General information and regulations of Progresive Trade
Established in St. Vincent and the Grenadines, Progresive Trade is an online forex broker with no current effective regulation. Please be aware of the risk.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on.
At the end of the article, we will also briefly summarize the main advantages and disadvantages so that you can understand the broker's characteristics at a glance.
Market instruments
70+ currency pairs, indices, metals, energy, stocks.....Progresive Trade allows clients to access a huge range of trading markets. Therefore, both beginners and experienced traders can find what they want to trade on Progresive Trade. But we also noticed that cryptocurrencies are not currently available.
Spreads and commissions for trading with Progresive Trade
Progresive Trade does not detail on its website additional trading costs such as spreads, commissions, SWAPs, etc. These costs are very important when calculating profits and losses, and should be considered in aggregate and not chosen in isolation. If you want to trade with Progresive Trade, we recommend that you take the time to calculate these transaction costs.
Account Types for Progresive Trade
Demo Account: Progresive Trade doesnt provide a demo account that allows you to try out the financial markets without the risk of losing money.
Live Account: Progresive Trade offers a total of 6 account types: Beginner, basic, independent, advanced, investor and premium. the minimum deposit to open an account is $250, $1500, $5000, $10,000, $25,000 and $100,000 respectively. If you are still a beginner and don't want to invest too much money in Forex trading, a beginner account will be the most suitable option for you. However, we should also realize that too little capital not only reduces losses, but also reduces profitability. Therefore, you may find it “unexciting” or unprofitable. In addition, accounts with smaller initial deposits tend to have poorer trading conditions.
Trading platforms offered by Progresive Trade
The trading platform offered by Progresive Trade is a webtrader, which means that the client doesnt have to download a software to use it.
Leverage offered by Progresive Trade
Progresive Trade offers a maximum leverage of up to 1:600, which is a generous offer and ideal for professional traders and scalpers. However, since leverage can magnify your profits, it can also result in a loss of capital, especially for inexperienced traders. Therefore, traders must choose the right amount according to their risk tolerance.
Deposit and withdrawal methods and fees
As for deposits and withdrawals, the company lists only a few payment options, but does not cover the most important parts, such as additional fees, minimum amounts, time required for procedures, etc.
Educational resources
A series of educational resources is available at Progresive Trade, such as economic calendar, calculators, currency converter, news, etcetera.
Customer support of Progresive Trade
Below are the details about the customer service.
Language(s): English, Spanish
Service Hours: 24/5
Email: support@progresivetrade.com
Users exposures on WikiFX
We have not received any reports of fraudulent activity at this time.
Advantages and disadvantages of Progresive Trade
Advantages:
High leverage
Disadvantages:
No effective regulation
Few information available
No MT4/MT5
No copy trading
No demo account
Frequent asked questions about Progresive Trade
Is this broker well regulated？
No, it is currently not effectively regulated and you are advised to be aware of its potential risks.
How much do I need to open an account with this broker？
Among several accounts, the beginner account has the lowest initial deposit of $250.
2023-02-22 11:20
