Scammers Posing as Forex Brokers
Online Presence of FxPro
FxPro is one of those brokers that have multiple fake positive reviews posted by their employees. They post these reviews on social media and other platforms to increase the online reputation of their employer.
The sugar-coated reviews about FxPro hint at their deception. Any company from service, IT, or manufacturing cannot guarantee 100% customer satisfaction. The brokerage industry is very dynamic and volatile. A broker that claims to have 100% customer satisfaction is lying about its services. Traders win or lose in the execution of trades. A trader who is losing will not post a positive review for the broker. If there are no negative reviews about the broker, it is clear that no trader is losing money.
It is found by many of the platforms that the reviews of FxPro are from the same IP address as that of the account managers of the broker. It is not appreciable and is a cheap step of marketing adopted by the broker. The services speak for themselves. If the broker is 100% sure about its ethical services to the customers, then there is no need for posting fake reviews on the internet. The details of the broker need a serious revaluation before investing funds.
Their online reputation is one of the deciding factors in the customer base of the company. The list of negative reviews puts the broker into a bad light. The customers share all the experiences related to trading, live accounts on the platform. The help offered by the company in addressing the grievance is well noted by traders. The response time along with the quality of the help adds to the success of the trader. Traders thus highlight all these positives of the broker. The redressal of the issues in the negative reviews is the barometer of the actual services of traders. It comes from the professionals who understand the details and minutes of the trading platform. Sometimes, the negative reviews are the reflection of the instantaneous responses of the customers. The redressal to the negative reviews by a broker stands as the solid proof of the high standard of customer support.
In adverse cases, the negative reviews of a broker, on the other hand, lists out the company from the details of the upcoming brokers. A trader who sees the details of the bad services of a broker will not choose that broker for any type of association. Needless to say, the negative reviews are the greatest restriction in the brand building of the brokerage industry. FxPro thus adopts the creepy policy of posting positive reviews to protect its business from the damages. The concentration should be on the improvement of the services but not on the hiding of information or manipulating the information.
Their website is https://www.fxpro.com/
The broker claims itself to be the #1 broker. The judgment of being number one in the industry should depend on the services provided by the broker. This should depend on the claims of traders not on the claims of the broker. I have not heard of any company that speaks badly about itself. Traders should stay away from their high claims and fake awards. The professional investors are already aware of the fact that it is the services that are the torchbearer of the quality and rank of the brokers.
Their social media accounts have no different story. The creation of a social media account is not sufficient. The broker should dedicate an entire team of online reputation management to take care of the content on the accounts of the firm. FxPro should strive to maintain high-quality content on their Facebook and Twitter accounts.
FxPro’s Facebook account flaunts its number one status with no useful posts. The posts on the Facebook account are very quirky and there are no detailed updates about their services. They fails to provide the basic information and the upcoming development of its services. It is instead used for highlighting their self-assessed title. The Facebook account of FxPro disappoints traders with low-quality content.
Their Twitter account is identical to their Facebook account. There is no specialized care to the Twitter account as compared to Facebook. Contrary to their claims, the followers of their Twitter account are very few. FxPro posts on its Twitter account after intervals of 2-3 days. The delay in updates on social media leads to a lack of passing of good information to traders at the proper time. The lack of regularity on the Twitter accounts hints at their self-centered policies.
The long list of reviews and the questions of the existing and the expectant traders demand special attention. The reviews of the existing traders help in improving the services. The broker should keep an open ear towards the constructive feedback from traders. Turning a blind eye to the constructive criticism results in the loss of business for the broker. The broker should quickly classify the reviews and should pass on the same to the concerned team.
The broker can increase the business unexpectedly just by using social media tools effectively. Their good services are automatically passed on to other traders through references. Thus, there should not be any mistake in using social media accounts properly. There is no alternative for having a strong social media presence. FxPro’s terrible online presence just reflects their unprofessionalism.
