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The WikiFX Score of this broker is reduced because of too many complaints!

Prorods

United Kingdom|2-5 years|
Suspicious Scope of Business|Australia Appointed Representative(AR) Revoked|Suspicious Overrun|High potential risk|

https://www.prorods.com

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Rating Index

Contact

support@prorods.com
https://www.prorods.com
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Prorods Limited

Abbreviation

Prorods

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 7
Previous Detection : 2024-07-24
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 42 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • AustraliaASIC (license number: 001292774) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!
  • United StatesNFA (license number: 0540991) The regulatory status is abnormal, the official regulatory status is Unauthorized. Please be aware of the risk!
  • This broker exceeds the business scope regulated by United States NFA(license number: 0540991)National Futures Association-UNFX Non-Forex License. Please be aware of the risk!
  • The United StatesNFA regulation (license number: 0538567) claimed by this broker is suspected to be clone. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

Prorods · WikiFX Survey

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Prorods · Company Summary

Aspect Information
Company Name Prorods
Registered Country/Area United Kingdom
Founded year 2015
Regulation Unregulated
Market Instruments Currencies, metals, commodities, indices, shares, cryptocurrencies
Maximum Leverage Up to 1:500
Spreads As low as 0.0 pips
Trading Platforms Proprietary platform
Customer Support Support@prorods.com
Deposit & Withdrawal N/A

Overview of Prorods

Prorods, founded in 2015 in the United Kingdom, expanded its presence by establishing cloud servers in the UK, US, and HK in 2016. While Prorods offers a wide range of trading assets, including currencies, metals, commodities, indices, shares, and cryptocurrencies, its proprietary platform deviates from the popular MetaTrader platform, potentially inconveniencing traders.

However, the platform's unregulated status raises risks about transparency and accountability. Moreover, customers encounter challenges with Prorods' inaccessible website and inadequate customer support, contributing to dissatisfaction among traders.

Overview of Prorods

Is Prorods legit or a scam?

The regulation status of Prorods, with its license revoked by the Commonwealth of Australia Regulatory Authority, directly impacts traders on the platform. With its Appointed Representative (AR) license revoked and regulatory oversight by Australia, traders face heightened uncertainty and risk.

Is Prorods legit or a scam?

Prorods is also unauthorized by the National Futures Association (NFA) and lacks a Common Financial Service License, which significantly influences traders on the platform. With the absence of NFA authorization and regulation by the United States, traders confront heightened uncertainty and risk.

Is Prorods legit or a scam?

In addition, Prorods is identified as a suspicious clone by the National Futures Association (NFA), lacking a Common Financial Service License, which significantly impacts traders on the platform. With the NFA's designation of Prorods as a suspicious clone and absence of proper licensing, traders face heightened uncertainty and risk.

Is Prorods legit or a scam?

Pros and Cons

Pros Cons
Wide range of trading assets Official website inaccessible
High leverage(1:500) Customer support falls short of expectations
Non-MetaTrader trading platform
Exposure to allegations of fraudulent practices
Unregulated

Pros:

  1. Wide Range of Trading Assets: Prorods offers traders access to an extensive array of trading assets, spanning over 200 products across various categories.

  2. High Leverage: Prorods provides traders with high leverage, with ratios of up to 1:500 available. This level of leverage allows traders to amplify their potential returns on investment.

Cons:

  1. Official Website Inaccessibility: Prorods' official website is inaccessible, which can pose significant challenges for traders seeking essential information about the platform, including account management, trading conditions, and regulatory status.

  2. Customer Support Falls Short of Expectations: Prorods' customer support fails to meet expectations, characterized by delayed responses and inadequate assistance.

  3. Non-MetaTrader Trading Platform: Prorods does not offer the popular MetaTrader trading platform, opting instead for its proprietary platform.

  4. Exposure to Allegations of Fraudulent Practices: Prorods has faced allegations of fraudulent practices, including pyramid schemes and deceptive withdrawal requirements.

  5. Unregulated: Prorods operates without regulatory oversight, exposing traders to heightened risks associated with unregulated trading environments.

Market Instruments

Prorods offers a wide range of trading assets to global traders, encompassing over 200 types of products across various categories.

Currencies form a significant part of Prorods' asset portfolio, allowing traders to engage in forex trading with major and minor currency pairs.

Additionally, traders can explore opportunities in metals, including gold, silver, and platinum, providing avenues for diversification and hedging strategies.

Commodities such as crude oil, natural gas, and agricultural products offer further opportunities for trading and investment.

Prorods also provides access to a wide array of indices, enabling traders to speculate on the performance of global markets.

Moreover, traders can invest in individual shares of renowned companies, facilitating participation in equity markets. With the growing popularity of cryptocurrencies, Prorods includes a selection of digital assets like Bitcoin, Ethereum, and Litecoin.

Leverage

Prorods offers a maximum trading leverage of up to 1:500, which is relatively high. While leverage can enhance potential returns, it also magnifies the risks of losses.

Spreads & Commissions

Prorods claims that spreads on its platforms are as low as 0.0 pips. spreads differ depending on different trading accounts. The spread on the EUR/USD pair is 1.3 pips, with no commissions charged. The spreads in the ECN account start from 0 pips, involving certain commissions.

Trading Platform

When it comes to trading platform available, Prorods offers its traders not the famous MetaTrader platform, instead their propriety platform, which users can download it on the Google Play and App Store.

Customer Support

Prorods' customer support, accessed via support@prorods.com, falls short of expectations. Responses are often delayed, leaving customers frustrated and dissatisfied with the level of assistance provided. Queries are frequently met with generic responses lacking in-depth solutions, further exacerbating customers' sense of frustration.

Customer Support

Exposure

Prorods has garnered significant exposure regarding issues surrounding withdrawals, with numerous complaints highlighting delays and difficulties in accessing funds.

Allegations of fraudulent practices, including pyramid schemes and deceptive withdrawal requirements, have surfaced, further tarnishing the platform's reputation. Customers have expressed frustration over prolonged delays, unresponsive customer service, and demands for additional fees.

Exposure

Conclusion

In conclusion, Prorods presents a mixed picture with both advantages and disadvantages. On the positive side, it offers a wide range of trading assets spanning currencies, metals, commodities, indices, shares, and cryptocurrencies.

However, significant drawbacks mar the trading experience. Prorods operates without regulation, exposing traders to increased risks and undermining trust in the platform's integrity. Moreover, issues such as an inaccessible website, inadequate customer support, and reported withdrawal difficulties contribute to frustration and dissatisfaction among users, highlighting the platform's shortcomings and hindering its effectiveness as a trading platform.

FAQs

Q: Is Prorods regulated?

A: No, Prorods operates without regulatory oversight.

Q: What trading assets are available on Prorods?

A: Prorods offers a wide range of assets including currencies, metals, commodities, indices, shares, and cryptocurrencies.

Q: What is the maximum leverage offered by Prorods?

A: The maximum leverage available on Prorods is up to 1:500.

Q: How can I contact customer support?

A: You can reach Prorods' customer support via email at support@prorods.com.

Q: Is the Prorods trading platform MetaTrader?

A: No, Prorods offers its proprietary trading platform, which is available for download on Google Play and the App Store.

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