Provident Trade Review: Could This Broker Scam You?
Thinking about opening an account with a Provident Trade broker? Read our in-depth Provident Trade 2021 review and think twice. We discovered everything about this broker and its connections to other scam brokers.
|Types of Assets:
|FX, shares, commodities, indicies
Regulation and Security
Provident Trade is another brand of the company Red Pine Capital (Pty) Ltd. This company is well-known by other scam brands such as Trade245 and ZumaFX. The company is based in Johannesburg, South Africa, and has FSCA regulations. However, if you check ZumaFX reviews or Trade245 reviews, you will understand what are you dealing with.
We managed to find Red Pine Capital (Pty) Ltd in the register of FSCA. However, the company address is somewhere in Gauteng, not Johannesburg, as the website of Provident Trade and all other brands state.
Also, the company has no permission to provide any automated trading services. If you check the broker’s platform, you will see that on the MT4 Auto trading is one of the options. Seems that the broker is working outside the regulation, and still hasn’t been sanctioned.
Further than that, even with the FSCA regulation, the company can provide financial services only in South Africa. However, we found many reviews from the UK, Denmark, the USA, Belgium. Based on this, we can conclude for sure that Provident Trade is conducting a scam.
If you wish to understand the costs of your trading account such as broker’s commission and fees, you will not find that information anywhere. The broker just decided to keep it until someone asks.
Scammed by CIBFX? Chargeback Is Your Solution!
What to do if you got scammed by Provident Trade? First of all, understand that you are not the only victim of this broker. As mentioned above, many people fell for its story. What you need to do is to file a dispute and request a chargeback. That way you can get your card refunded. In case you made a deposit via E-wallet or wire transfer, there is also a solution.
Contact us for help immediately! Do not let scam broker get away with no compensation!
Is Provident Trade a good broker?
Provident Trade is a brand of Red Pine Capital Ltd, a well-known scam company. Therefore, we cannot say that the broker is good.
Is Provident Trade a scam?
Provident Trade is owned by Red Pine Capital Ltd. This company owns few other scam brands such as Trade245 and ZumaFX. Based on this and many negative reviews, we can conclude that Provident Trade is a scam broker.
Is Provident Trade regulated?
Provident Trade is regulated by FSCA. However, seems that it’s providing services way beyond its regulation, such as Auto-trading. Besides that, it is working with clients from Europe and the USA with no regulation.
Where is Provident Trade broker based?
The broker is based in South Africa and is owned by Red Pine Capital (Pty) Ltd.