Profit Trade Review: Broker Is A Terrible Scam Artist
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 credibility.
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 on 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 off your money.
|Forex, CFD, Crypto
License and Regulations of Profit Trade
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), nor 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 Available at Profit Trade
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.
Profit Trade Account Types
In regards to the trading accounts offered by the Profit Trade broker, they have the following ones:
Of course, considering they are an offshore fraudulent broker that holds no regulation, we don’t advise you to put a dime with them. It will just cost you both your money and time.
Deposit and Withdrawal Methods
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.
Offshore Brokers Fraudulent Tactics
There are many shady tricks brokers pull to get their potential clients to invest.
People can often be careless and leave personal information on the internet in hopes of securing the high profits that many ads promise. And once these investment scams get a hold of this information the harassment will likely start.
You will soon be overwhelmed with an enormous number of emails at first but then calls just so you will at least make a minimum deposit to this fraudulent broker. Be prepared to hear many made-up stories so they would appear more legit in your eyes.
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 Austrian’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.
Always remember to think twice before depositing your money anywhere. And remember to always read the reviews first. You want to make sure that your money is in good hands.
FAQs About Profit Trade Broker
Is Profit Trade Regulated?
No, they are an unregulated broker that has even been issued a warning by AFMA for providing fake t5rading services.
What is The Minimum Deposit for Profit Trade?
The minimum deposit you need in order to start trading with Profit Trade is $250.
Is Profit Trade a Trustworthy Broker?
They are no more than a scam broker trying so hard to look as legit as possible to lure many clients.