TradePro Capitals Review
Reason to avoid: Offshore license
Listed Date: March 30, 2019
Top 3 Regulated Forex Brokers
Beware Tradepro Capitals is a Non-Regulated broker. It is NOT SAFE to trade.
Is Tradepro Capitals a scam or legit broker?
No, it is not safe to trade with Tradepro Capitals. Tradepro Capitals is owned by Tradepro Capital Markets Limited, which is an offshore company registered in the St. Vincent and the Grenadine.
St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CapitalXP, Welkron and more.
According to the Tradepro Capitals website, the broker is registered with the Financial Commission under the number 34452 IBC. Even though the FinaCom is a well-respected organization, it is a self-regulatory organization which cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client.
From our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.
Tradepro Capitals offers its clients a variety of products and trading options, including Forex, Commodities, Stocks, Indices, Crypto. The broker claims to be located in London, UK. However, it is not licensed by the local regulator Financial Conduct Authority (FCA). In fact, the UK’s FCA has recently issued a warning against Tradepro Capitals Limited:
We advise all investors and traders to avoid Tradepro Capitals and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as IG Markets and Plus500.