Introduction to Pips Pro FX
Pips Pro FX is a forex broker based in St. Vincent and the Grenadines. Pips Pro FX does indeed offer the cTrader platform, which is why we are going to review this broker. While the companies website is very light on details, we’ve done our best to look into the background and legitimacy of this forex broker.
About Pips Pro FX
Pips Pro or PIPSPROFX seems to be a brand of a company called Market Viewer Limited, which is the company apparently incorporated in St. Vincent and the Grenadines. There is another website called TradePro Services, also claiming to be incorporated under the same details as Pips Pro FX. The details on both websites are close to identical.
According to details in the footer of the website, Market Viewer Limited is incorporated under registered number 25321 BC 2019 by the Registrar of International Business Companies, registered by the Financial Services Authority of Saint Vincent and the Grenadines.
While all of this could be absolutely true and we are not suggesting that it isn’t, unfortunately, there are a few problems with that statement. First of all, Saint Vincent has very strict business privacy laws. This means there is no public register to verify if this company even exists now who owns it. Secondly, the fact that the company is registered by the Financial Services Authority of Saint Vincent and the Grenadines is quite meaningless because the authority does not regulate forex brokers.
On the companies website, a copyright symbol has been used to signify that the brand name Pips Pro© is copyrighted. However, names cannot be copyrighted.
Find a Better Broker
We do not recommend trading with Pips Pro FX. Check out these better cTrader brokers:
Pips Pro FX & TradePro Services
As mentioned before, Pips Pro FX and TradePro Services are two websites with very similar details. According to details on both companies websites, there are claims that they were founded in 2010. However, the IBC license in the footer was issued in 2019 and the oldest of the two website addresses was registered in December 2018. This makes it quite unlikely that the company has such a long history.
Both brands claim to have experienced financial services professionals at the helm, yet do not provide any further details besides vague descriptions.
What Does Pips Pro FX Offer
Despite some inconsistencies and somewhat questionable details, let’s explore what Pips Pro FX has to offer.
Trading Platforms
While we know that Pips Pro FX offers the cTrader platform, there are not any details or pages on their website about what other platforms, if any, the company offers. The website does not even mention that cTrader is offered. There is simply a link to the cTrader Web Trader. The fact that the company does have cTrader means that they have undergone some kind of due diligence.
Deposits and Withdrawals
According to the website, Pips Pro FX accepts bank wire transfers, Visa, Mastercard, Maestro, PayUmoney, Paytm and eWallet. For making withdrawals, however, a form needs to be completed, printed and then signed. It’s unclear if this is due to AML and compliance reasons or inferior technology.
Trading Accounts
The Mini Account requires an initial minimum deposit of just $100. Benefits include a dedicated Account Manager and the ability to trade 24/5, which is not much of a surprise. The spreads in this account will be variable, depending on the instrument, market volatility and how much markup is applied by the broker.
The Micro Account requires an initial minimum deposit of $2,500. The only difference between this account and the Mini Account which requires just a $100 deposit is that clients can access a dealing department hotline, i.e. phone trading.
The Pro Account is the third type of account that is available from this broker. There is a minimum deposit of $20,000. The difference this account type has to the rest is that traders can choose to have a fixed spread.
There is an Islamic Account. The initial minimum deposit that is required by this account is $3,000.
Education and Articles
Pips Pro FX has a page dedicated to education. There is a number of categories such as educational e-books and a Diamond Package. But there are no specific details about these promotions. All calls to action point to the registration page. It’s good to know more about what you are signing up for before you actually sign up.
Conclusion
You might be wondering if it’s safe to trade with Pips Pro FX. Considering that we can see the company was only registered in 2019, it could be that the company is simply getting things started. It would not be fair to draw a firm conclusion at this stage. Even if they haven’t opened for business, they should be taking better care of their reputation. The website lacks a lot of important information and there is no clear reason why anyone should trade with this broker. Our suggestion is to evaluate other brokers, like the ones listed on our website before proceeding with Pips Pro FX, TradePro Services or Market Viewer Limited.
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