Updated on February 19, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Getco Pro due to the issues we've identified.
Is Getco Pro Scam or Legit Broker? ▲
The credibility of Getco Pro as a Forex broker has come under serious scrutiny, leading to the conclusion that it is a potential scam. This brokerage has been officially blacklisted by a reputable regulatory body, raising red flags about its operations. It is imperative to note that Getco Pro operates without any regulatory oversight, making it an unsafe choice for traders. The absence of any form of registration or licensing is a clear indicator that this broker may not be operating within legal confines. Our investigation has revealed that the supposed operational address of the company does not match any authorized or registered entity, suggesting that Getco Pro could be conducting its business from an undisclosed location, away from regulatory supervision.
Getco Pro presents itself as a broker offering trading services in Forex, CFDs, and cryptocurrencies. It claims to be the trading name of an Austrian Investment firm owned by Andreas F Bauer. The broker asserts to be regulated by the Dutch Authority for Financial Markets (AMF), with a stated license number. However, there is a significant discrepancy as the brokerage claims links to an Austrian firm regulated in the Netherlands and purportedly operates from the UK. This convoluted setup raises questions about the legitimacy of Getco Pro's operations. Further investigation reveals no connection between the regulated entity Andreas F Bauer and the brokerage Getco Pro, suggesting that the latter may be exploiting the regulated firm's reputable name to mislead traders. Moreover, the Austrian regulatory body, the Financial Market Authority (FMA), has explicitly blacklisted Getco Pro, stating it is unauthorized to conduct certain financial transactions within Austria.
The significance of trading with a fully regulated broker cannot be overstated, as it ensures the security of traders’ investments. Regulatory bodies like the FCA in the UK, ASIC in Australia, and CySEC in Cyprus impose stringent regulations on brokers to protect investors. Our findings indicate that Getco Pro fails to meet these essential regulatory standards, thereby posing a considerable risk to traders. The brokerage has also ceased operations, with its website no longer accessible, further cementing our recommendation to avoid Getco Pro and similar offshore-based brokers that lack robust regulatory oversight. Traders are advised to seek alternative, well-regulated brokers to ensure the safety and security of their investments.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Getco Pro Review 2024
