Profitstrade Review 2023 – Important Details of This Offshore Scam

In general, trading companies tend to provide security to their clients. However, ProfitsTrade broker is doing the complete opposite. Not only that they earned multiple warnings in less than a year, but they are out of business already. 

They were registered as Profits Trade Ltd in the Commonwealth of Dominica. As an offshore country, they require FX and CFD trading companies to have additional regulations. Let’s see what we know through this ProfitsTrade review.

Is ProfitsTrade a Scam Broker Without License?

Since its registration in 2020, they were operating without any licenses. We wanted if they ever had it, but the results were disappointing. For instance, we checked as well some Tier 1 regulators like FCA, BaFin and ASIC.  Sadly, there were no signs of ProfitsTrade licenses. Only signs of a bogus scam.

In so short existence since 2020, ProfitsTrade earned a lot of warnings from regulators. In addition to that, they are an offshore unreliable broker that vanished.

In so short existence since 2020, ProfitsTrade earned a lot of warnings from regulators. In addition to that, they are an offshore unreliable broker that vanished.

Why Is Trading On a Licensed Broker’s Platform Preferable?

While looking for a broker, traders especially look for security and reliability. A trading license prohibits scamming activities. If some are even happening, the company gets penalized or even loses a license. Moreover, it requires transparency from a broker.

Warnings From Financial Regulators

As shown above, this broker was blacklisted by many regulators. Some of those are FCA, FMA, CONSOB and FSMA. 

If you were looking for reliability, this is not the right place. As expected, this broker disappeared. But if you read this until the end, you will learn how to recognize all signs of a scam broker. So, if ProfitsTrade comes up with a different name, you won’t be scammed.

ProfitsTrade Available Online Trading Platform

In addition to their poor security, we can talk about their web-based trading platform. After all, it doesn’t offer any advanced features like social trading or improved trading tools. 

Another disadvantage of web-based trading software is the lack of data reliability. Some of these can be accessed through the back end. As a result, traders get false data presented on the platform.

Is The Platform Available On Mobile Devices? – Mobile Trading

Another key point is the lack of a mobile app. Ultimately, most traders use mobile devices for trading. They are suitable anywhere any time. But with ProfitsTrade trading company, you don’t have those options.

What Traders Are Saying About ProfitsTrade

As can be seen in any ProfitsTrade review, traders are saying the same things. They are screaming it’s a scam. 

Just on a Trustpilot, almost 76% of comments are given 1-star. And out of 123 total comments, that’s quite a big number. Not to mention traders that didn’t express themselves here.

ProfitsTrade’s Trading Assets and Instruments

Before you deposit any money, you can’t get access to the trading platform. Based on other ProfitsTrade reviews we can see they were offering 5 major classes. Since trading conditions are a mystery, we can only talk about available assets. Those are:

• Forex                        USD/JPY, AUD/NZD
• Commodities            gold, platinum
• Indices                  AU200, BE20
• Shares                      Alibaba, BMW
• Cryptocurrencies       BTC, ETH

ProfitsTrade Broker’s Active Locations

Although they were present on market for 2 years, they targeted a vast of different countries. However, they were mainly scamming traders from:

• United States
• Brazil
• India
• Indonesia
• Australia

As can be seen in ProfitsTrade reviews, those are not the only ones. But wherever you are coming from, you can look for fund recovery.

As well, stay away from the trading scams Trade Capital, IC Markets, and Uptos! Furthermore, before investing, always investigate the history of internet trading firms!

What Are The Different ProfitsTrade Account Types? 

With ProfitsTrade, you have 5 account types available. You can choose which one you will start with this scam scheme. Of course, they will advertise certain benefits to lure you to deposit more. Those accounts are:

• Bronze          $250
• Silver            $500
• Gold             $1.000
• Premium       $10.000
• Islamic          $500

Can a Trader Use a Demo Account?

Another key point is a demo account. It is suitable to check brokers’ trading conditions. After all, the availability of some features can determine if you will start with some broker or not. Sadly, with ProfitsTrade broker you don’t have a chance for that.

Minimum Deposit and How Do I Withdraw?

As shown above, the minimum requirement is $250. As for funding methods, they had a couple available. However, there is one strange point in the withdrawal policy. The broker doesn’t allow withdrawals higher than $500. That is nonsense that the broker limits how much you want to take out. In general, we would never invest with anyone that provides such bizarre conditions.

Payment Methods Available

After all, they were accepting multiple funding methods. Those are card transfers, bank and wire transfers and e-transfers. However, it is unknown what exactly e-payment options they had available. To conclude, if you are unsure about the broker, always use a card. If you get scammed, you can get a chargeback.

Terms and Conditions for ProfitsTrade – What You Should Know

Their shady terms and conditions are something not worth even mentioning. Since they are not regulated broker, anything they say is questionable. Especially points where the advantage goes in the client’s favor. Since they disappeared, those T&Cs are not even valid, so you can only look for fund recovery.

Leverage, Spreads and Fees

In this case, with a ProfitsTrade broker, all trading conditions are unknown. Therefore, traders could expect the unexpected. There are no fees disclosed and the broker can make up any along the way. Stay away from these bogus swindlers at any cost! 

Scammed by a ProfitsTrade Broker? – We Want To Hear Your Story.

It’s not a shame being scammed. It can happen to anyone. But don’t let them escape with your money. Get in touch with our expert fund recovery team today! They will guide you through the procedure for recovering your money.

What Is the Chargeback Procedure? 

Chargeback is performed when there was a fraudulent transaction on a debit/credit card. Those transactions can be reversed. Sadly, that is a time-limited process and it’s better not to make a mistake in the request. Therefore, contact our experts for a free consultation now!