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Greatfxpro Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
| Trading account | Min. deposit | Max. leverage | Spread |
| Mini | $500 | 1:200 | 3 pips |
| Classic | $5 000 | 1:200 | 3 pips |
| Premium | $20 000 | 1:200 | 3 pips |
Greatfxpro is a forex broker registered on the Marshall Islands. It offers three account types, however it is not clear whether and how the trading conditions on these accounts differ. Apart from their account types and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review.
Greatfxpro Advantages
Trading on the MetaTrader4
Clients of Greatfxpro have access to the MetaTrader4 (MT4) which is by far the foremost platform in use. It can be accessed through almost any web browser, as well as mobile devices and has great charting and useful functionalities. One such option is the MQL5 programming language through which traders can alter or design their own auto-trading bots or run ready-made ones. Another very popular functionality of this platform is the support for Expert Advisors for automated trading.
Wide range of assets
Another good thing about this broker is that offers trading in currency pairs from all over the world and a wide variety of CFDs, allowing for portfolio diversification, which helps manage risk. More specifically, the broker’s CFD product range includes, indices, stocks, commodities, precious metals and cryptocurrencies.
Up to 1:200 in leverage
The maximum leverage at Greatfxpro is up to 1:200, which is a reasonable level. Such maximum leverage ratio is average for the forex sector and will satisfy the needs of most traders.
Note that using high leverage also has a significant disadvantage – you may lose your investments in a matter of seconds, because it actually multiples the risk of loss.
Greatfxpro Disdvantages
No license, registered offshore
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Greatfxpro is allegedly owned and operated by Clixads Ltd., a company registered offshore, on the Marshall Islands. This is an offshore zone where forex brokers do not fall under any regulatory oversight. This constitutes a major security concern for potential clients of Greatfxpro, who have no guarantee for their investment and may be open to substantial risk. The offshore registration also means that this broker is not entitled to operate on any regulated financial market, such as the EU, US, Canada, Japan, etc.
High cost of trading
First of all, Greatfxpro demands an initial deposit of $500 for the most basic account type, which is at least double the size of what most brokers require as a start. Second, the spreads announced on its website are 3 pips on EUR/USD.
Even for fixed spread standards, this is a high level. As a comparison, easyMarkets offers a 1 pip fixed spread on the most popular pair, to those clients who deposit more than $250.
No demo accounts
Another worrisome sign regarding Greatfxpro is that it does not offer free demo accounts, so potential clients of this broker are unaware of the trading costs, as well as other key aspects of its service.
The MT4 provided by a shady company
Although Greatfxpro does not offer free testing service, its MT4 is freely downloadable from the website. So, we discovered that it is in fact provided by a third party, Trading Technologies Ltd. The company has been blacklisted by Belgium’s financial regulator FSMA, as well as by the French supervisory authority, the AMF. This is another major red flag regarding this broker.
Last but not least, we have to mention that the name of Greatfxpro seems misleading to us, as it is very similar to those of the legit and globally regulated broker FxPro. This is a popular scam tactic also known as a “clone firm”.
Conclusion
Greatfxpro is one of the many shady offshore brokers operating on financial markets. Considering that most offshore brokers turn out to be scams, we urge traders to exclude such risk by only dealing with companies licensed by reputable financial agencies, such as the FCA in the UK or CySEC in Cyprus. These authorities require compliance with a number of strict rules that provide significant assurance for the security of the clients` funds.
To sun up our recap on Greatfxpro:
| Pros | Cons |
| MT4 available | Not licensed |
| Wide range of financial products | High cost of trading |
| Solid leverage | MT4 provided by a shady company |
| Misleading name |
| Broker | Advantages | ||||||||||||||||||||||||||||||||||
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FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts. XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for. FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion. FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection. FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals. FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions. HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry. GreatFXPro review – 5 things you should know about Greatfxpro.comBeware! GreatFXPro is an offshore broker! Your investment may be at risk.Don’t put all your eggs in one basket. Open trading accounts with at least two brokers. GreatFXPro is a Forex brokerage registered in the Marshall Islands. It provides both a web-based trading terminal and the MT4 trading platform, as well as an extremely generous leverage of up to 1:200. Furthermore, there is a wide range of trading products from which to choose and a required minimum deposit of $500 which, however, we consider quite high. The spread on EUR/USD is 3 pips which is also above the standard pip and a half, and a disadvantage for traders. GreatFXPro regulation & safety of fundsAccording to the website the company behind the brokerage is registered in the Marshall Islands with a registered address we have seen with countless other brokerages. Here is a screenshot: The Marshall Islands has become a top-destination for would-be scammers due to its very liberal laws regarding the registering of companies. The government does not even require for someone to be physically there in order to register a company. Such a loophole has surely been noticed by