Protrades - Investigation for Fraud, Impersonation and Perjury – Fake Copyright Takedown Scam

February 26, 2022

                 

Protrades / Protrades.io Reviews / Protrades.io




Protrades.io – Investigation for Fraud, Impersonation and Perjury – Fake Copyright Takedown Scam

Beneficiary of Fake DMCA:Protrades  / Protrades.io Reviews / Protrades.io


Contact Info:Website :Protrades.io
Possible Infringements:Perjury, Impersonation, Identity-theft, Misrepresentation
DMCA Report:https://www.lumendatabase.org/notices/25020398
Original Link:https://theforexreview.com/2021/09/01/protrades-io-review


















Fake Link/Website Used:https://coreymccoy1.blogspot.com/2021/08/protradesio-review-5-things-you-should.html?m=1











Submitted by:Corey McCoy
Date of Submission: 
September 01, 2021
Cue all manner of gaslighting, starting with a bunch of bogus DMCA takedown notices. I loosely keep track of DMCA takedowns filed to hide the scam done by this organization. Protrades.io really went to town with their efforts to hide the negative content on the internet.
Content Used In Fake DMCA By Protrades - 
"e were able to open an account in less than 10 seconds which is always a big sign that the broker has not taken things too professionally. This means that just about anyone can enter the user area and start investing and trading, which is basically what every scammer broker wants. In this regard, ProTrades.io is a very typical Shady brokerage"

HERE’S OUR INVESTIGATION REPORT

SO WHAT WERE THEY TRYING TO HIDE ?
 Protrades
"It would be a real challenge to find any reason for investing in ProTrades.io. Yet, many users might not be aware that they are dealing with a very risky broker. The main reason for this is that the website does a pretty good job at hiding the true nature of the company. However, considering our very long work experience, we tend to detect issues quite fast and with this broker, there are many that we will review. Most importantly, it is imperative to read the review before you decide to invest anything.


We were able to open an account in less than 10 seconds which is always a big sign that the broker has not taken things too professionally. This means that just about anyone can enter the user area and start investing and trading, which is basically what every scammer broker wants. In this regard, ProTrades.io is a very typical Shady brokerage.


In the user area, we noticed that we were immediately redirected to the depositing section which supports our aforementioned claim. At least we were able to access a user area which is to say a lot with brokers like this one.


In the trading area we were able to trade with indices, forex currency pairs, stocks, commodities, and cryptocurrencies. The EUR/USD cost of trade could not be indicated due to the very odd nature of this webtrader. The leverage was kept at 1:20.


The website is available only in English.


PROTRADES.IO REGULATION AND SAFETY OF FUNDS

ProTrades.io is one of those companies that thinks it can get away by just including some arbitrary contact address. Well, things get kind of confusing when the address included on the website is in the United Kingdom.


The reason for this confusion is that the UK is perhaps the most heavily regulated forex environment in Europe. The FCA takes regulating the forex broker industry incredibly seriously and it could never allow a company such as ProTrades.io to operates without a license and to continue to operate without a license.


And furthermore, the broker never actually says it is regulated in the UK. Its claims only to be registered there which is completely different from being licensed in the country.


Other than this we have nothing else to work with here. There are no other regulatory details included, meaning that the company is not licensed and is, therefore, a risk to all investors and Traders alike.


Investing in unregulated brokers is basically throwing your money out of the window. They will very rarely return your money, and even if that happens it would cost the user an incredible amount of headache and time.

That is why we encourage users to only trade with regulated brokers. Please, once you enter a broker that you think is worth investing in always check for a license before doing anything else.

We recommend UK, EU, US, or Aussie brokerage firms. All such regulated brokers are very trustworthy and offer safe and secure trading grounds.

Furthermore, agencies like the FCA and CySEC offer user compensation funds that are applied only when the broker at hand is not able to pay back to user due to insolvency. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.


PROTRADES.IO TRADING SOFTWARE

A word about the trading software this is the first time we come across something like this. It’s as if though the charts and the trading layout are two separate things that are not connected in any way. As we mentioned earlier we could not read any spread value because the church did not correspond with the trading layout. Thus, we are not sure if both of these two aspects of the web trader are cooperating in any way that would bring the user the ability to actually trade.


This is all we can say about the trading software. Honestly, we do not recommend it.


PROTRADES.IO DEPOSIT/WITHDRAW METHODS AND FEES

From the user area, we learn that deposits happen by means of … unknown payment methods. The deposit area does not reveal any trading information at all. As far as we are concerned we had no way to invest not that we were planning to. The withdrawal area was also useless.


Unfortunately, we are left with the deposit and withdrawal policy which is perhaps one of the most notorious scammer brokerage arrays of provisions. On the policy, we learn that users are feed when they withdraw money. There is a $50 wire transfer fee a $35 credit card fee and a $25 charge for alternative payment methods. Also, accounts that have not traded more than 200 times in the volume cannot be issued a withdrawal request.


These payment methods suggest that they are also used for investing. Last but not least the website claims that the minimum deposit is €250.


This broker is not worth even one penny of your money. Do not invest here!


How does the scam work?

It’s almost ironic that’s one of the most popular ways to get scammed by a forex investment fraud is incredibly simple to grasp. If you look at it constructively, the way a scam works is that it follows a couple of incredibly simple steps that nevertheless take a lot of experience and authority to pull off.


In fact, investment scams are so effective not because of the way they are structured but because the people that are behind them are very talented at human manipulation. They have an arsenal of psychological and behavioral tricks.


Indeed, the hardest part of any scam is to actually be introduced to the scammer in person which happens most of the time by phone but it can also occur by email correspondence.


The quickest and most effective tool they have is online ads. Fake and misleading ads are ubiquitous over the internet. They continually evolve into becoming more and more legitimate-looking while retaining their complete scammer nature. Everybody has seen at least a couple of these ads: they promote a carefree life, luxurious products on the go, beautiful women, and other very expensive and realistically unattainable stuff.


Behind these ads are the investment scammers. Once you end up on the website you will be asked to provide a phone number or an email address for the sole purpose of being contacted by the broker.


The representatives of the scam will ask you to invest. He or she will use an array of tactics to make you invest. This is a solicitation and nothing else. Investing an initial deposits will build trust with the scammer and can potentially lead to more and higher investments.


If the user continues to invest and trusts the broker, he or she will continue to invest money that will be very hard to retrieve.


And once the time comes to actually get your money back or at least withdraw a profit, the true scammer nature of the company will reveal itself. The broker will either block your accounts, close off all communications with you, shut down the entire website, or stall all requests. At times it can even pay you back a percentage of your deposit and profits in order to create a false sense of security.


What to do if scammed?

Now, the quickest way to get your money back is to file for a chargeback with your credit or debit cards provider. However, this applies only to those users that have actually lost money by means of a card. MasterCard and VISA have a chargeback period of 540 days.


Bank transfers are harder to get back. First of all, we always encourage users to immediately change their bank account username and password. And then to contact the bank itself and try to find a solution to the problem together. The banking institution might have a specific section that deals with similar issues.


One sure way to lose all of your deposit is to invest in a regulated broker via any sort of cryptocurrency. Even in today’s world, crypto transactions are untraceable making crypto deposits the most popular investment gateway used by unregulated brokers. All funds invested through a crypto wallet are definitely lost.


And a warning to all readers! Do not trust the self-proclaimed recovery agency or agencies whose promises of returning all your funds are as misleading as the broker scam itself. They will take the initial fee charged for the false services and will disappear with the money."

Read More Investigations 

Here are some of the outcomes and changes we made possible with the help of several other citizen lawyers and agencies –

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