Digital Pro Trade review – 5 things you should know about digitalprotrade.net

Beware! Digital Pro Trade 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.

Digital Pro Trade presents itself as a new generation forex and CFDs broker. But fact checking shows that this anonymous website is in fact a banal online scam. In this review, we’ll show you how to tell the fake brokers from the credible ones using Digital Pro Trade as an example.

Digital Pro Trade Regulation and safety of funds

Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.

Digital Pro Trade does not disclose which company is behind the website. Even the text of the Terms and Conditions does not mention the name of the company.

A contact address in Monaco is given, which is undoubtedly fake – such an anonymous website cannot legally operate as a broker in a regulated jurisdiction.

A check of the local financial regulator’s registry confirms that there is no licensed broker using the Digital Pro Trade brand and domain.

The text of the Terms and Conditions refers to an offshore jurisdiction – Vanuatu.

The website is primarily available in Russian. Russian financial authorities have issued a warning to investors that Digital Pro Trade is not authorized.

If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

Digital Pro Trade Trading software

Digital Pro Trade offers basic web-based software. Here’s what it looks like:

While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.

Digital Pro Trade Trading instruments

The Digital Pro Trade trading software includes instruments from all major asset classes. But as indicated, this trading is undoubtedly fictitious. It is in your interest to trade using the services of duly licensed and regulated brokers.

Digital Pro Trade Spreads and cost of trading

In the trading platform we see a very low spread of 0.7 pips. But given that this trade is not real, it does not matter if it looks profitable.

Digital Pro Trade Maximum leverage

Leverage up to 1:100 is advertised in the descriptions of the trading account types, but a higher level of 1:200 is set in the trading platform. Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses.

If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

Digital Pro Trade Deposit and withdrawal methods

Digital Pro Trade allows the deposit of funds through cryptocurrencies and obscure payment processors, PayPort and Wellex. The second option is designed for deposits in Russian rubles, Turkish lira and several Central Asian currencies.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.

Digital Pro Trade Minimum deposit

Digital Pro Trade specifies a minimum deposit of 150 USD, which is the industry standard. But this means that for the same amount you could open a trading account with an established and duly licensed forex broker. Some of the leading brands in the industry offer Micro and Cent accounts with a very low entry threshold that are suitable for novice investors.

Digital Pro Trade Withdrawal requirements

Digital Pro Trade does not specify extraordinary conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.