Broker FX Pro – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Broker FX Pro - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2020
Broker FX Pro offers its clients the following account types:
- Basic: The minimum deposit requirement for this account is $1,000.
- Silver: The initial deposit you need to make is $5,000.
- Gold: The initial deposit you are required to make is $10,000.
- Platinum: The first deposit needs to be a minimum of $50,000.
- Diamond: The minimum deposit is $100,000.
The maximum leverage for retail account is 1:30, but the broker states that if you switch to a professional account, then you will be offered a higher leverage. It does not mention the maximum leverage for a professional 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: www.brokerfxpro.com
Founded: 2020
Regulations: Unlicensed
Languages: English
Deposit Methods: Credit Card
Minimum Deposit: $1,000
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Shares, Forex, Indices, Cryptocurrencies
Trading Accounts and Conditions
Broker FX Pro offers its clients the following account types:
- Basic: The minimum deposit requirement for this account is $1,000.
- Silver: The initial deposit you need to make is $5,000.
- Gold: The initial deposit you are required to make is $10,000.
- Platinum: The first deposit needs to be a minimum of $50,000.
- Diamond: The minimum deposit is $100,000.
The maximum leverage for retail account is 1:30, but the broker states that if you switch to a professional account, then you will be offered a higher leverage. It does not mention the maximum leverage for a professional account.
Broker FX Pro – Advantages
We did not find any advantages that traders would have if you were to do business with this broker.
Broker FX Pro – Disadvantages
Here is the list of reasons why it is a bad idea to contract with Broker FX Pro:
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Anonymous Unlicensed Brokerage
Broker FX Pro does not give any information about the company that owns and operates it. All we have is an address in London, along with a UK phone number. There is no email address given either.
To be able to operate a financial services business out of the UK, a broker needs to be regulated by the FCA (Financial Conduct Authority) of the country. However, when we checked the online register of this regulator, we found that this broker is not listed with them at all.
And since Broker FX Pro has not given any further details about its licensing status, we can safely conclude that this broker is not regulated at all. It is operating illegally.
So, if you deal with this broker, you will be doing business with an entity that is anonymous and unlicensed. In case of a scam, there is no way you will be able to get your money back.
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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Conflicting Information on Deposit Methods
According to the information on Broker FX Pro’s payments section, you can only make deposits using a credit card. However, when you click on the Deposit button, you are redirected to a suspicious-looking Bitcoin exchange.
Only scammers would use such a tactic.
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High Minimum Deposit Requirement
To open an account with Broker FX Pro, you need to make a minimum first deposit of $1,000. This is a very high sum, especially when the market average ranges from just $100 to $250. Even if this broker were licensed, we would still not advise our readers to use Broker FX Pro just based on the deposit requirements.
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No Withdrawal Information
There is absolutely no information on the withdrawal methods. And the only way you can find out is by first making a deposit and opening an account with this broker.
This is yet another tactic employed by scammers. They demand a first deposit before revealing further information. And more often than not, once you have deposited your money, you will realize that there is no way to withdraw it at all.
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Legal Section Missing
This is probably the biggest red flag of all! When you click on the Legal Pages link, you are simply taken back to the Home Page. This broker does not have any legal documents!
It is critical to read all the legal documents before you contract with a broker since these are what tell you what the terms of service will be. You need to know your rights as a customer. If you contract with a broker without knowing the terms of service, the broker can do what they like with your money and your personal information.
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Third-Party Client Area
When you see Broker FX Pro’s website, it is only available in English. But when you log into the client area, you can choose English, Arabic, Bulgarian, Czech, Chinese, Croatian, French, German, Greek, Japanese, Polish, Portuguese, Italian, Russian, Romanian, Spanish and Vietnamese.
This clearly shows that the client area is not owned by Broker FX Pro. Rather, this broker is using a third-party’s client dashboard and offers it up as its own.
This is a normal practice for scammers.
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Lies About MT4 Support
Broker FX Pro claims to offer a desktop downloadable version as well as web-based version of the MetaTrader 4 software. The MT4 software is the best in the world because it offers traders the chance to use multiple features such as market analysis tools, charting options, automatic trading algorithms and many other useful tools to enhance their trading experience.
Unfortunately, Broker FX Pro’s claim is a lie. When you click on the link provided by this broker, you are simply taken to MetaQuotes’ website. And when you click on the web-based version of the MT4 platform, you will see that it is not even owned by Broker FX Pro.
Furthermore, you cannot even change the platform from a demo account to a live account.
What all this means is that this broker does not actually have a working platform, and that all its claims are a lie.
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No Information on Trading Conditions
The only thing the broker mentions on its website is that leverages are a maximum of 1:30 – unless you switch to a professional account. There is no mention of the spreads offered, the commissions charged or any other fees that may be levied by this broker.
Of course, considering the fact that this broker does not even have a working trading platform, all of this information would be worthless.
Conclusion
So, can you trust Broker FX Pro? Absolutely not! This broker is clearly a scammer and if you invest your money with them, you will lose all your funds.
Broker FX Pro
Pros
- None
Cons
- Anonymous, Unlicensed Brokerage
- Conflicting Information on Deposit Methods
- High Minimum Deposit Requirement
- No Withdrawal Information
- Legal Section Missing
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.
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