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Forex Pro

United States|1-2 years|
Suspicious Regulatory License|Suspicious Scope of Business|Suspicious Overrun|High potential risk|

https://www.forex-pro.us/

Website

Rating Index

Contact

+1 970 533 2590
support@forex-pro.us
https://www.forex-pro.us/
11 Broadway New York,NY 10004

Licenses

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Warning: Low score, please stay away! 3
Previous Detection : 2024-03-02
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The United StatesNFA regulation (license number: 0556461) claimed by this broker is suspected to be clone. Please be aware of the risk!

WikiFX Verification

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Forex Pro · Company Summary

Aspect Information
Registered Country/Area USA
Founded Year Up to 1 year (exact founding date not provided)
Company Name ForexPro
Regulation No valid regulation
Minimum Deposit $50
Maximum Leverage 1:200 for Energy Spot and Futures of Energies, 1:20 to 1:50 for other asset groups
Spreads Currency pairs starting as low as 0.0 pips, Precious metals at 1.0 pips
Trading Platforms Available on iPhone/iPad, Android devices, and Windows
Tradable Assets Over 100 stocks, 60+ FX spot pairs, Precious Metals, Commodities, Popular indices, More than six cryptocurrencies
Account Types One account
Demo Account N/A
Islamic Account N/A
Customer Support 24/7 customer support through email (support@forexpro.us), a physical address (135 US Highway 202/206, Suite 11, Bedminster, NJ 07921), contact number (+1 970 533 2590), and live chat
Payment Methods Bank wire transfer, credit/debit card, PayPal, Neteller, Skrill

Overview of ForexPro

ForexPro claims to be a financial trading platform operating in the USA under the regulatory oversight of the National Futures Association (NFA) with a license for ordinary financial transactions (regulatory number: 0556461). However, there have been indications of potential concerns, including suspicions of plagiarism and a perceived lack of effective regulation. Traders interested in ForexPro should exercise caution and conduct a thorough risk assessment before proceeding.

ForexPro offers access to a variety of financial instruments, including over 100 stocks, 60 FX spot pairs, precious metals, commodities, popular indices, and cryptocurrencies. The platform provides a single type of trading account to maintain simplicity and equal opportunities for all users. Leverage options vary across asset groups, with spreads starting as low as 0.0 pips for currency pairs and 1.0 pips for precious metals. The platform also offers competitive commission rates starting from USD 0 for various asset classes.

Traders can open an account with ForexPro by following a straightforward registration process, and the platform supports various deposit and withdrawal methods, with a minimum deposit requirement of $50. ForexPro provides versatile trading platforms and offers 24/7 customer support through multiple channels, including email, a physical address, contact number, and live chat. Given the concerns raised, potential users should exercise caution and carefully assess their options before engaging with ForexPro.

basic-info

Pros and Cons

ForexPro offers a range of advantages, including access to over 200 products, competitive spreads starting from 0.0 pips, and multiple deposit and withdrawal methods. Additionally, traders can benefit from a 20% exclusive bonus and 24/7 customer support. However, there are potential drawbacks, such as suspected concerns about regulatory oversight, a limited variety of trading account types, and restricted maximum leverage for certain asset groups. Moreover, commission rates for cryptocurrencies are not specified, and there may be concerns regarding customer support efficiency. Additionally, ForexPro provides a singular trading account type, offering uniformity for all users.

Pros Cons
Over 200 products available Suspected concerns and potential lack of regulation
Spreads from 0.0 pips Limited variety of trading account types
Multiple deposit and withdrawal methods Limited maximum leverage for some asset groups
20% exclusive bonus opportunity No specific commission rates for cryptocurrencies
24/7 customer support availability Potential concerns about customer support
Versatile trading platforms for various devices Singular trading account type for all users

Is ForexPro Legit?

ForexPro operates in the USA under the regulatory oversight of the National Futures Association (NFA) with a license for ordinary financial transactions (regulatory number: 0556461). However, it is important to note that there are indications of possible concerns, including suspicions of plagiarism and a lack of effective regulation. Therefore, individuals considering trading with ForexPro should exercise caution and carefully evaluate the associated risks before proceeding.

regulation

Market Instruments

SHARES: ForexPro provides access to over 100 stocks across core markets, including US and HK stocks, with commission rates starting from USD 0.

CURRENCIES: Traders can access a diverse selection of over 60 FX spot pairs, with spreads as low as 0.0 pips.

METALS: ForexPro allows trading in Precious Metals with spreads as low as 1.0 pips. This includes options to trade in global metal markets such as gold and silver.

COMMODITIES: The platform offers trading opportunities in commodities, including energy (oil and gas) and agriculture (wheat, corn, and cotton), with commission rates starting from USD 0.

INDICES: ForexPro enables trading in popular indices like Nasdaq, Dow Jones, Nikkei 225, and Hang Seng Index, with commission rates starting from USD 0.

CRYPTOS: Traders can access more than six popular cryptocurrencies, including Bitcoin and Ethereum, with spreads as low as 1.3 pips.

market-instruments

Pros and Cons

Pros Cons
Access to a wide range of financial products Limited variety of trading account types
Competitive spreads and low commission rates No specific commission rates for cryptocurrencies
Multiple deposit and withdrawal methods

Account Types

ForexPro offers a single type of trading account to its users, ensuring simplicity and straightforwardness. This singular account type allows traders to access the platform's features and services with uniformity, providing equal opportunities for all users.

How to Open an Account

To open an account with ForexPro, follow these steps:

  1. Register: Begin by clicking on the “Register” option. You'll be prompted to select your region, such as “America (+1).”

    open-account
  2. Provide Information: Fill in the required fields, including your correct phone number, email address, name, password, and any invitation code if applicable.

