Progresive Trade Forex Broker

Progresive Trade Forex Broker - Complete Information Guide

1. Broker Overview

　　Progresive Trade is a forex broker operated by Ailurophile Group LLC, established in May 2022. The company is headquartered in Saint Vincent and the Grenadines, a location known for its lack of stringent financial regulations, making it a common hub for many offshore brokers. As a privately held entity, Progresive Trade primarily serves retail clients looking to engage in forex and CFD trading.

　　Since its inception, Progresive Trade has aimed to attract a diverse clientele across various global markets. The broker claims to provide a user-friendly trading experience, although the details of its operational history and any significant milestones remain vague. The company operates under a business model that primarily focuses on retail forex trading, offering multiple account types to cater to different levels of traders, from beginners to more experienced investors.

　　As the Progresive Trade broker continues to develop, it faces challenges typical of the offshore brokerage model, including questions regarding regulation, trustworthiness, and client fund safety. Understanding these factors is crucial for potential clients considering engagement with this broker.

2. Regulatory and Compliance Information

　　Progresive Trade operates without regulation from any major financial authority. The broker's claims of legitimacy are undermined by its registration in Saint Vincent and the Grenadines, a jurisdiction notorious for its lax regulatory environment.

• Regulatory Bodies: Progresive Trade is unregulated and has not obtained licenses from recognized authorities such as the FCA (Financial Conduct Authority), ASIC (Australian Securities and Investments Commission), or CySEC (Cyprus Securities and Exchange Commission).
• Regulatory Numbers: Due to the lack of regulation, there are no regulatory numbers available for Progresive Trade.
• License Validity: The absence of a regulatory license indicates that there are no oversight mechanisms to protect clients' interests.
• Legal Entities: The broker operates solely under the name Ailurophile Group LLC, with no other legal entities reported.
• Client Fund Protection: Progresive Trade does not offer segregated accounts for client funds, meaning that client deposits may not be protected in the event of the firm's insolvency.
• Investor Compensation Fund: The broker does not participate in any investor compensation schemes, which further heightens the risk for clients.
• KYC and AML Compliance: While the broker may claim to adhere to KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, the lack of regulatory oversight raises questions about the effectiveness of these measures.

　　Given these factors, potential clients should be cautious and consider the risks associated with trading through an unregulated broker like Progresive Trade.

3. Trading Products and Services

　　Progresive Trade offers a variety of trading products and services aimed at retail traders.

• Forex Pairs: The broker provides access to a range of forex currency pairs, including major pairs like EUR/USD and GBP/USD, although the exact number of pairs available is not specified.
• CFD Products: Clients can trade CFDs on various asset classes, including:
• Indices: Major global indices such as the S&P 500 and NASDAQ.
• Commodities: Popular commodities like gold, silver, and oil.
• Stocks: Shares from various sectors, including technology and finance.
• Cryptocurrencies: Progresive Trade also offers trading in popular cryptocurrencies, although the specifics of these offerings are not detailed.
• Unique Products: The broker does not appear to offer any unique or proprietary trading products that would differentiate it from other brokers.
• Product Updates: Information regarding the frequency of product updates or the introduction of new trading instruments is not provided.
• Retail Trading Services: Progresive Trade primarily focuses on retail trading services, offering multiple account types to cater to different trader needs.
• Institutional Services: There is no mention of institutional trading services or white-label solutions.
• Asset Management Services: The broker does not provide any asset management services for clients.

　　Overall, while Progresive Trade offers a range of trading products, the lack of regulatory oversight and transparency raises concerns about the safety and reliability of these offerings.

4. Trading Platforms and Technology

　　Progresive Trade utilizes a proprietary web-based trading platform that is accessible across devices.

• MetaTrader 4/5 Support: The broker does not support MetaTrader 4 or 5, which are widely recognized trading platforms in the industry.
• Proprietary Platform Details: The custom-built platform offers basic trading functionalities but lacks the advanced features and tools found in industry-standard platforms like MetaTrader.
• Web Trading Platform: The web platform is designed for ease of access, requiring only a stable internet connection to trade.
• Mobile Applications: Progresive Trade does not appear to offer dedicated mobile applications for trading on iOS or Android devices.
• Execution Model: The broker operates under a market-making model, which may present potential conflicts of interest in trade execution.
• Server Location and Infrastructure: Details regarding the server locations and technical infrastructure supporting the platform are not disclosed.
• API Access and Automated Trading Support: There is no information available regarding API access or support for automated trading strategies.

