Beware! OneProGlobal 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.
In this review, you are going to see a highly suspicious brokerage that’s claiming to hold various Forex licenses. OneProGlobal claims to provide professional services, the best customer experience and fund protection. Nothing short of revolutionary offered, but we doubt that they would deliver anything whatsoever. In fact, that’s a scam scheme, and you’ll see why we claim so in the full OneProGlobal review.
OneProGlobal REGULATION AND SAFETY OF FUNDS
OneProGlobal states that they are licensed in Australia, New Zealand and Mauritius, but none of this is true. As you can see from the picture above, the website footer is laughable and the information presented outright confirms that OneProGlobal is a fraudulent enterprise. However, in the Terms and Conditions, they claim to be a trading name of another company that’s allegedly regulated in Labuan. Well, that’s falsehood, too. Your funds are not safe if you deposit with OneProGlobal because it’s an unregulated brokerage and a scam. We’ll give more evidence later in the review.
You’d better avoid them and consider the high-rated EU brokers and British brokers, instead. Europe is financially safe because the local authorities stringently regulate the markets and it’s very unlikely to get scammed by licensed companies. Above all, there are deposit insurance funds protecting clients’ deposits in case of insolvency and fraud. CySEC (Cyprus) brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are even up to 85 000 GBP per person. If you trade with unregulated financial businesses you won’t get any protection and would most likely end up being scammed.
OneProGlobal TRADING SOFTWARE
OneProGlobal offers MetaTrader4, which is an excellent trading software and probably the only positive feature of this broker. However, the account we got was inactive, perhaps because we didn’t submit Proof of Identity documents, and they kept it locked. Worse, though, they do not allow their clients to open demo accounts, which is yet more evidence of a scam. The training accounts are mandatory, and each broker has to let the clients trade risk-free with virtual money.
Nevertheless, the EUR/USD spread is highly uncompetitive– more than 3 pips. The Buy/Sell difference is the price traders need to pay to open a position, so the lower it is, the better the trading environment. The FX market is overcrowded with legit brokers offering spreads of 1 pip and below, and you can find better opportunities by following the links provided throughout the review.
Now, we can offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists, which deliver high-class software and much better trading conditions. MetaTrader distributions provide advanced features such as Expert advisors, many complex indicators and outstanding charting tools. The platforms also include a marketplace where traders can browse through 10 000 apps and trading solutions, which can significantly enhance profit potential.
The maximum leverage is 1:500, a ratio that’s too risky for retail traders. If not sensibly utilised, 1:500 can inflict heavy losses and you may as well blow your account within seconds.
In fact, leverage is so dangerous that various financial authorities worldwide even agreed on regulations to restrict its usage. As a result, EU, British and Australian brokers have to limit the retail clients to 1:30, while the Canadian brokers and the US brokers can’t provide more than 1:50. Still, risk-tolerant traders can consider the Swiss brokers, which are highly reputable, but not leverage restricted.
OneProGlobal DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with OneProGlobal is $100, which is pretty much in line with the regulated industry practices. The funding methods enlisted are many- Credit/Debit cards, Wire Transfers, Skrill, Neteller, WebMoney, Help2Pay, Bitwallet, Tether and some Thai wallet we can’t actually spell properly. Well, out of those, bank card funding is considered the safest choice because people are granted chargeback rights, can dispute transactions and eventually get a refund.
Speaking of funding methods, see the Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The high-rated companies on the lists are well-regulated and you won’t face scammers.
The withdrawal and fees provisions are unknown. The Terms and Conditions do not present even a piece of valuable information, which comes as evidence of a scam. The adequately regulated brokers are forced to operate transparently and need to acquaint traders with the trading conditions in detail.
Overall, OneProGlobal is a scam we exposed in this review, so make sure to stay away. If they approach you, please contact immediately to the authorities.
HOW DOES THE SCAM WORK
New types of investment scams come about literally every day. However, most of the new schemes represent a modification of common fraud. These are not typical for the local markets but very similar from country to country.
Nowadays, scammers search for victims on the Internet and social media. Classical tactics, such as cold calling, became less widespread as the Internet got prevalent. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders got reassured that the people behind the broker have an excellent track record and they promise high returns, seamless trading and guaranteed profits. The scammers deliberately make people believe that the Forex market isn’t a risky place, but actually, the opposite is true.
What usually happens is that scammers just pocket traders and investors money. Sooner or later clients would ask for a withdrawal, but scammers would delay or straightforward refuse to send any money back. Whenever traders persist, the guys standing behind the fraudulent broker would usually cut the communication or even ask for additional deposits. Either way, traders are likely to lose some or all of the capital invested. The end is always the same. When fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
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!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!