WikiFX Broker Assessment Series | TradingPro: Is It Trustworthy?

Background:

Founded in 2017, TradingPro operates as an online brokerage specializing in the trading of exchanged CFDs, distinguishing itself through a commitment to offering competitive spreads and fast execution speed.

TradingPro provides a diverse range of tradable assets, covering currency pairs, global indices, precious metal, oil, cryptocurrency, and equity.

Additionally, TradingPro offers a social trading service that facilitates money managers and traders in enhancing efficiency, profitability, and generating passive income through copy-trading.

Moreover, TradingPro provides Percent Allocation Money Management (PAMM), an investment method where an experienced trader manages a pooled fund, allocating profits and losses proportionally to investors based on their investment amount.

Meanwhile, TradingPro features an Introducing Broker (IB) program, which enables individuals and businesses to earn commissions with daily payouts by referring new clients to the company.

It is important to note that, at present, TradingPro does not extend its services to Australia, Belgium, France, Iran, Japan, North Korea, and the United States.

Types of Accounts:

TradingPro offers four account options: the Micro Account, the Rookie Account, the Pro Account, and the ScalpX Account.

Please refer to the attached images below for more detailed information on each corresponding account:

Deposits and Withdrawals:

TradingPro offers a range of payment options, including Visa, Mastercard, Walaopay, FasaPay, Paytrust, Virtual Account, PromptPay and more. While TradingPro asserts a policy of not imposing any commission or fees for deposits and withdrawals, it is important to note that any fees levied by third-party providers shall be the responsibility of the trading client.

The broker asserts a commitment to processing all withdrawal requests within 15 minutes to 24 hours.

The specifications for each deposit and withdrawal method can be referred to from the images below:

Trading Platforms:

TradingPro offers three trading platforms: MetaTrader 4, MetaTrader 5, and cTrader.

1. MetaTrader 4 (MT4) is a trading platform equipped with a knowledge database, trading robots, and indicators. It supports trading across various instruments, including forex, indices, precious metals, oil, cryptocurrencies, and equities. Users can customize the platform according to their trading preferences. The platform ensures order execution without partial fills, supported by a significant depth of liquidity. MT4 provides advanced technical analysis with over 50 indicators and customizable charting available in 22 languages. Automated trading is supported, allowing market activity 24/5 without manual intervention.

   

2. MetaTrader 5 (MT5) offers faster processing times and includes netting and hedging systems. It supports trading in forex, indices, precious metals, oil, cryptocurrencies, and equities. The platform is designed to be user-friendly and simplifies coding with MQL5. It provides advanced platform customization and optimized processing for expert advisors and indicators. MT5 also supports position hedging and automated trading, allowing users to trade 24/5 without intervention.

   

3. cTrader is developed by Spotware Systems and is designed for Forex and CFD trading. It features a user-friendly interface and advanced charting tools. The platform supports trading in forex and CFDs. Key features include advanced take profit and stop loss levels, market sentiment analysis, trading performance analysis, and strategy back-testing on real-time data. cTrader also offers customizable watchlists, adjustable platform time, cloud-hosted watchlists, workspaces, price alerts, and flexible lots/units volumes.

Research and Education:

No research or educational resources could be found on TradingPro's official website. Compared to its industry peers, TradingPro is lacking in this department, as it is common for brokers to provide an extensive array of free resources for the benefit of their trading clients.

Customer Service:

TradingPro provides round the clock customer service support on several platforms. Clients can reach out to TradingPro through email at support@tradingpro.com. Additionally, trading clients have the option to contact TradingPro by phone (+44) 02032894388.

Conclusion:

To summarize, here's WikiFX's final verdict:

WikiFX, a global forex broker regulatory platform, has assigned TradingPro a WikiScore of 6.85 out of 10.

Upon examining TradingPros licenses, WikiFX found that the broker is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa with the license number 49624. WikiFX has also validated the legitimacy of this license.

Although TradingPro is a regulated broker, WikiFX would like to remind users that the FSCA is an offshore regulator. Some may argue that an offshore regulator is more lenient and less stringent in terms of regulations, and thus cannot assure a high level of protection. Therefore, if you would like a broker that is more stringently regulated and offers a higher level of protection, WikiFX urges you to choose brokers that have a WikiScore of at least 8.0 or above from the free WikiFX mobile application or www.wikifx.com.