Forex Pro foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://www.forex-pro.us/, about the company's legal and temporary regulatory information, the company's address 11 Broadway New York,NY 10004.
Forex Pro Forex Broker
Basic Information
United States
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Forex Pro Broker - Complete Information Guide
1. Broker Overview
Forex Pro is a forex brokerage firm that has been operational since its inception. While the exact founding year is not explicitly stated in the available sources, it is noted that Forex Pro is associated with offshore operations, particularly in Saint Vincent and the Grenadines. The company claims to be regulated by the local Financial Services Authority (FSA) of Saint Vincent, but the credibility of such regulation is often questioned due to the lax standards typically associated with offshore jurisdictions.
The main office is located in Saint Vincent and the Grenadines, which is a common hub for many offshore brokers. Forex Pro operates as a private entity, not publicly traded, which can limit transparency regarding its financial health and operational practices. The primary market served by Forex Pro includes retail traders looking to engage in forex trading, as well as institutional clients seeking forex-related services.
Throughout its development, Forex Pro has positioned itself as a flexible trading platform, offering multiple account types and a wide range of trading instruments. However, it is essential to note that the lack of substantial information about the company raises questions about its reliability and operational integrity. Forex Pro primarily operates under a retail forex model, catering to individual traders while also providing services to institutional clients.
2. Regulation and Compliance Information
Forex Pro is regulated by the Financial Services Authority (FSA) of Saint Vincent and the Grenadines. The regulatory number associated with this license is not explicitly mentioned in the sources, and the effectiveness of this regulation is often criticized due to the loose oversight typical of offshore regulatory bodies.
The license held by Forex Pro is valid for operating within its jurisdiction, but it does not offer the same level of investor protection as brokers regulated by more stringent authorities such as the UKs Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC). The company claims to implement a client funds segregation policy; however, the specifics of how client funds are managed and protected remain vague.
Forex Pro also states that it complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, although the enforcement of these policies in offshore environments can be inconsistent. The absence of a robust regulatory framework raises concerns about the safety of client deposits and the overall trustworthiness of the broker.
3. Trading Products and Services
Forex Pro offers a diverse range of trading products, including over 60 currency pairs, metals, and Contracts for Difference (CFDs) on indices. The specific currency pairs available include major, minor, and exotic pairs, catering to various trading strategies and preferences.
In addition to forex trading, Forex Pro provides access to various CFD products, which encompass:
- Indices: Major global indices for trading opportunities.
- Commodities: Including precious metals like gold and silver.
- Cryptocurrencies: Although the specifics of cryptocurrency offerings are not detailed, Forex Pro claims to support trading in this asset class.
The platform regularly updates its product offerings, although the frequency and specifics of these updates are not clearly defined. Forex Pro focuses primarily on retail trading services but also claims to cater to institutional clients, providing tailored solutions to meet their needs.
4. Trading Platforms and Technology
Forex Pro primarily supports the MetaTrader 4 (MT4) trading platform, which is widely recognized for its user-friendly interface and extensive functionalities, including automated trading capabilities. While the broker claims to offer a variety of platforms, including cTrader, the links for cTrader are reportedly inactive, raising concerns about the accuracy of their claims.
The broker provides a web-based trading platform, allowing traders to access their accounts from any device with internet connectivity. Additionally, Forex Pro offers mobile applications compatible with both iOS and Android, enabling traders to manage their accounts and execute trades on the go.
In terms of execution models, Forex Pro operates as an A-book broker, which means it routes client orders directly to the market without taking the other side of the trade. This model is generally associated with more transparent pricing and execution practices.
The technical infrastructure of Forex Pro, including server locations and overall technological capabilities, is not extensively detailed in the available sources. However, the broker promotes the availability of API access and automated trading support, which can enhance the trading experience for algorithmic traders.
5. Account Types and Trading Conditions
Forex Pro offers three types of live trading accounts, each designed to cater to different levels of traders. The accounts share the same leverage and minimum trade size, but they differ in terms of minimum deposit requirements and spreads. The specifics of these accounts include:
- Standard Account: Typically requires a lower minimum deposit and offers competitive spreads.
- Advanced Account: Aimed at more experienced traders, potentially offering more favorable trading conditions.
- Islamic Account: For traders who require compliance with Sharia law, although specific details about this account type are not provided.
Forex Pro also provides a free demo account with a virtual balance of $50,000, allowing potential clients to practice trading without financial risk. The leverage offered by Forex Pro varies depending on the account type and the specific trading instruments, but the exact ratios are not clearly specified.
The minimum trading lot size is consistent across account types, and overnight fees, also known as swap rates, are applied to positions held overnight, although specific rates are not disclosed.
6. Fund Management
Forex Pro supports a variety of deposit methods, including credit/debit cards, local bank transfers, wire transfers, and e-wallet services such as Skrill and Neteller. The minimum deposit requirements vary by account type, with higher initial deposits typically required for accounts with more favorable trading conditions.
The processing time for deposits is generally instant for credit card transactions, while bank transfers may take longer, typically between 2-5 business days. Forex Pro claims to charge no deposit fees, although withdrawal fees may apply, particularly for wire transfers, which could incur a fee of $25 or more depending on the method used.
Withdrawal methods include the same options as deposits, and processing times for withdrawals can range from 24 hours to several business days, depending on the method chosen. The fee structure for withdrawals is not explicitly detailed, which may pose a concern for potential clients regarding transparency.
7. Customer Support and Educational Resources
Forex Pro offers customer support through various channels, including email and online chat. However, the availability of phone support is not mentioned, which may limit accessibility for some clients. The service operates during standard business hours, but specific time zone coverage is not provided.
The broker claims to support multiple languages, although the exact languages available are not listed. Forex Pro also provides educational resources, including tutorials and market analysis, aimed at helping traders improve their skills and understanding of the forex market.
The market analysis services include daily updates, news, and research reports, which can be beneficial for traders looking to stay informed about market trends and developments. Additionally, Forex Pro offers various trading tools, such as calculators and economic calendars, to assist traders in making informed decisions.
8. Regional Coverage and Restrictions
Forex Pro primarily serves clients globally, with a focus on regions where forex trading is popular. However, as an offshore broker, it may face restrictions in certain jurisdictions, particularly in regions with stringent regulatory requirements.
The specific countries or regions where Forex Pro does not accept clients are not clearly listed in the available sources. However, potential clients are advised to verify their local regulations before engaging with the broker to ensure compliance and avoid any legal issues.
In conclusion, while Forex Pro presents itself as a flexible and accessible trading platform for forex and CFD trading, potential clients should conduct thorough due diligence regarding the broker's regulatory status, fund safety, and overall operational practices before making any financial commitments.
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Latest Reviews
Sam Gordon
Philippines
One of the detriments that caught me off guard was the trade execution speed. Unreliable speed of execution can be a significant drawback in a dynamic market as volatile as forex, and unfortunately, Forex Pro missed the mark on several occasions. As a case in point, during a recent ***** in trading volatility, I was dealing with EUR/USD pair that was witnessing aggressive market swings. Trusting Forex Pro's execution speed, I placed my orders, but was met with frequent slippages leading to disappointing losses.
37130
2023-10-13
Camila
Colombia
Since the day I deposited the money and now two years later, I have not been able to withdraw it or even recover the invested money.
Exposure
2024-09-17