Profitrade247.com Detailed Review – Don’t Fall For Profitrade247 Scam
ProfiTrade247 is a typical scheme brokerage. The firm blatantly disclosed that it operates within the European Economic Area. Yet, there’s no owner, license, or relevant information. Read our ProfiTrade247 review, and you’ll find it all out.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||Central Bank of Russia|
|Minimum Deposit:||250 EUR|
|Types of Assets:||FX, commodities, indices, shares|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
What About ProfiTrade247 Regulation?
ProfiTrade247 hasn’t mentioned an owner or a legal jurisdiction in any website section. Even the Terms and Conditions don’t provide any relevant details. There’s a statement, “The site operates under Profi Trade 24/7 brand name within European Economic Area.”
The EEA zone has some of the firmest regulators in the world, such as FCA, FINMA, CONSOB, and BaFin. However, ProfiTrade247 hasn’t obtained any of these licenses, probably for a good reason. They know they cannot fulfill any requirements since the website itself is fraudulent.
Why Is It Important For A Broker To Be Licensed?
Any broker that wants to provide legal financial services and ensure funds are safe has to have a license. The aforementioned Tier1 license providers obligate Forex firms to form compensation funds for reimbursing potential victims, and that’s sort of a money-back guarantee.
With schemes like ProfiTrade247, there are no guarantees.
Is ProfiTrade247 A Legitimate Broker Or A Fraud?
ProfiTrade247 broker is a scam. The company has never disclosed owner and provides financial services without an appropriate license. The firm is banned In Russia for conducting scams.
ProfiTrade247 Warnings From Financial Regulators
After many negative reviews and complaints, the Russian Central Bank has issued an official warning against the ProfiTrade247 broker.
The regulator has added its domain to the list of fraudulent trading websites and warned citizens not to deal with the scheme.
Traders Reviews About ProfiTrade247
ProfiTrade247 has many negative reviews. Clients who invested with the brokerage cannot get a withdrawal. In fact, this firm asks them to deposit more money for alleged bank fees and taxes, but they never get a penny back.
If you find yourself in this situation, you must consider a chargeback.
What Platforms Does ProfiTrade247 Offer? – Available Trade Software
If you want to invest with ProfiTrade247, the only platform that’ll be available to you is a basic WebTrader. It’s a typical TradingView chart with several indicators, definitely not worth your time or money.
If you’re considering investing, we always advise you to find a legitimate brokerage with MetaTrader as part of their offer. There’s no safer and better software than MT4 or MT5.
ProfiTrade247 Platform for Mobile
The firm has a mobile app based on WebTrader. Login through mobile is possible, but there are no special tools either.
All About ProfiTrade247 Accounts
Clients can choose among 5 ProfiTrade247 account types, including:
- Beginner – 5,000 EUR
- Trader – 10,000 EUR
- Expert – 25,000 EUR
- VIP – 50,000 EUR
- Exclusive – 100,000 EUR
As you can tell, this brand tries to act as a boutique investment firm, accepting only high initial deposits and choosing its customers. To be such a reputable investment institution, ProfiTrade247 should think about regulations first.
Besides regular accounts, this company provides investors with Islamic swap-free accounts.
ProfiTrade247 Broker – Countries Of Service
The broker mainly operates in the EEA zone, as stated. The majority of victims come from Germany, France, and Austria. Besides, the scam targets Canadian citizens and Russia, so be well aware.
ProfiTrade247 Range of Trading Instruments & Markets
ProfiTrade offers trading with the following assets:
There is no crypto, which is another significant disadvantage.
Also, remember the names of the trading frauds ApexCrypt, Swiss FX and Gravity Trade trading scams and avoid them at all costs! Furthermore, before investing, always check the background of internet trading organizations!
ProfiTrade247 Minimum Deposit
There’s misinformation about the initial deposit. The main page suggests that the initial deposit is 250 EUR, while the company requires an exceptionally high initial deposit of 5,000 EUR if you believe the Account Type section. While regular brokers require $250 and legitimate firms offer Micro accounts with an initial investment of $10, this company asks you to risk money without providing any guarantees.
Details Of The Scam Bonus Policy
The entire charade is followed by a ridiculous Bonus Policy. Any client that accepts any bonuses from the broker cannot get a withdrawal before reaching a rollover of the bonus amount divided by four in lots.
Basically, if you get a $100 bonus, you’ll have to pay back 25 lots, meaning $2,5 million.
ProfiTrade247 Unfavorable Trading Conditions
There’s some confusion about trading conditions. At this point, it’s not even relevant since we believe you understand why not invest with ProfiTrade247. But let’s mention this issue as well.
High Leverage and Spread
The main page advertises leverage up to 1:200, while the Account Types section indicates that the most you can get is 1:50. Whatever the truth is, regulators in the EEA zone have a strict limit of 1:30 for the Forex market. There’s nothing on the spread.
ProfiTrade247 Deposit, Withdrawal Methods, and Fees
ProfiTrade247 accepts several payment methods, including:
- Debit/credit cards
- Wire transfer
Besides, there’s nothing on fees or commissions.
The Payment Method Of Legitimate Brokers
Usually, legitimate firms allow investing with E-wallets like PayPal or Skrill. With this, you have a money-back guarantee for a few weeks, ensuring that you won’t be scammed. Of course, with ProfiTrade247, something like this is not possible.
Scammed by Invest ProfiTrade247 Broker? – Let Us Hear Your Story
If you were scammed by ProfiTrade247, let us know. We may be able to assist you with the chargeback procedure.
But What Is A Chargeback?
A chargeback is a way for your bank to recover the funds if you can provide sufficient evidence. Contact us via online chat to book a free consultation, and let’s get your money back before it’s too late.
What Is ProfiTrade247?
ProfiTrade247 is a fraudulent online trading brokerage banned in Russia.
Is ProfiTrade247 a Scam Broker?
The Russian Central Bank has banned this investment firm for fraudulent activities.
Is ProfiTrade247 Available in the United States or the UK?
The broker is available in the UK but not in the US.
Does ProfiTrade247 Offer a Demo Account?
Yes, the firm offers Demo and Live accounts.