Unfortunately, progresivetrade provides a web trader app for its clients. The suboptimal platform limits instant executions and the indicators and tools at a trader’s disposal.
Progresivetrade is an unregulated offshore trading platform that poses as a legit multi-asset brokerage. The platform is allegedly an investment prodigy, providing investors with an opportunity to trade in over 200 trade instruments, including commodities, shares, stocks, futures, metals, indices, and ETFs. According to the website, the platform provides a friendly user interface enhanced with tools such as an economic calendar, trader calculator, and currency converter.
As much as online investments are lucrative, scamming cases are rising, with naïve investors being ripped off. Aspiring investors should be wary of these signs, which prove that this platform is not a trustworthy forex broker. That is why conducting background research on the so-called investment platforms is prudent before committing your money and security.
We shall help you with preliminary research on the platform. The subsequent review exposes some hard-to-miss red flags showing progresivetrade is as dubious as its spelling!
According to the website, the company is operated by Ailurophile Group LLC under the registration number 1992 LLC 2022. After scrutinizing the platform, we poked holes into several statements and claims. To begin with, the platform brags about a global presence in about 50 countries and awards.
Additionally, the platform reportedly provides investors with secure and quick funding on top of flexible leverage and tight spreads. Surprisingly, the platform does not offer any evidence to substantiate claims on funding, which is typical of scammers.
Moreover, the platform exhibits a lot of inconsistencies, a glaring proof that it is a shady platform seeking to defraud investors of their hard-earned money. For instance, the platform claims to have a good market reputation due to its quality of services and instant market execution. However, upon checking with scamadviser, the rating shows that investors have low trust levels with the platform. Moreover, we checked with their trading policy which contradicts their claims as the policy states progresive trade can requote entries at its discretion.
According to its website, the company is located at James Street Kingstown, St Vincent and the Grenadines (SVG). The location alone should sound the first alarm of trouble. St Vincent is one the countries with a reputation for unregulated forex markets. Due to the lack of an oversight body, providers of forex and related services in SVG are notorious for fraudulent activities with impunity.
The platform lacks any telephone contact but has provided an email: email@example.com. This further proves our point not to trust the platform as there is no guarantee for instant access or immediate response.
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According to Whois, the platform was registered on 11th May 2022, and the domain expires on 11th May 2023. If the platform was registered four months ago, its story does not add up. First, a global footprint in 50 countries in four months is an impossible fete for a newly established platform. Also, one wonders how a platform sprung up from nowhere and scooped an award in four months without a rich historical experience. These are only marketing cliches and gimmicks meant to entice gullible investors into the trap of a platform that thrives on lies.
On the same note, the domain expires in the next eight months. This casts a shade on the platform’s prospects. For a discerning eye, it is evident that progresivetrade will not be around for a very long time. This should be cause for concern. For a platform that claims much prowess in financial markets, one wonders why they have a one-year domain tenure.
The platform provides several investment plans. The beginner plan requires a minimum deposit of $250 and offers a welcome bonus of 10 percent and a 1:100 leverage. Next, the basic plan requires a minimum deposit of $1500 with a welcome bonus of 15 percent and 1:200 leverage. The third plan- independent package, has a minimum deposit requirement of $5000 with a leverage of 1:300 and a 15 percent bonus. The advanced package requires a $10,000 minimum deposit and offers a1:400 leverage while attracting a 20 percent bonus. The investor plan carries a $25000 minimum deposit requirement, 1:500 leverage, and 25 percent bonus. Lastly, the premium plan attracts a 30 percent bonus while providing a1:600 leverage. The minimum deposit for a premium plan is $100,000.
The high minimum deposit requirements are a dead giveaway of a platform keen on stealing as much as possible. Why should the minimum deposit for a basic plan be $250 while legit brokers require as low as $10? We also notice that no bonus terms are availed despite claiming to award bonuses. This is only meant to give unsuspecting investors an impression that the platform is worthwhile.
Likewise, 1:600 and 1:500 leverages are risky as investors can lose considerable money in a market downturn. The recommended leverage by most regulators such as FCA is1:30 to minimize the risk predisposition.
Deposits and Withdrawal
Progresivetrade supposedly accepts deposits through wire transfer, e-wallet, Bank transfer, and visa card. However, its deposit menu only accepts Tether. Tether and e-wallets make it hard for an investor to request a chargeback. Other than these, there is no clear deposit and withdrawal policy. You must also close all your orders before requesting a withdrawal.
Trading Conditions and Policy
The recommended trading platforms are MT4 and MT5 software due to their execution speed and extensive functionality, such as automated trading. Unfortunately, progresivetrade provides a web trader app for its clients. The suboptimal platform limits instant executions and the indicators and tools at a trader’s disposal.
Lastly, if this broker cannot reach the investor for two months, the investor will lose their account, bonuses, and profits. How convenient! This is a ridiculous condition, given that there is no way of establishing whether the manager tried contacting an investor. For all we know, this could be another vague clause to persuade innocent traders to invest with the platform.
You have no business engaging with this platform as an investor seeking to make money. This is an excuse of a platform as it is neither keen on giving you a competitive trading experience nor protect your funds from massive loss.
Licensure and Regulation Status
Progresivetrade is unregulated. A broker will not want to register under a regulatory body if it (the broker) has integrity issues. Moreover, the platform is among those blacklisted by the Central Bank of the Russian Federation. These confirm our sentiments that this broker has a questionable reputation.
Being unregulated explictly suggests that the platform is not accountable for its activities. This allows it to swindle investors’ money without fear of repercussion. In case you lose your funds, it is impossible to get help as no oversight authority keeps them in check. Even if the platform had a license, it would still not be advisable to invest with them due to jurisdiction constraints. Being an offshore platform, it would be difficult to prosecute the company under a specific country’s law.
From the above review, we can only conclude that this is a scam broker. The platform withholds material information that is crucial to investors. Whether this omission is deliberate or not remains inconclusive. The platform also has a lot of contradictory information. Whether these are lies or unvalidated claims, we do not know which is worse!
The bottom line is progressive trade is not telling us everything. The platform is a hoax, from circumventing the law by being unregulated to having ridiculous trading terms. The fact that the broker has been flagged and investors cautioned about it speaks volumes about its credibility.
We recommend that investors exercise due diligence in this line of investment. This will enable you to avoid scammers like progressive trade, who are no doubt only after your money. Here is a list of some of these genuine forex trading brokers.