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Is Paytradepro regulated in Thailand?
Mike
Thailand
2023-04-17
ANSWER Paytradepro is a non-regulated broker that we advise against trading with, despite the seemingly attractive deals it offers.Paytradepro claims to be regulated by the US Securities and Exchange Commission (SEC) and a member of Investment Industry Regulatory Organization of Canada (IIROC), the Canadian Investor Protection Fund (CIPF), and the Financial Commission. Firstly, it is important to note that the SEC is responsible for regulating the securities markets and protecting investors and the Financial Commission is a self-regulatory organization and external dispute resolution (EDR) body. Both of them have no legal authority to issue forex licenses or regulate forex activities. Secondly, we noticed that the IIROC has issued a warning against Paytradepro, stating it is not a member of the IIROC and the CIPF and is never registered with IIROC to sell forex or crypto assets, or any other investment products. Paytradepro accounts are not protected by CIPF. You can check the full warning here. That means Paytradepro is misrepresenting itself to deceive unsuspecting investors.Regarding your question, Paytradepro is not regulated by any governing body. Entrust this broker to hold and control your funds or trading with it is highly risky, as there are no safeguards in place to prevent theft or fraud. Therefore, we strongly suggest investors avoid dealing with unlicensed brokers like Paytradepro and opt for fully regulated ones instead.
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