ProgresiveTrade is a newly established trading firm, operational since May 2022. The brokerage has already earned negative reviews and complaints in such a short period. These were our cues to overview the business and provide you with the facts.
Read our detailed ProgresiveTrade review and find out more.
On top of that, we seriously recommend you not to invest in the fake brokers Zetano, Allfina Group, and PilotGain. Do not trade with these unlicensed brokers if you want to save your money!
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Ailurophile Group LLC|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Minimum Deposit:||250 USD|
|Types of Assets:||Forex, commodities, indices, shares, ETFs|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
ProgresiveTrade Has a Good Reputation in the Market?
ProgresiveTrade is a brand of Ailurophile Group LLC, registered in Saint Vincent and the Grenadines. Knowing that this offshore island is a popular hub for financial swindlers, we weren’t astonished to see it.
SVG has no regulators overseeing Forex or CFD brokers. Instead, those are directed to opt for a license in the service country. ProgresiveTrade should be regulated by Tier1 authorities such as FCA, ASIC, or BaFin. The keyword here is “should be.” After reviewing these databases, we concluded that ProgresiveTrade is nothing but a progressive scammer.
Reasons Not to Trust an Unlicensed Broker
The reason is simple if you were wondering why there are so many reviews about financial scams. These firms don’t allow any withdrawals and tend to disappear after stealing clients’ funds.
Since they don’t belong under any regulatory supervision and are often registered through third-party agencies, finding real perpetrators is a challenging task. Hiding behind anonymity, these brokers have no problem taking someone’s life savings and vanishing.
So Is ProgresiveTrade a Decent Broker or a Scam?
ProgresiveTrade is an unlicensed offshore Forex and CFD trading provider. The reviews show negative experiences. A low trust score indicates withdrawal issues, meaning you should avoid the firm.
What Do Traders Think Of ProgresiveTrade?
The main issue and the primary topic of all ProgresiveTrade reviews are withdrawals. According to those, customers who have invested money and made alleged profits cannot withdraw a penny back, as this firm doesn’t allow it.
Clients see their funds grow and everything is smooth while they are willing to invest more. Yet, once they request a payout, the broker’s attitude completely changes. Most victims are no longer able to access trading accounts or funds.
What Platform Does ProgresiveTrade Offer to Trade On?
ProgresiveTrade offers a typical WebTrader used by numerous other scam brokers. It has a somewhat functional layout, basic trading tools, and charts. Yet, if you want to apply advanced strategies and EAs or participate in social trading, you won’t be able to.
That’s why we always recommend finding a legit brokerage. Mainly, these offer MetaTrader, which sets itself as the industry standard. Thanks to interface customizability, many trading tools, and advanced features, both MT4 and MT5 are widely used by retail investors.
Can I Use the Demo Account?
The brokerage doesn’t offer a Demo account, which is another downside. Instead of allowing clients to feel the market and the platform before actually investing, ProgresiveTrade will do anything to pressure you to start immediately.
That’s why legit brokers are a better choice once again. Besides a better platform, they offer risk-free accounts.
ProgresiveTrade Accounts Overview
Clients can choose one of the six account types on offer.
Besides spread and leverage, each account brings a higher welcome bonus. Bonus terms are not disclosed, but most scammers use them to prevent clients from withdrawals. Despite making it sound favorable, incentives are often used for client manipulations.
Customer Support – Communication Channels
Customer support uses various channels of communication while clients are depositing. They can contact you via:
- Social media
On the other hand, you can only submit a form on their website and require them to contact you back.
ProgresiveTrade – Countries Of Service
According to our research, the ProgresiveTrade trading scam is mainly active in:
This is a relatively new broker, and we firmly believe it’ll expand its business elsewhere.
Also remember the names of the Green Capitalz, Global Profit and EJMarkets trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
ProgresiveTrade Range of Trading Markets
ProgresiveTrade enables investing in several markets, including:
- Forex – EUR/USD, AUD/CAD, GBP/SEK
- Commodities – corn, gold, silver
- Indices – DJIA, DAX30, CAC40
- Shares – Amazon, Apple, Microsoft
- ETFs – EEM, DIA, GDAXIEX
Cryptocurrencies are not part of this broker’s offer.
What Is Known About ProgresiveTrade’s Trading Conditions?
Besides regulation, trading conditions are the best indicator of a broker’s legitimacy. If the firm charges low fees and has leverage over the regulatory cap, it usually means they are only interested in your deposit.
With ProgresiveTrade being low on transparency, we had difficulty confirming facts. But here’s what we found out.
About Leverage and Spreads
Despite the false advert offering raw spreads, the brokerage charges 3 pips for the EUR/USD benchmark. Another reason not to trust anything you read or hear from the broker employees.
The leverage goes up to 1:600, well over the regulatory cap. In the EU and UK, the limit is set at 1:30, while US and Canadian regulators enable 1:50.
ProgresiveTrade Minimum Deposit and Unfavorable Withdrawal Terms
ProgresiveTrade requires an initial deposit of $250. That’s rather high compared to legitimate firms with Micro accounts starting at as low as $10.
The Withdrawal Policy doesn’t exist, so withdrawal terms are a mystery. Of course, it’s probably because ProgresiveTrade doesn’t intend to approve any payout requests anyways.
Methods of Making a Deposit
The broker accepts only one payment method – USDT. This and other cryptocurrencies are not subject to a chargeback, meaning it’s more difficult to recover funds. Scammers are well aware of this fact, which is why they exploit digital assets.
Now you have all the reasons to avoid the ProgresiveTrade scam.
What Should I Do If I Lost Money With ProgresiveTrade Broker?
If you were scammed by ProgresiveTrade or a similar phony broker, let us know. Crypto transactions may be anonymous, but tracking them is now possible!
Contact us via online chat to book a free consultation with our experts. We will evaluate your case and find the best recovery solution for you. Don’t let scammers run free!