High Loss percentage
Another strange thing on the social media account is their high loss percentage. The loss percentage of traders dealing with FxPro is 79.78%. The profit percentage is as low as 20%. all the professional traders are aware of the fact that the usual loss percentage is not more than 65-75% in generalized cases. FxPro’s high loss percentage is not appreciable.
It is well understood to all traders that there are high risks involved in forex trading. Traders cannot predict a trade with 100% accuracy. But it is not wise to trade with brokers which already have such huge loss percentages.
Forex trading is volatile and it involves a gigantic amount of transactions. The investors trade with the money having a mindset that they can lose the entire amount of money in the worst cases as well. But, no trader will deal with the broker which has no successful records of profits to traders. A simple example that can help to understand is that let us suppose there are two brokers A and B. A broker is having 65% as loss percentage while B broker is having 78% as loss percentage. An investor has $5000 for trading purposes. It is quite obvious from the figures that the investor will prefer the broker with less loss percentage only. The FxPro thus fails to provide a secure and profitable trade to the investors.
Trading Accounts of FxPro
FxPro’s accounts start with the minimum deposit of $100. It is double than the minimum initial investment of $50 by regulated brokers. Their leverages and spreads are different on different trading platforms. In any case, the spread is not near to 0 pips, which is an ideal condition for trading. The leverage ratio calls for verification before starting with the actual investments.
There is no mention of PAMM accounts to traders. The professional traders cannot generate profits from the Percentage Allocation Management Module expertise of trading.
No Bonuses Offered
Unlike many other fair brokers of the trading industry, FxPro does not allow any bonuses to traders. The utilization of the bonus amount in the trades execution saves the money of the trader and in some cases after a particular set of trades; it can be withdrawn along with the profits as well. FxPro disappoints traders with no bonuses. Their policies make it seem like they are trying to loot the traders..
High Fee and Shady Payment Conditions
FxPro mentions in its terms and conditions that all the payment methods are not free of cost and they bear the equivalent fee. The broker at its sole-discretion charges this fee from traders. There are no details of the fee in the client’s agreement. In addition to details, there is no provision of the charges for deposits and withdrawals in the agreement. The company fails to maintain a legal document containing the list of the payment partners so that traders can refer to the documents in case of any inquiry or any issue.
The broker should not hide any information related to their fee and charges. It indicates their hidden charges which are not healthy for traders. Charging dormant fees after 6 months of inactivity is not genuine. It is not appreciable as most of the regulated brokers charge their dormant fee after inactivity of 10-12 months. FxPro’s fee is set to $15 plus $5 as a monthly fee.
They also charge 2-2.6% of the withdrawal amount as their withdrawal fee in case the withdrawal is requested without any executing any trades. Their fee is set at another level. There should be clarity on the methods of payment, methods of deposit, the processing fee, the maintenance fee, etc.
In another shock to the users, the popular e-wallet Skrill is not available for traders operating from the reputed region of the United Kingdom. The details of the same are in the screenshot attached below.
There is only the facility of bank wire transfers and the credit/debit cards for traders from the UK. This is weird as Skrill operates under its “anti-scam” policy. Skrill does not provide its services to fraudulent brokers. The absence of Skrill as a payment method and that too in the UK raises many eyebrows.
It is good for a broker to provide various payment options to traders. But the most important point is that all the options should be significant to the use of traders. A vague list of the payment options is of no benefit to the trader. They should have the choice to choose the best payment partner based on the services and the cost of association. FxPro only provides information about the deduction of charges from traders.
FxPro Provides No Algorithmic Trading
There is no provision of algorithmic trading or expert advisors on the various trading platforms used by the broker. There is no need for multiple platforms. A single platform can serve the purpose. The only requirement is the provision of proper services on that platform. The broker mentions that it cancels the contract in case any trader is found using the above-mentioned techniques. A screenshot from the client agreement of FxPro clears the doubt on the ban on the use of helpful services by traders.
