bonus dollar given to become eligible for withdrawal, which is a requirement too difficult to meet whatsoever. You can find out in the following section why we do not recommend brokers offering trading incentives.

Overall, Provident Trade introduces itself as a licensed entity. Still, it’s actually impossible to validate their claims due to the South African regulator flaws and the lack of third-party provided reliable information. It’s a risky broker for the boosted leverage as well, so keep your money safe and avoid Provident Trade.


Anonymous offshore companies are standing behind many fraudulent brokers. Jurisdictions such as the Marshall Islands, the Commonwealth of Dominica or St. Vincent, and the Grenadines are notoriously famous for not regulating their financial sectors adequately. The three mentioned do not even issue Forex broker licenses. It’s easy for scammers to quickly incorporate companies there and unlawfully sell Forex products and services on regulated markets such as the Europen, American or Australian ones. Lack of regulation equals lack of customer protection and safety, so even if the broker is not ill-intentioned, the traders remain vulnerable. That’s why you should always avoid offshore brokers, no matter the promises they make.

Scammers love to give out bonuses and trading gifts! The traders should know FX rewards are not free money, but a leverage tool making trading even riskier. The sham brokers do not reveal this to the clients but let them believe they’ve hit the jackpot. Precisely the opposite is true though because the trading incentives benefit the brokers only, not the traders. Moreover, the scammers do not miss the chance to introduce additional provisions and requirements too challenging to meet, which block the accounts, making it impossible for the traders to withdraw money. That gives the scammers excuses to delay or outright refuse withdrawals. EU and UK prohibited the trading incentives as a customer protection measure, and we also advise to avoid brokers offering bonuses and trading incentives.


Unfortunately, no one is immune to scam. In case you got scammed, you need first to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary 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, call the police if you feel necessary. Seek help actively!

It’s crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They ask for an advanced payment, but do nothing to help you recover your losses and simply pocket the money you’ve sent!

Share online your experience; it’s important to protect others, as well. Be responsible!

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1 Comment

  1. Can i gwt more info about this group people please .

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