FX Protrade Review – Is Gambling Less Dangerous Than This Company?
FX Protrade company operates under the flag of FX Protrade Limited. The company is allegedly incorporated in the UK. In fact, they even provide registration number 12128084.
After in-depth analysis, you can quickly realize that everything is fake. Primarily because the company is not transparent as the UK ones should be. Continue reading our FX Protrade review for more details.
|Regulated by:||No regulation|
|Is This Company Safe?||No|
|Have Warnings from:||N/A|
|Registered in:||UK (allegedly)|
|Trading Assets:||Crypto and Forex|
|Free Demo Account:||No|
|How to Withdraw from This Company?||Considering that the company is not regulated and only accepts crypto payments, withdrawals could be problematic.|
Legal info: Is FX Protrade legit or a scam?
In general, the most relevant clue about the company is its license. Primarily, we are checking the FCA database because they are one of the most trusted regulators. Consequently, we are searching for the broker in other Tier 1 databases, such as BaFin, ASIC, IIROC and CFTC.
Strangely, for the company proudly presenting to be registered in the UK, there is no information about the company in the FCA registers. Not only that but not in any other we searched. From now on, everything that FX Protrade broker offers becomes suspicious.
Who are FX Protrade clients?
There are a few discrepancies regarding the company origins. In fact, while the company claims to hold rights since 2015, its website is active since 2020.
For the past few years, they were mainly scamming traders from:
- South Africa
- United Kingdom
The company doesn’t provide transparent information about investment software, technology and apps that they are using. Especially be careful if the investment company offers you remote control apps like AnyDesk or TeamViewer. If you had similar experiences let us know and feel free to contact our team for advice on the refund procedure.
Leverage, Commissions, Spreads, Fees and Taxes
To make it even worse, the company doesn’t reveal any investment costs. On the contrary, they only present you fixed return they are promising according to the plans. Generally, their goal is to get as highest a deposit as possible.
Considering that this is not CFD brokerage they don’t offer leverage and spreads. However, commission or fees remain unknown with FXProtrade.
FX Protrade Trading Features
As can be seen, the company only offers Forex and crypto investments. Most intriguing is fixed returns between 125-2000% for different plans while FX Protrade minimum deposit is $25. They even provide you with a profit calculator so you can check how much you are getting.
For example, for a deposit of $100 and 125% in 1 day, you end up with a total return of $103. However, if you add a bit more zeroes, you get a much higher return. For example, on a $10.000 deposit, the returned amount is $12.000.
Available Trading Assets
The only available assets are crypto and forex. Thus, you don’t have insight into what assets the company invests. Yet, they want you to trust them with your hard-earned money. Most likely the investment options are:
- Polkadot and more
Mobile Trading App
While other investment companies transparently provide access to the platform, the FX Protrade scam doesn’t. Their goal is just to get money out of you without any credibility. Not only that they don’t provide mobile app access, but not even via browser.
Another key fact is the missing demo account. For newbies that would like to learn about investing, this feature is quite important. Ccam brokers generally don’t bother with the ones that don’t want to deposit.
Educational packages became quite popular nowadays. While investing you can expand your knowledge and maximize potential outcomes. However, FX Protrade website doesn’t present you with any educational material.
But why would they if they are trading for you and making these insane amounts of money? Nah, they don’t. It’s all fake!
FX Protrade Withdrawal
If you take a closer look, the company accepts only 3 payment options. None of them is reversible. That’s why we generally suggest traders use credit/debit cards. In those cases, you can file a chargeback and get your money back if anything goes wrong.
Instead, with FX Protrade company you can use:
The company provides a US phone line. Yet, they claim to be registered in the UK. Besides, you can contact them via e-mail, online contact form and live chat. Yet, working hours are not disclosed.
Just be cautious when talking to their agents because those are highly skilled swindlers. Don’t fall under pressure and double-check everything.
Key Information To Consider About FX Protrade
Primarily, the company is not registered in the FCA database. They don’t hold a license for investing, not to mention that company promises profits. Generally, these things are strictly forbidden for regulated companies.
Therefore, we encourage you to take your time and find a Tier 1 licensed broker with many more options. But most importantly, higher security standards. Also, if you need a consultation about trusted brokers, withdrawal issues and refund procedures feel free to contact .us. The first consultation is free of charge and non-obligatory.
Does FX Protrade Have a License?
No. Even though the company claims to be registered, they are not in the FCA register.
What Is The Minimum Withdrawal Amount In FX Protrade?
According to the company FAQ section, the minimum withdrawal starts at $1.
How To Deposit An Account in FX Protrade?
The company offers only 3 methods: Payeer, PerfectMoeny and Bitcoin. All of those are irreversible transactions, but if you need assistance with a refund contact us!