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Profit Trade Review – Who Is Behind This Scam Broker?
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Profit Trade is a forex and CFD broker that appears to offer a multitude of everything from account types to tradable financial instruments. Nonetheless, we cannot say that it radiates a lot of credibilities.
Profit Trade is allegedly owned by GPS Marketing Ltd and provides two addresses on its website, one in Sofia, Bulgaria, and another one on the Marshall Islands. And you have guessed it right, those are fake addresses and they don’t even have a real license or regulation.
So, read this Profit Trade broker review to learn more about all the lies this investment scam has said and how they are trying to rob you of your money.
|Broker Type||Forex, CFD, Crypto|
Profit Trade Regulation and Funds Safety
As we have mentioned above, the Profit Trade scam broker is claiming they are based in both Bulgaria and Marshall Islands. They also claim they are a fully regulated and licensed broker, which of course is not true at all.
The company is not regulated by the Bulgarian Financial Supervision Commission (FSC), or any appropriate agency. As regards the offshore islands, we have reviewed a number of other shady brokers registered on the same address as Profit Trade.
It’s more than obvious you should stay away from them or any other scam brokers alike.
Trading Platform Overview
Instead of the popular MetaTrader 4 (MT4) or Meta Trader 5 (MT5), Profit Trade uses a proprietary web-based platform that is very basic, with no analytics whatsoever, nor automated trading options.
It’s not a surprise that Profit Trade is also claiming to offer a cutting-edge technology trading platform. The reality, on the other hand, is much different since you will only get to see a simple trader that barely works.
Furthermore, we couldn’t find a demo account where we could test their trading conditions. Nowadays, brokers provide you with a demo account so you can test what they have to offer before you invest, and this is a must-have.
Trading Instrument Available
In regards to the trading instruments that are available at Profit Trade, they have stated the following:
As much as this is a good and big array of available trading instruments, you shouldn’t forget that Profit Trade is an unregulated and unlicensed illicit broker. They will just scam you out of all you own so you should stay away.
Deposit and Withdrawal Process
The funding methods this broker offers include:
- Credit and debit cards
- Bank transfer
But we urge all potential clients to avoid depositing with Profit Trade altogether as it’s essentially just a lousy scam trying to steal your money. Additionally, they allegedly don’t have a minimum deposit requirement but while reading online complaints about the broker we found that people were urged to invest at least $250.
As for withdrawals, there cannot be a lot found on the broker’s website so we turned to customers’ reviews. We weren’t particularly surprised when we encountered many complaints about the broker and the majority of them stating similar withdrawal issues. In short, this investment scam just disappeared after telling their clients that they will get their money back.
Don’t feel ashamed if you have ever fallen victim to this type of deception, many people do, just be sure to report your scammer and file a complaint with your bank as soon as possible. And feel free to reach us in case you have been scammed since we can help you get your money back and as well help you report your scammers to the authorities.
Profit Trade Scammed Me – How Can I Get My Money Back?
Unfortunately, much of the forex trading world is overshadowed by the huge numbers of scammers. That’s why being well-informed is a necessity. Here are some of the available options for scammed traders:
You may contact your bank or credit card provider and file a chargeback, and that’s in 540 days from the transaction, so you have quite some time. On the other hand, if you have provided the broker with your credit card details, immediately cancel your credit card.
Keep in mind that many so-called “recovery agencies” should not be trusted as well! Such agencies target scammed and vulnerable traders in an attempt to further swindle them into giving away their money. They will require from you an “up-front payment” in order to get your money back, but no such thing will ever happen.
Profit Trade Summary
In this broker review, we tried to warn you about this online trading scam and the many tactics they use to deceive people. Profit Trade allegedly gives its clients the opportunity to invest in forex, CFD, and much more but in reality, they are just stealing their hard-earned money.
In addition to this, Profit Trade has also been issued a warning by AFMA which is Austria’s regulatory body. These warnings should always be taken seriously and never overlooked as they often indicate that the broker is no more than a cheap scam.
Be sure to always do proper research on the broker you want to work with so you know what you are getting yourself into. Online reviews could also help you get a clearer picture.
In case you had any negative experience with this or any other fraudulent broker, we would greatly appreciate it if you could share it with us as we can assist you by reporting your scammer.
FAQs About Profit Trade Broker
Is Profit Trade A Legitimate Broker?
They are no more than a scam broker trying so hard to look as legit as possible to lure many clients.
What Is the Minimum Deposit at Profit Trade?
The minimum deposit you need in order to start trading with Profit Trade is $250.
What Methods Can I Use to Deposit Funds at Profit Trade?
You can use the following methods to deposit your funds: credit/debit cards, wire transfer and crypto.