ProLive Trading – Is It Safe to Trade with Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
ProLive Trading - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2020
ProLive Trading mentions in its “About Us” section that it is being operated and owned by Acrobit Corporation Ltd which is an enterprise registered in the area of Seychelles. However, when we checked the Seychelles Financial Services Authority’s, we found no information related to the ProLive trading broker. It means that this broker is a non-regulated broker and a potential scammer.
Even if the ProLive Trading was licensed and registered under the Financial Services Authority (FSA) in Seychelles, it still does not add much credibility to this broker because Seychelles is an offshore area famous for its low registration fees and freedom from all kinds of regulatory requirements.
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://prolivetrading.com
Founded: No information was found on the website
Regulations: Unregulated
Languages: English
Deposit Methods: Bitcoin, Vpay, Neteller, Skrill, Maestro, Master card, Mastercard secure code, and Visa card
Minimum Deposit: $250
Free Demo Account: None
Number of Assets: 350+ assets
Types of Assets: Forex, Commodities, Indices, Stocks, and Cryptocurrencies
Trading Accounts and Conditions
ProLive Trading offers its customers six types of accounts:
- Trial Account: The minimum deposit amount is $250.
- Bronze Account: The minimum deposit amount is $1000.
- Premium Account: The minimum deposit amount is $1500.
- Silver Account: The minimum deposit amount is $5500.
- Gold Account: The minimum deposit amount is $15000.
- VIP Account: The minimum deposit amount is $55000.
However, there was no information found on the conditions of the accounts, spreads, and leverage levels.
PROLIVE TRADING – ADVANTAGES
ProLive Trading does not offer advantages to the clients for investing money with them.
PROLIVE TRADING– DISADVANTAGES
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An Unregulated Enterprise
ProLive Trading mentions in its “About Us” section that it is being operated and owned by Acrobit Corporation Ltd which is an enterprise registered in the area of Seychelles. However, when we checked the Seychelles Financial Services Authority’s, we found no information related to the ProLive trading broker. It means that this broker is a non-regulated broker and a potential scammer.
Even if the ProLive Trading was licensed and registered under the Financial Services Authority (FSA) in Seychelles, it still does not add much credibility to this broker because Seychelles is an offshore area famous for its low registration fees and freedom from all kinds of regulatory requirements.
Therefore, it is better to avoid such scammers and choose much better brokers that are licensed.
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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No Real Trading Platform and Lies About The Trading Software
ProLive Trading claims in their terms and conditions section that they are offering Metatrader4 trading platform to its customers. However, when you register with them and open a trading account on their website, you will be surprised to see a web-based platform which offers very basic trading functions and charts from a third part trading view. With this, customers will have very little control over their trading transaction. Hence, they clearly lie about their trading platform.
To ensure safe trading conditions, choose the best trading platform available on the market which is the MT4 or MT. Both are highly reliable, trustworthy and are highly praised in the financial forex market for its ease of use, customization options, and functionality. But the most important thing is to invest with a regulated forex broker because all the transactions made with them are monitored and regulated by authorities to ensure the safety of your funds.
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False and Attractive Commitments
When you sign up and register a trading account with ProLive Trading, you will be required to choose from a variety of account types wherein they give a minimum guaranteed return. This practice is commonly followed by scammers. They promise high returns to attract customers, but in reality there is no guarantee because the forex market is highly volatile and always involves risk. No regulated broker promises such guaranteed returns.
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Missing Information
The website does not mention anything related to the pricing. Also, the leverage levels are unknown to the customers as no details are found about it.
In addition to this, ProLive Trading is offering some gift bonuses on each type of account they offer except for the trial account. In the terms and conditions section, they also mentioned a clause related to the bonuses and awards. However, when you read through the clause, there is no further information about how these bonuses and awards are regulated and what are the conditions to withdraw the bonus or reward amount.
This is a common practice of all scammers to trap customers. In reality bonuses and rewards always come with some requirements and conditions attached to them. The customers will have to fulfill these heavy requirements, which in most cases, they are unable to get. So, gift bonuses are not gifts, customers always have to pay for executing them which ends up messing up their funds. Furthermore, a legit and an authentic broker will never offer bonus or gifts as these are traps used by scammers.
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Scam Multi-Level Marketing Scheme
ProLive Trading is offering its customers rewards and incentives for referring them to other clients. This is an example of a multi-level marketing scheme scam, but in reality, no incentives are given to the customers. This is just a way to attract new customers to invest funds with them.
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Lies About Deposit Methods
ProLive Trading mentions on their website, the different payment methods like Visa and Master cards, Skrill, Neteller, Vpay, Bitcoin, and bank wires. However, when you register a trading account with them and open the deposit options, you will find that the only working option is Bitcoin, bank wires, credit cards, and cryptocurrencies. The same conditions also apply to the withdrawal methods. In addition to this, the cryptocurrencies, bank wires, and Bitcoin transactions are always the final transaction. It means if anything goes wrong, you cannot reverse it back. Lying about their deposit and withdrawal methods is a clear indication that they are frauds who only want to take advantage of people’s money.
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Unfair Dormant Account Policy
In the terms and conditions section of their website, ProLive Trading mentions the policy for an inactive dormant account. If the customer is not doing any trading activity or depositing funds in the account for the last 2 months or 60 days, that account will be considered a dormant account and a fee of 80 EUR will be charged every month.
In the case of inactivity of more than 90 days, the dormant account fees will increase to 120 EUR. After inactivity of 6 months, 200 EUR fees will be charged and in case of inactivity of more than 270 days, 500 EUR will be deducted. Therefore, the policy of dormant/inactive accounts is very harsh and unfair. The fees are very high.
Conclusion
ProLive Trading presents itself as a legit forex broker, to be licensed in an offshore zone of Seychelles, but all these claims are untrue. ProLive Trading is an unregulated, non-legit broker and which cannot be trusted as they lie about their regulations information. Therefore, your funds are not safe if you choose to trade with them. Instead, it is recommended to choose a legit broker licensed under the authentic regulatory authorities like FCA and CySEC.
ProLive Trading
Pros
- None
Cons
- An unregulated enterprise
- No real trading platform and lies about the trading platform
- False and attractive commitments
- Scam multi-level marketing scheme
- Lies about deposit methods
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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