Broker Name- Protrade
Broker Website – https://www.protrade.fm/
Address of the broker – Alpha-Tech Group OÜ, Corporate Center, Austrasse 46, 8045, Zurich, Switzerland
Broker Company – Protrade
Broker Regulation – No Regulation
Warned by- Swiss Financial Market Supervisory Authority FINMA
Note: Report Scam Community has conducted many researches before flagging ProTrade as a possible scam in this ProTrade Review.
ProTrade is an offshore broker which is not regulated by any reputed regulation authority in its region. The broker may operate in many countries without the regulation required by the reputed regulation authority in its country like CySec, ASIC, FCA, CNMV etc. But regulation can’t be the only reason for calling this broker as a scam. Many ProTrade complaints and negative Broker reviews and other possible scam features can also be the reason. Your funds may not be safe if you are trading with ProTrade.
Protrade is a zero validity and an unregulate site. This broker has already gotten a warning from two major regulators, one is Commissione Nazionale per le Società e la Borsa (Italy) and another is the Swiss Financial Market Supervisory Authority (Switzerland). Protrade says to be possessed and worked by Estonia-based Alpha-Tech Group Oü, however, settled in Zurich. If Protrade genuinely wants to offer trading and investment services in Switzerland, it must get licensed by FINMA. The warning from FINMA is a major red flag against this broker.
Possible scam activities of scam broker ProTrade
Here are some of the possible reasons why we have flagged ProTrade as a scam broker in this ProTrade review.
- The broker may have made a number of false claims through its website.
- The rules and regulations, Bonus and Withdrawal policies are not legitimate and they are made for defrauding traders.
- The ProTrade makes continuous calls to the traders and urge them to invest higher and higher amounts.
- The broker promises return which are too good to be true.
- The risk warnings may not be disclosed on their webpage or that would be hidden.
- The broker may be located in the countries or small islands where there is no proper regulation and registering a company is very easy. Usually, these countries are haven for the scam brokers.
- ProTrade provides you good chances of making profits and when you decide to withdraw your money, they will state their illegitimate rules of withdrawals and ultimately you are not able to make withdrawal.
- Broker remains operational for some time and suddenly you are not able to contact the broker or the website seems down. The broker also changes name and website URL without any notice to existing traders.
Negative ProTrade Reviews and ProTrade Complaints
ProTrade has got many negative reviews and traders who traded with this broker have raised many complaints against it. ReportScam has investigated a lot about this broker and based on the negative reviews, complaints and other scam features, we have listed ProTrade in the list of scam brokers 2021.
Example of Negative ProTrade Review
After Searching internet you will find many negative ProTrade Reviews. Users have frustrations and feel cheated after trading with this broker. ReportScam does not recommend traders to trade with this broker and your funds may not be safe with this broker and ProTrade reviews are negative. Instead we recommend looking for regulated and reputed brokers who can really help in growing your investments.
Is ProTrade scam or legit broker?
ReportScam does not recommend traders to trade with ProTrade and your funds may not be safe with this broker and ProTrade review is negative. Instead look for regulated and reputed brokers who can really help in growing your investments.
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