- 2023-04-12 The Canadian regulator IIROC issued a warning against Paytradepro
On April 13, 2023, the Investment Industry Regulatory Organization of Canada (IIROC) warned the public that Paytradepro falsely claims to be a member of the IIROC and the Canadian Investor Protection Fund (CIPF): https://www.iiroc.ca/news-and-publications/notices-and-guidance/investor-alert-paytradepro-and-storagetemasek
- 2023-04-13 BrokersView has reviewed that Paytradepro is an unregulated broker
Paytradepro claims to be regulated by the US Securities and Exchange Commission (SEC) and a member of Investment Industry Regulatory Organization of Canada (IIROC), the Canadian Investor Protection Fund (CIPF), and the Financial Commission. Firstly, it is important to note that the SEC is responsible for regulating the securities markets and protecting investors and the Financial Commission is a self-regulatory organization and external dispute resolution (EDR) body. Both of them have no legal authority to issue forex licenses or regulate forex activities. Secondly, we noticed that the IIROC has issued a warning against Paytradepro, stating it is not a member of the IIROC and the CIPF and is never registered with IIROC to sell forex or crypto assets, or any other investment products. Paytradepro accounts are not protected by CIPF. That means Paytradepro is misrepresenting itself to deceive unsuspecting investors.
In essence, Paytradepro is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. It is unequivocally a scam.
Paytradepro claims to be regulated by the US Securities and Exchange Commission (SEC) and a member of Investment Industry Regulatory Organization of Canada (IIROC), the Canadian Investor Protection Fund (CIPF), and the Financial Commission. Firstly, it is important to note that the SEC is responsible for regulating the securities markets and protecting investors and the Financial Commission is a self-regulatory organization and external dispute resolution (EDR) body. Both of them have no legal authority to issue forex licenses or regulate forex activities. Secondly, we noticed that the IIROC has issued a warning against Paytradepro, stating it is not a member of the IIROC and the CIPF and is never registered with IIROC to sell forex or crypto assets, or any other investment products. Paytradepro accounts are not protected by CIPF. That means Paytradepro is misrepresenting itself to deceive unsuspecting investors.
In essence, Paytradepro is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. It is unequivocally a scam.
- 2026-01-06 BrokersView has identified that Paytradepro's website is currently offline
BrokersView found that the domain "https://www.paytradepro.net/" is currently inaccessible. This is widely regarded as a significant red flag, as the suspension of a broker's website often points to underlying regulatory or operational issues.
BrokersView found that the domain "https://www.paytradepro.net/" is currently inaccessible. This is widely regarded as a significant red flag, as the suspension of a broker's website often points to underlying regulatory or operational issues.
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