  3. Next Step: After entering the necessary information, click on “Next step” to proceed with the account registration process.

open-account

Leverage

ForexPro offers a dynamic leverage model for different asset groups, with a maximum leverage of 1:200 for Energy Spot and Futures of Energies. The maximum leverage for other asset groups is lower, ranging from 1:20 to 1:50.

Spreads & Commissions

ForexPro offers competitive spreads, with currency pairs starting as low as 0.0 pips and precious metals at 1.0 pips, while commission rates start from USD 0 for various asset classes, including stocks, commodities, indices, and cryptocurrencies.

spread-commission

Promotions & Bonus

ForexPro offers a 20% exclusive bonus, allowing traders to enhance their trading potential. This bonus provides up to $10,000 based on up to 20% of your deposit, which can be used for trading and withdrawal. It's a valuable opportunity to boost your trading experience with ForexPro.

promotions

Deposit & Withdrawal

ForexPro offers a variety of deposit and withdrawal methods, including bank wire transfer, credit/debit card, PayPal, Neteller, and Skrill. The minimum deposit for all methods is $50 and withdrawals are processed within 1-3 business days.

Pros and Cons

Pros Cons
Multiple deposit methods including bank transfer, credit/debit cards, PayPal, Neteller, and Skrill Minimum deposit requirement of $50
Withdrawals processed within 1-3 business days No specific mention of withdrawal fees
Limited mention of withdrawal options

Trading Platforms

ForexPro offers versatile trading platforms, accessible on iPhone/iPad, Android devices, and Windows. These platforms provide traders with accessibility for executing their trades.

trading-platform

Pros and Cons

Pros Cons
Versatile platform compatibility No specific information about platform features
Accessibility on multiple device types Lack of details on trading tools and indicators
Limited information on user interface and design

Customer Support

ForexPro offers 24/7 customer support through various channels, including email (support@forexpro.us), a physical address (135 US Highway 202/206, Suite 11, Bedminster, NJ 07921), and a contact number (+1 970 533 2590). Additionally, live chat is available for immediate assistance, ensuring accessibility and responsiveness for traders.

customer-support

Conclusion

In conclusion, ForexPro operates under the regulatory oversight of the National Futures Association in the USA but raises concerns regarding possible plagiarism and the effectiveness of its regulation. The platform provides access to a variety of market instruments, including stocks, currencies, metals, commodities, indices, and cryptocurrencies. It offers a single trading account type for simplicity, with a dynamic leverage model and competitive spreads. While it provides a 20% bonus and multiple deposit/withdrawal options, traders should exercise caution and evaluate the associated risks before engaging with ForexPro due to the noted concerns regarding its operations.

FAQs

Q: Is ForexPro a legitimate trading platform?

A: ForexPro operates in the USA under NFA regulation (regulatory number: 0556461), but there are concerns about plagiarism and regulatory effectiveness. Exercise caution and evaluate risks.

Q: What financial instruments can I trade on ForexPro?

A: ForexPro offers access to stocks, currencies, precious metals, commodities, indices, and cryptocurrencies with competitive spreads and commission rates.

Q: How many types of trading accounts does ForexPro offer?

A: ForexPro offers a single trading account type, ensuring simplicity and equal opportunities for all users.

Q: How do I open an account with ForexPro?

A: To open an account, select your region, provide required information, and follow the registration process on the platform.

Q: What leverage options does ForexPro provide?

A: ForexPro offers dynamic leverage, with a maximum of 1:200 for Energy Spot and lower leverage for other asset groups, ranging from 1:20 to 1:50.

Q: What are the deposit and withdrawal methods on ForexPro?

A: ForexPro offers multiple methods, including bank wire transfer, credit/debit card, PayPal, Neteller, and Skrill, with a minimum deposit of $50 and 1-3 business day withdrawal processing.

Q: What trading platforms are available on ForexPro?

A: ForexPro provides versatile trading platforms for iPhone/iPad, Android devices, and Windows.

Q: How can I contact ForexPro's customer support?

A: You can reach ForexPro's customer support 24/7 through email, a physical address, a contact number, and live chat for immediate assistance.

Broker Information

Company Name

Forex Pro

Company Abbreviation

Forex Pro

Regulatory Status

Suspicious Clone

Platform registered country and region

United States

Company website
Phone of the company
  • +1 970 533 2590

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Company address
  • 11 Broadway New York,NY 10004

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WeChat

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Customer Service Email Address
  • support@forex-pro.us

Company Summary

User Reviews

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User comment

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Comments

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Sam Gordon
more than one year
One of the detriments that caught me off guard was the trade execution speed. Unreliable speed of execution can be a significant drawback in a dynamic market as volatile as forex, and unfortunately, Forex Pro missed the mark on several occasions. As a case in point, during a recent ***** in trading volatility, I was dealing with EUR/USD pair that was witnessing aggressive market swings. Trusting Forex Pro's execution speed, I placed my orders, but was met with frequent slippages leading to disappointing losses.
2023-10-13 10:21
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Lachlan Carter
more than one year
I once spotted a great trade opportunity on July 28, 2022, but by the time the platform responded, the moment was lost. Now, let's talk about those colossal spreads. I wanted to trade the EUR/USD pair, but Forex Pro offered spreads of ridiculously 10.0 pips when the industry standard is typically around 1.0 pip. If I ever needed assistance, their customer support was about as responsive as a brick wall. It took them two weeks to give me a simple answer to my questions, leaving me feeling stranded and unsupported.
2023-10-11 16:17
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