ProSecureCrypto is yet another company that invites clients to trade with them and promise high returns after investments. It is not out of the ordinary since we have covered so many brokers in our past reviews who promise the same and we have uncovered their true identity.
The platform actually claims to offer all manner of the trading instrument be it cryptocurrency, contracts for difference, indices, crypto services, commodities name them they have them.
The company claims to regulated by both the US and Canada. Let us discuss this in our subsequent section and find out really if this broker is regulated as they claim or that’s just a way of trying to lure clients to think they are a legit business in operation yet they are nothing but corns.
The user registration form was actually different from the other forms, thought it was just the standard web forms. It had a field where the user was required to select the preferred trade type where you are given an option to select between forex, a cryptocurrency that is Bitcoin, and stocks.
On signing up we actually used data that can not be accepted as registration data, the account did not go through a detailed confirmation process where the broker verifies the validity of the information about the user registering. We are later asked to log in and we do just that with our phony account.
The dashboard, however, does not stand out to me as a forex trade dashboard it looks more like a few static components and clickable tabs this is something you wouldn’t expect from a legit forex broker however this could be our very first clues to uncovering the intention of this broker.
Earlier on we told you that this company claims to be regulated by the International Financial Services Commission that is in Canada and another International Financial Services Commission that is in the United States. There are no such organizations in either the united state or Canada this, therefore, means that this broker is lying to its clients about being regulated
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The regulators claimed by this brokerage agency do not really seem to be actual brokerage regulators since we already know that in the United States alone the brokers can only be regulated by either CFTC and NFA so there is no truth in the existence of the International Financial Services Commission in the United States.
Secondly, in Canada, the regulating authority for all forex brokers is known as the Investment Industry Regulatory Organization of Canada (IIROC) and the existence of the said regulator regulating this entity does not actually exist in Canada. The only International Financial Services Commission known in the world is the one in Belize the agency is responsible for the regulation of forex in Belize.
In the United States, both CFTC and NFA are in charge of regulating every broker, the two companies are well known for their ruthless conditions that brokers have to adhere to while operating in the United States. This has made the United States one of the most demanding forex trade environments for brokers across the world, therefore making it so hard for scammers to survive within their jurisdiction.
In Canada on the other hand the situation is not strick as it is in the United States, Brokers here are required to have a license from the Investment Industry Regulatory Organization of Canada (IIROC) a regulatory authority that is well known for its compensation policy where it offers $1 million from its Canadian Investors Trust Fund. In simpler terms, ProSecureCrypto is not a licensed entity, and therefore if your planning to invest with them o would urge you not to.
In Order to trade with this particular broker, a user is required to create an account with them by filling out a registration form on their website, later you will be required to log in to be able to access the user dashboard where you can begin to trade with the platform.
The platform supposedly has set the initial minimum amount to be deposited is $100 dollars for a user to begin trading with them. However, the platform offers another three different sets of accounts that is, the Silver account, Gold, and Platinum accounts. In these additional accounts, the user is required to deposit a sum of 1000 USD for Silver, 5000 USD for Gold, and 20000 USD for the platinum account. More information will be discussed in the next section.
From the user dashboard, the platform describes the following as their preferred methods of deposit: Credit and debit cards, Ethereum, Bitcoin Cash, Bitcoin itself, Skrill, Western Union, and Money gram. Apart from the credit and debit cards option, all the other options the minimum amount a user will be required to pay as the initial deposit is 250 USD.
This particular amount raises suspicion since like we have seen in our previous reviews the market price for the minimum deposit a trader is supposed to make for them to benign trading in the forex market is 100 USD. This, therefore, shows that this broker is charging their client an initial deposit amount that is two times higher than the regulated amount.
On the positive side, this move brings a lot of unseen information such as the confirmation of this broker is actually not regulated since their initial amount is set to 250 USD and the second thing is the broker has nothing to do with being in the United States since we know how strict forex policies are in the US
In the withdrawal section, the broker talks about fees that clients will be charged while withdrawing their funds. For Bitcoin withdrawals, the client will be subjected to a 10% charge of the total withdrawable fund in this method whereas for bank withdrawal the trader will be subjected to a 30% fee of the total amount they will be withdrawing. Not leaving out the electronic payments the broker charges 10% for this type of withdrawal.
A point to note, the investor can be charged an imposed $50 fee by the broker at any particular point in the withdrawal process. For the leverage, the broker does not elaborate or even talk about offering leverage to its client so we have nothing to say about leverage from ProSecureCrypto apart from the assumption that the broker does not offer leverage for its clients.
From the website the contact us section, the broker talks about their physical location being in New York in the United States. They go on and on and give a support line and a support email that users can use to reach them.
However, we can not guarantee you that this contact information is reliable or not but ProSecureCrypto is an unregulated broker and does not possess a license of forex trade and therefore this is just a scammer who could be anywhere in the world.
ProSecureCrypto is not a legit forex broker, no investor should even think of trading with this broker since you will only end up losing your money to a scammer who could be anywhere in the world.
Investors wishing to invest in forex should actually be extra vigilant while investing through brokers, they should do their due diligence and ensure the broker they are about to invest with is a reputable forex broker.
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