Beware! MarketProTrade.com 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 doubt that there is any legitimate aspect in today’s broker, even if, by judging its visuals, it seems very likely that it has. MarketProTrade.com comes with a very good looking website, and it does possess a certain charm that it will use against users. It has become very common for unregulated broker to focus their time and energy on building a deceptive website. And moreover, the name of the broker MarketProTrade.com, couldn’t be more generic. It’s an aggregation of perhaps some of the most overused FX terms in the industry, and we cannot tell you how many scammer brokers we have reviewed that have done the exact same thing. Read the review for more information on the broker.
In order to register, we had to go through a very simple process, that lead us to a familiar user area that we have seen been used by hundreds of shady brokerages. It was simple copy-paste ordeal for the broker.
The major issue that we encountered, was one that forever changed our opinion of MarketProTrade.com. There was no trading software being used. We will disclose more details in the relevant section in the review, but for now what users must know is that the spreads, leverages, and tradeable assets do not apply!
The website is accessible in English, Russian, German, Polish, Spanish, and French.
MARKETPROTRADE.COM REGULATION AND SAFETY OF FUNDS
Probably the surest thing about this broker is the one thing that will be its undoing. MarketProTrade.com seems to be proud of its Saint Vincent and the Grenadines registration. The footer claims it, the contact address is there, and the terms and conditions confirm it.
Unfortunately, Saint Vincent and the Grenadines is by far the most popular location for FX brokers. One of the reason is that it has accumulated a notorious name for itself due to the large number of scammer broker, giving others the illusion of a safe ground. The next reason, the one that started it all, concern the country’s complete lack of an FX regulator. This means that all of the brokers in the small islands nation are unregulated, no matter if they are registered or not.
Seeing that there is no further helpful information, we must place a verdict on MarketProTrade.com, that it is an UNLICENSED broker, and a risk to all!
Better to invest in an FCA or CySEC regulated broker than throwing it to a scammer/unlicensed broker that will spend it on its own indulgences. Unregulated brokers will not return your funds, and users of these companies will face other issues! That is why we always say to readers that they should always check and double-check for a legitimate license. The FCA or CySEC are preferable regulations, but there are dozens of other equally capable regulators. Check our list for all of them. Crucially, though some FX watchdogs offer compensation schemes that apply to users of brokers that cannot deliver their financial duties. For example, CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
MARKETPROTRADE.COM TRADING SOFTWARE
The reason behind the broker’s missing trading software is quite simple. In the user are two links that should have led to one web trader and to a download file. Both link did not work. They led us to the home page of MarketProTrade.com, without giving us any trading ground. Furthermore, the website holds no download links. From there, we concluded that MarketProTrade.com does not come with a terminal.
MARKETPROTRADE.COM DEPOSIT/WITHDRAW METHODS AND FEE
Let’s see what the broker told us in the user area concerning payments. We find out that none of the payment area actually work… The deposit section was barren, as if though an error had occurred, while the withdrawal area says that unless a deposit is made it will not open to users. We don’t know what the cause behind the depositing area’s unavailability is.
The website reveals that the minimum deposit is still unknown- we cannot find it anywhere! The only mention of any payment methods is in an FAQ section, where the broker mention credit/debit cards, wire transfers, and alternative payment methods.
The terms and conditions claim that the minimum withdrawal amount is $50 and that is takes 3 days to process a request. Fees are barely mentioned.
This is all the payment information that we were able to find.
In conclusion, MarketProTrade.com is not worth your time and money. Users will lose fund here. Do not invest in this broker!
How does the scam work?
The crucial moment for scammers happens when a random user decides to click on an ad that promises high profit, luxury goods, a care-free lifestyle, or any other too-goo-to-bee-true prospect.
Said user will be redirected either to the scammer investments site directly or to an intermediary site. There, she will be asked for her phone number and email address, through which the broker’s representatives will contact her. The goal is for the user to deposit the initial deposit.
Once this happens, in come the expert scammers, whose job is to keep the user as invested in the scam as possible, by initiating further deposits and, if possible, extracting sensitive ID documents.
At some point, the user will want to see results. She might see a couple of impressive profit sessions, but these are devices to keep her invested. The crucial part arrives when the client want’s to actually withdraw this money.
At this time, the broker will delay the request, block the account, stop calling the user, shit down the website, or do whatever it can so as to keep the user’s money for itself!
What to do if scammed?
Filling for a chargeback with your credit or debit card is crucial. That is if you have invested by means of a credit card. The good news is that MasterCard and VISA have a chargeback period of 540 days.
Bank deposits are harder to recuperate, but not impossible. Your best bet is to contact the bank and see with the institution itself if it can somehow get the money back. It’s crucial to always change your bank details – user name and password – if you have been defrauded by means of a wire transfer.
Last are deposits made by some kind of crypto method. These are untraceable, and therefore impossible to retrieve. That is why users should never invest by means of any digital currency.
The last line is the recovery agent or agencies. These promise to retrieve all the lost funds, using questionable techniques. Do not trust these for they will take a commission from you and leave you at an even bigger loss!