　　Given the lack of advanced trading technology and support for widely used platforms, potential clients may find the trading experience with Progresive Trade to be limited.

5. Account Types and Trading Conditions

　　Progresive Trade offers six different account types, each tailored to various levels of trading experience and investment capacity:

• 　　Beginner Account: Minimum deposit of $250, spreads starting from 0.19 pips, leverage up to 1:100.

• 　　Basic Account: Minimum deposit of $1,500, spreads starting from 1.17 pips, leverage up to 1:200.

• 　　Independent Account: Minimum deposit of $5,000, spreads starting from 0.15 pips, leverage up to 1:300.

• 　　Advanced Account: Minimum deposit of $10,000, spreads starting from 0.13 pips, leverage up to 1:400.

• 　　Investor Account: Minimum deposit of $25,000, spreads starting from 0.11 pips, leverage up to 1:500.

• 　　Premium Account: Minimum deposit of $100,000, spreads starting from 0.0 pips, leverage up to 1:600.

• 　　Minimum Trading Lot Size: The minimum trading lot size and specific overnight fees are not explicitly detailed in the available information.

• 　　Leverage Ratios: The leverage offered by Progresive Trade varies significantly across account types, with higher leverage ratios available for larger deposits.

• 　　Demo Account Policy: There is no mention of a demo account option for potential clients to practice trading before committing real funds.

　　The account types and trading conditions suggest a focus on attracting a diverse range of clients, but the high minimum deposits may be a barrier for some traders.

6. Fund Management

　　Progresive Trade provides several methods for fund deposits and withdrawals, although specific details are limited.

• Supported Deposit Methods: The broker accepts deposits primarily via cryptocurrencies, notably Tether (USDT), which is common among unregulated brokers.
• Minimum Deposit Requirements: The minimum deposit varies by account type, starting at $250 for the beginner account.
• Deposit Processing Time: The exact processing time for deposits is not specified.
• Deposit Fees: Information regarding any fees associated with deposits is not provided.
• Withdrawal Methods and Restrictions: Clients may face significant challenges when attempting to withdraw funds, with reports of excessive fees and delays.
• Withdrawal Processing Time: Withdrawals reportedly take an excessive amount of time, with many clients experiencing issues in accessing their funds.
• Withdrawal Fee Structure: Specific withdrawal fees and conditions are not disclosed, but clients have reported high fees and difficulties in processing withdrawals.

　　The overall fund management policies of Progresive Trade raise concerns about the safety and accessibility of client funds.

7. Customer Support and Educational Resources

　　Progresive Trade offers various customer support channels, though the effectiveness of these services is questionable.

• Support Channels: Clients can reach customer support via phone, email, and social media, although specific contact details are not consistently provided.
• Service Hours and Coverage: The operational hours and time zone coverage for customer support are not detailed in the available information.
• Multilingual Support: There is no information on the languages supported by the customer service team.
• Educational Resources: The broker claims to offer educational resources, but specifics regarding the types of resources (e.g., webinars, tutorials, eBooks) are not mentioned.
• Market Analysis Services: Progresive Trade does not provide comprehensive market analysis services, such as daily analysis or research reports.
• Trading Tools: The availability of trading tools like calculators, economic calendars, or signal services is not mentioned.

　　Overall, while Progresive Trade indicates a commitment to customer support, the lack of transparency and detail raises concerns about the quality of service provided.

8. Regional Coverage and Restrictions

　　Progresive Trade operates in multiple regions, but there are notable limitations on its service coverage.

• Primary Service Markets: The broker claims to serve clients in various countries, although specific markets are not detailed.
• Regional Office Distribution: There is no information available regarding the presence of regional offices.
• Countries/Regions Not Accepted: Progresive Trade does not accept clients from certain jurisdictions, including the United States and United Kingdom, due to regulatory restrictions.
• Special Restrictions: The broker's operational model may limit its ability to serve clients in regions with strict financial regulations.

　　In conclusion, while Progresive Trade presents itself as a viable option for forex trading, the lack of regulation, transparency, and customer service raises significant concerns for potential clients considering this broker.