Broker Check Pride-trade: Analysis and Conclusions
Prior to successful trading on the stock exchange, it is crucial to choose a reliable broker. Avoiding contact with scammers is important to prevent loss of invested funds. Therefore, the first step is to analyze information about the broker before starting cooperation. We will review the activities of Pride-trade, analyze the available information, study reviews, and assess the reliability of this broker.
Overview of Pride-trade Broker
The pride-trade.com website does not appear as a professional platform: poor design, low-quality images, insufficient attention to detail.
The site is available in two languages: English and Russian. On the main page, there are reviews stating long-term partnership with Pride-trade, although the domain was registered in May 2021.
The broker presents itself as a British company, referring to the register of legal entities as evidence.
However, it was revealed that the name Pride-trade has been changed to Lion Trade Online, indicating a connection to a fraudulent project with numerous negative reviews.
An interesting fact is that the scammers had ties to the Grow Finance project, confirming their unscrupulous actions.
Activities and Registration
Checking the broker’s registration in the Financial Conduct Authority (FCA) registers in the UK did not yield results.
In addition, there is no license from the Central Bank to provide brokerage services to Russian citizens, which violates Russian legislation.
Without the appropriate licenses from regulators, Pride-trade is not authorized to provide brokerage services, posing risks to investors.
Terms and Deception
Pride-trade attracts clients with attractive terms, but their practice of using high leverage, inconsistent with reliable standards, and difficulties in withdrawing funds indicate a fraudulent scheme.
The broker’s manipulative trading practices and the inability to withdraw funds are typical characteristics of a scam.
Reviews and Conclusions
Due to the lack of real reviews, as well as blatantly fraudulent operating methods, Pride-trade is an untrusted company that should be avoided for cooperation.
An analysis of the presented information allows confidently stating that Pride-trade poses a risk to your finances, and contact with this organization should be avoided.
My experience with Pride-trade was quite frustrating and disappointing. Their support was non-responsive and unprofessional. The fees were hidden and higher than the market average. My withdrawal requests were unduly delayed and sometimes denied without proper reasons. The company lacks transparency and their execution of trades left me with losses. The broker also had poor educational resources for beginners. Due to these reasons, I wouldn’t recommend Pride-trade to anyone. Stick to more renowned, transparent and customer-centric brokers.