FOREXpro Markets Ltd (www.forexpro-fx.com) is a fraudulent broker impersonating Colmex Pro. Its domain was registered on June 26, 2024. This scam broker claims to offer investment services in markets such as stocks, forex, commodities, precious metals, indices, and cryptocurrencies.
Company Registration and Regulatory Status
According to the website of FOREXpro Markets Ltd (www.forexpro-fx.com), the company is regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 123/10, and by the Financial Sector Conduct Authority (FSCA) of South Africa with license number 46990. However, the website does not disclose more information about the company's registration, and it lacks terms of service, privacy policy, risk warnings, and other related legal documents.
Upon investigation, the CySEC website shows that license number 123/10 belongs to Colmex Pro Ltd, and the FSCA website indicates that license number 46990 belongs to COLMEX PRO LIMITED. These licenses actually belong to the broker Colmex Pro, not FOREXpro Markets Ltd. Additionally, the design and content of the FOREXpro Markets Ltd website are copied from the Colmex Pro website.
Trading Instruments
FOREXpro Markets Ltd offers various financial derivatives for trading, including forex, precious metals, crude oil, and indices.
- Forex: Involves the exchange of different currencies and is one of the largest financial markets globally. Traders can deal in various currency pairs, such as EUR/USD, GBP/USD, etc.
- Precious Metals: Typically include gold, silver, platinum, and palladium. These metals are often considered safe havens during periods of high market volatility due to their rarity and value retention properties.
- Crude Oil: As one of the most crucial global energy sources, crude oil prices are influenced by several factors, including supply and demand dynamics and geopolitical issues. Traders usually engage in crude oil trading through futures contracts or CFDs.
- Indices: These are indicators of the performance of a group of stocks. Common indices include the S&P 500, NASDAQ, and Dow Jones Industrial Average. Index trading often reflects the overall market or a specific sector's performance.
Account Opening Process
The steps to open an account on the FOREXpro Markets Ltd website are as follows:
- Visit the website and click on the "Open an Account" button on the homepage to go to the account registration page.
- Enter your email address and set a login password in the application form, receive a verification code, and enter it in the form to complete the registration.
- After logging into the account, users must complete KYC identity verification before they can deposit funds and start trading.
Account Types
FOREXpro Markets Ltd claims to offer various trading accounts, including Multi-asset accounts, Stocks CFDs accounts, ST5 Accounts, Retail Traders accounts, and Professional Traders accounts.
Retail Traders
- Major currency pairs: Leverage 1:30
- Non-major currency pairs, indices, and gold: Leverage 1:20
- Commodities and metals other than gold: Leverage 1:10
- Stocks and ETFs: Leverage 1:5
- Cryptocurrencies: Leverage 1:2
Automatic stop-loss: 50% of account equity. The least profitable positions will be closed until the margin level is above the minimum requirement.
Professional Traders
- Currency pairs: Leverage 1:200
- Metals other than silver: Leverage 1:100
- Commodities, indices, and silver: Leverage 1:40
- Stocks and ETFs: Leverage 1:20
- Cryptocurrencies: Leverage 1:5
FOREXpro Markets Ltd accounts: Positions will be closed when the account balance reaches $50.
ST5 accounts: Automatic stop-loss when account equity reaches 10%. The least profitable positions will be closed first.
Trading Platform
Public information shows that FOREXpro Markets Ltd offers the ST5 trading platform, available only on web and mobile versions. Clicking the mobile download links on the website reveals that the trading software listed on the App Store is Tasafeokvr and on Google Play is EVJORERJG.
Deposits and Withdrawals
FOREXpro Markets Ltd claims to support deposits and withdrawals through VISA, Mastercard, Skrill.
Conclusion
Traderknows alerts investors that FOREXpro Markets Ltd (www.forexpro-fx.com) is actually a fraudulent website impersonating the broker Colmex Pro. Investors are advised to choose brokers that are transparent, strictly regulated, and reputable to avoid unnecessary financial losses.
Currently, this broker is marked as "Suspected Fraud" on Traderknows.
