ProCFD is another Forex and CFD broker scam to hit the Forex market. This Forex broker firm is offering several account types for anyone interested to sign up. One of their main selling point when it comes to account type is the Islamic Swipe Free account. Islamic Free account has a leverage of nearly 500:1 with a Veta Trader Platform. Yes, you can either download it or get it online.
A demo account is also available whose spreads were interestingly good. We say this because spreads were just 0 and 3 for the benchmark EUR/USD spread. ProCFD has over 30 Forex pairs not to mention CFDs with spot metals, stocks, Bitcoin, and indices. With all these good trading conditions, we highly recommend that you DON’T TRADE with ProCFD. Why? This broker is not regulated.
According to the website, ProCFD is a Cyprus based company. That said, ProCFD is not regulated by the Cyprus Securities and Exchange Commission (CySEC). It’s not even regulated by any known securities exchange commission making it a questionable trading platform.
Instead of trading Forex with scam Brokers such as ProCFD, why not go for approved and recommended Forex Brokers? This will save you money and Time. Go for Brokers who have expertise to help you get real profits.
Want to make money automatically with Forex, Bitcoin and other Cryptocurrencies, Commodities etc without the risk of trading yourself? Are you ready for self-custody of your investment funds? Do you like the sound of regular consistent results and profitable performance? Tired of the forex and crypto scams, false promises and games out there designed to separate you from your hard earned funds? Stop everything! WorldMarkets is for you! With the WorldMarkets AI Managed Account Services, only YOU are in control of your investment funds. WorldMarkets is a trading platform that uses artificial intelligence to handpick highly profitable and low-risk trades for its users. It also goes ahead to trade for you based on analyzed data. And yea, you guessed right, “it almost never loses”. This is indeed the holy grail of trading. It is much more reliable and profitable than paying gurus to trade for you, mulling over candle sticks or playing the luck game. Using this system, investors and traders have recorded over 30% Returns on Investment in less than a month. And with a 100% compound return, you simply cannot lose with WorldMarkets. All you have to do is sit back, manage your funds and let the AI trade for you. Are you ready to start making aggressive profits regardless of the market’s direction? If you are ready to leave the trading to the professionals and upgrade your monthly income, now is the time, head to WorldMarkets now and choose a plan to start trading. PS: WorldMarkets is a Profitable Forex/Crypto AI Managed Trading Service. 100% Verified and Recommended by Valforex.com.
Trading safely should be the core to your Forex investment. You should feel secure when dealing with Forex brokers that have been regulated. You can get regulated brokers easily and trade knowing your money is safe.
It should be known that CySEC brokers are mandated by EU countries to maintain a minimum operational capital of 730,000 EUR. This ensures all clients funds are segregated to provide traders with a negative balance protection. This also allows for external audits and make regular reporting open for all. There’s always a client compensation fee of 20,000 EUR in case brokers go insolvent.
Another compensation scheme is under the Financial Conduct Authority (FCA) where brokers ensure 50,000GBP. This is insurance of all the trading capital.
What first raised a red flag was that there was no mention of payment methods on the ProCFD website. It should be noted that legit Forex brokers prefer credit card payments, wire transfers and e-wallet payment providers. ProCFD has not given details about this anywhere making us raise concern about trading with ProCFD.
We are also urging readers to be aware of any trading bonuses ProCFD may offer you. Why are we saying this? ProCFD does not allow partial withdrawals. They also don’t allow members to withdraw money unless you’ve reached a trading volume of at least 10,000 times. If you don’t know what this means, it’s the total amount of all your net deposits. This can be challenging even for esteemed professional traders.
Scammers are first thinking people and they always plan a step ahead. What they do is use services known as bot scams. These are scams from anonymous websites designed to entice Forex investors. These bot scams include well prepared video presentations and a feature story. Story in most cases is the same, getting easy returns quickly for a chance to invest in these bots.
In the beginning, no one will ask you about depositing money. All they want from you is to give them your email and phone address. When you register with them, you are transferred to another page. This page is usually of a scam broker firm. You will be asked to make a deposit of $250 in order for you to start earning money. What you don’t know is that people running the bot scams will get a commission.
What happens next is text book scam 101. Your first trades with the supposed scam broker will nearly double in a matter of days. However, all this is not real. Your account will be manipulated asking you to invest a large sum of money to get more money. At this stage, you will get a phone call from your supposed senior account manager. Account manager’s task is to ask you to invest at least $10,000. He claims this is what is needed for you to access some real cash.
Most people don’t realize that after depositing $10,000, its when the scam owners disappear. When you claim you want to withdraw your money, they will bluntly refuse. They come up with excuses such as you don’t have the right to withdraw at that particular time. What’s also funny is that they claim you must have a minimum trade volume to withdraw. Why? They state that you had accepted to take their bonus.
Are you interested in recommended and tested Forex Brokers that will help you earn real money? Why not use Forex Brokers that the trading community uses? This will save you time and money and no longer fall into scams such as ProCFD.
Avoid such troubles by joining Forex products that have a good reputation. Use products that have been tested and proved to make real money. This is the only way to trade safely with Forex as well as trade smartly.
You can easily surf the web and see a lot of positive reviews going on regarding ProCFD. Note that these scammers are smart people and have hired expert webmasters. These webmasters post positive reviews to try and legitimize the scam. Once newbie investors see people are winning with ProCFD, they quickly sign up not knowing the dangers ahead. Testimonials are also fake and no one has actually won any sum with these fake broker firm. These are just phony people. Contact details they give is sketchy as no one has answered our emails or calls for days.
Your only option is to file a charge back with your credit card company. Good thing is that both MasterCard and Visa now allow a chargeback within a minimum of 540 days. This is after deposit has been made. Our advice on this matter is to file a charge back as soon as possible.
You should also refrain from giving scammers your credit card information. Never give these scammers your online banking password at any given time during registration. Once you give away your bank details, ensure you cancel your credit card. Don’t forget to change your online banking password.
Never trust the so called recovery agencies. They claim to render recovery services but this is far from the truth. What they do is collect money in advance from you and you’ll never hear from them again. This leaves you even miserable than you were.
Our findings reveal that ProCFD is NOT A LEGITIMATE FOREX BROKER. You should stay away from them and invest elsewhere.
It’s a shame that fake foreign brokers such as ProCFD are scamming people. What we can urge you is to stay away from ProCFD at all costs.
Do you need reliable and genuine Forex products from real forex brokers who are experienced and recommended? Having a forex broker who is approved by the trading community ensures you trade safely and comfortably.
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