Profit Trade Review is Profit-trade.com a Scam or Reliable Broker

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Is Your Forex Broker a Scam?

If you do an internet search on forex broker scams, the number of results is staggering. While the forex market is slowly becoming more regulated, there are many unscrupulous brokers who should not be in business.

When you’re looking to trade forex, it’s important to identify brokers who are reliable and viable, and to avoid the ones that are not. In order to sort out the strong brokers from the weak and the reputable ones from those with shady dealings, we must go through a series of steps before depositing a large amount of capital with a broker.

Trading is hard enough in itself, but when a broker implements practices that work against the trader, making a profit can be nearly impossible.

Key Takeaways

  • If your broker does not respond to you, it may be a red flag that he or she is not looking out for your best interests.
  • To make sure you’re not being duped by a shady broker, do your research, make sure there are no complaints, and read through all the fine print on documents.
  • Try opening a mini account with a small balance first, and make trades for a month before attempting a withdrawal.
  • If you see buy and sell trades for securities that don’t fit your objectives, your broker may be churning.
  • If you are stuck with a bad broker, review all your documents and discuss your course of action before taking more drastic measures.

Separating Forex Fact From Fiction

When researching a potential forex broker, traders must learn to separate fact from fiction. For instance, faced with all sorts of forums posts, articles, and disgruntled comments about a broker, we could assume that all traders fail and never make a profit. The traders that fail to make profits then post content online that blames the broker (or some other outside influence) for their own failed strategies.

One common complaint from traders is that a broker was intentionally trying to cause a loss in the form of statements such as, “As soon as I placed the trade, the direction of the market reversed” or “The broker stop hunted my positions,” and “I always had slippage on my orders, and never in my favor.” These types of experiences are common among traders and it is quite possible that the broker is not at fault.

Rookie Traders

It is also entirely possible that new forex traders fail to trade with a tested strategy or trading plan. Instead, they make trades based on psychology (e.g., if a trader feels the market has to move in one direction or the other) and there is essentially a 50% chance they will be correct.

When the rookie trader enters a position, they are often entering when their emotions are waning. Experienced traders are aware of these junior tendencies and step in, taking the trade the other way. This befuddles new traders and leaves them feeling that the market—or their brokers—are out to get them and take their individual profits. Most of the time, this is not the case. It is simply a failure by the trader to understand market dynamics.

Broker Failures

On occasion, losses are the broker’s fault. This can occur when a broker attempts to rack up trading commissions at the client’s expense. There have been reports of brokers arbitrarily moving quoted rates to trigger stop orders when other brokers’ rates have not moved to that price.

Luckily for traders, this type of situation is an outlier and not likely to occur. One must remember that trading is usually not a zero-sum game, and brokers primarily make commissions with increased trading volumes. Overall, it is in the best interest of brokers to have long-term clients who trade regularly and thus, sustain capital or make a profit.

Behavioral Trading

The slippage issue can often be attributed to behavioral economics. It is common practice for inexperienced traders to panic. They fear missing a move, so they hit their buy key, or they fear losing more and they hit the sell key.

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In volatile exchange rate environments, the broker cannot ensure an order will be executed at the desired price. This results in sharp movements and slippage. The same is true for stop or limit orders. Some brokers guarantee stop and limit order fills, while others do not.

Even in more transparent markets, slippage happens, markets move, and we don’t always get the price we want.

Communication Is Key

Real problems can begin to develop when communication between a trader and a broker begins to break down. If a trader does not receive responses from their broker or the broker provides vague answers to a trader’s questions, these are common red flags that a broker may not be looking out for the client’s best interest.

Issues of this nature should be resolved and explained to the trader, and the broker should also be helpful and display good customer relations. One of the most detrimental issues that may arise between a broker and a trader is the trader’s inability to withdraw money from an account.

Broker Research Protects You

Protecting yourself from unscrupulous brokers in the first place is ideal. The following steps should help:

  • Do an online search for reviews of the broker. A generic internet search can provide insights into whether negative comments could just be a disgruntled trader or something more serious. A good supplement to this type of search is BrokerCheck from the Financial Industry Regulatory Authority (FINRA), which indicates whether there are outstanding legal actions against the broker. And if appropriate, gain a clearer understanding of the U.S. regulations for forex brokers.
  • Make sure there are no complaints about not being able to withdraw funds. If there are, contact the user if possible and ask them about their experience.
  • Read through all the fine print of the documents when opening an account. Incentives to open an account can often be used against the trader when attempting to withdraw funds. For instance, if a trader deposits $10,000 and gets a $2,000 bonus, and then the trader loses money and attempts to withdraw some remaining funds, the broker may say they cannot withdraw the bonus funds. Reading the fine print will help make sure you understand all contingencies in these types of instances.
  • If you are satisfied with your research on a particular broker, open a mini account or an account with a small amount of capital. Trade it for a month or more, and then attempt to make a withdrawal. If everything has gone well, it should be relatively safe to deposit more funds. If you have problems, attempt to discuss them with the broker. If that fails, move on and post a detailed account of your experience online so others can learn from your experience.

