The possibility to withdraw the bonus is also mentioned in the clause above, but with another impossible turnover requirement, it will remain unrealized. There is no way to distinguish the two – which means that brokers like ProTrades simply pretend all funds are ineligible for withdrawal and deny requests. The other is profits made with your own funds. It states that there are two categories of profit – one is made with the bonuses ProTrades issues and is not eligible for a withdrawal. Another thing that is not possible with ProTrades is the withdrawal of your profits – check out the broker’s Bonus policy: Achieving the 200 times turnover required to escape this surcharge is impossible. This is the fee that ProTrades has in place for inactive accounts – it is higher than what a legitimate company would charge you in a year! But this is not the end of ProTrades’ ridiculous fees – check out how the broker treats withdrawals:Įach transaction is taxed at least $35 – and a 10% levy on top. We should also examine ProTrades’ Terms and Conditions, starting with the ridiculous fees the broker charges: Stick to licensed companies if you wish to ensure your trading experience is lucrative. No – profiting with ProTrades is not possible, as the company is unlicensed. Without a license, the company cannot even guarantee it is not running a scam! Can I make money with ProTrades? There are a lot more things that could be mentioned when it comes to the protections the FCA extends towards traders – but ProTrades is not one of the brokers that can guarantee that level of fund safety. Another is a Negative Balance policy, which makes it so no-one can lose more money than they have invested with a broker. One of them is the access to guarantee funds that pay up to 85 000 pounds per affected person if a broker goes under. Companies like ProTrades often do that to appear more legitimate – you see, UK brokers afford certain protections to their clients. Therefore, ProTrades cannot be licensed – and that means the company lies about its whereabouts, which is a staple of a scam broker. No legitimate broker offers them at the time of writing – and it has been a long time since they did. Secondly, ProTrades offers access to crypto CFDs, which is also something the FCA has banned. We will examine the bonuses ProTrades offers a bit later and how they singlehandedly justify that ban in the next section of the review. And that fact is abundantly clear even without needing to look the company up in the FCA register – ProTrades breaks two crucial rules the FCA imposes on brokers:įirst off, the broker offers bonuses – the FCA has banned the provision of trading incentives altogether.
#Auto protrader reviews license
If it were true that ProTrades had an office there, it would have an FCA license – but, as we said, it does not. The company pretends to operate from the UK, on the following address, but lacks the approval of the FCA, the regulatory body that oversees the British markets. If you feel you need more proof, do read on – we have exposed all of ProTrades’ failings in the review below: Is ProTrades a legitimate broker?Ībsolutely not. It does not store any personal data.ProTrades is an incredibly shady broker – between its lacking regulation and its malicious Terms and Conditions, there is not a single reason to trade with the company – and we can only advise you against depositing with it. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies.
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