Traderspros, like every other scam broker, claims to be one of the providers of excellent services and also ensures customer satisfaction with every trade. While the company claims to be the knight in shining armor on its website, we will find out in this review whether the company is a knight in shining armor.
Upon researching a little about the company by our team of experts, it was found that this company claims to be registered in Hong Kong. However, the website of Hong Kong Securities and Futures Commission also known as the HKSFC that is the regulatory authority of Hong Kong does not mention the name of Traderspros anywhere on its website under the regulated brokers’ list. This is a major red flag and a sign for you to back off in case you were thinking to invest in this company. Furthermore, in order to add to this already unregulated company’s credibility, the Financial Conduct Authority which is also known as the FCA, the Regulatory Authority of the United Kingdom, has listed Traderspros under their warning list. FCA also states that it does not recommend anyone to trade or invest with this company as it is a possible scam.
Traderspros states on its website that it has a variety of options for the customers to trade in such as forex, indices, stocks, commodities, and cryptocurrencies. The website software provided by the company is Meta Trader 4 which is also known as MT4. Meta Trader 4 or MT4 is a very common website platform and is used by many trade brokers for their website. It is easy and user-friendly. The spread that Traderspros offer is 3.1 pips. Such a high spread can prove a little too risky for traders as this will reduce their ability to achieve profits from the trades. On the other hand, the broker who provides such a spread will get greater revenue out of it. That is why the regulatory authorities would not usually allow the broker companies that come under them to offer such a high spread or bonuses. The regulatory authorities are majorly formed to keep the citizens of their country from possible scams and risk-inducing trades. Therefore, the regulatory authorities make sure that the trading and investment companies that come under them do not cause any kind of havoc or attempt to steal the public’s money.
Is Traderspros a scam or legit?
Further probing into their website, we found out that the company states that their leverages go up to 1:500. Now, this is also a very high rate and regulated companies would not provide such a high rate for leverage. Leverage as high as that the company provides can only end in two possibilities, which are, a big win or a bigger loss. Although it may look like a mouthwatering offer, it just puts the customer at great risk of losing his or her money in the trade. To sum up all of that which has been states above, Traderspros is a potential scam. We strongly advise our readers not to trade or have a deal of any kind with this fraud broker.