It should be pointed out that a broker’s size cannot be used to determine the level of risk involved. While larger brokers grow by providing a certain standard of service, the 2008-2009 financial crisis taught us that a big or popular firm isn’t always safe.

The Temptation to Churn

Brokers or planners who are paid commissions for buying and selling securities can sometimes succumb to the temptation to effect transactions simply for the purpose of generating a commission. Those who do this excessively can be found guilty of churning—a term coined by the Securities and Exchange Commission (SEC) that denotes when a broker places trades for a purpose other than to benefit the client. Those who are found guilty of this can face fines, reprimands, suspension, dismissal, disbarment, or even criminal sanctions in some cases.

SEC Defines Churning

The SEC defines churning in the following manner:

Churning occurs when a broker engages in excessive buying and selling of securities in a customer’s account chiefly to generate commissions that benefit the broker. For churning to occur, the broker must exercise control over the investment decisions in the customer’s account, such as through a formal written discretionary agreement. Frequent in-and-out purchases and sales of securities that don’t appear necessary to fulfill the customer’s investment goals may be evidence of churning. Churning is illegal and unethical. It can violate SEC Rule 15c1-7 and other securities laws.

The key to remember here is that the trades that are placed are not increasing your account value. If you have given your broker trading authority over your account, then the possibility of churning can only exist if they are trading your account heavily, and your balance either remains the same or decreases in value over time.

Of course, it is possible that your broker may be genuinely attempting to grow your assets, but you need to find out exactly what they are doing and why. If you are calling the shots and the broker is following your instructions, then that cannot be classified as churning.

Evaluate Your Trades

One of the clearest signs of churning can be when you see buy and sell trades for securities that don’t fit your investment objectives. For example, if your objective is to generate a current stable income, then you should not be seeing buy and sell trades on your statements for small-cap equity or technology stocks or funds.

Churning with derivatives such as put and call options can be even harder to spot, as these instruments can be used to accomplish a variety of objectives. But buying and selling puts and calls should, in most cases, only be happening if you have a high-risk tolerance. Selling calls and puts can generate current income as long as it is done prudently.

How Regulators Evaluate Churning

An arbitration panel will consider several factors when they conduct hearings to determine whether a broker has been churning an account. They will examine the trades that were placed in light of the client’s level of education, experience, and sophistication as well as the nature of the client’s relationship with the broker. They will also weigh the number of solicited versus unsolicited trades and the dollar amount of commissions that have been generated as compared to the client’s gains or losses as a result of these trades.

There are times when it may seem like your broker may be churning your account, but this may not necessarily be the case. If you have questions about this and feel uneasy about what your advisor is doing with your money, then don’t hesitate to consult a securities attorney or file a complaint on the SEC’s website.

Already Stuck With a Bad Broker?

Unfortunately, options are very limited at this stage. However, there are a few things you can do. First, read through all documents to make sure your broker is actually in the wrong. If you have missed something or failed to read the documents you signed, you may have to assume the blame.

Next, discuss the course of action you will take if the broker does not adequately answer your questions or provide a withdrawal. Steps may include posting comments online or reporting the broker to FINRA or the appropriate regulatory body in your country.

The Bottom Line

While traders may blame brokers for their losses, there are times when brokers really are at fault. A trader needs to be thorough and conduct research on a broker before opening an account and if the research turns up positive for the broker, then a small deposit should be made, followed by a few trades and then a withdrawal. If this goes well, then a larger deposit can be made.

However, if you are already in a problematic situation, you should verify that the broker is conducting illegal activity (such as churning), attempt to have your questions answered, and if all else fails, and/or report the person to the SEC, FINRA, or another regulatory body that could enforce action against them.

