TitanPro500

With a name that has the potential to strike fear in the heart of hackers, TitanPro500 is merely a broker that appears to be as solid as its alias , yet fails to do so.

TitanPro500 in registered in Hungary, where all brokers have to be issued a license from the Hungarian National Bank (MNB) in order to proceed with providing adequate and legitimate investment services. What’s important to note is that this entity has every right, and power, to take whatever necessary action a situation concerning the forex market in Hungary might require. After we went through the MNB registry we got the following:

Nothing else matters; TitanPro500 does NOT hold a license from the MNB and so it is safe to conclude that this broker is UNREGULATED.

Furthermore, the About Us page claims that the company is authorized but does not say by who:

Again this is absolutely NOT proof for a possession of a license.

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).

If the broker is in fact based (somewhere) in Europe then the leverage should not exceed 1:30. But seeing as this one is unregulated, the possibilities are limitless. Here the leverage is said to be up to 1:300, acting as a clear sign that this broker is in no ways regulated in Europe.

On the TitanPro500 trading platform the cost of trading for the EUR/USD pair was 3 pips. This is twice the average and does no good to traders.

All the essential assets for trading have been included: Forex Pairs, Commodities, Indices, Stocks and Crypto Currencies. This amount of instruments is sufficient for all traders.

Languages are limited to English, Russian and Arabic.

TITANPRO500 LOGIN

The broker utilizes a trader that we have encountered many a time. This would all be fine if the previous brokers using it weren’t illegitimate, CMP24 and OmegaFX, to name a few. We were able to access the trader without user verification. Usually brokers require a lot of paperwork before giving access to a live account. The platform offers close to no options for both optimizing clients’ trading and customizing the interface to individual tastes.

The leverage goes up to 1:300, but we cannot confirm this to be actually true. The EUR/USD spread is 3 pips.

This particular platform is exclusively a web based trader, as it has been with the other unregulated brokerages.

TITANPRO500 MINIMUM DEPOSIT

The minimum deposit is $250 which is the industry standard, so nothing out of the ordinary here.

Depositing methods, as pointed out on the personal dashboard, are Wire Transfer, Credit/Debit Cards, Deposit by Phone, and Terrexa.

As we have, multiple times, concluded, this unregulated broker is not to be trusted, hence we advise against making any deposits whatsoever. If 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

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. And even if TitanPro500 does briefly warns to cover the CVV code, we are still prone to advice you to do so.

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.

TITANPRO500 WITHDRAWAL TIME AND FEES

The minimum withdrawal via a Wire Transfer is $500, while from a Credit/Debit card it’s $100. The Wire Transfer minimum is extensive and quite frankly ridiculous. Usually this amount is maximized at $50 tops.

The broker claims that withdrawal will be paid out with 7-10 days:

There are no fees connected with withdrawing.

ADDITIONAL FEES AND TAXES

Once again this company gives away its true intention by clearly saying that it has the right to charge fees, out of nowhere mind you, when it pleases it:

This of course applies to all that have agreed to the Terms and Conditions. It’s these types of clauses that traders should be on the look out for the most for they can leave you empty pocketed.

Furthermore, shady brokers will try to keep you on as much as they can by not allowing you to withdrawal. 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

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

The 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

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

Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

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

At least TitanPro500 gets one thing right: the execution of the website. It’s honestly one of the most user friendly we have seen on any broker, be it regulated or not. However, the lack of license plus the poor platform say all that needs to be heard: that this broker is not to be trusted.