Beware! 27Proquote 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.
A broker that offers you a 50% deposit bonus on all crypto investments is a broker in which you will surely not get what you paid for. Bonuses are frowned upon by many of the top EU and US regulators around and so we cannot fully trust a broker whose literal entrance opens with a bonus offer. Once closing the bonus offer, users will be subjected to a limited and unnecessary broker. The following review reveals why. Please read on.
With brokers like 27Proquote we must absolutely register an account, or at least try to, in order to grasp the true training and payment conditions. We do not trust its website with this information. However, it turned out to be easier said than done. The registration page, even though in possession of a link to it, did not exist in reality. Instead of a sign-up form, we were faced with a blank page. Also, the demo creation tool was plagued by the same nuisance. So, we had no way to create an account. But why would 27Proquote stop us from registering? Well, we always rely on the same answer-that 27Proquote singles put any potential investors and invites them to register. By this logic, we are not worthy of 27Proquote.
Anyway, this creates an issue for us because now we have to rely on the website for all information, and it is a source that we do not trust. So our readers should keep in mind that not everything we reveal is accurate!
27Proquote claims to be offering forex currency pairs, futures, indices, shares, and energies, as tradeable assets. We get a chart for every asset category, but the graph comes from TradingView, and as you might know, TradingView charts are notoriously overused by scammer brokers! There are no spread or leverage values to be seen anywhere!
The website of the broker is available in English, German, and Italian.
27PROQUOTE REGULATION AND SAFETY OF FUNDS
The biggest detail we could grab a hold of was a supposed registration in Saint Vincent and the Grenadines. Empire Capital LLC, the parent firm of the brokerage is located there, however, that all there is to it. It does not say that the broker is regulated there, which by the way, is impossible because Saint Vincent and the Grenadines does not have an FX licensor. So 27Proquote is definitely not regulated there!
At one point in the T/C we came across this familiar passage.
By means of this, 27Proquote is saying that users have to be authorized by their local authorities to use the website. This is an absolute illegitimate broker approach. The job of being licensed and authorized by local watchdogs falls solely on the shoulders of the broker!
Furthermore, we find it suspicious that 27Proquote resembles a broker that we reviewed a while back by the name of Proquote27 We cannot quite recall the website of the firm, for the site has been shut, but what we can very well remember is that it was unregulated and most certainly a scam! What’s more, we can assume that 27Proquote has taken the leftovers of its ancestor and has used them as building blocks of 27Proquote.
The last note on our list is the short length of the legal documents, especially the Terms and Conditions. Lacking in volume and quantity of clauses is by far one of the biggest tells that traders are not safe. There are no clauses to guarantee their safety.
We think we have seen enough. 27Proquote is UNLICENSED and therefore a risk to all investments!
Investing in unregulated brokers is one of the biggest mistakes you will make. Before doing anything, even registering, please check for a license. Even if the broker claims to be regulated you should double-check with the watchdog itself to see if you can find the broker in its database. Usually, we advocate for all FCA or CySEC regulated entities, for these regulators oversee some of the best and most popular brokers out there. Not only that, but these two entities also offer to all users under their brokers a compensation scheme that reimburses them any money that the broker cannot pay due to some reason or another. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
27PROQUOTE TRADING SOFTWARE
The MT4 that is promoted in in fact available under the name of the holding company of the broker Empire Capital LLC. We did not expect this, but somehow the broker was able to get a hold of the MT4.
Some of the most common MT4 features are time frames, pending orders, an economic calendar, EAs, VPS, One Click Trading, stop/loss and take/profit. There is a world of options to be explored here, and what we just mentioned barely covers the surface.
However, the MT4 cannot redeem 27Proquote from all its setbacks.
27PROQUOTE DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is proclaimed as $1000 (an unrealistically high requirement for opening the simplest of all accounts!), with funding methods being limited to wire transfer and credit/debit cards. Withdrawals are processed within a day and there are no fees attached to withdrawing funds. We understand that the payment c0onsitnd are short but 27Proquote does not offer too much to work with.
The criminally short Terms and Conditions have an indemnification clause, which is by far the longest provision there! This clause is a classic fraudulent broker one. What it does is absolve the broker, its employees, and affiliates from any potential damage (financial or to personal data) that it can deal with users. The second paragraph even limits the liability amount to the deposited funds by the user. We assume that the user cannot file for a reimbursement higher than his or her original investment!
With everything that was said, 27Proquote is a definite risk to all investments and personal data. Do not waste your time with it!
How does the scam work?
The scheme that unregulated brokers apply is a very popular one that other fraudsters from different industries are also known for practicing. Its structure is the same across brokers, with small differences in the delivery.
The first step is falling for fake ads online usually those that offer an easy lifestyle that comes from investing big and winning even bigger. These ads come plastered with beautiful women, cars, and exotic houses, and because of the prospect of allure, most of these ads are located in popular social media sites and similar sources.
These ads will redirect users to either a scammer broker or an intermediary website. Wherever you end up, these ads are there to trick you into giving your email and phone number. If the user gives her contact info, she will surely start receiving calls from solicitors whose job is to push you to deposit, whatever it takes. They will be annoyingly stubborn because they get a chunky commission from initial deposits.
If a deposit is made, then it’s time for the expert scammers who are disguised as the “account managers”. These have years of experience behind their backs and are usually part of the core team of the shady broker. They are even more stubborn and will stop at nothing. The ultimate goal here is to make the investor deposit as many times as possible. This is achieved through long and tedious conversations filled with false promises and carefully concealed lies and manipulative tactics.
The time will come when the user will want her money back. This is always expected and a risk of the craft for the scammers. That is why they are prepared to counter every withdrawal request. Usually, they stall users as much as possible by calling them and telling them that a big spike in a given asset is about to happen. Sometimes the broker may block the account or simply deny requests. More extreme examples include fraudulent brokers who completed shut down their websites!
What to do if scammed?
Filing for a cashback is probably the first thing you should do once you realize you have been scammed. Chargebacks are available through your credit and/or debit card company. MasterCard and VISA have a chargeback period of 540 days.
Wire transfer investment frauds are slightly more difficult to handle. The first thing you should definitely do is change both the username and password on your bank account in order to prevent the broker from accessing or hacking your account. Next, victimized users should call the bank and explain to them the situation. Some banks may have a plan for such cases.
As for investments with any sort of cryptocurrency, they are most certainly lost. That is why it is advisable to never invest in crypto coins!
There are others that can profit from your loss. Once your funds are stolen you will start noticing these recovery agencies or agents who will promise all your money back. They just need a payment in order to offer their services. It’s obvious that once paid, these expert scammers will disappear leaving you at an even bigger loss!