Progresive Trade Review – Is this a Good Broker?

Progresive Trade Review

There is no denying that the financial markets can be highly profitable, but they do not come without risks. Sure, you can make high profits, but high losses are also a possibility you have to accept.

As long as they happen during the trading process, it should not be a problem, but you do not want to lose your money in a scam. It can be devastating to discover that you have been fooled and your funds are gone and no one wants to face such a situation. This Progresive Trade review shows how these scams operate.

The reason why most people find themselves in such circumstances is because of several reasons. Some people just don’t know how these scams work, so they do not realize they are dealing with a fraudulent broker until it is too late. In other cases, people are in a hurry to choose a brokerage and they don’t do their homework, so they end up with a shady or fraud one. This is also a recipe for disaster, so the key is to avoid making the same mistakes.

You need to be proactive when it comes to checking out online brokers and always go through their ins and outs to know exactly what you are dealing with.

This decision is not one to be made in a hurry, but it doesn’t mean it is too difficult either. You can distinguish between genuine and scam brokers, as long as you are willing to make an effort because the signs will be apparent once you take a closer look. The same approach pays off in the case of Progresive Trade, which does not fall into the genuine category.

Its name makes it quite obvious because the scammers behind it have not even spelled ‘progressive’ correctly when choosing the name. It is certainly not a good broker and you can figure this out when you discover some disturbing facts about it. What are they? Read on to know more.

Regulatory warning

If there is one thing that can truly break a broker, it is getting blacklisted by a regulatory body and this is exactly what has happened in the case of Progresive Trade. It is the proof that you are not dealing with a legitimate brokerage and should avoid it completely.

The Central Bank of Russia (CBR) has issued a warning about Progresive Trade and it states that the company is operating illegally in the country. It is understood that an authentic company would never make this mistake. If it wants to offer its services in a particular jurisdiction, it would always get a license to operate first, no matter how many requirements it has to fulfill.

But, Progresive Trade has not done any such thing, which goes to show that it is not an actual brokerage and is pretending to be one.

Lack of regulation

Not only has Progresive Trade been blacklisted by a broker, you will also come to know that it is actually an offshore broker. This is because its website clearly states that it is owned and operated by a company based in Saint Vincent and the Grenadines. This does not do anything for its credibility because the financial authorities in this Caribbean Island do not regulate their forex industry.

This means that anyone can set up a company at any time in Saint Vincent and the Grenadines and there is no one to monitor their activities. Therefore, it has become known as a scam haven and Progresive Trade is just another scam operating from there.

Availability of bonuses

The next sign that you discover about Progresive Trade being a scam is that it is offering a deposit bonus of 10%. Shouldn’t that be considered good news? After all, who does not want some extra money for trading? Yes, it does sound like good news, but it isn’t because this practice has been banned in a number of jurisdictions all over the world.

It is because these trading bonuses usually come with conditions and strings attached, which are never in the favor of traders. Due to their exploitative nature, regulatory authorities had chosen to ban them altogether. Thus, most legitimate companies do not offer them anymore, yet Progresive Trade is doing so. This is common amongst scam brokers because they use it for blocking withdrawals of their clients by setting some far-fetched conditions.

You will not find any Bonus terms mentioned at Progresive Trade, which makes it even more problematic because this means it can introduce requirements later and cause you trouble. Most genuine platforms will always be honest and transparent about their terms and policies.

Bad trading conditions

The trading conditions that you are provided by a broker are of the utmost importance because these determine how much profits you make at the end of the day. The problem with Progresive Trade is that it offers you downright bad trading conditions that increase your costs significantly, which means you cannot expect much profits.

The spreads for FX majors at Progresive Trade start at 3 pips, which is thrice more than what most brokers will offer to you. If that was not bad enough, you will find that it has also added 1:100 leverage to draw people in to its platform because such ratios are never good due to the huge risk involved.

Only Tether payments

The deposit policy of Progresive Trade is like the final nail in the coffin because it makes it apparent that the brokerage has no intention of letting you get your money back and will definitely pocket it at its earliest. This is because it only allows you to make payments in Tether, which means you cannot file a chargeback if there is a problem. Once you have deposited, your money will get stuck and there will be nothing that you can do.

Bottom Line

After checking out Progresive Trade rather thoroughly, you can conclude that the broker is up to no good and you need to steer clear of it.