Beware! FxPro Innovation Markets 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.
FxPro Innovation Markets is not a reliable broker you could turn a profit with – there is nothing on their website that could convince us otherwise. They are completely unregulated, lack a trading platform which makes it completely redundant for you to open an account with them, and look like dozens of other scam brokers we have reviewed in the past – you can check out some reviews here and here if you are interested and you will see the similarities yourself. Additionally, there are some ‘satisfied’ customer reviews on the website that speak well enough for themselves:
What sort of broker would only advertise themselves as a training platform where you could go to learn how to lose? They are trying to protect themselves against accusations of manipulating the platform to make it seem you are always losing.
Don’t trust such scammers with even a cent – any money you invest will go into someone’s pocket and be spent before you even realize something is wrong.
FxPro Innovation Markets REGULATION AND SAFETY OF FUNDS
The broker provides an address in the US and claims to be regulated by ‘the FCA, US’. First of all, the FCA is not the US regulatory body, it is the UK one. Second of all, we could not find any matches for this broker’s name in the FCA register which means the regulator has probably never even heard of the company.
In another section of the website, FxPro Innovation Markets claims to be US-regulated which is also a blatant lie. The US financial regulators impose the strictest rules in the world when it comes to forex trading – like maintaining a minimum capital of $20 million and thoroughly documenting all transactions. There is no way for FxPro Innovation Markets to be one of the few brokers still operating in the country.
Trading with a licensed UK, EU or Australian broker is the safe, smart choice. Such brokers are never anonymous – you would always know who is handling your money and how. It only takes a minute to check the registers of reliable regulators like the FCA, ASIC, and CySEC for the broker you have picked but this is vital if you want to make sure your broker is following rules and doing things by the book. Companies licensed at any of these locations should maintain some sort of minimum capital – at least €730 000 in the EU and the UK and A$1 million in Australia. That amount varies depending on the number of clients the broker has and can be much bigger if the company has many clients to tend to. All European brokers are obligated to participate in compensation schemes – a sort of insurance every licensed has to provide funds for. If a regulated broker goes under, their clients could get compensation of up to £85 000 in the UK and €20 000 in the EU. The negative balance protection is not without value – you could never lose more money than those you have invested. Finally, all client deposits must be kept separate from the broker’s funds. This speeds up withdrawals and means your broker could not use your money for their purposes even if they wanted to.
FxPro Innovation Markets TRADING SOFTWARE
FxPro Innovation Markets promised us access to the established trading platform MetaTrader 5 but this also turned out to be a blatant lie. When we registered an account, we were only able to log in into a simple client area with no functional trading platform at all.
MetaTrader 5 is a great choice for a platform so check out our list of legitimate brokers offering this well-known software. What MT5 has in store for you are countless functions and features that a whole generation of traders would not give up for anything in the world. The platform offers tools like pre-programmed Expert Advisors (but you could also design your own), a built-in economic calendar, and the ability to purchase a variety of trading apps on the MT market.
FxPro Innovation Markets TRADING CONDITIONS
The minimum deposit with FxPro Innovation Markets is $500 – far too much considering how popular Micro accounts have become and how many brokers would gladly set up an account for you for as little as $1 or $5.
Since there was no actual trading platform, we would say that this broker can’t offer you leveraged trading. But if they did offer such an option, the leverage of 1:500 mentioned on the website would be too high considering both European and US regulations. As high leverage could potentially lead to huge losses, many jurisdictions have imposed restrictions on this trading tool – 1:30 for forex majors for the UK and all EU member states and 1:50 for the US. Leverage could be even lower for more risky assets. No broker licensed by the FCA could offer you 1:500.
FxPro Innovation Markets guarantees huge returns. If you only invested the initial amount of $500, you could get between $5000 and $6500 in returns. No legitimate broker would dare to guarantee your returns – there are too many factors your profits depend on. Besides, such numbers are impossible to achieve – even for the most successful among traders. These promises are here to make you invest as much as possible – but we hope it has become clear by now you should not trust such obvious lies.
FxPro Innovation Markets DEPOSIT/WITHDRAWAL METHODS AND FEES
FxPro Innovation Markets supposedly supports a variety of payment methods such as Visa, MasterCard, Skrill, Neteller, and PayPal. However, in the platform itself, we were only allowed to deposit via different cryptocurrencies like Bitcoin and Ethereum. Scam brokers adore cryptocurrencies because cryptocurrency transactions are irreversible and you would never be able to ask for chargeback unless you count on the broker’s goodwill. Don’t shy away from this payment method when it is offered by a legitimate broker – but such legitimate brokers would usually offer a variety of payment methods to choose from.
HOW DOES THE SCAM WORK?
Scams like this have become more popular in recent years and have almost gained the status of an industry. It is important to know how such schemes work to avoid them.
The whole thing usually starts pretty innocently – you see an ad on the Internet for some scam broker’s website and are drowned in promises of immense wealth and luxury. So you decide there is no harm in earning a little extra money and provide the scammers with your contact details. This is when the game begins – you will start receiving calls and emails asking you to invest. These sort of people specialize in the art of smooth-talking and you will soon find yourself transferring your first deposit. After that, they won’t leave you alone asking for more money. You might see you are even turning a profit – it is easy for scammers to manipulate platforms to make it seem like your trading strategy is incredibly lucrative. The problems will start when you try to withdraw and are unable to do so for some crazy reason – like additional taxes, for example. At some point, you will start sensing that something is wrong – and that is when the scammers will disappear into thin air and stop answering your calls.
WHAT TO DO IF SCAMMED?
Be prepared that the chances of recovering your deposits are slim and such cases rarely have a happy ending. Still, if you have deposited with a credit or debit card, you could file for chargeback within 540 days. Change any passwords or banking details you have provided the scammers with. Notify your local authorities and try sharing your story with as many people as possible – this way, they won’t get scammed the same way you did. Last but not least, don’t trust any so-called ‘recovery agents’ that promise to retrieve your money for a fee – this is just another type of scam praying on desperate victims.