Protradefxt Review – 5 things you should know about protradefxt.com

Protradefxt Review – 5 things you should know about protradefxt.com

Rating: 1

Beware! Protradefxt is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

Protradefxt is one of those offshore brokers that has put some effort into its website built, seemingly more effort than in actually providing stable trading services. As you will see, our suspicions will eventually come to fruition.

A very easy registration process followed, which is a sign that the broker is hungry for investments, a lack of desperation if there ever was one. After opening an account, we were redirected to a very odd and useless user area, that seemed to hold absolutely nothing.

However, our account did not get approved, and thus we were left with the useless part of the client portal, although we think that even with an approved registration we still would have been greatly disappointed by the client dashboard.

As a result of this, we have no other choice but to rely on the website for all trading and payment conditions, which is not the best place to be at for Protradefxt is definitely tampering with these details, exposing the user and us to potential lies!

So, from the website, we get forex currency pairs, commodities, indices, bonds, stocks, futures, and cryptocurrencies. The leverage is capped up to 1:500, and the cost of trade is 0.6 pips for the EUR/USD pair.

None of this information can be checked for legitimacy, and we even saw a couple of contradictory claims.

We were able to choose binary options trading from the account creation process yet we found no binary options platform.

The website of the firm is accessible only in English.

PROTRADEFXT REGULATION AND SAFETY OF FUNDS

The official information points to Protradefxt being regulated by the FSA in Seychelles, but this is not the case. The FSA does not license the FSA.

The footer claims the broker to be regulated by CySEC, by the Securities Commission of The Bahamas, ASIC, and the NFA. Anything else? Jokes aside, no proof exists in favor of these assertions. And what do we hear about an NFA license; one of the most austere regulators is said to license this ludicrous broker? Alongside the CFTC, the NFA is the official US regulator, making this joint regulator an impenetrable wall for films like Protradefxt.

We also found an official FCA warning set out against the broker, which tells us all we need to know. Being flagged by the FCA is a one-way ticket to oblivion.

Protradefxt is without a license and is a risk to all. We also believe it to be a scam!

Protradefxt also offers TeamViewer, a software that allows anyone to take control over your PC, with the user’s permission that is. Undoubtedly, at some point, Protradefxt will demand the user’s access to their PC’s via this software. Do not grant them access

If one were to find a reason for investing in unlicensed brokers it would create a seismic shift in the market industry. But until then, your money will be wasted with unlicensed entities. Their only purpose is to steal money and use it for their own benefits. Not unlike regulated brokers, whose goal is to provide a stable, safe, and fair trading environment. We say go for any UKEUUS, or Aussie-regulated brokers, although there are many other great licensors out there. Financial watchdogs are responsible for sustaining the market industry as a whole, and they are what keeps everything in place. Without them scammers would be rampant. Put your trust in them, for we have!

PROTRADEFXT TRADING SOFTWARE

The website offers glimpses into the cTrader, the MT4, and the MT5, but no download links.

Moreover, without accessing the better part of the user area we had no way to verify that these platforms actually exist. The only way to make sure that these platforms exist in the first place is by opening an account.

But, judging by the lack of a download link, we assume that users can only access some limited web trader.

PROTRADEFXT DEPOSIT/WITHDRAW METHODS AND FEES

All the payment information is taken from the website. The same principle applies here as the one with the trading conditions. We cannot really rely on the website for the payment details.

But, there isn’t much to be worried about. Not only do we not condone investments in Protradefxt, but the broker also offers no payment details, except for a $200 minimum deposit requirement.

There is no further information on payments. As with most scammer brokers, all withdrawals will not be available, and it is, therefore, a complete waste to invest here.

HOW DOES THE SCAM WORK

The way the scam works is the same way it has been since the begining. Very few changes have been made since its inception.

First, the user is attracted to one of many online ads that promise wealth and prizes, or he can be triggered via an email received from the broker.

If these sound too good to be true, then the user, out of curiosity, will scout the website of the broker and either be fooled by the offers there or will immediately understand the fraudulent nature of things.

The broker will require some sort of contact method from the user, so that the scammers can keep a tab on the user. The client will then be pushed into investing as many times as possible, but the general rule is that once an initial deposit is made the user will be more willing to invest more.

At some point – it’s inevitable – the user will feel like he wants to see some of that promised money, and will ask for a withdrawal. At this point, the broker has lied his way through a couple of investments. Once the withdrawal request hits, the broker will do everything in its way to stall it or cancel it. One way or another, the user will have a very hard time receiving his money back.

WHAT TO DO WHEN SCAMMED

VISA and MasterCard have extended their chargeback periods to 540 days, meaning that user has more than enough time to file for one. This is the safest bet for your money back.

If the money invested was made through a bank, then we urge victimized users to change their bank account pass and user name ASAP. And then they should contact the bank support team and explain their situation.

Crypto investments are the riskiest of all because they are untraceable. Only the broker can repay you if it wishes to do so.

Do not put your money with recovery agents no matter how tempting it may sound. It’s the temptation that got you in this mess in the first place! Recovery agents will promise to reimburse users for an exchange fee that will be also stolen!

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