Profit Trade Review 2020 – All You Need to Know

At Elite Trading, we are dedicated to providing you with honest, unbiased information about the different brokers available in the market. Not only do we personally test them to evaluate their services and features, but we also provide access to user reviews so you can get an objective view of what each broker has to offer as well as their pros and cons. Today, we are going to review Profit Trade, a well-known broker in the industry.

Profit Trade Review – Know the Facts, Trade with Confidence

PROS CONS
  • Accepts multiple, secure methods of payment
  • Customer support is available 24/5 via different channels such as Live Chat, email and telephone
  • Provides users with access to free, educational trading resources
  • Available for both web and mobile device users
  • Offers up to x200 leverage for CFDs
  • Advanced charts and analysis tools available to users
  • Profit Trade is a licensed trading platform
  • The broker offers an extensive catalog of currency pairs
  • Forex, stock, cryptocurrencies, commodities, and indices trading are available
  • Offers six different trading account types, each with unique features and services
  • The broker’s education center is currently under development but they do offer access to their blog
  • They currently offer a limited number of cryptocurrencies to trade

Profit Trade is a leading online financial market broker where global traders can trade forex, stocks, cryptocurrencies, commodities, and indices. The broker offers an all-inclusive trading environment, enabling both new and advanced traders to access a wide range of services, features and tools, all from the comfort of powerful and intuitive trading platforms.
As a leading CFD expert, Profit Trade offers up to x200 leverage for its products, is open 24/5 for trading, and provides traders with advanced charts and analysis tools.

As a licensed platform, Profit Trade ensures that trading the financial markets is easy as they provide their clients with the necessary tools to succeed. While the tools are available, Profit Trade also recognizes that it is crucial to know how these trading tools work. As a result, the broker provides educational financial content in a language that everyone can understand. That is, they break down financial data and explain it in such a way that both novice and experienced traders can use this information to their benefit.

At their trading academy, you can find resources such as eBooks, an informative glossary, and webinars to help you better understand the financial markets. The platforms that are available include Web Trader, as well as mobile platforms for iOS and Android mobile users. These platforms are easy to use and to navigate and they offer a wide range of trading tools including price charts and stop loss and take profit orders.

Profit Trade accepts different forms of payment for deposits including credit/ debit cards (Visa, MasterCard or Diners Club), fast wire transfer, WebMoney, as well as local payment methods. Their payment processes are safe and hassle-free. Opening account with Profit Trade is easy to do, while the information requested by the broker is required in order to ensure users have safe trading activities. The customer support team is also responsive and professional and they are available 24/5 to attend to customers via email, a phone call, or live chat.

What Makes Profit Trade Unique?

Profit Trade is a unique brokerage because they enable traders to trade both via web and via their mobile devices. Traders can also trade a wide range of assets including forex, stocks, commodities, cryptocurrencies, and indices. With mobile trading, you will never miss a trading opportunity and you can trade while on the go, offering convenience and flexibility.

In addition to this, Profit Trade offers users a vast catalog of educational materials, to help both novice and experienced traders to navigate the markets profitably. Their blog is extensive and offers a wide range of educational resources, while their trading platforms offer advanced chart and analysis tools to also help traders.

One of the main features that makes Profit Trade unique is that they offer six account types, depending on the requirements, skill and preferences of the trader. Traders can also tailor their accounts to suit their trading needs. One of the account types is a Robot account which offers robot or algo trading. No matter if you are new to the online world trading or a seasoned professional, there is a Profit Trade account that will meet your needs.

Profit Trade – Live Experience Test

As a trading platform, Profit Trade is excellent. The user interface is designed simply, making it easy for both novice and experienced traders to navigate. For both the web trading and mobile trading, the asset classes and currency pairs are clearly displayed, with the sell and ask prices shown and they are also updated in real-time.

The available price charts also show activities for different time frames, including 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, 1 day, 1 week, and 1 month. The candlesticks are also clearly visible, showing the activities on the asset class. This access makes analysis much easier.

Profit Trade has ensured the stop loss and take profit functions are available when placing an order. You can easily see the major, minor, and exotic currency pairs, while the cryptocurrency pairs are also available on display.

The market hours are updated in real-time to keep traders informed on when a market opens and closes. For the CFDs, the prices of the commodities, stocks, and indices are updated in real-time, giving clients a glimpse of the current market situation. A large number of technical indicators and tools are available to help traders take advantage of the market. Another impressive feature about Profit Trade is the ability to use custom indicators and automated trading programs. So if the regular indicators don’t serve you well, you can create your own custom indicators and use them to achieve your desired results.

