Pros OLGP – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Pros OLGP - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2024
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://proso-lgp.org
Founded: 2024
Regulations: Not Licensed
Languages: Russian, English
Deposit Methods: Cryptocurrency
Minimum Deposit: $500
Free Demo Account: Not Offered
Number of Assets: Unspecified
Types of Assets: Commodities, Stocks, Cryptocurrencies, Fiat Currencies, Indices
Trading Accounts and Conditions
Pros OLGP does not tell us about the types of trading accounts they offer. In fact, from what we can make out, there are no trading accounts available. You simply register for an account with a minimum of $500.
The broker also does not tell us anything about their trading conditions on their website. We had to go to their trading platform to find out that information. On their platform, Pros LGP shows spreads that start from 0.1 pips. The leverage is set at a maximum of 1:100 for all asset types.
Beyond the minimum deposit amount, the spreads and the leverages, we have no other trading conditions presented. We are not told if this broker charges commissions, what their list of tradeable assets are, what swaps are offered and so on.
Pros OLGP – Advantages
There are no advantages to trading with Pros OLGP.
Pros OLGP – Disadvantages
All the disadvantages we have found in Pros OLGP tell us clearly that we are dealing with a scammer:
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No Regulation
Pros OLGP is not regulated in any way. We know this because this broker has omitted any information related to their regulation status.
We do not know the name of the company that operates this online brokerage. We do not have any address or contact number presented anywhere on this broker’s website. The only hint we have of this broker’s location is in their terms and conditions section, where the broker states that they are based in the Republic of Vanuatu. Actually, what the broker states is that they are governed by the laws of this country.
There is no other reference to their location or identity. The broker has also omitted all information about their regulation status – which regulatory body has issued their license to operate.
All of these gaps in information tell us that we are dealing with an anonymous entity, a scammer. No regulated and honest broker would withhold such critical information from their customers.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by Bank of Russia
Pros OLGP’s website is in Russian, with an option for English. Which means that this broker is primarily targeting Russian traders. Therefore, it also means that this broker is operating in Russian without the authorization of the Bank of Russia, which is the financial regulator of this country.
We know this because as part of our investigation into this broker’s regulation status, we checked the online database of the Bank of Russia (because this broker’s website is in Russian). This is where we found the warning the regulator issued against this broker, stating that Pros OLGP is operating in their jurisdiction illegally.
When a regulator flags off a broker, it is perfect proof of that entity’s scam.
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Poor Trading Platform
A regulated broker advertises their trading platform prominently on their website. After all, it is their only product offering to their clients. Therefore, brokers make sure that they offer their clients the best trading software available in the market. These brokers also offer free demo accounts so that customers can practice their trades on their platform in a safe environment before committing real money.
With Pros OLGP, all you get is a very basic web-based trading platform that does not offer many functions. This is the kind of trading platform that we have repeatedly seen in other scam brokers.
When a broker offers a poor-quality trading platform, it is a red flag that tells us that that broker cannot be trusted.
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Issues with Trading Conditions
We also know that this broker cannot be legitimate because of the issues we have found with their trading conditions.
First is their minimum deposit of $500. It is much too high. Most brokers allow for minimum deposits that range from $100 to $250, and there are also a lot of excellent brokers that offer account openings at less than $50.
The lack of complete trading conditions is also an issue as it does not allow traders to make informed decisions about doing business with this broker. We are only told about really low spreads of 0.1 pips. But with such low spreads, brokers usually make up their costs through commissions. However, this broker has not mentioned anything about their commissions. Therefore, we do not know what this broker’s real cost of a trade is.
The leverage ratios offered are also too high at 1:100. For most regulated countries, there are limits to the ratios because of the risk factor attached.
Other trading conditions are simply not mentioned.
All these gaps in information tell us that Pros OLGP is not a broker that should ever be trusted.
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Payment Issues
The only payment method that this broker offers is via cryptocurrencies. This is an issue on multiple levels.
A legitimate broker offers their clients a variety of payment options so that customers can choose the payment option that they are most comfortable with. There is also an issue of security. Some payment options are safer than others.
Crypto payments are designed to be anonymous and permanent. So, once you carry out a transaction using cryptos, there is no way to reverse it. Which is why it is such a favorite with scammers.
So, if a broker offers only a single payment option, and that option is crypto, you know you are dealing with a scammer.
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Withdrawal Issues
This broker does not mention the withdrawal policy they have in place. Which means that they can keep your money by changing their withdrawal policies at will. This is a typical scam tactic.
Conclusion
Pros OLGP is a scam and dealing with this broker would mean losing all your funds.
Pros OLGP
Pros
- None
Cons
- Anonymous and Unregulated Broker
- Blacklisted by Bank of Russia
- Poor Trading Platform
- Incomplete Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more