Pro Lite Trade foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://www.prolite-trade.com/open-live-account, about the company's legal and temporary regulatory information, the company's address Bell Tower, 10104, 202 103 Ave NW, Edmonton, AB T5J 0H8, Canada..
Pro Lite Trade Forex Broker
Basic Information
Canada
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Pro Lite Trade Forex Broker - Complete Information Guide
1. Broker Overview
Pro Lite Trade is a forex broker established in 2023, with its headquarters located at Bell Tower, 10104, 202 103 Ave NW, Edmonton, AB, T5J 0H8, Canada. The company operates as a private entity and is primarily focused on serving retail clients who are looking to engage in forex and cryptocurrency trading.
Since its inception, Pro Lite Trade has positioned itself as a platform that offers a wide array of trading instruments, including over 35 forex currency pairs, commodities, indices, and cryptocurrencies. The broker aims to provide a user-friendly trading experience through its proprietary platform, which is designed to cater to both novice and experienced traders.
Despite its recent establishment, Pro Lite Trade claims to be part of the Prolite Trade Group, which includes various entities purportedly operating in different jurisdictions. However, the lack of verifiable regulatory oversight raises concerns about its legitimacy. The business model primarily revolves around retail forex trading, offering competitive spreads and leverage options to attract a global clientele.
2. Regulatory and Compliance Information
Pro Lite Trade operates without any regulatory oversight. The broker has not provided evidence of registration with major financial authorities such as the Cyprus Securities and Exchange Commission (CySEC), Financial Conduct Authority (FCA), or the Securities Commission of the Bahamas (SCB).
- Regulatory Status: Unregulated
- Regulatory Numbers: Not applicable
- Licensing Validity and Scope: No valid licenses reported
- Legal Entities in Different Regions: Claims to operate under various entities in Cyprus, the UK, and the Bahamas, but no verifiable records exist.
- Client Funds Segregation Policy: Not disclosed
- Investor Compensation Fund Participation: Not applicable
- KYC and AML Compliance Measures: While the broker claims to adhere to KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, there is no evidence to support these claims.
Given these factors, potential investors should exercise extreme caution when considering engaging with Pro Lite Trade, as the lack of regulatory oversight poses significant risks.
3. Trading Products and Services
Pro Lite Trade offers a diverse range of trading products, catering to various investment preferences:
- Forex Currency Pairs: The broker provides access to over 40 currency pairs, including major, minor, and exotic pairs.
- CFD Products: Clients can trade CFDs on various asset classes, including:
- Indices: Major global indices
- Commodities: Precious metals like gold and silver, as well as oil
- Stocks: A selection of popular stocks
- Cryptocurrencies: Over 40 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin
The platform is designed to accommodate both retail and institutional clients, although specific services for institutional clients are not detailed. The broker claims to frequently update its product offerings, but specific details regarding the frequency of updates or newly added products are not provided.
4. Trading Platforms and Technology
Pro Lite Trade utilizes the VertexFX trading platform, which is available in both desktop and mobile versions. The platform is designed to facilitate seamless trading experiences across various devices.
- MetaTrader 4/5 Support: Not supported
- Proprietary Platform Details: VertexFX provides a range of trading tools and features, although specific functionalities are not detailed.
- Web-Based Trading Platform: Available
- Mobile Applications: Yes, compatible with both iOS and Android devices
- Execution Model: The broker does not explicitly state whether it operates on an ECN, STP, or Market Making model.
- Server Location and Technical Infrastructure: Details are not disclosed.
- API Access and Automated Trading Support: Information about API access is not available.
The technology infrastructure and execution capabilities of Pro Lite Trade remain unclear, which could impact the trading experience for users.
5. Account Types and Trading Conditions
Pro Lite Trade offers several account types tailored to different trading needs.
Standard Account Conditions:
Minimum Deposit: $200
Spreads: Starting from 5 pips
Commission: None specified
Advanced Account Types:
VIP Accounts: Higher minimum deposits and potentially better trading conditions
Islamic Accounts: Not specifically mentioned
Corporate Accounts: Not specifically mentioned
Demo Account Policy: A demo account is available for users to practice trading strategies before committing real funds.
Leverage Ratio Range: Up to 1:500 for various products
Minimum Trade Size: 0.01 lots
Overnight Fees Policy: Not disclosed
The account conditions suggest a competitive offering, but the lack of clarity on advanced account types and fees may deter potential clients.
6. Fund Management
Pro Lite Trade supports various deposit and withdrawal methods, although specific details regarding fees and processing times are limited.
Supported Deposit Methods:
Bank wire transfers
Cryptocurrency deposits
Minimum Deposit Requirements:
$200 for standard accounts
Deposit Processing Time: Not specified
Deposit Fees: Not disclosed
Withdrawal Methods and Restrictions:
Bank wire and Bitcoin withdrawals are available
Withdrawal Processing Time: Typically within 2 days for bank transfers and instant for cryptocurrency
Withdrawal Fees Structure: Not disclosed
The limited information on fund management practices raises concerns about transparency and the ease of accessing funds.
7. Customer Support and Educational Resources
Pro Lite Trade offers multiple channels for customer support, although specifics regarding service availability and language support are limited.
Support Channels:
Email: support@prolite-trade.com
Phone: +1 925-493-8137
Online chat: Not specified
Social Media: Not specified
Service Hours and Time Zone Coverage: Not disclosed
Multilingual Support: Not specified
Educational Resources:
Webinars and tutorials: Not specified
E-books: Not specified
Market Analysis Services: Daily analysis, news, and research reports are not explicitly mentioned.
Trading Tools: Tools like calculators and signal services are not detailed.
The absence of comprehensive educational resources and customer support details may limit the effectiveness of the trading experience for new users.
8. Regional Coverage and Restrictions
Pro Lite Trade aims to serve a global market, but specific information regarding regional offices and client restrictions is limited.
- Primary Service Markets: Global clientele
- Regional Office Distribution: Not specified
- Countries/Regions Not Accepted: Details are not provided
- Special Restrictions: Not disclosed
The lack of clarity regarding regional restrictions may pose challenges for potential clients in certain jurisdictions.
In summary, while Pro Lite Trade presents itself as a competitive forex broker with a variety of trading products and services, the lack of regulatory oversight and transparency raises significant concerns. Potential investors are strongly advised to conduct thorough research and consider safer, regulated alternatives before engaging with this broker.
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Latest Reviews
Sagar Ranganath Gowda
India
Hi, My name is Sagar Ranganath. My experience with this platform is gradually improving. I was initially worried when I did not receive my withdrawals within 24 hours as the account manager had promised. However, he explained that it would take 2 to 3 days for the withdrawals to process, and just as he stated, I received my funds. There is a slight lag in the platform, and it would be beneficial if this issue could be resolved to ensure a smoother user experience. Overall, I am satisfied with their service. The signals and tips provided by Prolite Trade are advantageous, and their guidance with market information has made it easier for me to understand the international market. And i would definitely I would provide 5 stars once the platform lag has been sorted out.
37130
2024-06-05
momo2459
Indonesia
Starting with tasks that are done every 30 to 60 minutes, the task is to enter a link to an online sales site, then take a screenshot and send it to the admin, and we will receive a salary directly transferred to our account. Every 3 hours, there is a task that requires us to enter the Prolite Trade cryptocurrency platform, then we are required to open an account and directed to send a deposit through a specified bank via transfer, and then it becomes a balance in the account. However, every hour the task seems to never end, as we are required to continue filling in a certain amount of deposit and reach a total of Rp 312 million.
Exposure
2024-07-23