Profit Trade boasts of an excellent customer support system, and we tested them to see if the statement is true. We created a ticket and sent it to the customer support, and we got an immediate response, detailing exactly how we can solve our problem. To top it off, the customer support is available 24/5, with weekends the only time you won’t find them active.
Our review of user reviews shows that global trader really enjoy trading with Profit Trade and we found that most users enjoy the fact that Profit Trade offers everything you need to trade the financial markets profitably.

Is Profit Trade Legit or a Scam?

Profit Trade is a legit financial markets trading brokerage. It is owned by GPS Marketing LTD, a Bulgarian incorporated company that is registered and licensed by the government of the company.

Profit Trade has done its best to disclose all information to its customers, including the risks involved in trading forex, stocks, commodities, indices, and cryptocurrencies. They also provide a wide range of other educational materials to ensure that each trader knows what they are doing before venturing into the financial markets.

While Profit Trade is a legit trading platform, traders should know that there is no guarantee for returns when investing in the market as profits are made based on the performance of the individual. This means you should take the time to really understand the risks involved in trading so that you can secure the profits while reducing the risks.

Profit Trade Regulation and Safety of Funds

Profit Trade is a highly regulated financial markets trading platform. They have put in place several regulatory efforts to ensure that trades are fair, and the funds of their clients are safe.

Profit Trade is strictly compliant with the anti-money laundering (AML) and Know Your Customer (KYC) regulations. The company implements rules and procedures to adhere to AML regulations. This is to ensure that illegal activities, such as financial fraud, are not carried out on its platforms.

According to their AML rules, withdrawal of funds is carried out only through the same bank account or credit/debit card that a client used in order to deposit funds. Some essential documents, such as valid passport or ID, utility bill or bank statement, and credit card snapshot are requested before withdrawal requests are approved.

The KYC regulation is present to ensure that traders are who they say they are. You will be required to provide personal data, such as your first and last name, email, and phone number when opening an account. Profit Trade might also ask you to provide other information to verify your account thoroughly.

Profit Trade takes the security of both personal data and funds very seriously. They keep user data and funds safe by implementing several security protocols. Some of the security protocols in place include:

  • 256-piece SSL encryption over the whole site
  • Implanted Genuine Site character affirmation seal
  • They hold all customer cash with the leading banks in Europe, separate from their operational funds
  • Their customer records in Europe and Canada are totally isolated
  • Profit-Trade utilizes 3D-secure for all Visa exchanges to maximize verification

User’s personal information is secured on the platform except if requested by government agencies or third-party service providers that work with Profit Trade to ensure that better services are offered to the clients.

In general, Profit Trade takes extensive precautions to ensure the safety of both user data and funds.

Profit Trade – Account Types

Profit Trade offers six account types to its users. The account types have different requirements and varying features. Here is a review of the account types available on this platform.

  • Educational: This account type needs a minimum of $250 as a minimum deposit requirement. It supports desktop, tablet, and mobile versions of the trading platform. Users can get part access to the video tutorials available on Profit Trade. Base currencies are available with fixed spreads, and it has a leverage of 1/100. It is also known as the classic package.
  • Standard: The standard package has a starting minimum of $2,500. Similar to the classic package, it supports desktop, tablet, and mobile versions of the trading platform. Users also have partial access to the video tutorials on the platform. It supports base currencies, gold, silver, oil, and small cryptocurrencies. The spreads here can be either fixed or floating with leverage of 1/150. Those with standard accounts are assigned account managers to help them navigate the trading world.
  • Premium: The minimum deposit amount on this package is $20,000, and it comes with all standard advantages plus other benefits. Users here get full access to the video tutorials on the platform and also complete access to trade the available assets. The leverage here is 1/200, and each account has access to an account manager. Prime contracts are also available, and users qualify for extra bonuses of up to 100% of the deposit amount.
  • VIP: The VIP package starts at $50,000 and has all the advantages of the premium package and more. The leverage here is 1/400, and each account has a personal account manager. Users also get instant news and signals and a bonus of up to 200% of deposited funds. Express wire transfer is supported here, while they also have a referral cashback program.
  • Tailored: The tailored package allows traders to design their trading account according to their specifications. The minimum deposit amount can be obtained from the account manager. In addition to numerous benefits, tailored accounts will get to participate in company events, embark in social trading, have a dealing room (trading via phone), and can also meet with other traders.
  • Robot: This package will see traders allow robots to take over their trading decisions. The minimum amount to start this package is $5,000, and the platform is available for desktop, tablet, and mobile device users. Additional robot and algo trading support are accessible In this package, while the best robots here offer a discount of 50%. The leverage here on trades is 1/100.

