Here, we have one of the most blacklisted companies around – ProfitsTrade. If you were looking for a broker that got blacklisted at least five times within a year of establishing, you found it. However, we still did our job. We had to answer several questions, including the one you are concerned about the most – is broker legit and regulated?
Read our unbiased ProfitsTrade review and find it all out.
|Broker status:||Unlicensed Offshore Broker|
|Regulated by:||No Regulation (Illegal Broker)|
|Blacklisted as a Scam by:||FCA, CONSOB, CNMV, FI and FMA Regulators|
|Broker Owner:||ProfitsTrade Ltd|
|Headquarters Country:||Commonwealth of Dominica|
|Types of Assets:||Forex (FX), Commodities, Indices, Shares, Cryptocurrencies (Cryptos)|
|Free Demo Account:||No|
|Accepts US clients:||No|
ProfitsTrade Regulation and Security
ProfitsTrade is a brand owned by ProfitsTrade Ltd. The company is in the Commonwealth of Dominica. It’s registered as IBC – International Business Company. However, there is no official broker regulation for providing financial services. We did our research in the Dominican register.
What’s Wrong With Broker Regulation?
Dominica has a very special regulatory rule. Their regulator recognizes companies as registered businesses, but in order to provide financial services, they need to get another approval. ProfitsTrade does not have any kind of permission for such a business.
Therefore, the company cannot be trusted, and it’s not legit as well as TradeFCM broker.
Scam Warnings From Financial Regulators
Speaking of broker regulation, many regulatory bodies confirmed that this company is illegitimate. It does not fall under any regulatory jurisdiction in Europe, despite providing financial services there. We have official warnings from the UK FCA, Italian CONSOB, Spanish CNMV, Austrian FMA, and Estonian FI.
All these warnings have the same point – ProfitsTrade is a scam, avoid it, and file a complaint about the broker immediately!
Available Trading Platforms
Like many unregulated offshore brokers, ProfitsTrade trading platform is a web trader. The riskiest and inconvenient trading platform there is. Your trades are exposed to the broker, as well as your money.
Besides this fact, the broker does not list any trading conditions. Clients have no idea about leverage or spread they will be provided with once they join the company.
What more to say about ProfitsTrade forex broker?
What Can You Trade With This FX Broker?
If you somehow get involved with ProfitsTrade, you will trade with commodities, indices, shares, cryptocurrencies, and the Forex market. Yet, you will not know anything about trading terms before depositing your funds.
The broker minimum deposit is $250, and there is no demo account you can use to test the system before paying your money. Also, there were many withdrawal issues with the company, based on the ProfitsTrade reviews we found.
As you cannot find other information, you also cannot read anything about payment methods available. There is no information on the costs and fees you will pay during deposits and withdrawals.
All we can say is – be careful, do not make any payments with this broker, and do not give your card number over the phone, especially not your CVV number.
Scammed by a ProfitsTrade broker? We Know What to Do!
As hard as it sounds, you might have been a victim of the ProfitsTrade scam. If that is the case, know that you are not the only one. This broker, as we’ve previously shown you, doesn’t choose tools to scam its clients.
If you have been scammed by ProfitsTrade or any other illegal broker on the market, contact us immediately.
Our professional support can give you all the guidelines about the necessary steps to recover your funds!
We are available via chat!
Don’t Let the Scammers Go Away for Free!
What is ProfitsTrade?
ProfitsTrade is an unregulated online trading platform.
Is ProfitsTrade regulated?
No, broker has no regulation for providing financial services. Do not invest your funds!
Is my money safe with the ProfitsTrade broker?
Since the broker is unlicensed and not regulated, your money is not safe.
Who is the owner of ProfitsTrade broker?
The owner of the broker is ProfitsTrade Ltd from Dominica.
What is the ProfitsTrade minimum deposit?
The minimum deposit with ProfitsTrade broker is $250.