Proper Trade

Proper Trade is yet another so called broker in a huge line of other pretenders. Read on to find out what this one has, or hasn’t, to offer.

The main part of any brokerage firm is the regulation that stands with it. Without a license the broker should be left alone. Proper Trade is Registered in the Marshall Islands.

That’s all fine and dandy, but a simple registration does not provide a license, meaning that even if the company is registered it makes little difference. Furthermore, the Marshall Islands do not have a financial regulator, conveying the obvious message that Proper Trade is UNREGULATED, and as such poses as a potential risk for investors.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

We could not get a leverage amount which would be surprising if the broker was regulated. But Proper Trade follows the typical scam broker guidelines, and one of the main point of it is not to offer any leverage information.

As for the spread value, the trading platform gave us a cost of trading for the EUR/USD pair of 3.5 pips. This surpasses the level of the unacceptable and then some. This is by far the highest pip count we have encountered and is not at all in service of traders.

The broker has an impressive array of tradable assets: Currency Pairs, Indices, Crypto, Commodities, Stocks, ETFs, and Bonds. We got these out directly from the trading platform; the website gives us little info on instruments.

English and Spanish are the only two languages made available.

PROPER TRADE LOGIN

Proper Trade has integrated a proprietary platform.

PROPER TRADE TRADER

This trader can be a good starting point for rookie traders but the moment they start feeling more comfortable, this platform becomes nearly useless, since it offers nothing more than the basic functions. There are indicators, and some very limited option for customization. There are no pending trade options, and any of the expected features from traders such as the MT4 are only dreamt of here.

The EUR/USD spread is 3.5 pips. This is the actual value that was we got, and as you will see in the attaches snap, we are not making this up.

The leverage is remains a mystery to us.

The platform was made available to us on a browser. There are no indications of a desktop or mobile versions.

PROPER TRADE MINIMUM DEPOSIT

It is not that uncommon for unregulated brokers to not include a minimum deposit. It is a questionable practice since they are after as much money as possible.

On the personal dashboard users can seemingly only deposit via Crypto:

The terms and conditions give us more options to work with:

We leave it up to traders to guess, and only that. Any deposits made would be a mistake since this broker is clearly unprofessional, and more importantly lacking in any sort of regulation. f traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Proper Trader does not warn you against concealing the CVV code- a routine usually undertaken by legit brokers. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.

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

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

PROPER TRADE WITHDRAWAL TIME AND FEES

There is no indication on a minimum withdrawal amount. This is common with shady brokers who have no intentions of paying you back, thusly creating the illusion that traders can withdraw as much as they want.

The processing times are not included, and since deposited traders will likely never receive back their funds, one should not be surprised by the lack of information.

For obvious reasons, the company has included some hefty transaction fees. For convenience purposes we will attach a snap of all such fees.

As you can see, fees are above average and can be burdensome. We think that these justify the lack of a minimum withdrawal amount, because traders are lured by the prospect of withdrawing as much as they want, and each time they do so they are consequently taxed with one of the above.

ADDITIONAL FEES AND TAXES

There is an additional withdrawal fee of €50 if there: is no trading activity before submitting a withdrawal request; if the client does not provide accurate information/documentation concerning his/her identity; if the broker decide to refund a client do to his/her failure to provide accurate information/documentation concerning his/her identity. That’s right, there is a fee charged once the broker decided to refund a client.

The inactivity fees are equally ridiculous in scale. From 2 to 3 months of inactivity a charge of €80 is issued. If the time period increases to 3 to 6 months the fee goes up to €120. Over 6 months of no activity detection is taxed with €200. This is the first time that we have come across such absurd dormant fees.

A maintenance fee of €10 is issued regardless of the activity of the user, per month.

Even with all these unreasonable charges traders should always be on their guard when dealing with unregulated brokers. Shady brokers can easily launch incoming fees without warning. Furthermore, once you request a withdrawal, probably due to your suspicions being realized, the broker will most certainly deny your appeal. This denial is followed by a well thought of justification. Either they will find a loophole in the T/C that upholds their right to keep your deposit, or they will ensure you that now is the worst time for withdrawals for the market will very soon thrust upwards and multiply your initial investment by unrealistic numbers.

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.

he most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.

HOW TO RECOVER

The most sound advise we could give you is to immediately file for a charge back with you credit card company.

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

This is a special case for us, because we as baffled by the charges that traders will be charged once they decide to go on board with this high risk broker. There is not much to conclude, aside from a warning from us not to invest with Proper Trade.