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ProfitiX Review – Learn More About This Scam Broker
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ProfitiX is a brand owned by ProfitiX Ltd, registered in Saint Vincent and the Grenadines. The company was established in 2019 and has no regulation whatsoever.
As an offshore broker, it is very hard to track the activities of this company. Since it does not have any regulatory body above, ProfitiX can practically do anything.
From the lies of owning a regulation to many fake good reviews only, there isn’t much left that this investment scam used to make itself look legit and this ProfitiX broker review will shine a light on that.
|Headquarters||St Vincent and Grenadines|
|Broker Type||Forex and crypto|
ProfitiX Regulation and Fund Security
On the brokers’ website, we read that the broker brand is owned and operated by an SVG-based company name ProfitiX Limited. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage.
We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that not only is the brokerage not regulated.
Furthermore, trading with an offshore, unregulated brokerage hides a lot of risks. With this said, we do advise you to stay away from ProfitiX and other scam brokers alike.
ProfitiX Trading Platform Overview
ProfitiX is using a web trader called Profi Trader. This trader supports hedging, advanced charting tools, and automated trading. The platform is multilingual. Also, support is available 24/5.
This web trader is designed for desktop and mobile phones for both Android and iOS. As much as this sounds good, it’s still considered a red flag since all legit brokers are offering MT4 or MT5. Web traders are much easier to manipulate and these scam brokers like to do so.
Available Account Types Offered at ProfitiX
ProfitiX is offering the following trading accounts:
- Mini account $250
- Advanced account $2,500
- Executive account $25,000
- Prime Account $100,000
- VIP account N/A
And it came as no surprise that ProfitiX is asking for a minimum deposit of $250 since that is a standard practice these fraudulent brokers use. Make sure to work with a real and regulated broker who will not push you to invest that much.
Trading Instruments at ProfitiX
ProfitiX is offering clients trading with the following trading instruments:
- Currency pairs
According to its website, there are 10,000 assets available on the Profi trader platform. Leverage goes from 1:1 up to 1:400 depending on the account type.
ProfitiX Deposit and Withdrawal
Potential clients of the brokerage may deposit or withdraw via credit cards and wire transfer, however, we do not find any listed e-wallets which we consider always a disadvantage.
Going through the terms and conditions of the brokerage we did not find any information regarding potential fees. But we do read that traders have to achieve a trading volume of $20 in order to withdraw an account that has been issued the “award”.
Many scammers choose not to disclose such information to would-be clients. Without the proper information on the website, we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. Because of this, you should stay away and always work with only regulated and reputable brokers.
I Was Scammed by ProfitiX – How Can I Get My Money Back?
Firstly, don’t feel ashamed if they managed to take advantage of you. These scams can happen to anyone!
Keep in mind that, unfortunately, there is a chance of not getting your money back. However, there are some things you should still do.
Don’t feel embarrassed about reporting a scam and notify authorities as soon as possible. Share your story not just with the people you know but online as well. This way you could bring awareness and more people will know about such scams and how to stay away from them.
If you made your initial deposit using Visa or MasterCard you may be in luck. You can just go ahead and file for a chargeback. Both of these card providers try to fight scams and allow chargebacks within 540 days.
Getting back your money if you have used a wire transfer, or an electronic payment solution can be much harder, but it still is very much possible. Contact your bank or payment method provider to see what can be done in this situation.
Lastly, don’t forget to change all the passwords and banking details you gave to the scammers. This will prevent them from doing any more damage to your funds.
In this ProfitiX broker review, we gave you an in-depth explanation of how this scam broker operates. Like any other investment scam of this kind, there are no regulations these companies must follow, especially when they operate offshore.
Therefore it’s safe to say that they offer no actual safety for your funds even though they claim to do so. On top of that, this scam broker managed to get issued warnings by the UK’s FCA and New Zealand’s FMA.
Many of their previous clients have said that persuasive agents called them and offered many bonuses just for signing up and putting in the initial deposit.
Don’t get played by these get-rich-fast fairytales you are probably going to hear. Agents will tell you anything you want just to make you believe this is the legit thing.
You should always be cautious with choosing a broker and go with the ones that are actually approved by at least some regulatory body.
FAQs About ProfitiX Broker
Is ProfitiX A Good Broker?
No, ProfitiX is not a good broker for you to start trading with as they will just steal your money.
How Long Do ProfitiX Withdrawals Take?
The withdrawals from ProfitiX should take 3-5 business days according to their claims.
Does ProfitiX Offer a Demo Account?
As you may have guessed already, ProfitiX does not provide a demo account to new and potential customers.