Today I have one of those trading sites that has seen everything from rise to fall. When it comes to trading in the Forex environment, several secondary factors come into play and one of them is the availability of the right trading website. Many online trading brokers claim to be the best but for all the right reasons, one particular website cannot have it all. Today, I’m talking about a website that goes by the name of TradeProFX.
It is one of the most notorious as well as hated websites on the internet and it has its reasons for that. When it comes to trading, this site cannot be trusted. It is one of those clone websites that exist on the internet and which people should avoid at all costs. It is quite sad that these kinds of brokers are still so active on the internet and people are still falling into the traps of these kinds of brokers. The website comes with one trading account type, which again asks for a massive investment amount. It does not offer any kind of such additional features that will attract people towards it and does not come with a proper financial regulation approval too that it can be trusted. The website claims to have its origin in the United States of America and offers multiple trading instruments to all traders out there.
There are a good number of things that do not feel right about this broker, starting from the way it claims its origin even though there is no proof linking this company to the place it is coming from to the different kind of financial benefits that it promises but fails to deliver. The website has zero advantages, so this is one of the most important reasons why people should not be using this website. A place that has nothing to offer but to lose, should, not be visited. This is one of those places where people should maintain a safe distance.
Below, we are going to be discussing some reasons as to why one should not trust this website at all.
- False claims – All the claims that the company claims initially are false. TradeProFX claims to be based in Los Angeles and also persuades people by promising that it is regulated by the International Forex Regulatory Body also known as IFR. There is simply no organization out there that goes by the name of IFRB and it is just another false information that this website has provided like many others. A company that provides in its masthead about a website that does not even exist cannot be trusted at all. Rather, proper legal action needs to be taken against this website and such false claims and misleading information should be reported to the right authorities.
- Few currency pairs offered – My TradeProFX review cannot be complete without digging into their claims about the benefits they have for the traders. When you’re trading in the Forex world, the right currency pairs must be available. However, it is not true when it comes to TradeProFX, the company does not offer as many trading instruments as it claims, rather it offers somewhere around just 25. The company offers MetaTrader 4 trading environment which is suitable for all currency pairs out there but when someone is not even offering that many currency pairs, there is simply no use of this version 4 Meta Trader.
- Paying hidden charges on the profits – When it comes to trading with a broker a trader should have the right to withdraw the amount earned in a trade anytime. But here things go haywire. A lot of people from their experience have said that when they tried to withdraw their own money from the company fund account, they were charged a certain percentage of their earnings which was not specified on the website anywhere. There is no chargeback option as well and this is unprofessional for a trading company operating at this scale. Furthermore, when it comes to trading with such a big company such as small charges do not play a massive role in the earnings, so this could have been avoided by TradeProFX. The company has designed ways to extract out of the client’s pocket by introducing different hidden charge traps. There is no particular portal where you can raise a complaint regarding all this as well. It will be a total nightmare for the new traders if they fall into these traps. So, it is advised to all the new people that are going to embark on a Forex trading journey, to avoid this website at all costs.
- Parent body has been blacklisted – The parent body behind the organization has been blacklisted by many financial authorities around the world. TradeProFX claims to be operating under a company that goes by the name of FCA. The Financial Conduct Authority is not authorized to continue its operations all around the world due to several complaints against it. There is also a warning that has been issued against it by the financial authorities in New Zealand and it has been banned by the French financial regulatory authority as well. So, all in all, it’s a part of a highly volatile and fake company that is not even able to operate freely in most parts of Europe. As per the reviews of the users, it can be easily said that this company is running some kind of investment scam. In the present times, this has become quite common and people are falling into investment traps more than ever. So it is high time that people should become cautious about where they are putting their money in or with which company they are getting involved.
- Trading conditions are not clear enough – There is zero information on the website whatsoever regarding the trading conditions that this company uses. Furthermore, there is no information regarding what kind of financial instruments if used will lead the traders to endure additional charges. No demo account is provided by the website as well. There is no help that a trader will be getting from this website, so it is better if one avoids trading with it at all.
After a massive discussion, I can say that TradeProFX is just another website like many others that use naïve investors to bring in huge amounts of investments into their standard trading account and then become a victim of an investment scam that the company has been running for years now. All the companies that are associated with this site are for sure another set of scammers and the whole chain of business has been set up in such a way that traders will lose their money for sure. It should be kept in mind that under no circumstances this website should be used for trading.