PropTraderFirm (proptraderfirm.com) has been flagged by ASIC (Australia) for "Imposter". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: proptraderfirm.com.
After for close to eighteen months with PropTraderFirm (proptraderfirm.com) I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Instant funding|Low minimum deposit|Educational resources
Cons: Charting tools need more indicators
PropTraderFirm (proptraderfirm.com) 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: Market news feed|Two-factor authentication
Cons: Inactivity fee applies after 12 months|Charting tools need more indicators
I closed a profitable position at PropTraderFirm (proptraderfirm.com) and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.
Pros: Low minimum deposit|Great customer service|Demo account available
Cons: Some tools only available on higher tiers|Onboarding videos are outdated
I experienced a security concern with my PropTraderFirm (proptraderfirm.com) account and reported it immediately. Their response time was inexcusable for a financial platform. It took them four days to acknowledge my report and another week to actually address it.
Pros: Fast execution|Dividend tracking|Excellent charting
Cons: None so far
The only good thing about PropTraderFirm (proptraderfirm.com) is that they remind you why regulation matters. I found them after doing extensive research. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.
Pros: Good analytical tools|Great customer service|Automated trading options
Cons: Research section could be deeper
I wanted to transfer my portfolio from another broker to PropTraderFirm (proptraderfirm.com). They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Personal attention|High security standards|Detailed reporting|Wide product range
Cons: Limited ETF selection|Limited social trading features
The reporting at PropTraderFirm (proptraderfirm.com) is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: Real-time alerts|Multi-device support|Full transparency
Cons: Minor UI glitches occasionally|No phone support on weekends
PropTraderFirm (proptraderfirm.com) changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Intuitive for beginners|Great customer service|Low minimum deposit|Quick verification
Cons: Spreads widen during volatile periods
PropTraderFirm (proptraderfirm.com) has the worst mobile app I have ever used for investing. It crashes constantly, features that work on desktop are missing entirely, and the security implementation is questionable at best. How they released this app is beyond me.
Pros: Automated trading options|Multi-currency support|Smooth onboarding|Customizable dashboard
Cons: Website design could be more modern|Cannot customize dashboard fully
Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. PropTraderFirm (proptraderfirm.com) recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.
Pros: Clean UI|Competitive fees|Intuitive for beginners|Risk management tools
Cons: Charting tools need more indicators|Could offer more webinars