FTMO PipsPRO is simply another broker who proposes that you invest your money solely on the basis of blind faith. However, this company is a complete scam without anything to provide and exhibits all the warning signs.
Discover why investing in FTMO PipsPRO might be a terrible idea by reading our FTMO PipsPRO Review.
FTMO PipsPRO Review – Who Is This Broker?
A lot of the characteristics of an offshore scam brokerage are shared by FTMO PipsPRO. The reason for this is that the company is unlicensed and gives a false address. Additionally, it is impossible to find the broker’s legal paperwork.
Even yet, the broker wants you to assume that it is a trustworthy business with a lot to provide its clients. Of course, that is not the case at all.
If we check the trading circumstances that FTMO PipsPRO delivers, we will find an unacceptable minimum deposit requirement and a risky level of leverage.
FTMO PipsPRO Safety of Funds and Regulation
FTMO PipsPRO intentionally makes false statements concerning its lack of licensing. The company states that its address is 9693 South Street, Motherwell, ML37 6JZ.
The address is located in the United Kingdom. This implies that the broker has a license in the UK, which is a given as the FCA, the country’s market regulator must approve any business that intends to operate there.
But FTMO PipsPRO doesn’t have that kind of authorization. This is clear from the fact that it provides access to cryptocurrency CFDs, something the FCA has long prohibited.
This indicates that the brokerage is not based in the UK and that the company is an offshore one that does not have the necessary regulations to offer you the degree of service you require to trade safely. Avoid offshore brokers at all costs.
Other examples of scam brokers are as follows:
- GainMetaFX – GainMetaFX is an unregulated scam broker, so your money is not secure with them.
- TriumphFX – This broker is dishonest and doesn’t have a license, so you shouldn’t invest with them.
- Kiplar – Your money is not secure at Kiplar because it is an unlicensed brokerage
FTMO PipsPRO has no licenses whatsoever. As a result, you cannot anticipate it to be able to offer you the same caliber of service that customers of reliable Forex brokers can get.
Unlicensed brokers don’t truly want to behave like Forex brokers, so the organization is highly probable to be another fraud. They merely want to take your money.
These businesses only continue to ask their victims for deposits up until the point at which the victims are entirely drained.
Trading Software for FTMO PipsPRO Available
A trusted broker would enable customers to quickly open a demo account and view the platform it provides, but that is not the case with FTMO PipsPRO.
In order to access the client area after creating an account on FTMO PipsPRO, you should first authenticate your identity by submitting personal documentation. However, many trusted brokers will allow you to open a demo account first to check what they have to offer.
Giving sensitive information to sketchy scam brokers is not something to consider sensible because becoming an identity theft victim does not sound all that desirable.
FTMO PipsPRO Deposit and Withdrawal Methods
The only deposit and withdrawal options listed by FTMO PipsPRO are Bitcoin and Ethereum, according to their website. We cannot confirm the accuracy of this information without an account, but we have a strong suspicion that it is.
Since cryptocurrency deposits are irreversible, many fraudulent brokers encourage you to utilize them since, once you’ve made a deposit, there’s no way to get your money back.
Avoiding deposits altogether is the best form of defense in these circumstances.
Furthermore, the company requires a $500 minimum deposit, which is excessive given that respectable brokers currently only charge $10 at most to start an account.
This Is How The Scam Works?
Numerous fake advertisements are posted online by scammers. They want to steal from as many individuals as they can by luring them.
The moment you click and give them your phone number and email address, they will call you right away and make any promise necessary to get you to deposit funds with them as soon as possible.
The majority of scam artists are skilled manipulators, and before you realize it, they’ll ask you for your bank account information to help you make the transaction. If you don’t want to get into trouble, you should never disclose this knowledge.
Additionally, there is a risk to experience identity theft, which would result in a lot more issues.
Regardless of the outcomes of your trades, they will gradually demand more money from you. If you suffered a loss on the market, they would convince you to increase your investment to make up for it.
If your trading was successful, they would persuade you to add more funds and boost your winnings.
When you request a withdrawal, problems start to arise. The scam artists will say and do anything to scare you away, even requesting payment if you wish to withdraw. The scammers will constantly ask you to make deposits for no apparent reason.
If someone pressures you to invest, it’s probably a fraud since legitimate businesses won’t call you and ask you to deposit money with them.
Here’s What You Should Do If You Fall For A Scam
Replace your banking passwords first, and then take out any remote access programs the scam artists convinced you to install. If you install a tool like AnyDesk or TeamViewer, they may have duped you into thinking they can assist you with platform issues or even with trading, but what they really require is access to your financial accounts so they can steal more money.
Be sure to let your bank know about the fraud.
If you used Visa or MasterCard to make your deposit, you can also request a chargeback because both card issuers permit such requests up to 540 days after the transaction.
Additionally, you can get in touch with teams like Global Fraud Protection. If you have never filed a chargeback and are unsure of where to start or how to present your case to your bank or credit card issuer, they may assist yo