FxPro is a counterfeit broker that has impersonated the genuine FxPro. By using the same name and LOGO as the real FxPro, it aims to confuse investors. Simultaneously, this broker's website highly resembles those of other counterfeit brokers, suggesting that it was built using a standardized website template.
Corporate Background:
This broker was registered in 2023, with its corporate entity undisclosed. Its registered address is 1014/36 Evelyn Street NEWSTEAD QLD 4006. The broker claims its mission is to align with the global markets and assist clients in achieving their investment goals with an open mindset. The domain name for the broker's official website was registered on November 23, 2023, indicating it was established relatively recently.
Regulatory Status:
The broker uses false regulatory information, actually holding no licenses from any financial regulatory authorities. Its services in trading foreign exchange, commodities, stock indices, precious metals, and energy products are thus not subject to strict regulation. According to its website, the broker claims to be regulated by the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury and the U.S. National Futures Association (NFA). Its U.S. MSB regulatory license number is 31000257135391, and its U.S. NFA regulatory license number is 0559918.
Investigations reveal that this broker is not the holder of the U.S. MSB or NFA regulatory licenses, but has instead misappropriated the license information of GOLDMANS GLOBAL. The investigation also found that multiple brokers have used the same false regulatory information, thus misleading investors. Investors should be cautious and stay away from these counterfeit platforms to protect their financial security.
Trading Products:
The broker mainly offers trading services in foreign exchange, commodities, stock indices, precious metals, and energy products, which are currently not strictly regulated. In the forex market, customers can trade more than 50 currency pairs, including major, cross, and exotic pairs. Additionally, the broker offers leverages up to 1000:1, though clients need to understand and use high leverage cautiously due to the risks involved.
In terms of precious metals, the broker allows trading in gold and silver without re-quotes. Similarly, high leverage is an available option but should be used cautiously.
For energy products, the broker offers a minimum trading margin as low as $5. Clients can participate in trading energy products like crude oil, which increases market participation.
Account Types:
The broker offers various types of trading accounts, including Micro Account, Standard Account, FxPro Ultra Low Account, and Shares Account. The Micro Account is suitable for beginners and small investors, providing flexible trading solutions with a maximum leverage of 1:1000, and a minimum deposit of $5. The Standard Account is a standard account type suitable for most traders, offering a broader range of trading functions and services, with maximum leverage of 1:1000 and minimum deposit of $5. The FxPro Ultra Low Account is a low-spread account type offering more competitive spreads for traders seeking lower trading costs, with maximum leverage of 1:1000 and minimum deposit of $5. The Shares Account is designed for stock trading, offering direct access to stock markets with a minimum deposit of $10,000, and also supports Islamic Account.
Trading Software:
The broker only provides a proprietary trading platform named ST5, without support for more popular platforms like MT4 or MT5. When using the provided ST5 platform, investors should be wary of risks such as system stability, imperfections in functionality, security issues, and technical support. Thus, during trading, investors should remain vigilant, cautious, take necessary safety measures, and closely monitor trading activities to reduce potential risks.
Spreads and Leverage:
The broker offers a variety of account types, including Micro Account, Standard Account, FxPro Ultra Low Account, and Shares Account. In Micro Account and Standard Account, the spreads for major currency pairs start as low as 1 pip, and in the FxPro Ultra Low Account, the spread can even drop to 0.6 pips. For the Shares Account, spreads are determined according to the actual situation of the relevant exchanges.
Regarding leverage, Micro Account, Standard Account, and FxPro Ultra Low Account all offer leverage up to 1:1000, while the Shares Account does not offer leverage.
Conclusion:
This broker is a counterfeit platform that has impersonated FxPro, and also falsely advertises regulatory information from GOLDMANS GLOBAL. The content and design of this broker’s website highly resemble those of other counterfeit platforms, suggesting the use of the same website template. Investors should stay away from these fraudulent platforms to avoid financial loss.
Currently, this broker is marked as "suspected of fraud" on TraderKnows.
