ProActiveTrade

This review of ProActiveTrade will give you all the info needed to base you decision on whether or not to invest here.

It seems that ProActiveTrade holds no license. Usually brokers pride themselves on their licenses, mentioning them in multiple places, yet ProActiveTrade has zero mentions of one. The only lead we have is the very last clause in the Terms and Conditions, stating that the company is governed under the laws of Switzerland.

But nowhere does it say that it is regulated there. And no wonder; acquiring a license in Switzerland is no easy endeavor, one that can only be compared to the severity of US regulation.

Every broker in Switzerland must hold a banking license from FINMA in order to provide Forex and CFDs trading. To become eligible for such a license, would be brokers have to hold a capital of at least 20 million CHF. Next, Swiss brokers must sing the Swiss Banks and Securities Dealers Agreement in order to continue with their application for a legitimate regulation. This agreement protects all customers against brokers’ insolvency of up to 100 000 CHF.

We can conclude that ProActiveTrade is UNREGULATED, and thus is a risk to every investment.

We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)

The leverage is capped at 1:100, and the EUR/USD spread, as seen from the trading platforms, is 3 pips. Such a big cost of trade is in no way beneficial to traders. It only serves the broker.

The assets we could trade with on the platform were Forex Pairs, Crypto, Indices, Stocks, Commodities, and Futures.

The languages are English and Dutch.

PROACTIVETRADE LOGIN

The trading terminal here is what you might call the typical scammer broker platform. Yes, it offers a range of options, and it is not necessarily bad, but we are so used to them that we can spot them from a mile away. Nevertheless, there are pending orders, multiple chart indicators, a live news feed, indicators, additional options for customizing your graphs, and more.

The EUR/USD spread is 3 pips, and the leverage is limited to 1:100.

This trader is elusively a webtrader

PROACTIVETRADE MINIMUM DEPOSIT

The minimum deposit is $250 as seen on the client area.

Depositing methods according to the client portal are by means of Credit/Debit Card, and Rave by Flutterwave.

Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

PROACTIVETRADE WITHDRAWAL TIME AND FEES

The minimum withdrawal via cards is $25, and by Wire the minimum is $100.

The broker does not disclose the exact time it takes to process withdrawals, but what it does say is that it strives to do them as fast as possible.

The Withdrawal Policy says that withdrawals are not feed.

ADDITIONAL FEES AND TAXES

Heed our words. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

The last thing you should be doing is investing in ProActiveTrade. Without a proper regulation this one will no doubt take your money and never give it back.