Profit Trade Trading Conditions

The trading conditions on Profit Trade are favorable. The platform has provided its users with a large number of charts and analysis tools to help them navigate the trading terrain. You can choose the trading account type you want, depending on your trading specifications. Each account type comes with its own features, but all are designed to make trading currencies, stocks, indices, cryptocurrencies and commodities easy for the traders.
Profit Trade offers both tablet and mobile versions of its platform. The tablet trader is an excellent solution for when you’re on the go and don’t have access to a desktop. Meanwhile, the mobile trader acts upon any trading opportunities as they happen in real-time. These two features allow traders to trade on the go and instantly act upon market changes.

The platform has ensured that trading stocks, indices, forex, and commodities is available 24/5 to clients all over the world. Since cryptocurrency trading is available 24/7, Profit Trade makes sure crypto traders are able to trade at all hours of the day, including weekends.

The terms and conditions of Profit Trade are clearly stated on their website. Users must be aged 18 or older and legally permitted to use the platform under the regulation that guides their jurisdiction.

In general, the trading conditions on Profit Trade are favorable to financial markets traders.

Fee and Spreads

Profit Trade has a few fees which is charges its traders. The platform has a dormant/inactive account fee of $85, and this is charged to accounts that are dormant/inactive for 30 days or more.

Profit Trade also charges withdrawal fees. Withdrawals are subjected to withdrawals processing, and handling fees, and the fees are deducted from the transferred withdrawn amount.

The platform offers both fixed and floatable spreads. The fixed spreads are available to those using the standard and classic account types. Those with premium accounts and above also have fixed spreads, but they can enjoy floating spreads.

The spread is the difference between the bid and ask prices and is calculated in pips. The fixed spreads don’t change depending on time or general market fluctuations and volatility. However, with floating spreads, floating spreads are a constantly changing value between Ask and Bid prices. Profit Trade offers both types of spreads to its clients, depending on the type of account they select.

Account Opening Experience

Opening an account with Profit Trade is an easy process. After visiting their website and clicking on the signup page, you will be redirected to the registration page. You will be required to input details such as your first and last name, country, country code, and phone number, email address, password, password confirmation, and promotion code, if applicable.

To register, you will have to agree to the terms and conditions before clicking the register button. After registering, you will be asked to choose a payment method. It can be a credit/debit card (Visa or Mastercard), bank transfer, eWallet or even Bitcoin. You will proceed to deposit some funds in your account before moving on.

You can start trading once you have deposited funds into your account. However, due to AML regulations, you will be required to provide proof of identity and residence before making withdrawals. Your credit card details will be required as well other relevant identification information.

Basically, registering on Profit Trade takes just a few minutes and is easy and hassle-free.

Deposits and Withdrawals

Depositing funds on Profit Trade is easy. However, you will have to perform all the deposits from your own personal account or credit card due to regulations. Thus it is recommended that the account you use should be from your country of residence and carries the same name as on your account.

Profit Trade supports credit/debit card payments via Visa and Mastercard. The minimum deposit amount via these methods is $250. They also support BTC payment. Meanwhile, Profit Trade also accept wire transfer, and the minimum deposit amount via a wire transfer is 1,500 USD. The fund deposit process doesn’t take more than a few minutes on Profit Trade, but you can start trading only once your funds are reflected in your trading account.

The fund withdrawal process here is also easy. However, before withdrawing your funds, you will need to provide documents to verify your identity. All compliance documentation must have been received and approved by Profit Trade’s compliance department in order to proceed with the withdrawal. Secondly, the beneficiary name must be the same as the name on the trading account as Profit Trade doesn’t accept the transfer of funds to third parties. The withdrawal funds will be sent to the credit card or bank account of the trader’s account. Keep in mind that Profit Trade charges withdrawal and processing fees.

Profit Trade Trading Platforms

Profit Trade has basically three trading platforms. The first one is the Web Trader. This platform is available for desktop and computer users. The second available platform is the Tablet Trader, which is an excellent solution for when you’re on the go and don’t have access to a desktop. Lastly, the Mobile Trader, allows traders to act upon any trading opportunities as they happen in real-time from their mobile devices. The three platforms are available to traders at all times, enabling traders to easily move between the different platforms.

