In this Global Pro Trader review, we look at its activities and customer reviews to assess their credibility as brokers. We will objectively highlight any features that will show you whether the company is trustworthy or not.
At a time when the internet is awash with adverts from day trading brokers, it is hard to tell who is real and who is a scam. We hope to give you the information you need to make the right decisions as a trader. And to take precautions where necessary.
If a dubious broker has already taken advantage of you and you’ve lost money, we’re sorry about that. Worry not, though. We can help. Simply schedule a free consultation we discuss how you can recover your money, fast.
Global Pro Trader Review: No license. No regulation.
In their entire website, Global Pro Trader does not mention, even once, any regulatory body that governs them. They also do not indicate the physical location or address of their offices. They avoid these essential details, even in the most important legal page – Terms and Conditions.
There is also no publicly available information about the owners, directors, or notable employees of the company.
Why is this a red flag?
Regulatory agencies were set up in response to complaints that some brokers were scamming traders. Brokers that have licensing and registration by such bodies are therefore more likely to be legit. Such authorities monitor their activities. You can also seek legal reprieve against them if they act illegally.
As we stated in our Investous review, the most trusted regulatory bodies in the industry are SEC, FCA, CySEC or ASIC.
Licensed and regulatory companies, therefore, display their registration details proudly as their mark of legitimacy. The fact that Global Pro Trader does not display this shows that they are unregulated and unlicensed.
Without information about their location or owners, you would not be able to file a complaint against the company if they scammed you. This is, therefore, not a company to trust with your money.
Global Pro Trader Scam Tactic: Exaggerated claims and falsehoods
Global pro Trader’s homepage is filled with exaggerations that are common with online scammers.
The first salesman tactic is the claim that they have the best profit-making tools that you can use to make profits with just one click. If you have traded for even one day, you know it takes a lot of keenness and dedication over time to make significant money.
This kind of language is, therefore, misleading and is intended to make you desire unrealistic profits.
They follow up this ploy by assigning you a handler that keeps calling you, pressuring you to deposit more and more money into your account. Once you agree, they will nudge you to make specific trades that are tactically chosen to keep you hopeful while your account balance reduces.
This reviewer shared the terrible experience he had with the callers from Global Pro Trader:
The other hyperbole on the website relates to data security. They claim that their security systems have never been breached and that they do not share your information with third parties.
Some reviewers have complained that Global Pro Trader indeed shared their private data without consent. Although we can’t independently confirm this, other red flags about this broker make the claims quite believable.
Their T & Cs also don’t show any belief in their security systems. They absolve the company of responsibility if your data is obtained by third parties on just the second page.
Finally, Global Pro Trader claims to have a 24-hour support system. However, you will not get a response if you email or try to chat beyond their office hours, wherever they are located. Knowing the importance of support in trading, this is a significant inconvenience for traders whose time zones are different from the company’s.
The registration process is suspicious
The initial stage of creating an account on Global Pro Trader is quite easy. All you need is an email and general personal details like your name and country.
The next stage is where suspicions arise. The site needs you to include details that are too personal and pertinent to privacy.
You need, for instance, to provide proof of your residence, scanned copies of your ID and bank details.
You may be thinking that all forex brokers ask for these things. However, remember what we’ve just said:
- This company is unregulated
- You get absolutely no clue about who owns it
- Worse still, there’s nothing about where it’s located
- You cannot access the clients’ area before confirming. By putting this restriction, they make sure you don’t get the real taste of their services before committing. By the time you start to suspect you have been duped, you’re already too involved, making it harder to turn back.
That’s not someone you can trust with your ID, residence and bank details, right?
Before confirming these details, you can only get a demo account that is manipulated to sell you a false idea of how easy it is to make money in trading.
In short, it’s like they’re literally forcing you to provide your private information. What’s worse, however, is that the information can be used against you, as explained below.
When most people realize they have been scammed by brokers like Global Pro Trader, they try to withdraw the money from their account. But the company usually frustrates you by delaying and postponing the withdrawal. Sometimes they even freeze and close your account while it still has your money.
The natural solution in such situations then becomes to initiate a chargeback at your bank. You just need to explain that you were fraudulently made to make payments to the company. However, if the company presents the data you gave them in the confirmation process, it becomes harder to convince the bank that this was not a consensual transaction.
See why they insist on getting your private info? They want to make it harder for your chargeback process to succeed.
Here’s our verdict and solution.
Global Pro Trader Review Verdict: Stay away from this unlicensed and unregulated scam
In regular face to face interactions, you wouldn’t make a deal with an unregulated company. So why would you do so online where scammers are in thousands.
Brokers like Global Pro Trader choose to operate unregulated and without a license because they intend to do unlawful things without facing the consequences. And those unlawful things are all geared towards getting money from you.
If you were planning to open a trading account with the company, please abort the plan. If you had already created an account and deposited money, you should withdraw it. Should there be any difficulty in getting your money back, contact Wealth Recovery Expert for advice and assistance.