many ill-minded brokers and utilized. Nonetheless, it’s safe to assume that the company behind the brokerage, irrespective of its legitimacy, does not fall under any regulatory oversight because the government of the Marshall Islands does not include Forex trading within its regulatory framework. Putting that aside, the brokerage states that it provides the MetaTrader 4 trading platform, including a web version. The MT4 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Beginner traders will find the trading platform easy to use as well, due to its user-friendly lay out. However, we were not able to register for a demo account but we did get a hold of the trading conditions of the broker since they are posted on the website. Here is a screenshot: We read that the spread on EUR/USD is 3 pips which is twice the industry average. The leverage extended to traders is 1:200 which is both generous and balanced. However, we always view the lack of demo account as an disadvantage since a test-drive is the most credible way in getting acquainted with the trading conditions. Putting that aside, t he offshore location of the brokerage and the unspecified address highly incline us to suspect that potential clients of the brokerage may be open to substantial risk. Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person. GreatFXPro deposit/withdrawal methods and feesTraders may deposit or withdraw via Visa, MasterCard, wire transfer, as well as e-wallets such as Neteller and Skrill, In the terms and conditions of the brokerage we did not find any noteworthy provisions regarding the withdrawal, but we have to highlight the bonus conditions. Here is a screenshot: The bonus conditions are absolutely ridiculous. Traders are required to execute a minimum trading volume of $20,000 for every bonus dollar. This literally means that clients will not be able to withdraw if they take advantage of the bonus promotion. As was said above – we did not find any withdrawal fees, however, this does not mean there aren’t any withdrawal fees necessarily. This is why we always advise traders to put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer. How does the scam work?Unfortunately, the possibility of a scam looms over almost every trade in forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about: Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit. After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left. Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back. What to do when scammed?As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you. You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half. If, however, you have provided the broker with your credit card details, immediately cancel your credit card. If you have given information regarding your online banking pass – you should switch it asap! Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way! FxPro.com Review Visit siteWARNING: The FPA has seen evidence indicating that non-clients are being paid to leave fake positive reviews for FxPro. The FPA notified FxPro of this situation in December of 2020 and requested contact with the CEO to end FxPro’s issues with fake reviews and to make certain that the issue would not repeat. Initially, there were replies from FxPro, but those ended in January 2020. Another message came in April 2020. The FPA replied, FxPro did not. The next message from FxPro wasn’t sent until December 2020. FxPro was remided that the FPA wanted to hear from the CEO. The last message the FPA sent was on January 5th, 2020. FxPro’s representative waited until October 2020 to reply. The company is now refusing to further cooperation unless the FPA signs a non-disclosure agreement and refuses to allow the FPA to have an email exchange with the CEO. The only reason the FPA can think of for requiring an NDA is that any report on the incident will incriminate someone in upper management who is still working for the company. There are 2 reasons we can think of for denying contact with the CEO. Either the CEO has not been made aware of the incident, or else the CEO does not care that the company has a history of using unethical methods to try to manipulate the reviews. The FPA recommends AGAINST dealing with FxPro until the CEO steps in to resolve this situation. Other websites of this company include http://www.fxpro.co.uk/, fxpro-vn.com. About FxPro.comFxPro is a forex broker. FxPro offers the MT4 and MT5, cTrader forex trading top platforms. FxPro.com offers over 70 forex currency pairs, cfds, shares, indices, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.
Broker Details
Live discussionJoin live discussion of FxPro.com on our forum FxPro.com profile provided by FxPro, Dec 27, 2020FxPro is an award-winning online broker, offering CFDs on forex, futures, indices, shares, spot metals and energies, serving clients in more than 150 countries worldwide. FxPro offers no-dealing-desk execution with no conflicts of interest between the company and its clients. Our acquisition of leading spot FX aggregator, Quotix, enables us to offer access to a deep pool of liquidity, as well as top-class order-matching and some of the most competitive spreads in the market. FxPro is one of only few brokers offering Negative Balance Protection, ensuring that clients cannot lose more than their overall investment. FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (registration number: 509956). FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (licence number: 078/07) and by the South Africa Financial Services Board (authorisation number 45052). Risk Warning: Trading CFDs involves significant risk of loss. Risk Disclosure: www.fxpro.co.uk/documents/risk-disclosure VideoYour company video here? Contact ad sales Let other traders know if this service is worth checking or should be avoided. Your feedback matters! Consumer ReviewsService use: Live Length of use: 0-3 Months I have been using FXPRO since January 2020, I have nothing to complain about, withdrawals fall into the account with an average of two days, since it took 10 days to fall into the account, support said it was a problem at my bank, until