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Profit Trade Review - is it scam or safe?

Profit Trade Review - is profit-trade.com scam or good forex broker?

RATING: 1 / 3 REVIEWS Profit Trade
Profit Trade is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Educational  $250 1:100 Fixed, 3 pips
Standard  $2500 1:150 Fixed or floating
Premium  $20 000 1:200 Not specified
VIP  $50 000 Not specified Not specified
Tailored  Not specified Not specified Not specified
Robot  $5 000 1:200 Not specified



Profit Trade is a forex and CFD broker that appears to offer a multitude of everything from account types to tradeable financial instruments. Nonetheless, we cannot say that it radiates a lot of credibility. Read on to understand why.



Profit Trade Advantages



Wide range assets available for trade
With Profit Trade one can trade in a wide selection of currency pairs, CFDs on commodities, indices, stocks, and some of the most popular cryprocurrency pairs. More specifically, the latter include Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, and Ripple. They are traded against each other, EUR, USD and AUD.

If you are one of the crypto-enthusiasts, however, Profit Trade is hardly the best choice for you. It is not a company that is licensed as a financial services provider and therefore is not credible.

 


>> Trade Bitcoin with a well-regulated broker instead <<

 


Solid leverage levels
This broker lets clients use leverage up to 1:200, which is pretty much the standard for brokers who don’t have regulatory limitations. Leverage is capped in the US, Japan and currently throughout Europe, as it brings in high risk of loss for investors.

 

Profit Trade Disadvantages



Offshore broker, shady registration
The most important thing about any broker in general is whether it is licensed and monitored by a financial authority. It is essential for traders to know that they have some sort of governmental protection.

Profit Trade is allegedly owned by GPS Marketing Ltd and provides two addresses on its website – one in Sofia, Bulgaria, and another one on the Marshall Islands.

The company is not regulated by the Bulgarian Financial Supervision Commission (FSC), nor any appropriate agency. As regards the offshore islands, we have reviewed a number of other shady brokers registered on the same address as Profit Trade: iForex24, CryptoEU, Tradex1, PBN Trade and FXG Invest, to name a few. You’d better read some of the user comments to our reviews if you are considering opening an account with Profit Trade or any other broker with whose address is on the Marshall Islands, Majuro, MH96960.

 

MetaTrader 4 not available
Instead of the popular MetaTrader 4 (MT4), Profit Trade uses a proprietary web-based platform that is very basic, with no analytics whatsoever, nor automated trading options. Here is a preview:





Profit Trade' in-house web platform. Click on the image to zoom in.

 

Meanwhile, the MT4 platform hardly needs a presentation. It is the most widely used forex trading terminal that has proved its reliability and ease of use over the years. Besides, it has great charting, analytic tools as well as wide range of Expert advisors for automated trading.

 

 

>> A list of MT4 brokers <<

 

 

High fixed spreads
This broker does not specify the spreads on its website, but as we opened an account (a real one, without depositing), we saw that offers fixed spreads. Profit Trade’s spreads are far from being competitive, as they are fixed at 3.0 pips on EUR/USD. Most fixed-spread brokers provide spreads fixed at 2 pips for this pair, and some, like easyMarkets, offer even lower.'

 

 

>> Compare the spreads of the best brokers in real time <<

 


$250 required as a start
A minimum deposit of $250 may not seem that much to some of you, other forex brokers have much lower requirements. For instance, you can open an account at easyMarkets, a global forex broker regulated in Cyprus and Australia, by investing a mere $100.

 

Besides, the minimum deposit amount via a wire transfer at Profit Trade is 1,500 USD.



Conclusion



Profit Trade has a rich and diversified product portfolio, including a plethora of cryptocurrency CFDs like Bitcoin and Ripple, which are one of the most popular assets on the financial markets.

However, this broker not regulated and not to be trusted, as it has the same registered address on the Marshall Islands as a bunch of other shady brokers, and might be a scam.

That is why you’d better avoid Profit Trade and offshore brokers in general and choose among financial services providers licensed by one of the most respected financial regulators – the Financial Conduct Authority.

 

 

>> A list of brokers regulated in the UK <<

 

 

Here are, in a nutshell, the advantages and disadvantages with regards to Profit Trade:
 

Pros Cons
Wide range assets available for trade Offshore broker, shady registration
Leverage up to 1:200 High fixed spreads
  MT4 not supported
  $250 required as a start

 

Latest news about Profit Trade
No news about Profit Trade . Check back later.
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Traders` reviews for Profit Trade

Spread

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Slippage

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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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Estafa

Esta página de Profit Trade es una estafa te hacen invertir luego que inviertes hacen crecer tu cuenta para que creas que funciona en realidad y luego pedirte más dinero y cuando obtienen lo que quieren se desaparecen si rastro alguno.

Translated by Google:

This page of Profit Trade is a scam they make you invest then you invest you make your account grow so that you think it really works and then ask for more money and when they get what they want they disappear if there is any trace.

Gissell 12/05/2018

Cannot Withdraw Funds

I believe Profit-Trade is a SCAM. The so-called account managers are available and contactable any you want to deposit funds or trade. When want to withdraw Profit-Trade becomes a Ghost Company. Account managers will not reply and the support team will not rey as well. Can anyone help me make a report to a financial regulatory institution? Plea

Vijakumari Krishnan 10/30/2018

Profit Trade - scammers

Good day.
September 7 was the first recharge. On October 22, the account was reset with a change to the trading account password. Lost $ 56,000.
I can tell everything in detail.

Денис 10/25/2018
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