Desktop and Mobile App

The desktop platform of Profit Trade allows users to experience and trade on the financial markets from a computer. The desktop Web Trader handles a large volume of live information with regular upgrades provided to the clients. The UI is simple and easy to navigate. You can access this platform from any PC, Mac or Linux workstations, and you can monitor the status of your account and trading desks. It also has a broad range of technical indicators and tools and provides users with the ability to use custom indicators and automated trading programs.

The mobile app is available for both iOS and Android device users. Since the financial markets are progressive and continually moving, it becomes hard for traders to keep track of every activity in the market. Thus, the mobile apps are available to bridge the gap.

The mobile trading platforms are totally incorporated with Profit Trade’s trading programming and internet trading platforms. This allows traders to adapt and instantly make trading decisions. You can download the mobile app on the Apple store or the Google Play Store.

You can take advantage of the demo trading to learn how the platform works. The Profit Trade demo through Bitcoin Trader is designed to help users understand and master the features available on the live trading platform. If you are a new trader, it is best to try out the demo trading before trading with your real money.

Bonuses

The bonuses offered on Profit Trade varies depending on the account type selected. For the educational and standard packages, there is no bonus available. However, those with premium accounts get extra bonuses of up to 100% of deposit funds, while those with VIP get up to a 200% bonus on deposited funds. The tailored package also gets a 200% bonus on deposited funds.

Customer Service

The customer service on Profit Trade is outstanding. Traders are attended to 24/5, and the customer support is available via email, phone call, or live chat. The support team is responsive and professional and easy to content.

Education and Resources

Profit Trade has an extensive catalog of educational contents on its platform. Under its trading academy, Profit Trade has eBooks and conducts webinars. They also have essential content and a glossary to help new traders understand the terms used in the financial markets. Their blog section is extensive and offers a wealth of information.

Payment Methods

Profit Trades accepts three primary payment methods. They accept credit/debit card using Visa and Mastercard, Bitcoin, and bank wire transfer. They also offer WebMoney as a payment option as well as payments via your local bank account. All banking processes are safe and secure, giving you peace of mind.

FAQs – Profit Trade

Is Profit Trade regulated?

Yes, Profit Trade is a regulated platform under the Bulgarian government. GPS Marketing LTD, the parent-company behind Profit Trade, is a registered company in Bulgaria.

What is Profit Trade?

Profit Trade is an online financial markets trading website based in Bulgaria. The platform was launched in 2020 and is currently one of the leading CFD experts in the world. They provide forex, stock, cryptocurrency, commodities, and indices trading services to clients all over the world.

They offer different types of trading accounts, depending on the trader’s preference. They also provide a host of technical tools and charts to ensure that traders find it easy to navigate the financial markets.

Who has experience with Profit Trade?

Profit Trade is designed for financial markets traders. Forex, commodities, stock, cryptocurrencies, and indices traders are those that trade on this platform. Profit Trade is open to both novice and experienced financial markets traders, with the educational contents available, making sure everyone here has a chance to succeed. For those that don’t know how to trade effectively or have time for it, the robots available on Profit Trade can help manage trading accounts on behalf of the clients.

How does Profit Trade work?

Profit Trade is easy to navigate and use. After registering on the platform, you will deposit funds to your trading account via credit card, bank transfer, or Bitcoin. You will have access to the forex, commodities, stock, and cryptocurrency trading assets immediately after your deposit is approved, allowing you to start trading immediately.

You will see assets available on the trading platform as well as their buying and selling prices. Proceed to click on your desired asset and trade. You can take advantage of the take profit and stop-loss features available to ensure that you trade within your limits. Withdrawing funds require a few identification verification steps which are also easy to carry out.

How reputable is Profit Trade?

Profit Trade is a reputable trading platform. It has been around for two years now and has amassed favorable reviews from clients and traders around the world. The platform is verified by Visa and has a Comodo SSL certificate. Profit Trade also has Mastercard Secure and is verified by Barclays.

How do I open an account with Profit Trade?

Opening an account with profit Trade is easy. All you have to do is visit their website, click on the signup button on the far right corner of the site. Provide the information required on the signup page, and you have successfully registered.

Where is Profit Trade based?

Profit Trade is a financial markets trading platform that is based in Bulgaria. It is owned by GPS Marketing LTD, with a registration number 204950758. The clearing company, Global Top Marketing LTD, meanwhile, is based in the Marshall Islands.

