Prorods foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://user.prorods.com/signup/index/?hl=en, about the company's legal and temporary regulatory information, the company's address 11E CAPITAL HOUSE 61 AMHURST ROAD,LONDON,UNITED KINGDOM E8 1LL.
Prorods Forex Broker
Basic information
United Kingdom
2-5 years Suspicious Regulatory License Suspicious Scope of Business Australia Appointed Representative(AR) Revoked High potential riskCompany profile
Overview of Prorods
Prorods, founded in 2015 in the United Kingdom, expanded its presence by establishing cloud servers in the UK, US, and HK in 2016. While Prorods offers a wide range of trading assets, including currencies, metals, commodities, indices, shares, and cryptocurrencies, its proprietary platform deviates from the popular MetaTrader platform, potentially inconveniencing traders.
However, the platform's unregulated status raises risks about transparency and accountability. Moreover, customers encounter challenges with Prorods' inaccessible website and inadequate customer support, contributing to dissatisfaction among traders.
Is Prorods legit or a scam？
The regulation status of Prorods, with its license revoked by the Commonwealth of Australia Regulatory Authority, directly impacts traders on the platform. With its Appointed Representative (AR) license revoked and regulatory oversight by Australia, traders face heightened uncertainty and risk.
Prorods is also unauthorized by the National Futures Association (NFA) and lacks a Common Financial Service License, which significantly influences traders on the platform. With the absence of NFA authorization and regulation by the United States, traders confront heightened uncertainty and risk.
In addition, Prorods is identified as a suspicious clone by the National Futures Association (NFA), lacking a Common Financial Service License, which significantly impacts traders on the platform. With the NFA's designation of Prorods as a suspicious clone and absence of proper licensing, traders face heightened uncertainty and risk.
Pros and Cons
| Pros | Cons |
| Wide range of trading assets | Official website inaccessible |
| High leverage(1:500) | Customer support falls short of expectations |
| Non-MetaTrader trading platform | |
| Exposure to allegations of fraudulent practices | |
| Unregulated |
Pros:
Wide Range of Trading Assets: Prorods offers traders access to an extensive array of trading assets, spanning over 200 products across various categories.
High Leverage: Prorods provides traders with high leverage, with ratios of up to 1:500 available. This level of leverage allows traders to amplify their potential returns on investment.
Cons:
Official Website Inaccessibility: Prorods' official website is inaccessible, which can pose significant challenges for traders seeking essential information about the platform, including account management, trading conditions, and regulatory status.
Customer Support Falls Short of Expectations: Prorods' customer support fails to meet expectations, characterized by delayed responses and inadequate assistance.
Non-MetaTrader Trading Platform: Prorods does not offer the popular MetaTrader trading platform, opting instead for its proprietary platform.
Exposure to Allegations of Fraudulent Practices: Prorods has faced allegations of fraudulent practices, including pyramid schemes and deceptive withdrawal requirements.
Unregulated: Prorods operates without regulatory oversight, exposing traders to heightened risks associated with unregulated trading environments.
Market Instruments
Prorods offers a wide range of trading assets to global traders, encompassing over 200 types of products across various categories.
Currencies form a significant part of Prorods' asset portfolio, allowing traders to engage in forex trading with major and minor currency pairs.
Additionally, traders can explore opportunities in metals, including gold, silver, and platinum, providing avenues for diversification and hedging strategies.
Commodities such as crude oil, natural gas, and agricultural products offer further opportunities for trading and investment.
Prorods also provides access to a wide array of indices, enabling traders to speculate on the performance of global markets.
Moreover, traders can invest in individual shares of renowned companies, facilitating participation in equity markets. With the growing popularity of cryptocurrencies, Prorods includes a selection of digital assets like Bitcoin, Ethereum, and Litecoin.
Leverage
Prorods offers a maximum trading leverage of up to 1:500, which is relatively high. While leverage can enhance potential returns, it also magnifies the risks of losses.
Spreads & Commissions
Prorods claims that spreads on its platforms are as low as 0.0 pips. spreads differ depending on different trading accounts. The spread on the EUR/USD pair is 1.3 pips, with no commissions charged. The spreads in the ECN account start from 0 pips, involving certain commissions.
Trading Platform
When it comes to trading platform available, Prorods offers its traders not the famous MetaTrader platform, instead their propriety platform, which users can download it on the Google Play and App Store.
Customer Support
Prorods' customer support, accessed via support@prorods.com, falls short of expectations. Responses are often delayed, leaving customers frustrated and dissatisfied with the level of assistance provided. Queries are frequently met with generic responses lacking in-depth solutions, further exacerbating customers' sense of frustration.
Exposure
Prorods has garnered significant exposure regarding issues surrounding withdrawals, with numerous complaints highlighting delays and difficulties in accessing funds.
Allegations of fraudulent practices, including pyramid schemes and deceptive withdrawal requirements, have surfaced, further tarnishing the platform's reputation. Customers have expressed frustration over prolonged delays, unresponsive customer service, and demands for additional fees.
Conclusion
In conclusion, Prorods presents a mixed picture with both advantages and disadvantages. On the positive side, it offers a wide range of trading assets spanning currencies, metals, commodities, indices, shares, and cryptocurrencies.
However, significant drawbacks mar the trading experience. Prorods operates without regulation, exposing traders to increased risks and undermining trust in the platform's integrity. Moreover, issues such as an inaccessible website, inadequate customer support, and reported withdrawal difficulties contribute to frustration and dissatisfaction among users, highlighting the platform's shortcomings and hindering its effectiveness as a trading platform.
FAQs
Q: Is Prorods regulated？
A: No, Prorods operates without regulatory oversight.
Q: What trading assets are available on Prorods？
A: Prorods offers a wide range of assets including currencies, metals, commodities, indices, shares, and cryptocurrencies.
Q: What is the maximum leverage offered by Prorods？
A: The maximum leverage available on Prorods is up to 1:500.
Q: How can I contact customer support？
A: You can reach Prorods' customer support via email at support@prorods.com.
Q: Is the Prorods trading platform MetaTrader？
A: No, Prorods offers its proprietary trading platform, which is available for download on Google Play and the App Store.
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Latest Reviews
鄭小新
Taiwan
This platform has been exposed half a year ago, and there has been no follow-up of the withdrawal. For a period of time, the entire platform was directly disconnected and no one could be found at all. A few days ago, the customer service was activated again, and I took the initiative to tell me that I could withdraw the money... Actually, I am really curious, you asked me for NT$150,000 without even asking for my account number. Do you think it is? strange? Is it interesting to deceive like this? It's really easy to make money, and it's not easy to catch people. Taiwan's sentence for this kind of fraud is light, but I think you will have to die in the future.
Exposure
2022-03-07
惠華
Taiwan
Withdrawal approval passed. The application for withdrawal on 2022 1/27 and said that it will be credited to the account on 2022 2/15, but it has not been credited until now. They also lied that after joining a member, you can withdraw money for free
Exposure
2022-03-06
FX3343508576
Taiwan
The customer manager keep delaying the payment and ask people to pay fees. The channel fee is paid when it said at the beginning. Then, it requires fees for bank and margin. It is clearly a fraud.
Exposure
2022-04-05