ProfitiX is an offshore forex and CFD broker operating out of St. Vincent and Grenadines. None of the prominent financial authorities regulate this broker.
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ProfitiX is the brand name that the company ProfitiX Ltd uses to offer trading services. Their base of operations is in a country that often is a shelter from stringent investor protections. Therefore, we do not recommend this broker – their offerings are mediocre at best, and the FCA has spoken out against them.
FCA Issues Warning Against ProfitiX
On February 20th, 2020, the FCA issued a warning about trading with ProfitiX. They stated that they “believe this firm has been providing financial services or products in the UK without authorization” and that any investors should be “especially wary of dealing with this unauthorized firm.” Warning from regulatory bodies is a good sign that a broker isn’t operating in its clients’ best interest. Also, this warning is similar to the notice given by CySEC against binary options broker Binatex.
ProfitiX Trading Offerings
ProfitiX offers investors access to the MetaTrader 5 and WebTrader platforms. They have over 100 forex pairs available, pegging themselves as a multi-asset broker. Also, they have CFDs available on indices, stocks, cryptocurrencies, and a variety of commodities. The spreads on these assets are mostly on the higher end. These assets are available at leverages up to 1:400, well beyond the ESMA mandated 1:30.
There are several account types available with ProfitiX. The entry-level account requires a deposit of 250. The highest account tiers require a deposit of 100,000 USD and provide access to ProfitiX’s professional trading portfolio. Also, ProfitiX doesn’t offer any deposit bonuses, as many similar brokers do. There is very little to differentiate ProfitiX from any other unregistered broker. So, anything that ProfitiX does have to offer is available through registered brokers, and there doesn’t seem to be any reason for investors to risk trading with them.
Avenues to Recovering Funds from Unregistered Brokers
It would be unwise for beginning traders to signup with an unregistered broker. Financial agencies provide insurance and legal protections for traders. Without these protections, investors are out of luck when a broker acts in bad faith. There are methods to recover funds from offshore brokers, and our team has developed the experience and knowledge needed to do so. If you believe that ProfitiX or another firm did not disclose the risks involved in trading with them, we might be able to help you. Send the details of your situation, and we will do our best to develop a solution for you.