Profit Group Review – is it scam or safe?

Profit Group Review  – Is www.profitlt.ru scam or safe forex broker?
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 Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Mini None 0.01 lot 1:100 floating
Standard $/€5000 0.1 lot 1:100 floating
ECN $/€10 000 0.01 lot 1:50 floating
Invest $/€3000 0.01 lot 1:100 floating
Algorithm-ECN $/€10 000 0.01 lot 1:50 floating

 

Profit Group has five types of live trading accounts, including an ECN and an algo trading account. The broker also offers a demo account.

 

Depending on the type of account, clients can trade either in 41 or 52 forex pairs, plus spot gold and silver.

 

 

The Company. Security of Funds

 

Company Country Regulation
Profit Group Russia No

 

Profit Group is a Russian forex broker, but does not have a license from the Bank of Russia. On its site the broker says it does not need one, quoting a letter of the Central Bank from 2009, but a lot of things have changed since then.

 

Since 2016, for example, the forex brokers operating in Russia are supposed to have a license to operate on the financial markets, for example. They also need to be members of a self-regulatory organization (SRO) and a compensation scheme.

 

The broker also says it is a member of CRFIN, however, this is no longer true. First off, CRFIN renamed itself as National Association of Forex Dealers and does not list Profit Group as one of its members.

 

Our best guess is the broker is decent, but it is always preferable to deal with properly regulated and supervised brokers.

 

 

Trading platforms

 

Profit Group offers the two MetaTrader platforms – 4 and 5, which is typical for most Russian forex brokers.

 

MT4 is still the more popular of the two and is more preferred by brokers and traders alike, though the MT5 is slowly catching up, especially after the developer MetaQuotes Software said it is stopping the support and updates for MT4 in favor of its successor.

 

 

Promotions

 

Profit Group has several types of bonuses for its clients. One is rebates, the other one is “passive income”. The broker also can pay interest on deposits, but only on those of $5000 or more.

 

 

Methods of payment

 

Profit Group accepts payments through bank transfers, debit and credit cards – through the Payboutique system, which is available in Russia and the former Soviet Union countries. There are also the payment systems Yandex Money and Qiwi.

 

 

Conclusion

 

Russia is one of the large and relatively attractive markets for forex brokers. Despite the official requirements for a license, there are many forex brokers who do not have a license from the country's megaregulator – the Bank of Russia – still operate undisturbed and Profit Group is one of them. The lack of license does not necessarily mean it is a scam.

 

On the other hand, however, its trading conditions are not very favorable, especially considering the lack of information on spreads and the high deposit requirements. (The “no deposit requirement” for the mini account is just a marketing gimmick – of course one needs to put money in in order to start trading for real.)

 

Pros Cons
MT4 & 5 High deposits
ECN Low leverage

 

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Spread

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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