At first glance, ProfitLevel seems like an ideal investment firm. The brokerage is regulated in the EU, and the ICF covers the investment. However, not everything is always as it seems.
Our detailed ProfitLevel review will elaborate more on the firm’s recent activities and how they can impact retail traders such as yourself.
|Broker Status:||Regulated Broker|
|Operating Status:||Active Forex broker|
|Blacklisted as a Scam by:||N/A|
|Broker Owner:||BCM Begin Capital Markets CY Ltd|
|Mobile Trading:||Available via MT5 mobile app|
|Minimum Deposit:||1,000 USD|
|Crypto Trading:||Not Available|
|CFD Trading:||Yes, you can trade CFDs|
|Trading Instruments:||Forex / Commodities / Indices / Shares|
|Islamic Account:||Not Available|
|Demo Account:||No, only live trading accounts|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Team:||Don’t Invest in This Scam Broker!|
Is ProfitLevel a Legit Forex Broker?
ProfitLevel is a brand of BCM Begin Capital Markets CY Ltd. The company has its headquarters in Cyprus and is regulated by CySEC. This is usually good news since there’s an EU regulation in place.
However, CySEC is considered a Tier 2 regulator due to many omissions and many scam brokers that emerged from the said area. Tier 2 means average trust, which should always be taken with a grain of salt.
Additional suspicion arises from the fact that the company owner has changed their name somewhere on the way, leading us to question its motives.
Moreover, the brokerage has an EU license but doesn’t accept Slovenian residents, which might be due to the fact that there were many complaints in Slovenia regarding the firm’s operations.
Finally, the company takes deposits via credit/debit card and wire transfer, while withdrawal is only possible through the bank account. This directly violates AML policies, according to which money has to be withdrawn the same way it was deposited.
Furthermore, if you have any details about ProfitLevel operations, feel free to notify our team.
ProfitLevel is a CySEC-regulated company, a brand of BCM Begin Capital Markets CY Ltd. The same firm owns two other brands – BCM and CapitalPanda.
Where Do ProfitLevel Clients Come From?
According to the GoDaddy WHOIS database, ProfitLevel has been active since the 19th of September, 2015. In this long history, the majority of their customers have come from:
- Czech Republic
This isn’t surprising because the tied agents are Aegean Equity Single Member PC and OX Czechia s.r.o., residing in Greece and the Czech Republic. However, a sudden change regarding Slovenian residents raised certain concerns.
ProfitLevel Reviews – Customers’ Experience
At the time of writing, we found 25 ProfitLevel reviews on Trustpilot. However, we also found a warning in regards to fake reviews that have been removed. This is another worrisome fact for the legit trading firm – posting fake impressions and misleading investors.
Here’s one of the reviews we found:
“Their recommendations are absolutely wrong! Be aware of them..”– Trustpilot Customer
ProfitLevel MT5 Platform
If there’s one good thing, it’s definitely ProfitLevel’s trading platform. The firm offers MetaTrader 5, one of the best software out there.
The platform supports many tools for technical analysis, EAs, Demo accounts, and many other great features. It also has a vast number of add-ons enabling social trading and implementing new strategies.
The software is available for both PC and macOS devices and supports 31 languages.
ProfitLevel Mobile App – Can I Trade On Android and iOS?
In addition to the desktop app, MT5 is also available for mobile phones. Android and iOS users can download a dedicated tool and log in to their accounts conveniently.
However, we’d like to point out that other activities of this brokerage are shady, including non-compliance with anti-money laundering laws.
Therefore, despite the platform, you should still consider other options.
What Can I Trade With a Broker?
You can access four groups of trading instruments, those being CFDs on:
- Forex or Currency Pairs such as EUR/USD, GBP/ILS or NOK/SEK
- Commodities such as Gold, Natural Gas and Corn
- Shares such as Amazon, Google or Intel
- Indices such as DAX 30, AU 200 and NIKKEI 225
What’s more, cryptocurrencies are not on offer, which complies with the company’s TPR – temporary regime for providing services to UK residents.
ProfitLevel Fees and Spreads
The spread starts with 3 pips, which is relatively high. The average spread is 1.5 pips, while many brokers offer even lower ones. As per trading commissions, the company charges high swaps and 2% per lot per day on US, UK, and EU shares.
All in all, we can say that ProfitLevel broker is on the pricier side of the scale.
Trading Accounts Comparison – What’s the Difference?
You can choose from one of the six ProfitLevel account types, that being:
- Blue Trading Accoint – Minimum deposit $1,000
- Bronze – $50,000
- Silver – $100,000
- Gold – $350,000
- Platinum – $500,000
- Diamond – $1,000,000
While the gap between sums is large, the benefits are doubtfully worth it. Namely, for the upgrade to the Bronze account, clients can get five days a week of support and Autochartist, while the Silver one brings invitations to exclusive events.
The Gold account adds exclusive market analysis, while the Platinum one offers lower spreads. Finally, those with a Diamond account get all of the above plus a premium relationship manager.
Is ProfitLevel Demo Account Available?
ProfitLevel Demo account is available for all clients. You can set it up through the link on their web page by filling out basic details, including name, email, and phone number.
This is a good opportunity for clients to practice various strategies and get comfortable with the platform. However, it can also be devastating since investing virtual money can never be compared to real funds.
A demo account can make you too confident and encourage you to risk more than you normally would.
How to Deposit and Withdraw Your Profit From a ProfitLevel Account?
The company takes deposits via:
- Debit / Credit Card
- Wire Transfer
For both methods, the minimum is $1,000, which is pretty high. Typically, regulated brokers allow you to start with as low as $10 and upgrade when you feel comfortable enough. In addition, the range of available payment options is quite limiting. Major companies allow local solutions as well as e-wallets.
Furthermore, ProfitLevel withdrawal is only possible through a wire transfer, violating AML.
I Lost Money With ProfitLevel, Can I Get a Refund?
Depending on the circumstances, you may be entitled to request a chargeback. If you lost funds due to the company’s incompetent financial advising or there were possible delays in your withdrawal, you can contact Global Fraud Protection.
Our experts will evaluate your case and find the best method to resolve the issue. So book a free consultation today, and let’s see what happens and if you can get a refund!
All In All, Don’t Let the Scammers Get Away for Free!
Is ProfitLevel a Legit Broker, and Should I Invest In It?
ProfitLevel is a CySEC-regulated trading brokerage. However, their recent increment of the initial deposit and banning of Slovenian residents woke some suspicion. If you have any issues with withdrawals, contact us for a free case evaluation.
Does ProfitLevel Offer a Demo Account?
Yes, ProfitLevel offers its clients a free Demo account to test the platform.
What Is the ProfitLevel Minimum Deposit?
ProfitLevel requires an initial deposit of $1,000 that doesn’t even secure 5-day support.
Is ProfitLevel a MetaTrader 4 Forex Broker?
No, ProfitLevel offers a newer version of the MetaTrader 4 platform – MT5.