Profit Trade Review: Is Profit Trade Legit or Scam?
|Regulated By: Unregulated|
|Founded In: 2017|
|Supported Platforms: MetaTrader 4, WebTrader, Mobile Apps|
In this Profit Trade review, we take an in-depth look at how this online forex and CFD broker is operating without a license, to the detriment of their clients. Without a financial regulator keeping an eye on them, this broker could be mishandling trader funds. Traders would be unwise to put down the massive minimum deposit needed to get good spreads from a VIP account with this broker.
Regulation and Security
This Profit Trade review found the broker to have a confusing corporate structure that seems to be intended to make the broker appear more legitimate. Anyone asking “is Profit Trade legit” doesn’t have to look far to find out. The company GPS Marketing LTD owns this broker. This company is based in Bulgaria but doesn’t have any license from the Bulgarian Financial Supervision Commission. Any broker in Bulgaria must have this license, meaning that the Profit Trade broker is not operating in accordance with those laws.
Another part of the Profit Trade scam puzzle is their clearing company in the Marshall Islands, Global Top Marketing LTD. Routing transactions through two different countries is relatively suspicious. What’s more suspicious is that one of the jurisdictions implies strict financial regulations, Bulgaria, while their offices in the Marshall Islands allow the broker to avoid those rules.
Profit Trade Review: In Which Countries Can You Trade With This Broker?
The key takeaway from this Profit Trade review is that this broker cannot legally offer services to traders in any country in the world. They are entirely unregistered and are not held accountable by any financial regulator. Most countries have firm financial regulators that explicitly forbid unregistered brokers from offering services there. As far as concerns Profit Trade, FCA, CySEC, ASIC, and more forbid their operations.
What’s more, our Profit Trade broker review has found a specific warning from the Austrian Financial Markets Authority. Their notice calls out this broker by name, making it clear that they cannot carry out any financial services within the country.
Profit Trade Review: What Can You Trade With This Broker?
In our Profit Trade review, we took a closer look at their available assets. One of the main features of their selection is a variety of cryptocurrency CFDs. Instead of just Bitcoin and Ethereum, the broker carries nearly a dozen diverse crypto CFDs. The broker also has a decent forex selection. Traders can get started with $250 for a base account, although the entry-level spreads are terrible. Traders will have to put down much more money to get a VIP account if they want decent spreads.
There are many options for traders to make a Profit Trade withdrawal. These include online payment processors like Skrill and Neteller, along with conventional options like credit cards and wire transfers. Traders should note the minimum $250 withdrawal limit. The broker places steep inactivity fees on dormant accounts, draining funds from traders who can’t process withdrawals.
Scammed by Profit Trade? What Should You Do?
Don’t trust a broker whose registration information you can’t verify. If anything, from their address to their phone number, doesn’t add up, you should just move on. Anonymous online brokers are often scams, taking money from countless victims. When you deposit your funds, you’re unlikely ever to see them again.
When you’re tired of aggressive account advisors constantly pushing you to deposit more and just want out, don’t waste time waiting on a scam broker to help you. Initiate a chargeback, and your money will be back quickly and reliably. You can contact our qualified team today to start your chargeback process and recover your lost funds.
Is Profit Trade Regulated?
No. Despite operating out of Bulgaria, a country that mandates broker registration, they have no license from any regulator, let alone the Bulgarian FSC.
What Is Profit Trade?
It is an unregulated CFD and forex broker. They claim to have offices in Bulgaria, but these claims are easy to fake. They operate anonymously, putting traders at risk.
Is Profit Trade Safe?
No. Traders cannot rely on the financial oversight that a registered broker would have. This broker can do whatever they like with your money without any approval or confirmation.