Clients Report Frustrating Experiences with TradingPro and Concerns About Its Reliability

BrokersView is committed to regularly reviewing forex brokers to promote a more secure trading environment and help traders avoid potential fraud. This article examines TradingPro to uncover risks that may affect traders.

Although TradingPro claims a 98% customer satisfaction rate, the reality seems a little off. Some clients have reported negative experiences and frustrating situations when dealing with the broker.

Clients report abnormal and unfair situations in trading

A client stated that TradingPro deducted a significant amount from his withdrawal, labeling it as a balance correction. Despite TradingPro claiming to offer negative balance protection, the client's account entered a negative balance. TradingPro later responded that they do not promise negative balance protection.

The situation highlights concerning inconsistencies and a lack of transparency. In addition, without negative balance protection, brokers pose significant risks to traders, who can lose more money than their account balance, potentially leading to debt, especially in volatile markets.

A client reported a sudden change in leverage that wasn't communicated properly, and his $5000 withdrawal request was declined. A trader also reported that TradingPro suddenly changed the margin, despite trading conditions remaining the same. This practice appears unfair, as it can lead to unexpected losses for traders.

Clients report concerns about TradingPro’s identity, security, and legitimacy

A client has raised concerns about TradingPro, citing repeated additional fees to access "profits" and frequent domain changes that obscure the broker's true identity. Unverified bank accounts used for withdrawals have heightened suspicions. Furthermore, reports of losses and suspicions of positive reviews being part of a scam, as well as difficulties in verifying the broker's identity and legitimacy, add to the overall apprehension. 

Despite these issues, TradingPro responded that it never asks clients for withdrawal fees, attempting to clarify.

Review of TradingPro’s regulatory status

Founded in St. Vincent and the Grenadines in 2017, TradingPro claims to operate a global network. 

Despite its alleged registration in Vanuatu, TradingPro does not hold a financial license from the Vanuatu Financial Services Commission (VFSC). While it is registered with the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA), this regulator does not oversee forex brokerage activities.

TradingPro holds a license from the Mauritius Financial Services Commission (FSC) as an investment dealer, but the regulator does not disclose the website domain for verification. Additionally, the Mauritius FSC's offshore oversight is lax, increasing the likelihood of broker misconduct.

TradingPro also operates a Nigerian entity, authorized by the Financial Sector Conduct Authority (FSCA) of South Africa as a financial services provider. However, the FSCA does not disclose the website domain for verification, and its oversight is less stringent than top-tier regulators. Therefore, the entity provides a lower level of investor protection.

Bottomline

While TradingPro presents itself as a broker dedicated to long-term client relationships built on trust and transparency, these negative client reviews raise concerns about its reliability and integrity. Combined with a regulatory status that offers limited investor protection, TradingPro may pose risks to traders. Potential clients should thoroughly evaluate the broker's practices and regulatory standing before engaging in any trading activities.