Profit Trade Review – 5 things you should know about Profit-trade.com

Beware! This is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Profit Trade is CFD forex brokerage based in Bulgaria. On it’s website we read that the minimum deposit for the most basic account comes at $250 and that the brokerage provides it’s own web-based trading platform. Furthermore, the leverage extended to traders is generous and goes up to 1:200. Such high leverage will soon be rare in the forex trading world due to newly-put regulations by the European Union.

Profit Trade regulation & safety of funds

The brokerage is owned and operated by the company GPS Marketing Ltd with a registered address at 28 Dzavaharlal Neru Str., Sofia Municipality. Even though the government of Bulgaria includes forex trading within its regulatory framework, there is not mention on the broker’s website of any regulatory oversight whatsoever. As such – clients of the brokerage may be open to a number of risks while trading.

Prestigious financial regulators such as the FCA or NFA force a broker to comply with a number of strict rules that lower the possibility of fraud and give assurance for the safety of the clients funds.

One such rule is the segregation of accounts which forces the brokerage to handle the finances of the clients separately from their own and greatly lowers the risk of commingling. Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to scam traders.

Profit Trade deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via a wide range of payment options – Credit/Debit card, Bank Wire Transfer, Neteller, Visa, Maestro, Mastercard, Skrill, WebMoney. On the website we find troubling withdrawal conditions. There is a minimum withdrawal amount of $250 for withdrawals via Credit/debit cards, and a $1500 minimum amount for withdrawals via wire transfer. There is also a dormant fee of 10 per cent for all accounts that have been inactive for more than two months.

How does the scam work?

Information is a pretty solid criteria for judging a brokers legitimacy. Scammers are hesitant to share much of their information, because precisely there inconsistencies and irregularities may appear which expose the whole set-up. A valuable piece of information is precisely how a scam would go about. Here is a description of the typical three steps:

A click-bait ad about fast money will take you to a website like ZemuSoft or BlackcoinTrends where registration will require you to give your address, email and phone number. After sharing your personal information, brokers will begin calling you, telling you to invest with them and reap huge profits. After a few minutes on the phone with them, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

The scam, however, continues and what follows is called the “retention”. Senior scammers will now begin addressing you on the phone and explaining all the advantages in further investing with them. After you decide to go for it, you may even win on a few trades and go up by, say, a couple thousand. Naturally, you will begin wanting to close the account and take away your profits.

Unfortunately, closing the account won’t turn out to be a walk in the park. The “recovery department” will take you and yet another representative will have some other trading opportunities to share with you. His game is pretty simple – he has to mislead you into waiting six months or more so that you may not file a chargeback with your bank and get your money back. That possibility forever closes when six months pass after the initial deposit with the broker.

What to do if scammed?

Unfortunately, much of the forex trading world is overshadowed by the huge numbers of scammers. All a trader may do is be well-informed and, in case he is the subject of a fraud – stay calm and not panic! The chance for panic is greatly reduced if such a situation does not take you by surprise. Here are the available options for scammed traders:

You may contact your bank or credit card provider and file a chargeback, but only within six months of the initial deposit, as was noted above.

If however you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should change it asap!

So-called “recovery agencies” should not be trusted! Such agencies target scammed and vulnerable traders in an attempt to further swindle them into giving away their money. They will require from you an “up-front payment” in order to get your money back, but no such thing will happen!

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9 Comments

Do not take any Bonus offer from your broker or your manager, do not allow your broker manager trade on your behalf. That is how they manipulate traders funds. If you need assistance with retrieving your lost fund from your broker or Your account has been manipulated by your broker manager or maybe you are having challenges with withdrawals due to your account been manipulated.

Please Help Profit Trade scammed me today.

I raise a complaint to my local country and US, UK & Austria country by email first.

I want to share my experience in online trading with some fake company. Please read below and share in your news. You may contact me for more details.

We found one ads on google for profit-trade.com company. We thought that the company is genuine, so we show interest to invest in it. Later they start calling several times, initially, we invested $250, then they start calling to increase investment giving a reason of unable to do big trades and gave us promise of a big profit. Later invested more $6400. They start trading on “profit-trade.com” platform, this platform is fake, not actual trading. After showing some profit in my account since last 3 months, we request them to withdraw some amount and then they do some trick and make my balance zero. And said that this one did due to I opened the account with auto-trade system, which I have not done. Also, they never said about this problem in 3 months of trading time. I complain to profit-trade and Manager, who looking after my trades (Mr. Dan Bauer), but no one reply to me by email. They called me from no:+43-720775802/8030. Now, they said that your account has zero balance, can’t do any trade. So, basically my money is gone and they run away.

