de | cn | ru

ProfitLevel Review - is it scam or safe?

ProfitLevel Review - Is profitlevel.com scam or good forex broker?

RATING: 2.5 / 0 REVIEWS ProfitLevel
FIND BETTER FOREX BROKER

RECOMMENDED FOREX BROKERS


 Account Types & Conditions

 

Account Type Minimum deposit Minimum trade size Maximum leverage Average Spreads
Standard $100 0.01 1:200 3.2 pips

 

ProfitLevel offers a single account for trading in wide variety of instruments with variable spreads, micro tradeable lots option and leverage up to 1:200.

 

ProfitLevel Advanatges:

 

- Regulated in Cyprus

The solid regulation is the most obvious strong side of ProfitLevel. To date, Cyprus is one of the most popular centers for forex brokers not only in Europe, but globally. First, it is because of its well-balanced financial regulation. Second, Cyprus us a EU Member State.

 

- MT4 supported

ProfitLevel offers its services on the good old Metatrader 4 platform. Although it was launched more than 10 years ago, the MT4 continues to be the industry’s leader. This is due to its ease of use, reliability, great charting package, the automated strategies (Expert Advisors), and the MQL market place.

 

However, when we tried out ProfitLevel’s demo MT4, we saw it is provided by another broker – TopForex. You can find the details below, in the “Disadvantages” section.

 

- Rich product portfolio

ProfitLevel offers trading in around 60 currency pairs, as well as various CFDs - on precious metals and commodities, indices, shares, as well as Bitcoin.

 

- Reasonable leverage levels

The maximum leverage provided by ProfitLevel is 1:200, which is average in the forex sector. In line with CySEC rulses, the maximum leverage levels are only available to traders who have passed the appropriateness test. If you need higher leverage, check out the link below, but be careful as this means greater risk of losses.

 

>>Brokers providing leverage of 1:500 or higher<<

 

ProfitLevel disadvantages:

 

- High spreads

Spreads offered by ProfitLevel are two times higher than what most brokers are currently offering. Its average spreads are around 3.2 pips on EUR/USD.

 

By comparison, Windsor Brokers, another CySEC-regulated broker, offers spreads which typically amount to 0.4 pips on this pair, and there is commission of $4 per standard lot. This means that the cost of trading at Windsor Brokers is around 1.2 pips on EUR. USD. For further information and comparison, check out the link below.

 

>>Real-time spreads of the best forex brokers<<

 

- MT4 provided by another company

As we have mentioned above, the platform that ProfitLevel offers for download on its website seems to be provided by another broker. We are quite confused about that, as next to ProfitLevel’s logo in the top left corner appears the name of TopForex, another Cypriot broker. When we checked MT4’s mailbox, where usually appears the name of the company that operates the forex brand, we saw the name of Goldenburg group, as well as those of OX Capital Markets Ltd., the company that owns ProfitLevel. Maybe OX Capital Markets has become a part of the Goldenburg group, although that has not been officially announced.

 

Conclusion

 

ProfitLevel is a Cypriot forex brokerage that offers more than 60 currency pairs and wide range of CFDs on the MT4 platform. While we like its rich portfolio and solid regulation, ProfitLevel’s spreads are way higher than what we are used to seeing with other brokers.

 

ProfitLevel is a brand of OX Capital Markets Ltd., which also operates OX Markets – a forex and binary options broker. However, its MT4 platform seems to be provided by another broker, TopForex, and we are not sure what exactly is the relation between the two companies, OX Capital Markets Ltd., and Goldenburg group.

 

Nonetheless, they are both holding licenses from CySEC and therefore considered relatively reliable. Forex brokers regulated on this sunny island are required to hold at least €730,000 as a proof of financial stability, to keep client funds in segregated accounts, report transactions on a regular basis, among other things. In return, they may operate in all countries that are members tstaes of the EU or the EEA. Besides, CySEC-regulated brokers are members of the Investor Compensation Fund, which protects clients’ funds in case of company insolvency up to £20,000 per person.

 

If you wish to trade with a properly licensed forex broker, check out the list below:

 

>>Brokers licensed in Cyprus<<

  

To sum up the weak and strong sides of this broker:

 

Pros

Cons

Solid regulation (CySEC)

High spreads

MT4 available

MT4 provided by another company

Extensive product portfolio

 

Reasonable leverage levels offered

 

 

Latest news about ProfitLevel
No news about ProfitLevel . Check back later.
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia, Cyprus ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for ProfitLevel

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru