This objective review is dedicated to FinproTrading online brokerage project, which offers financial services to traders from all over the world through its official website finprotrading com. The increased attention to the broker is caused by a complete discrepancy between the information that the company itself provides, telling about itself, its capabilities and benefits for clients, and the stream of negativity that is present in the free access of search engines.
If you get acquainted with the activities of the project, FinproTrading is not easy to suspect of fraud or any unfair practices in relation to traders.
Despite the brevity and presentability of the site, the name of the company FinproTrading, which calls itself a reliable Forex broker, is associated with threats to traders' capital, is implicated in illegal activities, and is mentioned as financial frauds and shenanigans of swindlers. Looking ahead, we note that the project operates illegally and is on the "black list" of regulators. Belonging to FinproTrading to an offshore jurisdiction, the company has all the hallmarks of one of the many representatives of the global forex kitchen.
Before deciding to cooperate, you should familiarize yourself with this information in order to avoid getting hooked by another deceitful broker, which is FinproTrading.
The swindlers who run FinproTrading do not deny themselves the pleasure of breaking contracts, ignoring the obligations given to their clients. As a result, the company has simply become riddled with numerous complaints and negative reviews. The feedback from FinproTrading's real clients, studying the documentation and monitoring the official website formed the basis of this review, allowing for an unbiased description, without lyrics and advertising embellishments, showing traders the broker for what it really is, rather than what it would like to look like in the eyes of its potential clients.
Types of trading accounts offered by FinproTrading
The so-called FinproTrading broker offers to become a participant of his trading platform with the help of any of the three types of trading accounts - Micro, ECN and VIP.
The minimum deposit amounts are specified in US dollars.
This type of trading account is designed for beginners - the entry amount is only $5. In general, with this deposit, of course, you can not earn much, but the calculation is that this amount is not too shameful to lose. An inexperienced trader might think so and would be partially right. However, the fraudsters have far-reaching plans. Even for a deposit of five dollars, the user is obliged to register, which means the provision of the personal data. Not only is the broker unreliable and it is unknown how he will dispose of such information, but he will also bother his client, demanding to be active and to invest more money in the platform.
Using the so-called trading platform with an ECN account will require a minimum deposit of $100 or more from the client. Traders are even promised a bonus of 100% of the amount of the initial deposit. At first glance, it seems like a nice gift from a generous broker. In fact it's not a present, but a real financial anchor, which will pull the trustful client to the bottom, not allowing to withdraw his money without paying off the "gift" amount.
Claiming to offer an ECN account, FinproTrading broker promises direct access to some of the deepest liquidity pools in the world, with absolutely transparent trading costs on more than 500 trading instruments.
You can become a pro trader with a minimum deposit of $2500. The broker does not offer any special privileges to such clients but insists that there is nothing for beginners.
Also traders can use the access to PAMM Account.
If you pay attention to the leverage, the FinproTrading platform offers a maximum size of 1:500. The higher the leverage ratios when trading, the greater the risks for investors. For information, highly reputable brokers do not offer leverage ratios higher than 1:40. Higher ratios are typical of offshore brokers, who mostly do not care about the financial security of their clients.
FinproTrading trading conditions
As we have already mentioned, the brokerage project FinproTrading bears the stamp of a fraudster. There are enough reasons for that to refuse to cooperate with this company.
The company offers to trade, relying on the powerful software MetaTrader 4. This is the "standard" for working in Forex, and many brokers trust such offerings as one of the best mobile solutions that can support clear charts.
The important thing is that the platform itself doesn't let you down or cheat. In the case of FinproTrading, alas, customers are faced with exactly the second option.
Testing of the platform revealed a large number of inconsistencies between the promises and the reality. Sad conclusions are also described by traders in their reviews. We are talking about the slow updating of quotes, which has an extremely negative impact on the course of trading. Moreover, FinproTrading has managed to prove a false surge when working with the currency pair EUR/USD on one of the large timeframes. So much for the best reliable platform with opportunities for traders!
If the broker is stingy with favorable offers for its clients, there is an absolute variety in the ways of depositing accounts. There are payment systems that are convenient for Indonesian and Brazilian traders, for clients from China or Japan, as well as for those users who are in Europe or the USA.
The desire not to miss a cent is clearly evident in FinproTrading's offers, which can be seen on the broker's official website.
Every FinproTrading offer has a double bottom, so serious traders and beginners should not ignore the warning signs. It is better not to consider this so-called company as a reliable trading intermediary at all. Moreover, their bet on MT4 has failed - the service came out shoddy and unfinished, which is typical for crooks in a hurry to get the booty, rather than improve their company.
In general, the overall presentation of the company does not want to give high marks to it, because many mistakes and practical failures, lack of information in the most important section - about trading conditions, cannot be hidden behind impressive images.
Offering various exclusive bonus programs, the broker FinproTrading gives even more reasons to consider itself a fraud. The more bonuses and emphasis on "exclusivity", the less reliable the intermediary is.
FinproTrading notes that its main office is located in the United States or offshore. Such conclusions can be drawn from the contact number listed under "Contact Us".
There is no further information, nor is there any mention of an address or copies of documents.
There is a brief mention that the company is registered by the FSA regulator offshore.
In the field of trading, the attitude to this broker and companies registered on its territory is wary and negative. The regulator turns a blind eye to the illegal activity of its wards and rarely helps traders to get justice in the case of fraud from the brokers.
In any case it is necessary to check the license.
There is no mention of such a broker on the website of the regulator, even an offshore one. In other words, it is impossible to confirm that this broker is licensed and regulated by anyone.
Let's see what the domain of the official website finprotrading.com will tell us.
There is no information. We know from outside sources that the project was closed several times. Then it was purchased by Coinexx.com. By the way, this organization also operates without a license from the regulator.
In the process of preparing this review it was found that the CFTC - the U.S. Commision on Foreign Exchange Trading has entered new data to its black list (in the list of RED, Registration Deficient List, already 110 companies), which includes Forex brokers and brokers of binary options, which are engaged in illegal provision of financial services to residents of the country.
What can be said about the so-called broker on the basis of the information received? The site is probably quite old - it has been around for several years, most likely, but it constantly disappears and reappears in an updated form. The owners of the site benefit from hiding personal information (and this service is paid for).
The broker FinproTrading itself is hiding in an offshore organisation and works without a license. By the way, the company has several domains that focus on different regions, which allows it to act as an offshore broker.
It is definitely not possible to make money with such an intermediary.
FinproTrading lies about its reliability and honesty, because experienced traders are aware that the company was recently spotted trading in non-existent binary options. Many naive traders have lost their money this way.
FinproTrading Reviews online
Over the years, FinproTrading has managed to deceive quite a few traders under different pretexts and in different guises.
This is confirmed by the real reviews of those who once believed in the broker and became victims of the swindlers' publicity stunts.
Despite the presence at the Forex market for several years, the brokerage project FinproTrading is a one-time project: one process of deceiving the citizens is over and it is replaced by another one, only in a slightly upgraded form.
Users say that scammers don't withdraw money and the support service leaves much to be desired - cliché phrases don't solve clients' problems.
Scammers skillfully lead clients to want to put a small amount on deposit, which, if you believe FinproTrading's promises, will quickly increase.
Safety and security of funds with FinproTrading
Since FinproTrading is a scam broker who operates offshore and much of the information on his official website is false, traders' capitals are definitely at risk.
FinproTrading is a typical scam brokerage project with con artists behind it. It is strongly not recommended to trust them with your time and money.