Is TRXprotrade Scam Or Legit? Complete trxprotrade.com Review

TRXprotrade Review

Looking to tap into the opportunities in the financial markets? They are filled to the brim with them, but the only way to take advantage is to sign up with a good and dependable broker. That does not sound too difficult until you actually start searching for a broker. This is when you come to know that there is a horde of platforms offering their services and each making some very big promises. The trouble is that not all of these brokers are legitimate. Scam brokers also exist, so caution needs to be exercised before you make a commitment. Checking out this TRXprotrade review is one way of going about it.

Opting for a brokerage based primarily on their claims would be a foolish move because no fraudulent company would ever come clean about their reality. The same is true for TRXprotrade, which is presented as a London-based brokerage that offers generous trading bonuses, tight spreads, and good leverage. Is TRXprotrade a scam or legit? The best way to find out is to check out this TRXprotrade review.

Regulation

The easiest way to distinguish between a scam and a legitimate broker is by taking a look at their regulatory status. A legit platform would always have a license from the regulatory body of the jurisdiction they are operating from. This means that the TRXprotrade broker should have a license from the Financial Conduct Authority (FCA), which is the regulatory body of the UK. After all, the broker claims to have its headquarters in London.

But, when you run the name of the TRXprotrade broker in the online register of the FCA, you are going to come up empty. This is alarming because legitimate brokers would not operate unlicensed in a jurisdiction where getting a license is required. As per the FCA, no trading platform can operate in the country without a license, but since the TRXprotrade trading platform is doing so, it means its activities are illegal.

Trading platform

How do you execute your trades online? This is what the trading platform is for, which is the software that the online broker you choose will offer to you. Therefore, the platform has to be a good one because your trading activities depend on it. In case it is lacking, you will be the one suffering because it will make trading complicated and also affect your performance.

How does the TRXprotrade trading platform fare? If you were hoping to have access to the MT4, which most leading brokers offer, you are in for disappointment. This is because all you get here is a simple web trading platform. It lacks auto trading features, advanced tools, and custom indicators and there is no mobile version available for flexibility.

Payment methods

You need to look into the payment methods supported by a broker to be able to make your deposits and withdrawals easily. A look at the payment methods supported on the TRXprotrade trading platform shows that it allows you to use bank wire transfers, along with modern payment options like Skrill, Neteller, VISA and MasterCard. Of course, this sounds impressive, but it is not all true.

It turns out that card payments are not supported by the TRXprotrade broker and you are informed that you should get in touch with the account manager to get further instructions. This is a standard for scam brokers, as they usually ask you to make deposits in Bitcoin, or other cryptocurrencies instead. It is because crypto payments do not give you the option of filing for a chargeback, while card payments do.

Trading conditions

The trading conditions directly affect your bottom line and the fact that spreads on the TRXprotrade trading platform are as high as 3 pips should show you the true intentions of the broker. Likewise, the leverage goes as high as 1:500, which is just too much, given that it is unregulated.

Is TRXprotrade a scam or legit?

The whole point of going through the review is to know if there is a TRXprotrade scam and it is quite apparent that the broker is nowhere close to legitimate. The lack of regulation, the absence of MT4, and uncompetitive trading conditions all point to the fact that TRXprotrade is a scam.