It would be hard to find a good reason to put money into ProTrades.io. Still, many users might not know that they are dealing with a very risky broker. The main reason for this is that the ProTrades website does a good job of hiding what kind of business it is. But because we have worked for a long time, we tend to find problems quickly, and ProTrades broker has a lot of problems that we will look into. Most importantly, you must read the review before you decide to spend money on ProTrades.
We were able to open an account in less than 10 seconds, which is usually a sign that the ProTrades is not taking things too seriously. This means that almost anyone can go into the user area and start investing and trading, which is basically what every scam broker wants. In this way, ProTrades.io is just like any other shady brokerage.
In the user area, we saw that we were sent straight to the section for making deposits, which backs up our claim. At least we could get to a user area, which is a lot for a broker like this one.
We could trade indices, forex currency pairs, stocks, commodities, and cryptocurrencies in the trading area. Due to the strange way this webtrader works, the EUR/USD trade price could not be shown. The ratio stayed at 1:20.
Only English can be used on the website.
PROTRADES.IO REGULATION AND SAFETY OF FUNDS
ProTrades.io is one of those businesses that thinks it can get away with just giving a random email address. Well, it’s not clear what’s going on when the website’s address is in the United Kingdom.
The UK may have the most rules about forex trading in Europe, which is why people are confused. The FCA is very serious about regulating the forex broker industry, so it would never let a company like ProTrades.io work without a license and stay in business without one.
Also, the broker never says it is regulated in the UK. It only says that it is registered there, which is not the same thing as being licensed there.
We have nothing else to work with here besides this. There are no other regulatory details, which means that the company is not licensed and is therefore a risk for both investors and traders.
Putting your money in ProTrades who aren’t regulated is like throwing it out the window. They will rarely give you your money back, and even if they did, it would be a huge hassle and take a lot of time.
Because of this, we tell our users to only trade with brokers who are regulated.
Please, check for a license before doing anything else after you find a broker you think is worth investing in.
We recommend brokerage firms in the UK, EU, US, or Australia. All of these regulated brokers are very reliable and offer a safe place to trade.
Also, agencies like the FCA and CySEC have user compensation funds that are only used if the broker can’t pay the user back because it went bankrupt. The FCA guarantees up to £85 000 per person, and CySEC guarantees up to €20 000 per person.
PROTRADES.IO DEPOSIT/WITHDRAW METHODS AND FEES
From the user area, we can see that deposits are made using… unknown methods of payment. The deposit area doesn’t show anything at all about trading. As far as we were concerned, we didn’t have any money to invest, and we weren’t even planning to. The withdrawal area didn’t help either.
We’re stuck with the deposit and withdrawal policy, which is probably one of the most well-known scammer brokerage rules. On the policy page, it says that users are charged when they take money out. There are fees of $50 for wire transfers, $35 for credit cards, and $25 for other ways to pay. Also, a withdrawal request can’t be sent to an account that hasn’t traded more than 200 times in the volume.
It looks like these payment methods are also used for investing. Last but not least, the website says that you need at least €250 to make a deposit.
ProTrades is not worth even a penny of your money. Don’t put money here!
How does the scam work?
One of the most common ways to lose money in a forex investment scam is through something that is so easy to understand. If you look at it in a positive way, a scam is made up of a few very simple steps that still require a lot of knowledge and authority to pull off.
In fact, investment scams work so well not because of how they are set up, but because the people behind them are very good at getting people to do what they want. They have a lot of psychological and social tricks up their sleeves.
In fact, the hardest part of any scam is meeting the person behind it in person. This usually happens over the phone, but it can also happen through email.
Online ads are the fastest and most useful tool they have. There are a lot of fake and misleading ads on the internet. They keep changing so that they look more and more like real businesses, but they are still scammers at heart. Everyone has seen at least a couple of these ads, which show a carefree life, expensive products that can be used on the go, beautiful women, and other things that are really expensive and hard to get.
Scammers who want to take your money are behind these ads. When you get to the website, you will be asked to give a phone number or email address so that the ProTrades can get in touch with you.
The people running the scam will ask you to put money into it. He or she will try many different things to get you to invest. This is just an offer to buy something. Investing a small amount at first will help you build trust with the scammer, which could lead to more and bigger investments.
If the user keeps investing and trusts the ProTrades, he or she will keep putting money in places where it will be hard to get it back.
And when it’s time to get your money back or at least take out a profit, the company’s true nature as a scam will become clear. ProTrades will either close all of your accounts, stop talking to you, shut down the whole website, or put all of your requests on hold. Sometimes, it will even give you back a portion of your deposit and profits to make you feel safe.
What to do if scammed?
One of the most common ways to lose money in ProTrades – a forex investment scam is through something that is so easy to understand. If you look at it in a positive way, a scam is made up of a few very simple steps that still require a lot of knowledge and authority to pull off.
In fact, investment scams work so well not because of how they are set up, but because the people behind them are very good at getting people to do what they want. They have a lot of psychological and social tricks up their sleeves.
In fact, the hardest part of any scam is meeting the person behind it in person. This usually happens over the phone, but it can also happen through email.
Online ads are the fastest and most useful tool they have. There are a lot of fake and misleading ads on the internet. They keep changing so that they look more and more like real businesses, but they are still scammers at heart. Everyone has seen at least a couple of these ads, which show a carefree life, expensive products that can be used on the go, beautiful women, and other things that are really expensive and hard to get.
Scammers who want to take your money are behind these ads. When you get to the website, you will be asked to give a phone number or email address so that the ProTrades can get in touch with you.
The people running the scam will ask you to put money into it. He or she will try many different things to get you to invest. This is just an offer to buy something. Investing a small amount at first will help you build trust with the scammer, which could lead to more and bigger investments.
If the user keeps investing and trusts the broker, he or she will keep putting money in places where it will be hard to get it back.
And when it’s time to get your money back or at least take out a profit, the company’s true nature as a scam will become clear. The broker will either close all of your accounts, stop talking to you, shut down the whole website, or put all of your requests on hold. Sometimes, it will even give you back a portion of your deposit and profits to make you feel safe.
You may also like, InvestGeo.org review 2023 – 5 things you should know about investgeo.org – Scam
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