Proactivetrade.com Review Is Proactive Trade A Scam Forex Broker

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ProActiveTrade Review – is it scam or safe?

ProActiveTrade is a brokerage supposedly located in Switzerland. There is a lack of clarity regarding the registered address of the company behind the broker. Read the whole review to find out the benefits and disadvantages in dealing with the brokerage!

Disadvantages

Lack of regulation

We receive no corporate information from the website except a mention of Switzerland in the terms and conditons. We even do not learn the name of the company. Such a lack of information is a clear warning sign in Forex trading. Furthermore, anonymity means we have no clue who the people are behind the website and we have no way to contact them directly.

Switzerland is deeply integrated within the EU without being a member-state through a series of bilateral treaties. Online Forex trading has been taken into consideration in the country’s legislation and the Swiss Financial Market Supervisory Authority FINMA is in charge of overseeing financial activities. Forex brokerages in Switzerland have to be licensed by the FINMA but we find no mention of such a license on the broker’s website. However, after checking the online registry of the Swiss authorities we can safely conclude that ProActiveTrade does not fall under any regulatory oversight whatsoever.

Furthermore, we must emphasize, as we have countless times, that missing regulation brings together with it uncertainty regarding the most crucial aspect of a brokerage – the safety of the clients funds. We have no guarantee of the segregation of accounts i.e. we do not know whether the brokerage handles the money of their clients separately from their own, which greatly increases the chance for fraud. Clients also do not participate in a compensatory mechanism, such as the Investor Compensation Fund of the Cysec authorities, where by the traders losses may be covered in the unlikely case of the brokerage’s bankruptcy. All this, and much more, impels us to advise interested traders search for better and safer trading conditions. Here is a list of our top Cysec-regulated forex brokers:

Leverage is a two-sided issue and is always problematic deciding whether a brokerage’s leverage should be seen as an advantage or a negative. On the one hand, it allows traders the possibility of significantly higher profits than would be if they traded with no leverage whatsoever, but in contrast to that – if the market trend leads to losses, leverage will increase the losses. ProActiveTrade provides the clients with a leverage of 1:200 which is reasonable and does extend some freedom in the trader’s dealings.

No fees or commissions

Due diligence always requires us to go through the lengthy terms and conditions of the brokerage in search of potential fees or commission that may be hidden there. Such fees should be taken seriously, because they do not show up on the home page of the brokerage, but may significantly drive up the cost of trading. After a thorough research on our part, we can confirm that ProActiveTrade does not have such surprises in store for potential clients. This should be seen as a huge advantage.

Through a demo account we were granted access to the trading platform the brokerage provides for potential clients. It is web-based and pretty decent. We have seen quite a few of those with other brokerages as well. The charting is readable and crisp and there is some analytic potential.

Interested traders should be sure to check our list of recommended forex brokers who provide the MetaTrader 4 which is probably the foremost trading platform at the moment:

ProActiveTrade is an unregulated brokerage supposedly registered in Switzerland, however, there is a serious lack of information on the website of the broker. The trading conditions are also not that at all favorable for traders. However, without proper regulation we just cannot confirm the security of the clients money and that is what most of all inclines us to recommend interested traders look into better trading options to which we have linked throughout the review.

Proactivetrade.com Review: Is Proactive Trade A Scam Forex Broker?

Proactive Trade Review: this is the name of a Forex broker that seems to be based in Canada. Is proactivetrade.com a legit Forex broker?

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The lack of corporate information on the website is a red flag because this is one of the aspect scam Forex brokers leave out. We find no address as well. What we find are promises about traders gaining ‘financial freedom’ and getting ‘a new kind of trading experience’.

