ProSecureCrypto: Is it Scam or Legit? The Truth Exposed (2024)
The website of ProSecureCrypto (prosecurecrypto.com) is a clear example of what an online scam looks like. At first, it seems quite generic but when you go into the details, you start understanding why this is not a reliable broker.
In my ProSecureCrypto review, I have gone through their website and checked all the aspects to help you determine whether you can trust them or not. Let’s start the review:
ProSecureCrypto License and Regulation
ProSecureCrypto claims to be based in the US and hold licenses from the International Financial Services Commission of the United States and the International Financial Services Commission of Canada.
Here’s the twist, both of these authorities are fictional. None of them exist in reality. I believe it’s the worst way of scamming people. ProSecureCrypto is literally claiming to hold licenses from fictional regulatory authorities.
There’s only one International Financial Services Commission and it’s in Belize. However, that one only regulates the local forex brokers in the Belize country.
It means ProSecureCrypto is lying about its regulatory status and is an unlicensed and unregulated broker.
How can you spot a broker who is trying to deceive you?
A broker’s credentials, registration, and job history can be reviewed using BrokerCheck, a free online tool provided by FINRA. Disputes with clients, disciplinary actions, and specific financial and criminal matters on the broker’s record are all covered in the disclosure portion of BrokerCheck.
Be wary of unlicensed and unregulated brokers. These brokers don’t follow the stringent rules and regulations of popular authorities such as the FCA or CySEC. Such brokers can use shady techniques to steal your funds or data and get away scot-free because of their unregulated nature.
Regulatory authorities keep a close watch on licensed brokers so they don’t act against their clients’ interests. In case a broker does act against their clients’ interests, the clients can get insurance compensation from their respective regulator. For example, CySEC offers €20,000 in case the broker files for insolvency. Regulators ensure that the broker keeps their operation funds separate from their clients’ trading funds as well.
Unregulated brokers don’t provide such benefits and that’s why it’s very risky to trade with them. If you want to keep your funds and data safe from fraudsters, it’s best to avoid trading with unregulated brokers.
ProSecureCrypto Trading Conditions
Checking the trading conditions of a broker can help you a lot in understanding its reliability. I always recommend checking the trading conditions of the broker before signing up with them. It ensures that you don’t sign up with the wrong broker. Let’s see if ProSecureCrypto’s trading conditions are okay or not:
Trading Platform
Setting up an account on the broker’s website was quite challenging. The user area seemed simple and dull. The trading software didn’t match the functionality I had chosen during registration which bothered me a little.
There is no trading platform available with this broker. It appears like a real trading platform and the broker is trying to deceive traders into thinking it offers a platform through the same.
ProSecureCrypto doesn’t have a trading platform. It has a module that appears like a trading platform in the user area.
What’s worse is this broker falsely claims to offer MetaTrader 4 to its clients:
This broker is trying to use the excellent reputation of the MetaTrader 4 to seem trustworthy as it’s the go-to platform for reputed brokers.
Metatrader 4 and 5 are among the most popular trading platforms in the forex industry because of the vast amount of benefits they offer. MT4 provides you with real-time and historical data, interactive charts, as well as, online quotes to help you make better trading decisions. You don’t get such facilities with other trading platforms.
Minimum Deposit
ProSecureCrypto uses a unique method to impose its minimum investment requirement on its victims. The minimum amount you can deposit in your trading account with this broker is $250, too high by industry standards.
You shouldn’t trust brokers that have high minimum deposit requirements. It’s usually an indication that the broker is a fraudster. Because most regulated brokers keep their minimum deposit limit very low to make them accessible to a wider audience.
Shady brokers keep their minimum deposit limit high so they can steal a substantial sum of funds right away.
Leverage and Spreads
ProSecureCrypto doesn’t have a real trading platform. So there’s no real leverage or spread available with this broker. All you see is a cheap imitation of a working trading platform in that section.
The lack of a trading platform is sufficient proof that ProSecureCrypto is a scam and is posing as a broker to steal money from people.
ProSecureCrypto Payment Methods and Charges
Transaction Methods
Another proof of ProSecureCrypto being a scam is its offered transaction methods. Even though it offers plenty of payment methods, it doesn’t let you use the reliable methods. They claim to let you add funds to your account through credit card, bitcoin cash, Skrill, MoneyGram, debit card, bitcoin, Western Union, and ethereum. However, out of these payment methods, you can’t use bank cards as they just don’t work.
This is quite a unique way of scamming people because only bank cards offer the facility of filing a chargeback 540 days after making the deposit. If you make a payment through bitcoin or ethereum, the transaction would be non-refundable and the broker can get away with your money easily.
Fees
ProSecureCrypto charges a different withdrawal fee for each method. You’d have to pay 30% of the amount if you use bank transfer, 10% for bitcoin and all e-payment options. Another shady provision is that the broker can charge you $50 whenever it deems so.
I don’t know what screams scam more than the last provision.
Is ProSecureCrypto a Scam? Yes!
It’s clear by now that ProSecureCrypto is a scam. The forex sector has many kinds of scammers. Usually, the scammers in this field focus on attracting new and inexperienced traders to their platforms through fake claims and bonus offers. They get the user to sign up on their platform and accept their fishy terms and conditions. Such brokers hide their unfair conditions in the fine print and people usually ignore them while signing up.
Then, they either use hidden fees or make excuses to take away the deposited funds from their user’s trading accounts. Having a high minimum deposit ensures that they get a substantial amount to steal from every user.
The best way to combat such scams is to do thorough research before signing up on any new broker’s website. You should check the broker’s regulation, license, address, and its reputation online. Some brokers even spend money on fake reviews to create a fake positive reputation on the internet.
ProSecureCrypto Review: Conclusion
ProSecureCrypto is a forex scam that claims to hold licenses from fictional regulatory authorities. It has no real license or trading platform to offer. The trading conditions of this broker are quite shady and are proof that it’s a fraudster trying to loot traders online.
This scammer is trying to deceive people by falsely claiming to offer the MT4 platform. It’s important to stay alert and avoid scammers like ProSecureCrypto or 4XC. The best way to combat such scams is through raising awareness about them.
Be sure to share this ProSecureCrypto review with others. The more people know about this scam, the better.
