Protrade.fm is a platform on every watch list and has garnered criticism from several members. The platform is to blame for the huge losses members are having to take. According to members, withdrawing funds is next to impossible with the platform. And this is why we must expose the platform to protect our ardent readers. FINMA has also issued a warning regarding Pro Trade. Find out more in our clear PROTRADE.FM REVIEW.
According to their about us page, trading is your first step to prosperity. The platform uses compelling words to make you sign up. We all want to be financially stable, and Protrade.fm uses that need to sway investors to sign up.
The platform also claims to have a team of high-level financial experts. If this were true, the platform wouldn’t be facing warnings from regulators. However, we also suspect that none of the staff members are actual brokers.
What we have is an attempt to try and wiggle their way into the forex market. The platform targets European investors and blocks them from withdrawing. At first, the platform will let you withdraw small amounts and later cut you off.
You need to invest in proven strategies that deliver real results. Experts and the financial world have tested these strategies. Make sure to try innovative investment strategies such as coin staking and DeFi.
To ensure the platform looks appealing to investors, they use a false address. For example, the platform claims to have its headquarters in Switzerland. And this is a ploy to make it look like a financially sound platform.
Your first step when you decide to invest is doing thorough research on the platform in question. Next, you need to find out what others are saying about the entity. Another way is reading our reviews which offer insightful details on all crypto and forex platforms.
Protrade.fm offers five account types that come with distinctive features. We do have a problem with the set leverage, which is above the regulator’s recommended leverage. The minimum leverage is 1:200.
Members get margin loans on all platforms, which is ideal. The five accounts include Mini, Silver, Gold, Diamond, and V.I.P. Here’s a closer look at what each account means to members and what to look for.
Mini
It’s an account suitable for beginner and novice traders. The account comes with a minimum acceptable deposit of 250 Euros. Leverage is set at 1:200, with members getting up to 25 percent margin loans.
Silver
For the silver account holder, the platform guarantees up to 35 percent margin loans. The acceptable minimum deposit is 1,000 Euros. In addition, you get daily market reviews and a chance to work with one of their brokers.
Gold
There’s an acceptable minimum deposit of 5,000 Euros. Members get in-depth research and up to 50 percent in margin loans. You also get a personal broker and daily signals. The account promises to construct a formidable portfolio.
Diamond
You have to deposit 10,000 Euros to start enjoying the services of this account. Some of the features include higher leverage of 1:300 and customized education. The account also comes with a personal broker and up to 75 percent in margin loans.
V.I.P
As the name suggests, it’s the most exclusive account and best suited for advanced traders. The minimum allowed deposit with this account is 50,000 Euros. In addition, members get unlimited access to brokers and a wealth manager.
From what we can see from the accounts, the features don’t really reflect a real trading platform. For example, you don’t know the spreads available of the trading instruments found on the platform. Some of these features are not even necessary when it comes to trading.
As we indicated earlier, the platform claims to have professional traders. However, there’s no information on who these wealth managers are. You would want to know the qualifications and skill set of the person holding your funds.
Members have been complaining that the account managers are taking advantage of clients. These account managers will call you asking for more deposits. Instead of offering financial advice, account managers come up with several investment options.
Most of these investment options are outside the scope of trading. All the managers want from you is to deposit and wait for the profits to soar. It doesn’t happen, and you will end up losing a substantial amount of funds.
Once you decide to ask for help, the platform will replace the manager with a new one. And this is the reason why you need to stay away from Pro Trade FM. The account managers will solicit funds from clients.
Alpha Tech Group OU is the company claiming to own and runs the platform. FINMA has issued a warning regarding all products relating to this company. The reason for it is the lack of transparency from the entity.
No one knows who owns or runs the platform, which is a huge problem. You don’t get to invest funds with an anonymous investment platform. So it should be the last thing on your mind. Anonymity will ensure no one gets to know who handles funds.
And this makes recovering funds from such a platform a nightmare. The platform will make sure no one gets a penny when it goes under. Hiring recovery agents won’t help as the agents don’t have the power to freeze bank accounts.
When looking for a viable investment platform, there are certain features to look for. First, you need to have a platform whose support structure is strong enough to respond to your queries quickly. And this is the reason why you need to have live lines of communication.
With Protrade.fm, you only get an email and a phone number that rarely goes through. This is because the platform uses virtual phone service providers to try and penetrate the UK market. We have seen this before.
Communication via email only is slow as there’s no promise you will get any response. We recommend signing up with platforms that answer your queries within 24 hours. It’s best to invest with a platform offering live chat agents.
Funding your account with the platform is straightforward. Members use bank and wire transfers to deposit funds. If you have crypto, the platform rarely accepts it. Once you fund your account, the funds will appear within 24 hours.
Withdrawing funds with the platform remains a challenge for investors. No one gets to withdraw funds on time. And this is another reason that led FINMA to issue a warning. The platform is likely to hold your account for ransom.
Protrade.fm is not a regulated platform and faces a warning from FINMA. The warning is a sign that the platform offers unfair trading conditions. As a result, you are likely to lose funds with this notorious trading platform.
Ensure you go for platforms regulated by ASIC, CFTC, CySEC, FCA, NFA, and the SEC. These regulators ensure all parties adhere to strict regulations. In addition, regulators ensure there’s a fair trading environment for all.
Your funds are far from safe with a platform that doesn’t have a license. We suspect the platform is pooling funds in one account, thereby putting funds at risk. In the event of winding up, no member will receive any compensation.
We won’t recommend anyone to use a platform already listed as a fraud by FINMA. So please stay away from it.
Make sure to sign up with convenient trading platforms with a proven track record. In addition, it would be best to consider investing in innovative strategies such as coin staking, DeFi, and Masternoding.
Feel free to leave a comment or write to us in case you have any queries.
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