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It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

The broker claims to offer a wide range of financial instruments and excellent trading conditions. A summary of the benefits of trading with Proactive Trade Forex broker is as follows:

Transparent registration conditions
Daily analytics and free educational materials
Multiple methods for deposits and withdrawals
East trading options both for beginners and experts

Proactive Trade Trading Platform

It is mentioned that Proactive Trade trading software is operated on a Web-based platform available to all their clients.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are not mentioned although we find something about cryptocurrencies being offered. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverages can reach up to 1: 200 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are said to start from as high as 3 pips.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Proactive Trade

The means of making payments and withdrawals with this broker are not stated but it is possible that Card transactions and Wire transfers are allowed. We do not find it encouraging that e-wallets are not in use.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is placed at $2500 which is higher than the obtainable average of $100 – $250 among brokers. Withdrawal charges do not apply according to the broker, nor does commissions.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Trading bonuses are not offered and we have found that this is a means brokers use in tying down clients. Its absence is an advantage.

Is Proactive Trade Licensed?

No. Proactive Trade is not a duly licensed Forex broker. It seems to be located in a region where Forex trades are regulated s it should have a license. We have warned traders countless times to avoid unlicensed brokers.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To contact a customer care agent of this broker, clients are directed to call: +12044102496 (Canada) or +442080898732 (UK).

Conclusion

Proactive Trade is not a licensed Forex broker despite having contact number in UK where Forex is regulated. Most of the information we seek in a Forex broker is lacking form its website. We do not find this encouraging but rather shady. The spreads are high as well as it minimum deposit requirement and we advise traders to rather seek other brokers.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

ProActiveTrade review – 5 things you should know about Proactivetrade.com

Beware! ProActiveTrade is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

ProActiveTrade is a Forex brokerage supposedly registered in Switzerland. It provides a web-based trading platform, not the MetaTrader 5 platform with a wide range of trading products, but the spread offered on EUR/USD is quite unfavorable at 3 pips which is twice the industry average.

ProActiveTrade regulation & safety of funds

We find no mention of the company’s name in the website of the brokerage and the only information we discover is a mention of Switzerland in the terms and conditions. This means that the company behind the website remains completely anonymous and traders have no way of contacting them.

We remind readers that the country is deeply integrated within the EU without being a member-state through a series of bilateral treaties. Online Forex trading has been taken into consideration in the country’s legislation and the Swiss Financial Market Supervisory Authority FINMA is in charge of overseeing financial activities. Forex brokerages in Switzerland have to be licensed by the FINMA .However, after checking the online registry of the Swiss authorities we can safely conclude that ProActiveTrade does not fall under any regulatory oversight whatsoever.

Furthermore, upon further research of the brokerage we uncover an official warning issued by the British Columbia Securities Commission against the brokerage. It reads that it has been providing financial services without proper authorization and that it is further suspected of being involved in scam operations. Such an official warning is a major red-flag in Forex trading and we suspect potential clients of the broker will be exposed to a substantial amount of risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.

ProActiveTrade trading software

The brokerage does not provide the MetaTrader 4 trading platform , something we consider a disadvantage for several reasons. First of, it is the foremost trading terminal at the moment, secondly it is equipped with features such as almost a 100 market indicators, as well as customizable trading robots which is what makes it the preferred choice for more than 80 percent of the traders in Forex. Instead, there is a web-based trading platform available.

Furthermore, even though the website is anonymous we were able to register for a demo account. We have always considered the test-drive to be the most transparent and trust-creating way of getting acquainted with the trading conditions of the broker. Among the trading products available we see CFDs on currency pairs, indices, commodities, precious metals and stocks.

However, we see a spread of 3 pips on EUR/USD which is quite high and not in any way favorable for traders, especially compared to the industry average of a pip and a half. The leverage extended to traders goes up to 1:200 which is quite generous and common for unregulated brokerages. The required minimum deposit is at $250 which is nothing out of the ordinary.

ProActiveTrade deposit/withdrawal methods and fees

There is no information concerning the available payment methods of the clients. Furthermore, we find no information regarding withdrawal fees or other such provisions pertaining to the funds of the client.

Many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Unfortunately, the possibility of a scam looms over almost every trade in Forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

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