Progestrade has been flagged by Commissione Nazionale per le Società e la Borsa for "Unregistered/Unlicensed entity offering financial products or services|Genera...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. Progestrade said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Risk management tools|Fast deposits
Cons: Email notifications too frequent
I had a dispute with Progestrade and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Clean UI|High security standards|Good mobile app|Easy withdrawals
Cons: Limited social trading features
I am in a dispute with Progestrade over a trade that was clearly erroneous. The price shown was wrong, I closed at a profit, and they reversed the trade and took the money back. They said it was a system error. So I lose and they keep? Unacceptable.
Pros: Social trading features|Economic calendar
Cons: Cannot customize dashboard fully|Some tools only available on higher tiers
Progestrade advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: Customizable dashboard|Detailed reporting|Fast support response
Cons: Minimum deposit could be lower|Alert system is basic