Profitix is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides the MT5 trading platform, and an extremely generous leverage. Traders are extended a leverage of up to 1:400. Furthermore, there is a wide range of trading products from which to choose, but the spread of 3 pips is quite high and not in favor for the traders in our opinion. The required minimum deposit is the standard $250.
Profitix Regulation & Safety Of Funds:
On the brokers website we read that the broker brand is owned and operated by a SVG-based company with the name ProfitiX Limited. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage. We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that not only is the brokerage not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients. However, putting all this aside – the brokerage does provide the MetaTrader 5 trading platform with an available demo account. We always condone the availability of a test-drive. The minimum deposit is the industry average of $250 and nothing surprising. We should note than when we downloaded the platform we read that it is actually supported by a third party – LBLV Ltd. This isn’t something uncommon with unregulated brokerage but it isn’t a very welcoming sign either.Overall, the lack of regulation inclines us to suspect that potential clients of the brokerage may be open to substantial risk. Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85000 pounds, where as with CySEC it is up to 20000 euro per person.
Profitix Deposit/Withdrawal Methods & Fees:
Potential clients of the brokerage may deposit or withdraw via credit cards and wire transfer, however, we do not find any listed e-wallets which we consider always a disadvantage. Going through the terms and conditions of the brokerage we did not find any information regarding potential fees. But we do read that traders have to achieve a trading volume of $20 in order to withdraw an account that has been issued the “award”. Many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
Profitix Login:
The broker has included the ever expanding MT5 platform.- Metatrader 5
Metatrader 5 has continued to extend the legacy of MT4 with great success, however MT4 still reigns as number one. With that out of the way, MT5 can be considered a much more flawless and fluid trading terminal. With accelerated process times, the ability to trade in centralized markets, and the addition of new and more responsive indicators, and increased time frames, MT5 seems like the way to go. The leverage, as mentioned, goes as high as 1:400 as claimed by the website. Yet, as we went with the registration of a demo account we were limited to 1:100. The MT5 is available as a web and desktop trader.- Profitix Minimum Deposit
The minimum deposit is $250. There are multiple account, each with a minimum requirement:- Don't Provide Your Credit Card CVV Code
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.- Profitix Withdrawal Time And Fees
The time it takes to process a withdrawal is between 1-5 days – this is the time it takes the broker to do so; individual payments systems do them at their own pace. The broker does not charge transaction fees, yet this excludes any payment system charges.- Additional Fees And Taxes
The brokers gives itself permission to add incoming fees: So users should be extra careful when agreeing to trade with ProfitiX. Furthermore, ProfitiX, once a users has agreed to the T/C, has the right to terminate an account if there is less than $100 in it. This clause can never be a part of a legitimate broker. There is a sleeper account fee activated after a year of inactivity that purposefully left undisclosed: The presence of such fees and irregularities point out the true scammer nature of this broker. It’s in ProfitiX’s own interest to keep you invested for as long as possible. For this reason they will deny your withdrawal request by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.Account Verification:
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.How does the scam work?
Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done: Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit. After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left. Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back. It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Traderia – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.
How To Recover:
Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is. Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP. At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse. The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.You may contact your bank or credit card provider and file a chargeback. 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 switch it asap! Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
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