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Pro Web Trader Review
Nearly everyone who decides to venture into the financial markets is familiar with the concept of online brokers. Yet, you will find that there are still thousands of people who become victims of these shady platforms on a regular basis. Why is this the case? This is because these unscrupulous characters will promise you the moon and back to get you to sign up with them and by the time you realize they are wrong, it is already too late. Most people do not know how to discover the red flags that these brokerages may have and this Pro Web Trader review can give some idea of how to do it.
With the right knowledge, you will be able to protect yourself and not fall into the trap set out by these fake platforms. If you miss even one step, it can lead to disaster and this is exactly what you need to avoid. The ideal way to do so is by doing your research and checking a broker out thoroughly. This means that you don’t simply take their word for the claims and promises they make, but actually check them to ensure they are not leading you on.
You need to adopt the same approach in the case of Pro Web Trader, which is one of the options that you will find at your disposal when you decide to start trading. On the surface, they might appear to check all the boxes, but you can only find the truth when you start researching. Once you do, you will uncover plenty of red flags about the broker. Take a look below to learn more:
Absence of licensing and regulation
There can be different kind of red flags that you can find in a broker, but the biggest and most alarming is the absence of a license and regulation. Brokers that are licensed and regulated are those that can be trusted because they follow strict rules and regulations and are required to maintain high standards of services. Fraudulent platforms are those that don’t have a license and are not regulated by any authority. You will find this red flag when you check out Pro Web Trader because they don’t have a license to operate and are unregulated.
You can go through the Pro Web Trader website and not find any information available about the company that owns and operates the brand. This is undoubtedly suspicious because a legitimate brokerage would have no problem in disclosing their corporate background, so their customers can verify it. But, you will not find this data available on their website, not even in their Terms and Conditions, which means you will have no idea who is behind the broker.
The only information that you will find available on the Pro Web Trader website is a UK address and a contact number. If a broker wants to operate from the UK, they are required to have a license from the Financial Conduct Authority (FCA), the regulator for the region. But, you will not find any licensing information and you can check the database of the FCA and not find this brokerage listed. This means that either Pro Web Trader is lying about their address, or they are operating illegally in the UK.
Short Terms and Conditions
It is natural for traders to want to check the Terms and Conditions of the broker they are opening an account with because these shed light on the trading conditions you can expect, such as the fees involved. Likewise, this legal document also provides information about the applicable policies and other details that can make a difference. The problem with Pro Web Trader is that their Terms and Conditions are very short.
If you check out some renowned and professional brokers, you will find that they have extensive and detailed Terms and Conditions that provide all the necessary information. But, the Terms and Conditions that you find at Pro Web Trader are very short and there are no details about the financial conditions, such as commissions and fees.
This means that Pro Web Trader will be able to charge you anything in the name of fees if you agree to their Terms and Conditions because they have clearly not mentioned any costs.
False claim about trading platform
One of the biggest claims that Pro Web Trader makes is that they offer their clients the MT4 trading platform, along with a proprietary web-based software. The problem is that it is exactly that; a claim. You can scour their website, but you will not find a download link for the MT4 platform anywhere, which means they are only trying to mislead their clients. After all, the MT4 is recognized as one of the top trading platforms in the market and most people would be ready to sign up with the broker because they want to use it.
Unfortunately, all they will find at Pro Web Trader is a web-based trading platform that does not even come close to the MT4. It has a simple interface and none of the trading tools and features that the MetaTrader platforms are known for.
Only crypto payments supported
If you are looking for more red flags associated with Pro Web Trader, you can simply check their payment methods. There are a variety of payment options that are supported by some of the top online brokers in the market, such as bank wire transfers, debit and credit cards and online payment solutions. Cryptocurrencies have also become a recent addition, but when a broker is only offering you crypto payments, you need to be careful.
Why? This is due to the fact that crypto payments are final and irreversible. In fact, these transactions are mostly anonymous, so you cannot trace them or get your money back. The fact that Pro Web Trader has conveniently eliminated the options of credit cards, which come with the option of chargeback in case of a problem should be a clear warning.
These red flags make it apparent that Pro Web Trader is not a platform you can trust in any way.