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Progresive Trade review: 6 reasons to avoid progresivetrade.com

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Progresive Trade review: 6 reasons to avoid progresivetrade.com

Here’s our detailed Progresive Trade Review, which exposes why progresivetrade.com is a scam. Those who have invested with this broker are crying foul. The broker blocks withdrawals from time to time.

To learn how this broker is a scam, you need to review the facts in our progresivetrasde.com review. We have exposed the broker and raised the red flag to investors and traders alike. Avoid investing in scam investment platforms.

Advisory: Get the best out of trading by using expert-recommended investment platforms. We recommend investing with top-tier investments. Use investments that guarantee safety and promise investors reasonable returns.

About Progresive Trade and why progresivetrade.com is a scam

The broker sells itself as an investment platform for institutional brands. It doesn’t cater to the newbie broker. Nonetheless, it does allow newbies to sign up. You should know the broker fails to give any credible background about themselves.

Progresive Trade pros and cons

We also don’t have any history regarding when the broker started the liquidity business. A genuine liquidity provider does ensure there’s accountability and transparency. But, unfortunately, that’s not the case, as our ProgresiveTrade review will expose.

Progresive Trade claims to be a high-end multi-asset brokerage on the about us page. The broker further claims to attract customers from over 50 countries. We see the broker claiming to offer an award-winning trading platform.

All these false narratives ensure no one gets to question their intent. At first glance, the entire website looks professional. Navigating through the platform is easy with most information present.

Is there an advanced trading platform?

Instead of offering users a world-class trading platform, we get a custom-built web trader. The broker claims the platform is easily accessible through all devices. All you need is a secure internet connection to get started.

Depending on how you look at it, custom-built trading platforms are not sufficient. The best trading platforms include MT4 and MT5 terminals. These are expert-backed and widely used trading platforms.

There’s a reason why the industry relies on these two Meta Quotes platforms. It’s simply because the platform does offer relative ease of use. These platforms also have advanced tools such as charting analysis and trading robots.

If you have traded with their web platform, you will have found it wanting. The platform is highly unstable and not enough to warrant a recommendation. You get a platform lacking in presence and stature.

Accounts and plans Progresive Trade

There are six trading accounts to choose from with this liquidity provider. These include Beginner, Basic, Independent, Advanced, Investor, and Premium. Let’s take a closer look at each of these accounts;

Beginner

Spreads start from 0.19 pips, with investors having to deposit $250 to start. There are no commissions with leverage set at 1:100. A 10 percent welcome bonus is available.

Basic

Set for the more knowledgeable trader, members must deposit $1,500 to get started. Spreads start from 1.17 pips. Leverage is set at 1:200, and a welcome bonus of 15 percent is present.

Independent

It’s the last of the novice accounts, with investors having to deposit $5,000 to get started. Spreads start from 0.15 pips with leverage set at 1:300. There’s a welcome bonus of 15 percent.

Advanced

$10,000 is the acceptable minimum deposit with this account. Spreads start from 0.13 pips, and leverage is 1:400. There’s a 20 percent welcome bonus.

Investor

For the investor account, the minimum acceptable deposit is $25,000. Spreads start from 0.11 pips with leverage starting from 1:500. Twenty-five percent welcome bonus is available.

Premium

It’s the most exclusive account, with investors having to deposit $100,000.  Spreads start from 0.0 pips with leverage set at 1:600. There’s a 30 percent welcome bonus.

Accounts Progresive Trade

Account features progresivetrade.com

We can see the increasing leverage as you go past the novice accounts. Each account tier has a different set of leverage. The only account with acceptable industry leverage is the beginner account.

High leverage puts your trading position at risk. You need to engage with platforms that follow set regulations. There’s also the issue of a welcome bonus which is unacceptable. These bonuses are actual trading loans.

Assets and trading instruments Progresive Trade

There are five classes of trading instruments available on this platform. These include commodities, crypto, forex, indices, and stocks. You can trade commodities such as coffee and sugar.

Company stocks are also up for grabs. The platform avails company stocks from all sectors, including aviation, manufacturing, and tech. Indices available on the platform include DAX and Dow Jones.

Crypto trading is available thanks to the volatile nature of the markets. You get to trade leading cryptos such as Bitcoin and Ethereum. The broker also pairs crypto against major currencies such as BTC/USD, ETH/EUR, etc.

Forex trading is at the epicenter of the broker’s activities. There are a handful of forex pairs, major and minor currencies. These spreads are fair on the forex assets. The only issue is the high leverage.

Bonuses are too high

The welcome bonus is too high for members to shrug off. These are the traps set by the broker to incur the wrath of regulators. You will also have to pay the welcome bonus in full once you click withdrawal.

Broker’s rating Progresive Trade

Due to the rising withdrawal complaints, we rate the broker a 1/10. You won’t find any independent website hailing praise on the platform. And that’s because of the unfair trading conditions set by the broker.

How does the progresivetrade.com scam work?

The broker entices investors into thinking this is a real trading platform. You get bombarded with calls urging you to deposit more funds and increase your chances of winning. The broker insists there’s a professional who will give you the insights.

Of course, it doesn’t pan out. The broker is another scammer who wants you to deposit funds. Once you do, access to your account balance is immediately blocked. You can’t even withdraw the initial principal.

License and Regulation Status Progresive Trade

Progresive Trade fails to have any valid license. The people who sign up with the broker are now fooling investors. We have to take into account the regulator’s call on unregulated brokers. Without a valid license, the broker is no longer viable.

You must check with regulators and confirm whether a broker is fully compliant. Check with regulators such as ASIC, BaFIN, CFTC, CNMV, CONSOB, and CySEC. Others include FCA, FINMA, and the SEC.

Deposit and withdrawal channels

There are several deposit methods listed on the member dashboard. These include bank and wire transfers. Withdrawal is next to impossible despite the broker claiming instant withdrawals. No member has had the chance to withdraw funds for the past few weeks.

Support from staff

Don’t expect any support from staff members once you fund your account. You are getting into a platform without any staff for support. Even responding to emails is now a problem, especially for withdrawal requests.

Safety of funds with Progresive Trade

There’s no safety of funds as the broker fails to segregate accounts belonging to members. Instead, the broker deposits all funds in a single account. Insurance cover for such deposits is not available. No member will receive any compensation if the broker goes under.

Our bottom line Progresive Trade

Please stay away from progresivetrade.com.

PS: Crypto investments are the right opportunity to invest.

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