Scam Alert! FCA issues a warning against Unlicensed Broker Traders Pros

Many unscrupulous brokers try to scam individuals through forex trading scams. Sometimes it can be difficult to know for sure they are problematic until you have already entrusted them with your money. A common problem is when they refuse to allow clients to withdraw their money. This is what is known as a forex withdrawal scam.

BrokersView recently learned that the FCA warned forex broker Traders Pros has been one of the above scam brokers who refuse to pay profits.

Refuses to Pay Profits

An investor posted his bad trading experience with Traders Pros, saying the scammer refused his withdrawal request. He wrote,“I always prided myself on being careful but I fell for this trading seemed helpfull untill you want to take money back!!!! they arranged a credit and want me to pay them before taking any out????? nope . They have taken all my lifesavings, i am disabled and unable to work anymore and now have nothing. But they still keep wanting more.

They get abusive when they don't get their own way and cannot get a withdrawal from them even tho my trading account shows huge profits. Stay away they will ruin your life”.

（Screenshot from the Investor)

Warned by UK FCA

Traders Pros shows on its page that it provides customers with forex currencies, indices and other trading assets. At the same time, it also claims that it is regulated by Global Financial Authority(GFA). However, GFA doesn't regulate forex activities. What's more, based on the information we get, the UK FCA has issued a public warning against Traders Pros,

1) The FCA/PRA does not regulate this firm.

2) The Financial Ombudsman Service will not be able to settle a dispute with this firm.

3) The Financial Services Compensation Scheme will not be able to settle a claim against this firm.

（Screenshot from FCA)

The most important thing for a broker is to get necessary license, Unfortunately for Traders Pros, it does not have regulated licenses and therefore does not have the right to charge you money for forex trading service. When you can’t get your withdrawal money with the scammer, you can’t even find a way to solve it. BrokersView strongly recommends investors only to trade with regulated forex brokers.