I request you to please stop or banned such online companies. It may help many people by avoiding investment in such companies.

with regards.
S.Sure

Hi, also i am scammed, no withdraw funds , no refund. Just rob.
I wander somebody can do something with those guys.criminals as Jennyfer Green, Derek Harris, Jason Jordan.

i appered to have been scammed

THEY TOLD ME TO PAY THE TAXES TO TRANFER ME AND NOW THEY DO NOT ANSWER ME … I SHOULD FEEL ME SCAMED ALLEGEDLY I HAVE
Receipt of the investment
Thank you for choosing Profit-Trade to cover your needs to carry out operations
Transaction PSPD5F0CAA79CF62

Dear Beatriz Rodriguez,

Thanks for your investment. Below you will find the details of your transaction:

Date: 02/13/2020
Card type: praxis
Card number: xxxx-xxxx-xxxx-4156
Expiration date of the card: 9/2020
Name of cardholder: BEATRIZ RODRIGUEZ
Email of the cardholder: [email protected]
Address of the card holder: fourth street los Algarrobos,
Panama, Panama
Amount: USD1,258.00

If you have trouble viewing the details of your balance and your account, please contact Profit-Trade Customer Support at, [email protected] You are welcome to access our excellent online support available to you via https://profit-trade.com/.

Please note that for security reasons, we recommend that you update your password from the original password you received during your registration. If you have not already done so, please go to profit-trade.com, click on your name at the top of the screen and update your password.

Sincerely,
[email protected]
profit-trade.com
Local Phone: +44 2036959749
International: +44 2036959749
Fax: +44 2036959749

Thank you for choosing Profit-Trade. As a valued customer, you are the foundation of our business.

LN GP IN TW FB
Hight Risk Warning: Trading Foregin Exchange (Forex) and Contracts for Differences (CFD’s) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you can not afford to lose. You should be aware of all the risks associated with trading on margin.
The information on this site is not addressed to residents of the United States and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Copyright © 2020 – 2020
ProfitTrade – All rights reserved

Global Top Marketing LTD,
Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960

ME DIJERON QUE PAGARA LOS IMPUESTO PARA TRANFERIRME Y AHORA NO ME CONTESTAN…DEBERA ME SIENTO ESTAFADA SUPUESTAMENTE TENGO
Recibo de la inversión
Gracias por elegir Profit-Trade para cubrir sus necesidades para la realización de operaciones
Transacción PSPD5F0CAA79CF62

Estimado(a) Beatriz Rodriguez,

Gracias por su inversión. Abajo encontrará los detalles de su transacción:

Fecha: 13.02.2020
Tipo de tarjeta: praxis
Número de tarjeta: xxxx-xxxx-xxxx-4156
Fecha de vencimiento de la tarjeta: 9/2020
Nombre del titular de la tarjeta: BEATRIZ RODRIGUEZ
Correo electrónico del titular de la tarjeta: [email protected]
Domicilio del titular de la tarjeta: calle cuarta los Algarrobos,
Panama, Panama
Monto: USD1,258.00

Si tiene problemas para ver los detalles de su saldo y de su cuenta, sírvase contactarse con el Soporte al cliente de Profit-Trade at, [email protected] Está gustosamente invitado a ingresar a nuestro excelente soporte en línea disponible para usted vía https://profit-trade.com/.

Sírvase notar que por razones de seguridad, le recomendamos que actualice su contraseña a partir de la contraseña original que recibió durante su registro. Si aún no lo ha hecho, por favor, vaya a profit-trade.com, haga clic sobre su nombre en el extremo superior de la pantalla y actualice la contraseña.

Atentamente,
[email protected]
profit-trade.com
Local Phone: +44 2036959749
International: +44 2036959749
Fax: +44 2036959749

Gracias por elegir Profit-Trade. Como un valioso cliente, usted es la base de nuestro negocio.

LN GP IN TW FB
Hight Risk Warning: Trading Foregin Exchange (Forex) and Contracts For Differences (CFD’s) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.
The information on this site is not directed at residents of the United States and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Copyright © 2020 – 2020
ProfitTrade – All rights reserved

Global Top Marketing LTD,
Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960

I’ve been scammed by Dan Bauer as well. The question is how to go about getting him stopped and his trading license taken away – he did exactly the same to me as the person above, took my money by some fake system of margin calls and then just took my money. I want to stop them and make it public that profit trade are a scam operation and take legal action, anyone help me with how to do this?

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