Pro CFD Review
Pro CFD Review
Pro-CFD is a forex (and CFD, obviously) broker which mainly targets Arab clients. That being said we didn’t find ant information about Islamic accounts on the company’s website, which is rather bizarre. On the other hand their entire presentation is rather poor, with this being the last issue.
The Company. Security of Funds
Pro-CFD is owned by Best Pro Cfd Trading LTD, a UK-based company. That being said, they operate (at least currently) as an unregulated entity. This may change in the future, if they get the coveted FCA approval, but we aren’t certain if the company is even applying.
Trading with a non-licensed broker is something we can’t recommend. The reason for this is quite simple – the company may be a scam. We are not implying this one is, but they are by no means forced to allow you to withdraw your funds. This is why most jurisdictions have some sort of regulatory agency.
In UK this is the Financial Conduct Authority (FCA). It imposes multiple tough rules upon the companies it oversees. They apply a lot of rules upon the brokers, which they monitor, with two of them being the most important when it comes to the security of your trading account. First of all, client deposits are kept in segregated accounts. This means a certain procedure must be followed by the company before money can be transferred (and they can not simply be taken by the company).
On top FCA-regulated brokers must participate in the Financial Services Compensation Scheme (FSCS). Think of it as a fund, which collects some of the profits made by brokers. The money is then used as a guarantee against broker bankruptcy. Coverage is limited to £20,000 per client.
Other than the lack of of regulation, Pro-CFD also provides a bit of a self-conflicting website. We are not sure about the trading conditions mentioned below, as different sections of their website have different iterations (like multiple account types, without specifics). The one thing which shocked us the most, is the front-page has a field, which looks like a binary options platform.
Minimum Initial Deposit
Pro-CFD accepts clients who deposit more than $100. This is not that unusual, as a lot of companies have set such a minimum.
While this may seem like a reasonable level to you, but some people are willing to experience real-moeny trading with an even smaller investment. This has led to some brokers to lower the bar even more. For instance XM currently requires $5 as an initial deposit.
Average spreads & Commissions
Pro-CFD claims the EUR/USD spread starts from 2 pips. Those of you who follow the forex industry carefully will know this is simply too much for the current environment. Nowadays the average spread is around 1.0 to 1.5 pips for this currency pair. While the costs of trading shouldn’t be the biggest factor when comparing brokers (the regulatory status should be in our opinion), they can still add-up over time.
We like to test a broker’s claim when making reviews, but we had issues with our newly created demo account. After registering, we couldn’t log-in to the trading platform. To be completely honest, this may simply be a temporary technical problem.
The maximum leverage of 1:100 is one of the few conditions at Pro-CFD, which we can be sure about. Given the current state of the forex industry, this is a relatively low level.
That being the case, it is more than enough for careful trading. Increasing the ratio only allows clients to take bigger risks on fewer trades. This is generally not recommended, as an aggressive style can lead to painful losses.
Pro-CFD offers its services with the Sirix platform. Our experience with this platform is rather mixed. The charting provided is relatively nice, but the main focus is placed on the built-in social trading feature. While it looks nice, the platform occasionally feels clunky, much like those provided by some cryptocurrency exchanges. That being said, we couldn’t launch the platform provided by Pro-CFD.
We prefer trading with brokers providing MetaTrader4 (MT4). It offers supreme charting, fast executions and the MQL Marketplace. The latter is the place where traders can find custom tools, such as new technical indicators and automated trading systems. Social trading is also available for MT4, both as a feature provided by the developers and by third parties, like ZuluTrade.
Methods of Payment
One can fund his account at Pro-CFD by Bank Transfer, Credit Card, PayPal or Skrill. These methods are very wide-spread, but given the overall impression we have about the company, we are not sure if they re truly supported.
Pro-CFD is an unregulated forex broker, which focuses Arab-speaking client. The company offers relatively poor trading conditions with a 2 pip spread and an unusual trading platform. The presentation of the company’s service is even worse than the actual conditions. A few sections of the website contradict themselves and the home page even looks like a binary options platform.
Pro CFD Review Conclusion
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