the date there have no problem then 4 stars. Estou usando a FXPRO desde Janeiro de 2020, eu não tenho nada a reclamar, os saques caem na conta com dois dias em média uma vez demorou 10 dias para cair na conta, o suporte disse que era problema no meu banco, até a presente data eu não tenho nenhum problema, por isso 4 estrelas. Service use: Live Length of use: 6-12 Months Stay light years away from FxPro. They stole around 99.9% of the balance on my trading account in January 2020. I had basically entire life savings there and they stole everything from me. When I requested refund, they closed my account. I had worst nightmares during entire 2020 year because of them, couldn’t have paid and still cannot anything. Everything I had was stolen by FxPro and put in their own wallet(s) of someone, most likely, from their accounting department. In no time, my entire balance disappeared but they had probably stole money and closed my account when I had around 0.1% in positive balance so they returned this but declined to refund 99.9%. When I asked why they closed my account if I haven’t requested the closure and why they stole my money, they told me the trend directions changed like it was my failure. The following person is the main thief in this scam broker, I tracked him down for everyone to see: It’s sad how FxPro choose their victim as me where my entire financial career depends on this since I have no other income. All was dependent on that trading account and they stole everything. I will never be able to recover on my own for the damage they did to me. Service use: Live Length of use: over 1 Year Horrible shi** broker. Every time I wanted put a BUY Limit order I had problems. When you contact customer support, they always give you so many excuses and different reasons. For depositing money it is very fast. for withdrawing money they ask you a lot of questions and constantly asking for your documentation.. even if I uploaded it many times already. I DO NOT RECOMMEND THIS BROKER AT ALL Service use: Live Length of use: 0-3 Months what is very remarkable : they only removed profits from very profitable orders, and they did not affect the order that was with a small profit and opened in the same period of time. FxPro are real scammers who can steal any of your money that they like they can disdain only small change. They stolen my 5600$. Dec 11, 2020 – 1 Star Broker delete my profits . they not like profitable traders.I hope the broker just made a mistake and will return my money to me . Service use: Live Length of use: over 1 Year Service use: Live Length of use: 0-3 Months Welcome to the FxProBot! Please write your question clearly or select the relevant option below: FxProBot 15:03 You have been transferred to: Alexandros. ——— 16:03 Alexandros 15:04 ———- 16:04 Alexandros 15:05 ———– 16:06 Your words full of lies Alexandros 15:07 ———– 16:08 Alexandros 15:09 ———— 16:10 That what you should know couple of liars and promote themselves n1 in forex you are the numbers 1 in scamming You rated our customer service as bad. Alexandros 15:12 What you going to do you can’t do something toward it and the support team start them bullpoop like gaps and poos like we don’t know what happens in the markets ive spend 4 years in trading I’ve never ever saw this before ———— 15:14 Nabil Ben Ghannou 16:14 No one of you want to lose them jobs that’s why all of you liying the department lies the support lies the agents lie everyone of you is lying I’m just a student had a goal to invest and make some shitty money from field and you took 94$ in a solo trade even the SL is 64$ this is insane 40$ for no reason+ the time of open markets and closing ain’t respected by the workers who the hell relegated this broker Give me the companies that relegated this broker I’ll contact them now Alexandros 15:19 ———- 16:19 Alexandros 15:21 ———– 16:20 Give me the companies name . Alexandros 15:21 Alexandros 15:23 arbaaay, [27.12.19 15:49] ——– 16:22 Alexandros 15:24 ———– 16:24 Alexandros 15:26 As there was a gap when market opened If you wanted to close the position you should do it on 24th I am just an agent, i do not move the market i do not make the rules I am just explaining you what happened ———— 16:27 Explain just this I’ll go with you step by step you will see opening and closing times Trading time (UK time) Sunday – Friday: 11:00 PM – 10:00 PM (Closes daily between 09:15 PM – 09:30 PM & 10:00 PM – 11:00 PM UK time) 25th and 26 closed as per the holidays caledar ———— 16:29 Do not change the subject Explain to me why you close it in 23 and your official time to close in my official account is 01:01:01 are you a god or what Alexandros 15:31 ————- 16:31 In the 24 of December Alexandros 15:33 On the 24th of the month you tried to deposit Then you came back on chat on 26th ———– 16:37 Alexandros 15:38 ———– 16:37 Alexandros 15:38 then we activated your account then you came back on chat on 26th why you didnt come on 24th?> I have all the proof here On 26th was the first time you came Your position closed due to stop loss. Market was closed on 25th 26th you could not close or open position if you want to complain send email to [email protected] ———— 16:41 All your information are bad and you changed the subject why you make my closing date 01:01 while you close it in 23:15 this is my question? Alexandros 15:43 arbaaay, [27.12.19 15:49] The support team is joking with the same poop you said like ghosts there they ain’t want to fix the problem they’ve make it more complicated thanks to God who showed me your real face Alexandros 15:45 —————– 16:45 Note: there’s a lot of this stuff behind the scene iwasn’t saved them cuz iv’ thought they’ll fix the problem and this all is in front of 2020 Guys this broker is a leggal Scammer if you want to choose i thonk probably other Australian Brokers are good cuz they’ve accept the complaint and cover losses as a goodwill and have a great team i didn’t promote to any broker but FXPRO are for donation if you put your money as a small trader and start to grow they’ll fight against you Best Binary Options Brokers 2020:
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