TradeProFX

TradeProFX.net seems like a decent broker yet there are rough edges that tell a very different story. Read on to find out what it does wrong.

TradeProFX Holdings Limited is incorporated in Vanuatu. So TradeProFX should be regulated by the Vanuatu Financial Services Commission (VFSC) if it wishes to provide legitimate CFD/Forex trading conditions. Well, we searched the company name in the regulator’s registry and found zero results:

Thus we have to conclude that TradeProFX is UNREGULATED, and as such is a risk to any investor.

The leverage that was offered to us is capped at 1:400, which is pretty risky and should be used with caution.

The EUR/USD spread, with the Live Mini Account type is 0.1 pips, which is quite impossible. Such a low spread offers no gains for the broker. We think that the trading platform automatically switched to another account type, one that presents a lower spread but comes with hidden commissions.

Trading assets are varied: Forex Pairs, US Stocks, Energies, Metals, Indices, and Cryptocurrencies.

The website is offered only in English.

TRADEPROFX LOGIN

The MT4 has been included here, but does not do much to change our initial opinion of the broker.

METATRADER 4

This platform holds the popularity title for many a reason: charting tools, custom indicators, practical chart management, expert advisors and more. MT4’s VPS allow for seamless automated trading at all times, uninterrupted by computer failures, sudden power cuts or connectivity issues.

We opened a Live account without any issue. The spread for the EUR/USD currency pair given to us is 0.1 pips, which is highly improbable. What’s more is that there are commissions on the ECN Pro+Commission Account type as you can see from the snap bellow which is taken from the Accounts sub-page.

And as mentioned, we opened a Mini account, yet we think that the broker automatically opened for us a Pro+Commission Account in order to apply a commissions without our consent. Whatever the case is, the commission here is $8. It does not say if it’s round turn or per side, but seeing as it’s $8 we have to say per side. Such a commission would increase any spread by 1.6 pips.

We dug a little deeper and found that other account are also burdened by a commission. The ECN Standard has a $7 per side commission for forex pairs, and $7.5 per side for Metals. For the ECN Pro+Commission Account it is confirmed that the commission is $8 round turn. While the ECN XL account has a commission of $6 round turn if the deposit is more that $10 000. This information can be found on the website’s Trading Conditions, on the last row of the table. We could not attach a snap for the image would be way too big.

But nevertheless, readers can check both pages out (Accounts sub-page and Trading Conditions page) and see for themselves that not only are both pages contradictory concerning the information they provide, but some of the account names have changed. This is another clear sing that this broker is illegitimate.

The leverage is maxed out at 1:400.

We opened the MT4 as a desktop trader. There is also a mobile version of the terminal available.

TRADEPROFX MINIMUM DEPOSIT

In the Manage Fund section on the personal dashboard, we were able to continue with the depositing process by entering just “1” in the Amount bar. This means that the minimum deposits is $1.

The T/Cs mention Credit Cards, e-wallets and Wire Transfers as available methods for funding an account. On the Deposit Methods section of the website the broker lays out a big number of methods including Bank Transfer, MasterCard, Visa, Skrill, Neteller, PaysafeCard, RapidTransfer, Sofort, CashU, and NeoSurf.
Yet on the personal dashboard, we were able to only deposit via BitCoinCash, Ethereum, and bitcoin.

So we have to conclude that these are the only actual methods used for depositing funds.

Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of losing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. 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

Another novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

TRADEPROFX WITHDRAWAL TIME AND FEES

According to the Deposit Methods page, the minimum withdrawal is $50. There is no way to verify this in the personal dashboard without making a deposit first; an endeavor we won’t risk.

The withdrawal times are undisclosed.

There is talk in the T/Cs about Wire/Card withdrawal, yet in the Manage Fund section of the personal dashboard, the only ways to withdrawal are BitCoinCash, Ethereum, and bitcoin (same as deposits). So the aforementioned processing times are worthless.

There are no withdrawal fees mentioned, yet traders should always keep their guard up when dealing with unregulated brokerages.

ADDITIONAL FEES AND TAXES

The renewal fee is nothing new, yet here the broker gives itself the right to tax such a fee directly from a user’s credit card:

In the Suspension of Services article, the broker sneaks in a half-clause giving it the right to impose trading volumes and “other restrictions on the account”.

Last but not least is the dormant account fee. This is activated after 12 months of inactivity. The annual maintenance fee is $25.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect. Do not expect anything of the kind from this broker; it will only bring you financial anxiety.

HOW TO RECOVER

Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

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

We will say of TradeProFX what we have said of over 100 other brokers. The lack of a regulation, plus the bad trading conditions means that this brokers should be left out and forgotten.