TraderProFx Review: All The Warning Signs Are There
TraderProFx claims to be a legitimate brokerage firm with favorable trading conditions, plans, and strategies, suitable for traders of all levels. However, the provider’s reputation cannot keep up with those statements.
The pressing matter we shall discuss in our TraderProFx Review is the legitimacy of this platform, i.e. is it safe to trade on it considering it received numerous negative reviews and a regulatory warning. Also, find out how you can recover lost funds via a chargeback.
|Regulated by:||Unregulated Offshore Broker|
|Is This Company Safe?||No|
|Have Warnings from:||CNMV|
|Minimum Deposit:||250 USD|
|Deposit Bonus:||Available but Undisclosed|
|Trading Assets:||Forex, Indices, Commodities, Stocks, Cryptocurrencies|
|Free Demo Account:||Unavailable|
|How to Withdraw from This Company?||Since this company is unlikely to return your money – contact your bank, or financial regulator, or simply contact us for professional assistance in recovering your funds.|
Legal Info: Is TraderProFx Regulated?
TradersProFx is run by Businesoft Limited. This firm, like StormGain, is registered in the infamous offshore jurisdiction of Saint Vincent and the Grenadines (SVG), which is known for lax regulations and a favorable tax system.
As such, SVG has attracted countless unscrupulous crooks seeking to exploit unsuspecting traders and investors. The local financial watchdog does not even regulate Forex trading, meaning all FX brokers based there are unlicensed.
Having violated regulatory rules and laws, TraderProFx provoked the Spanish CNMV regulator and ended up on the financial authority’s warning list, meaning the broker is currently banned from legally providing services in any country of the European Economic Area.
Instead of trusting unlicensed providers, you should stick to regulated brokerage firms operating under the supervision of reputable financial authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), CNMV (Spain), MAS (Singapore), CySEC (Cyprus), etc.
Who Are TraderProFx’s Targets?
According to godaddy.com/whois, the traderprofx.com website domain was created on February 27, 2023. Since then, the financial swindler has been targeting mainly unsuspecting traders who reside in the following countries:
- United Kingdom;
- South Africa;
These countries are known for heavy financial market regulations, unlike dubious offshore jurisdictions. One thing they all have in common is that their regulators require each financial market participant to possess the necessary license or permit.
To reiterate, the Spanish CNMV flagged TraderProFx as unauthorized to provide trading and investment services to European traders.
Trader Reviews – Sharing Experiences
If you need more proof that this is a scam, simply check out the reviews from traders on popular forums such as trustpilot.com.
On that website, we read about how the “platform was designed to steal from people. Any withdrawal attempt will be blocked automatically and they keep removing bad reviews to cover up,” which is actually a perfect summary of how scams such as TraderProFx and MinosFutures work.
More negative reviews and exposures can be found on personal-reviews.com so be sure to give them a read as well. Please avoid trading on unregulated platforms and instead stick to transparent firms.
Which Trading Platform Is Available?
It turns out TraderProFx offers just a rudimental web trading platform, which supports popular Forex currency pairs, indices, commodities, stocks, and cryptocurrencies.
We were able to check out the platform but not actually trade because there was no demo account option. Nevertheless, browser-based platforms are generally lackluster and can easily be manipulated to steal users’ funds.
For that reason, you should avoid using them. If you want a pure trading experience, you should stick to licensed providers that support recognized third-party trading software such as MetaTrader 4, MetaTrader 5, or cTrader.
Available Live Account Types
|Minimum Deposit||250 USD||5,000 USD||25,000 USD||100,000 USD||Call the Company|
Leverage, Spreads, Commissions, Demo Account
The maximum leverage that TraderProFx offers scales up to 1:600, which is significantly higher than the legal limit in Europe (1:30) and North America (1:50). High leverage can amplify potential profits but also potential losses, making it pretty risky.
On the platform, we saw a spread of 2 pips on the EUR/USD benchmark currency pair, which is wider than the industry’s standard of 1.5 pips so it’s not competitive, plus we don’t know whether the platform charges any additional commissions.
To say it once again, there is no demo account. If you are a beginner, you should not be risking real money straight away, which is why every legitimate firm nowadays offers a demo account so be sure to choose the right provider.
Deposit and Withdrawal Process
The TraderProFx website states that there are several available payment methods that can be used to fund live trading accounts:
- Credit/debit cards;
- Wire transfers;
The minimum deposit requirement is 250 USD. Card payments are free of fee, wires cost 25+ USD, and e-wallets 2% for withdrawals. Regardless, it’s unlikely that you’ll be able to withdraw funds from this platform anyway so please consider a chargeback.
In case you deposited funds via MasterCard or VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days and reverse the transaction. Wires can be reversed via a recall but this action can only work for transactions yet to be completed.
As for crypto payments, you’re going to need to seek out professional assistance as these types of transactions are a nightmare to reverse. Luckily, we have a team of experts that can help you recover your funds.
Key Facts To Consider About TraderProFx
To sum up our review, TraderProFx is an unlicensed offshore trading platform that mainly targets traders from the United Kingdom, Australia, Canada, South Africa, and Spain.
We do not recommend this platform because it is unregulated and blacklisted by the Spanish CNMV. In case you have also lost money to the TraderProFx scam, you must seek our professional help to recover your funds!
Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the chargeback process and assist you every step of the way.
Book your consultation with us today and start the chargeback process.
What is TraderProFx?
TraderProFx is an offshore trading broker based in SVG. This firm is unlicensed to provide Forex trading services.
Is TraderProFx Regulated?
No, TraderProFx is not regulated because SVG has no Forex regulations in force. On the other hand, the broker is blacklisted.
What Can I Do If I Was Scammed Online?
You should book a free consultation with us so we can explain to you how the chargeback/recall/crypto-tracing procedure works and get your money back.