Galore Pro – Are They a Scam?

Website URL: www.galore.pro

Founded: 2019

Regulations: Unregulated

Languages: English, Russian, German Italian

Deposit Methods: Credit/Debit Cards, Bitcoin, 3^rd Party Crypto-Purchasing Platform

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Commodities, Cryptocurrencies, Green Shares, Indices

Trading Accounts and Conditions

The accounts offered by Galore Pro are:

• Educational: The minimum deposit requirement is $250. The maximum leverage is 1:100. The spreads are fixed, but the figures are not mentioned.
• Standard: The minimum deposit is $2,500. The maximum leverage is 1:150. The broker states that there will be no commission on spreads.
• Premium: The minimum deposit is $15,000. The maximum leverage offered is 1:200. There is no information on the spreads.
• Galore Pro VIP: The minimum deposit is $40,000. The maximum leverage is 1:400. Once again, there is no information on the spreads.

We could not verify the spreads because of issues with the trading platform – a point we will discuss in detail later in this review.

Galore Pro – Advantages

There are no advantages to trading with Galore Pro.

Galore Pro – Disadvantages

Here is the list of disadvantages that we found in Galore Pro:

• Unregulated Broker

Galore Pro states that its website is owned by a company called ITM Solutions LLC. This company is registered in St. Vincent and the Grenadines (SVG).

SVG does not have laws in place to oversee brokerages such as Galore Pro that offer forex and CFD trading services. This means that being registered in this country requires a broker to also be licensed from the country or countries in which it operates.

However, there is no further information provided on this broker’s website with regard to its regulation status which leads us to conclude that Galore Pro is an unlicensed entity.

Plus500

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• Poor Trading Platform

Despite the fact that Galore Pro offers no demo account, it was not difficult to register for a trading account. The trading terminal is simplistic at best, with charts imported from a third party. There are no additional features such as those you would find in a professional trading platform such as the MetaTrader 4 software.

The MT4 platform offers its customers a range of charting and market analysis tools as well as algorithms for automatic trading. With Galore Pro’s trading interface, you do not get any of these benefits.

• Contradictory Trading Conditions

When you check their trading platform, you will be shocked to see that the trading conditions mentioned on the charts are different from what is shown on the buy/sell bars.

This lack of consistency in trading conditions proves that this is an illicit broker and that if you invest your money with them, you will lose your funds.

• Inconsistencies in Withdrawal Policies

Galore Pro’s withdrawal policies leave a lot to be desired. Here is a list of issues we have found:

• Withdrawal request processing time is 5 working days. Most legitimate brokers take 24 hours or less.
• The broker keeps mentioning taxes and added charges but it does not specify the amounts that will be charged.
• We find more contradictions in the withdrawal amounts allowed. In its Terms and Conditions, the broker states that the minimum withdrawal amount is $500 (for wire transfers). However, when we check their withdrawal section, the minimum withdrawal is just $10.
• There is no withdrawal methods mentioned anywhere on this broker’s website and client area. All you can do is submit a withdrawal request.

• No Negative Balance Protection

Galore Pro very subtly states that it does not offer negative balance protection. In its terms and conditions, the broker states that you are responsible for all losses you suffer in your trading account. It goes on to say that this could mean that you lose not just all the funds in your account, but also funds that exceed what you have in your account.

Regulated brokers are required to offer protection against negative balances. So, the fact that this broker does not offer such protection is another indication that it is not a broker you should trust.

• Unfair Terms & Conditions

There are many unfair terms this broker has put in place. Here are a few:

• The first condition that raises a red flag is that the broker claims that once you have deposited funds in your trading account, those funds will belong to Galore Pro and the broker will treat those funds as its own.
• The broker’s indemnification clause basically states that if you suffer losses due to funds being transferred to your account on the broker’s behalf or by mistake, then Galore Pro does not take any responsibility for that.
• The terms and conditions can be changed at any time without any notice.

• Unfair Withdrawal Terms for Bonuses

If you make the mistake of accepting the trading bonus offered by Galore Pro, then the broker states that unless explicitly stated otherwise, you will not be allowed to withdraw that money.

There is no legitimate broker that would put such conditions on a client withdrawing money from their own trading account.

• Broker Can Suspend Account

Galore Pro states that it can suspend, change or even close your account at any time without giving you a reason why. This is yet another example of this broker’s untrustworthiness.

Conclusion 

Galore Pro is not a broker that you should trust. Not only is this broker unregulated, but it also has a poor trading platform and very unfair terms and conditions. If you were to trade with this broker, chances are very high that you would lose all your money.

This is the reason why we recommend that traders only do business with regulated brokers.

Galore Pro

2.4

User Experience

3.0/10

Payment Options

2.3/10

Security

2.4/10

Support

2.2/10

Reputation

2.1/10

Pros

• None

Cons

• Unregulated Broker
• Poor Trading Platform
• Contradictory Trading Conditions
• Inconsistencies in Withdrawal Policies
• Unfair Terms & Conditions