ProfitsTrade review: Is ProfitsTrade a scam or legit?

We have received several requests, as of late, to outline the particular clues that may suggest that a given trading website is operating in bad faith or is complicit in financial wrongdoing.

We will attempt to share some knowledge in this article and share insights we have gathered from analyzing thousands of transaction-dispute cases.

Website address: www.profitstrade.com

Profitstrade prides themselves of having an “Ultra fast execution” platform where one can trade a variety of assets and explore Forex, CFD and cryptocurrency trading ventures. Various benefits are outlined in their website including a glossary, FAQ and a login section where one can enter into their ‘Profitstrade’ account and trade.

“Profitstrade” offers different account types on their website: Bronze, Silver, Gold, Premium and Islamic account. All with varrying alleged benefits including educational sessions, bonuses and market signals.

They accept payments through credit cards, wire transfers and bitcoin wallet transfers.

As is written on their website, Profitstrade.com is operated by “ProfitsTrade LTD”, a firm that is registered at the following address: 7 Old street Roseau DOMINICA with the following registration number: 2020/IBC00017

Profitstrade review: This firm, factually, has had an overflow of bad reviews on ‘TrustPilot’, ‘Personal Review’ and ‘The Forex Review’. 

Important! Registration and Regulation

In order for any company to be able to offer financial services of any kind, they must be in possession of the relevant licenses. For example, if you are an Australian citizen and a company approaches you, offering trading or investment advice, they are obligated by law to be regulated by the Australian Securities and Investments commission.

If the company that approaches you does not have the financial license appropriate for your country of residence, they are committing a crime by soliciting their services, let alone taking your money.   

To the best of our knowledge, ‘Profitstrade’ is not in possession of any financial or trading licenses relevant to the United Kingdom, Scandinavian countries, Switzerland, Europe, Australia, New Zealand or Canada at this moment in time.

Has a ProfitsTrade warning been issued yet?

A warning has indeed been issued against profitstrade.com by the Financial Conduct Authority in the United Kingdom on the 31st of July, 2020.

If your broker is not regulated by the regulatory body relevant to your country and they are still soliciting their services to you, accepting your deposits and giving you investment advice or worse – managing your money, BEWARE!

Trading with unregulated brokers more often than not results in a glorified Ponzi scheme experience and with some or all of your money out the window.

Common complaints we receive from clients, generally, regarding unregulated trading websites:

– First payment they ask you to make is always a small amount like 250. Once you pay you are then asked to deposit more money (a few thousands) because according to your new broker: “it’s just not enough!“.

– Unsolicited, pressure-sales calls, manipulative sales tactics, constant advertisement-emails and unfair duress on said calls.

– They befriend you and are being nice to you only when you are depositing money. The second you stop coughing up coins and start questioning/requesting for a significant amount back (more than 60% of your overall deposit), the problems begin and the positive attention dissipates.

– These companies usually operate on bad faith, lie and manipulate people into sending them money under the guise of promises and guarantees to increase one’s income, pension or lifestyle.

– “Account managers” keep changing and for different reasons each time. Sometimes a long overdue vacation, on occasion it’s a promotion to a remote management position and at times a “personal” tragedy that besets the sales agent.

– Constant difficulties of withdrawing any significant amount back, after being told, upon joining: “You can always withdraw your money, you don’t need anyone’s approval”.

– Demands for some kind of fee or new payment for releasing the “profits” that have accumulated in the account, i.e – the “last payment you will have to make”.

– Threatening, hurtful and/or abusive phone calls, emails and whatsapp messages.

– Blaming the victim for not being on point or on time, missing the right “entry rate” etc.

– Usage of a remote control software like ‘Anydesk’ to access your computer, online banking and “trading account”.

Whom do fraudulent trading websites target:

The target is anyone over the age of 18 that has access to capital, whether in form of credit or liquid. Their ideal victim has retired and has plenty of time and resources to commit to a scheme of their choosing.

They target compassionate, empathic, brave people and encourage them to take unnecessary risks and in some cases, borrow large amounts of money.

If you believe you have been stung by an investment scam contact us now using the form below for a free consultation on how you can get your money back!

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