greatfxpro.com Review Is GreatFXPro a Scam or Legit Broker

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greatfxpro.com Review: Is GreatFXPro a Scam or Legit Broker?

GreatFXPro Review: Scam or Legit Broker? greatfxpro.com is a forex and cfd broker that offers trading in a huge range of assets spanning commodities, indices, stocks, currency pairs and cryptocurrencies. According to the information gathered, this broker is allegedly owned and operated by Clixads Ltd., a company registered offshore, on the Marshall Islands.

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GREATFXPRO TRADING PLATFORM

This broker claims to use the Metatrader4 platform.

DEPOSIT AND WITHDRAWAL METHODS

This broker accepts Visa, MasterCard, wire transfer, as well as e-wallets such as Neteller and Skrill. Greatfxpro demands an initial deposit of $500 for the most basic account type

IS GREATFXPRO LICENSED?

NO! Greatfxpro broker is not licensed, though they claim so. The truth is that no regulatory body is acting as a watchdog overseeing that they comply with best practices in the financial market.

SUPPORT

This broker does not offer support to its traders.

CONCLUSION

Greatfxpro is an unregulated broker, this is a source of major concern. We are convinced that greatfxpro.com is run by a bunch of scammers, this is why they are anonymous. The way these scammers work is simple- First, they make Marshall Island their location because it is very liberal laws regarding the registering of companies.After sharing your personal information, you will begin receiving calls from brokers, compelling you to invest with them and win big. After hearing their sale pitches, you become convinced to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit. That is not how to become a broker. Not how real brokers work.

OUR VERDICT- GREATFXPRO IS A SCAM !

Though the website looks legit and might entice unsuspecting traders, the truth is that the platform was designed in such a way that it would easily scam people into believing they are the real deal. Below are other reasons why Greatfxpro broker is not worth your time or money;

  • They claim that they use the Metatrader4 platform but when we tried downloading it, we discovered it is highly unstable which is bad news for any trader.
  • No registration documents to prove they are regulated by a financial body.
  • They claim Greatfxpro is owned by the company Clixadas LTD. When we did our investigations, we came up with absolutely nothing about the company.
  • No Live Chat. There is no way you can reach them

When trading forex, cfd and cryptocurrency we always recommend you use a regulated broker that is licensed to trade financial instruments.

COMPARE WITH A TRUSTED BROKER

eTORO

ETORO has registered addresses in London United Kingdom, Tel Aviv, Limassol, Australia and USA. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. eTORO has the best social trading platform in the forex industry where you could copy the trades of successful traders. You could also earn additionally if your trades are copied. ETORO is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, NBRB in Belarus and ASIC in Australia, which makes client funds safe. They accept traders worldwide.. visit their official website

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Greatfxpro Review – is greatfxpro.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Mini $500 1:200 3 pips
Classic $5 000 1:200 3 pips
Premium $20 000 1:200 3 pips

Greatfxpro is a forex broker registered on the Marshall Islands. It offers three account types, however it is not clear whether and how the trading conditions on these accounts differ. Apart from their account types and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review.

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Greatfxpro Advantages

Trading on the MetaTrader4

Clients of Greatfxpro have access to the MetaTrader4 (MT4) which is by far the foremost platform in use. It can be accessed through almost any web browser, as well as mobile devices and has great charting and useful functionalities. One such option is the MQL5 programming language through which traders can alter or design their own auto-trading bots or run ready-made ones. Another very popular functionality of this platform is the support for Expert Advisors for automated trading.

Wide range of assets

Another good thing about this broker is that offers trading in currency pairs from all over the world and a wide variety of CFDs, allowing for portfolio diversification, which helps manage risk. More specifically, the broker’s CFD product range includes, indices, stocks, commodities, precious metals and cryptocurrencies.

Up to 1:200 in leverage

The maximum leverage at Greatfxpro is up to 1:200, which is a reasonable level. Such maximum leverage ratio is average for the forex sector and will satisfy the needs of most traders.

Note that using high leverage also has a significant disadvantage – you may lose your investments in a matter of seconds, because it actually multiples the risk of loss.

Greatfxpro Disdvantages

No license, registered offshore

Greatfxpro is allegedly owned and operated by Clixads Ltd., a company registered offshore, on the Marshall Islands. This is an offshore zone where forex brokers do not fall under any regulatory oversight. This constitutes a major security concern for potential clients of Greatfxpro, who have no guarantee for their investment and may be open to substantial risk. The offshore registration also means that this broker is not entitled to operate on any regulated financial market, such as the EU, US, Canada, Japan, etc.

High cost of trading

First of all, Greatfxpro demands an initial deposit of $500 for the most basic account type, which is at least double the size of what most brokers require as a start. Second, the spreads announced on its website are 3 pips on EUR/USD.

Even for fixed spread standards, this is a high level. As a comparison, easyMarkets offers a 1 pip fixed spread on the most popular pair, to those clients who deposit more than $250.

No demo accounts

Another worrisome sign regarding Greatfxpro is that it does not offer free demo accounts, so potential clients of this broker are unaware of the trading costs, as well as other key aspects of its service.

The MT4 provided by a shady company

Although Greatfxpro does not offer free testing service, its MT4 is freely downloadable from the website. So, we discovered that it is in fact provided by a third party, Trading Technologies Ltd. The company has been blacklisted by Belgium’s financial regulator FSMA, as well as by the French supervisory authority, the AMF. This is another major red flag regarding this broker.

Last but not least, we have to mention that the name of Greatfxpro seems misleading to us, as it is very similar to those of the legit and globally regulated broker FxPro. This is a popular scam tactic also known as a “clone firm”.

Conclusion

Greatfxpro is one of the many shady offshore brokers operating on financial markets. Considering that most offshore brokers turn out to be scams, we urge traders to exclude such risk by only dealing with companies licensed by reputable financial agencies, such as the FCA in the UK or CySEC in Cyprus. These authorities require compliance with a number of strict rules that provide significant assurance for the security of the clients` funds.

To sun up our recap on Greatfxpro:

Pros Cons
MT4 available Not licensed
Wide range of financial products High cost of trading
Solid leverage MT4 provided by a shady company
Misleading name
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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