Proactive Trade Review: this is the name of a Forex broker that seems to be based in Canada. Is proactivetrade.com a legit Forex broker?
The lack of corporate information on the website is a red flag because this is one of the aspect scam Forex brokers leave out. We find no address as well. What we find are promises about traders gaining ‘financial freedom’ and getting ‘a new kind of trading experience’.
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It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
The broker claims to offer a wide range of financial instruments and excellent trading conditions. A summary of the benefits of trading with Proactive Trade Forex broker is as follows:
Transparent registration conditions
Daily analytics and free educational materials
Multiple methods for deposits and withdrawals
East trading options both for beginners and experts
Proactive Trade Trading Platform
It is mentioned that Proactive Trade trading software is operated on a Web-based platform available to all their clients.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are not mentioned although we find something about cryptocurrencies being offered. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages can reach up to 1: 200 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are said to start from as high as 3 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Proactive Trade
The means of making payments and withdrawals with this broker are not stated but it is possible that Card transactions and Wire transfers are allowed. We do not find it encouraging that e-wallets are not in use.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $2500 which is higher than the obtainable average of $100 – $250 among brokers. Withdrawal charges do not apply according to the broker, nor does commissions.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Trading bonuses are not offered and we have found that this is a means brokers use in tying down clients. Its absence is an advantage.
Is Proactive Trade Licensed?
No. Proactive Trade is not a duly licensed Forex broker. It seems to be located in a region where Forex trades are regulated s it should have a license. We have warned traders countless times to avoid unlicensed brokers.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To contact a customer care agent of this broker, clients are directed to call: +12044102496 (Canada) or +442080898732 (UK).
Proactive Trade is not a licensed Forex broker despite having contact number in UK where Forex is regulated. Most of the information we seek in a Forex broker is lacking form its website. We do not find this encouraging but rather shady. The spreads are high as well as it minimum deposit requirement and we advise traders to rather seek other brokers.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
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