Algorithmic trading and expert advice help traders in giving their best. They risk losing money so every step should aim towards bringing them positive results. Sadly, there is no provision of different trading techniques to the traders of FxPro.
Losses to the Professional Clients
A detailed look at the client categorization policy of FxPro reveals that the professional client loses all the advantages of the protection under the supervising authority. The company mentions in its policy of the client categorization that the professional broker has no rights for the fund’s compensation scheme and cannot complain about the services to any authority.
So, the circle of extortion of the FxPro goes like first of all it convinces the trader to convert its account from the retail client into the professional client. The broker puts a bit of the advanced services in the professional accounts to catch the retails trader into professional account status. Once a trader changes its status from a retail account into a professional account, the actual greed-play of the broker comes into action.
Traders lose all the powers of registering a complaint against any fraudulent activity of FxPro under the supervising authority. It disheartens the trader from taking any action to save his money. In addition to this, there is the withdrawal of the benefits of the fund’s compensation policy. The fund’s compensation policy saves the trader from the loss of funds in case the broker went bankrupt.
I strongly advise traders to go through the claims and documents of FxPro very carefully. Nothing is free in today’s world and whenever there is a missing policy or term do not consider as if they won’t charge anything for that.
Sole Discretion of Change in Agreement
In the series of shocking facts about the agreement of FxPro, the company mentions that it can change any of the terms and conditions of the agreement without the consent of the trader. A snapshot of the agreement taken from their website confirms the same.
The conclusion is that they will change any clause of the agreement at their own will and the trader does not have any right to complain about the same. It is a mockery of the legal contract between the trader and the broker. The legal contract gives strength and a positive attitude to the trader to go on with the investment. When the contract can be modified at any time by the broker, there is no security to the trader.
Over-Hyped Customer Service of FxPro
FxPro gives itself a 5-star rating in customer service. Sadly, their customers do not feel the same about their services. There is only a single email ID for all types of customer support to traders. There is no differentiation based on the technical or non-technical support to traders. There are 2 phone numbers on the website. It is shocking to learn that there is no provision of 24*7 customer support to traders. A single mail id, 2 phone numbers with a live chat for a limited period is all what FxPro terms as 5-star customer service.
The company lists the address of its offices that are redundant to traders who are there on the website to get technical support from the team. Addresses are required only when there is a need to visit the office.
All the regulated brokers treat customer service as a priority. The happier are the customers, the greater are the benefits. There must be a provision of dedicated phone numbers for technical support such as account-related services-related support. A separate team should handle the inquiry call. The calls related to the technical issues need special attention as these are from their existing clients. A single email-id can delay the response to customer’s inquiry. The most important point is the absence of the around the clock support to traders. There should not be any delay in handling any support request of traders.
Thus, my forex FxPro review successfully exposes the false claims of their high-level customer service. The provision of accurate and genuine chances for trading is the responsibility of the broker and FxPro must not shirk from its primary responsibility.
No Data Protection
FxPro requires traders to fill a detailed form before availing the services. The details filled by the prospective traders are sold to the local buying agencies. Many customers have noted that they receive back to back promotional calls once they give details that are required on the broker’s portal.
It looks like a serious case of selling data to third-party companies. FxPro is earning through the data of its traders. It can be a coincidence but as high as 75-80% of traders experience the same concern of random promotional calls after registering on FxPro, which shows that it’s not a coincidence.
Weak Educational Platform
The educational platform of FxPro is not helpful. There is no option of e-books or trading guides to traders. There are YouTube tutorials that are not in a sequential manner and don’t match the requirements.
Regulated brokers work hard to provide proper education material to traders. The quality of their resources just made it clear that FxPro doesn’t care about its customers at all.
Is FxPro a trustworthy?
FxPro keeps its sole discretion in major decisions related to the accounts and the fees. There are many flaws in their client agreement. The trading account of the company starts with a high minimum investment of $100. The weak customer support and the trading services do not allow my FxPro review to recommend any dealing with FxPro which operates by creating a mirage.