Beware! ProfitPro Global 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.
We must say that among all the forex brokers we have reviewed so far, the graphic design of ProfitPro Global a.k.a. pprogmint.com so far is the best. However, this is where our praises end because the rest of the website is not so brilliant – broken links for all the legal documents and errors in the system that make opening a live account impossible greet us when we tried to find more information about this broker. So, unless you are a graphic design student who wants to study how online trading sites are designed, we advise you to stay well away from ProfitPro Global.
ProfitPro Global Regulation and safety of funds
From the website of ProfitPro Global, we find out that the address of the company is in the UK. We check the register of the Financial Conduct Authority (CFA), the official regulatory body for forex brokers in the UK to find out whether the company is registered. From the image below, it is clearly visible, that this broker is not registered with the FCA, therefore it is non-legit and the probability that we are dealing with a scammer is quite high.
FCA is a strict regulator for forex broker and all measures are set up to prevent scammers from infiltrating the ranks of legit brokers. First of all, to be able to operate, UK brokers must invest no less than 730,000 EUR in the form of an initial capital. It is not difficult to imagine that scammers will never match such huge amount of money for the benefit of looking legit. In addition to the initial capital, forex brokers must keep their clients’ funds segregated from their own with tier-1 bank establishments, provide negative balance protection, keep low leverage, report transactions on a regular basis, allow for external audits, etc.
ProfitPro Global Trading software
ProfitPro Global trades in forex, CFDs, commodities and cryptocurrencies.From the website of ProfitPro Global, we find out that there is a live account, a demo account and a PAMM account. The interesting thing about the Percentage Allocation Money Management (PAMM) account is that it allows traders to earn passive income online and as per the broker, it is one of the less risky ways of earning an income. It works in the following way – investor choose a manager and allocate funds to their account. The manager executes the transactions and the profit is spread among the investors as per the size of their initial investment. Then, the investors pay a part of their profit as a remuneration to the manager. As per this broker, such way of trading has many advantages, including risk management by diversifying the risk when allocating funds among different managers and an easy profit. However, it may as well be a mousetrap in which traders fall by entrusting their funds to someone who may or may not make a profit. In our opinion, without having enough background information regarding who the manager is what his/her track record is, traders should abstain from engaging in such ventures.
As we already mentioned, it was not possible to register an account with ProfitPro Global due to some errors in the system. The information on its website tells us that the trading software consists of the MetaTrader 4 trading platform which would have been an excellent choice if only the link for account registration was working. MetaTrader 4 is a very popular trading platform despite being already 15 years old. The advantages that it offers to the traders are surpassed only by its younger ‘brother’, MetaTrader 5. when using MT4, traders can enjoy the excellent package of trading tools and instruments,such as an auto trading option, VPS, code base with customs scripts, trading signals, an app market, etc. One of the strongest key features of the platform that makes is so popular among brokers and traders alike is the charting options that consists of a variety of charts, time frames, colours, and even the option of creating customised templates which combined with the array of technical analysis indicators allows traders to predict the future direction of exchange rates and make a profit.
ProfitPro Global Deposit/Withdrawal methods and fees
We already mentioned that the accounts available to the traders are the demo, live and PAMM accounts. The minimum initial deposit is $100 and the amount of the minimum withdrawal is the same.
To feed their account, clients have a choice of making a payment via credit card, bank wire, Skrill, UnionPay and Bitcoin.
The withdrawal fees when using bank wire are $40 and it takes between 2 and 5 business days to process a withdrawal request. For withdrawals made via UnionPay, the fee is $20 and it takes between 1 and 4 business days to process the withdrawal request. For those who chose to make a withdrawal via a credit card or Skrill, the fee is 1% of the withdrawal amount and the request is completed within 1 business day.
How does scam work?
No one wants to be duped by scammers, but it happens all the time because they know how to manipulate people. As they say in one popular song “sweet dreams are made of this” and this is what scammers rely on – creating in people’s mind a sweet dream of being rich! Scams usually start by unsolicited telephone calls or ads on the Internet or social media promising quick and easy profit. It is easy to fall into scammers’ trap and once you make a deposit, you are done for! Scammers won’t let you get away easily even if you realise that you are being scammed. They will try to delay you when you try to withdraw your funds by asking you to provide this document or fill out this form, etc., in order to make you miss the deadline when you can file for a chargeback.
What to do if scammed?
You need to act very quickly. First of all, if you have made a deposit using a credit card, you must immediately file for a chargeback. Fortunately, VISA and MasterCard allow for 540 day period in which you can file for a chargeback. This is the good news. The bad news is that if you have made a deposit using bank wire or Bitcoin, the chances of you getting your funds back are nil!
Another thing you can do is cancel your credit card if the scammers have your CVV code. Check your PC and erase the software that gives scammers access to your personal data.
Be careful, because even doing all that we recommended, your unfortunate experience with scammers may not be over. There are so-called recovery agents. One of those may approach you offering to recover your funds for a fee. Do not trust them and always check the legitimacy of the recovery agent and the agency.
Also, be aware that some “victims” of scam may post comments after the review, saying how they lost money and how a recovery agent helped them retrieve their funds. They will even put the contact info for this so-called recovery agent. Do not trust them either as it is another case of scam!
