Warning! ProfitiX is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Everything seems fine and at times very professional at ProfitiX, yet as soon as we started doing what we do, the ground we tread on became increasingly steeper as we descended further down. Read the review to see just how far down things went.
There is no info on a regulation, but there is an address establishing the broker as native to St. Vincent and the Grenadines, which would put it directly under the gaze of the FSA SVG.
However, the FSA SVG does not regulate Forex and CFD brokers. So even seeing that ProfitiX offers currency pairs and CFDs, we can safely conclude that that ProfitiX IS NOT REGULATED.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)
The leverage has been maxed out at 1:400. Seeing as this is an offshore broker, this is a pretty typical value.
The spread is not indicated anywhere. The trading platform demo was unable to launch and so an actual EUR/USD spread is not possible for us to reveal.
Trading instruments are as follows: Currency Pairs, Commodities, Shares, Metals, Crypto, Stock Indices. This is an impressive display of options, but we cannot confirm these since we were unable to open the trading platform. So how many of these are actually there to be traded with remains a mystery.
The website supports only two languages: English and German.
The broker has included the ever expanding MT5 platform.
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:
The funding methods information we got once our registration was in the making, and we were asked to deposit in order to finalize it:
As you can see the choice is not particularly diverse. There might be some inconsistencies concerning the payment methods that should not surprise anyone because this is a trademark addition of unlicensed brokers.
For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
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.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These softwares allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
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:
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.
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 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!
ProfitiX might look promising but don’t fool yourself. That is precisely what it wants you to think of it. This is an unlicensed brokerage firm, and as such should be left alone.