Bitcore Pro Forex Broker

Bitcore Pro Forex Broker - Complete Information Guide

1. Broker Overview

Bitcore Pro, established in 2005, operates as a forex broker. The company is headquartered in Warsaw, Poland, and is privately held. Initially known as Traders Plate, it underwent a rebranding to its current name in April 2023. Bitcore Pro primarily serves retail traders and institutional clients, providing a variety of trading instruments and services.

The company's development has been marked by several significant milestones. It began its operations in the forex market and has since expanded its offerings to include cryptocurrencies, commodities, and indices. Over the years, Bitcore Pro has aimed to enhance its trading environment by incorporating advanced trading technologies and platforms.

Bitcore Pro operates under a business model that focuses on retail forex trading, offering various account types tailored to meet the needs of different traders. The broker aims to provide competitive trading conditions, including low spreads and high leverage, to attract a diverse clientele.

2. Regulatory and Compliance Information

Bitcore Pro operates without valid regulation, which is a significant concern for potential investors. The broker claims to be a member of the Financial Commission, but there are no records from the commission's register to substantiate this claim. Additionally, while Bitcore Pro purports to be registered in Nevis, checks with the Financial Services Regulatory Commission (FSRC) of St. Kitts and Nevis have not found any licensing information pertaining to the broker.

Due to the lack of oversight from established financial regulatory authorities, traders should be aware that engaging with Bitcore Pro involves substantial risks. There are no legal protections in place to safeguard investor funds, and the absence of regulatory compliance raises concerns regarding the safety and security of client assets.

The broker does not participate in any investor compensation schemes, and its Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures have not been explicitly detailed in the available information. This further emphasizes the importance of exercising caution when considering trading with Bitcore Pro.

3. Trading Products and Services

Bitcore Pro offers a diverse range of trading products, including:

• Forex Currency Pairs: The broker provides access to over 50 currency pairs, including major, minor, and exotic pairs.
• CFD Products: Traders can engage in contracts for difference (CFDs) across various asset classes, including indices, commodities, stocks, and cryptocurrencies.
• Cryptocurrency CFDs: Bitcore Pro features a selection of 25+ cryptocurrency CFDs, enabling traders to speculate on the price movements of popular digital assets.

The broker frequently updates its product offerings to cater to market demands, ensuring that clients have access to a wide array of instruments for trading. Bitcore Pro also provides retail trading services, allowing individual traders to participate in the financial markets.

4. Trading Platforms and Technology

Bitcore Pro supports several trading platforms, including:

• MetaTrader 4 (MT4) and MetaTrader 5 (MT5): These platforms are widely recognized in the trading community for their robust features and user-friendly interfaces. They provide tools for technical analysis, automated trading, and a variety of order types.
• Tick Trader: This is a proprietary trading platform that offers access to multiple asset classes within a single account.

The broker's platforms are designed to accommodate various trading styles, including scalping and high-frequency trading. Bitcore Pro ensures fast execution speeds through its advanced technological infrastructure, which includes servers located in the United States.

Additionally, the broker offers API access for traders interested in automated trading solutions, allowing them to implement their trading strategies effectively.

5. Account Types and Trading Conditions

Bitcore Pro offers several account types to cater to different trading preferences:

• Micro Account: Minimum deposit starts from $1, with no commissions and floating spreads.
• STP Account: Requires a minimum deposit of $300, also with no commission and competitive spreads.
• ECN Account: This account type requires a minimum deposit of $500 and incurs a commission starting from $1.5 per standard lot traded, with spreads starting from 0 pips.

The broker provides leverage of up to 1:500 for most account types, which can enhance trading potential but also increases risk. The minimum trade size varies by account type, and overnight fees apply as per the broker's policies.

6. Funds Management

Bitcore Pro supports various deposit methods, including:

• Bank Transfers
• Credit Cards
• E-wallets

The minimum deposit requirement varies by account type, with the micro account starting at $1 and the ECN account requiring $500. Deposits are generally processed quickly, allowing traders to fund their accounts and start trading without significant delays.

Withdrawal methods include bank transfers and e-wallets, with specific limits and processing times depending on the chosen method. The broker has not publicly disclosed any withdrawal fees, which is an important consideration for traders.

7. Customer Support and Educational Resources

Bitcore Pro provides customer support through various channels, including:

• Email: support@bitcorepro.com
• Phone: +447389186877
• Online Chat: Available on the website

The support team is accessible during business hours, and the broker offers multi-language support to cater to its diverse clientele. However, the availability of educational resources such as webinars, tutorials, and market analysis appears limited.

Traders looking for detailed market insights may find the lack of comprehensive educational materials a drawback, as it can hinder their ability to make informed trading decisions.

8. Regional Coverage and Restrictions

Bitcore Pro primarily serves clients in various regions around the world, but it does not accept customers from certain countries due to regulatory restrictions. The broker's operations are concentrated in regions where forex and CFD trading is permitted.

Specific countries where Bitcore Pro does not accept clients include the United States, Iran, and Cyprus. The broker's regional offices are located in Poland, with a focus on expanding its market presence in Europe and beyond.

In summary, while Bitcore Pro offers a range of trading products and services, potential clients should be cautious due to the lack of regulatory oversight and the associated risks. Conducting thorough research and understanding the implications of trading with an unregulated broker is essential for safeguarding investments.