Beware! Profitix is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
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. Here is a screenshot:
On it we could see a spread of 3 pips on EUR/USD which is exceedingly high and definitely not in favor for traders. Furthermore, the leverage extended to clients is 1:500 which, however, hides the undesirable risk of losing more than the initial deposit. 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 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
Profitix deposit/withdrawal methods and 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.
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.
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!
Jocelyn
I want to withdraw my money where i can proceed to do that so????
The person was called me he only say go by website yet i have searching and there is no responsed at all?
Stea
How would you rate profitix compared to other trading platforms?
Ruth Davidson
DON’T TRADE WITH THEM. They are not real. Their platform is not real. They’ll give you signals that will put you into the red and then ask you to put money to save your account. Repeat a few times and you’ll be cleaned out. RUN!!!!
Fisher
They had me big time. I now need to find out how I can recover some of my losses.
Ruth Davidson
Run!!!!
Keki
CAUTITION !!! ProfitIX is SCAM. They break their own rules and policy. I request an withdrawal/refund of my money, and according to their policy it should be happen latest after 30 days, but nothing happens. I do get even a email after promised 7 days are confirmation. Also they will try to persuade you to transfer 10 000$, after I reject it they call me an looser, lol. So, it not an professional company, stay away if you like your money.
Regards,
Keki
Hi,
of course that my account is verfird, it is done since 5weeks, so it is happen before the withdrawal request. Let me say I had call your support 2x, about 5x write with your live agent, and write 2x email to the help desk. Regardless, same answer, “we will inform our financial department, and get a feeback within 1-2days”. I think you know what happens, nothing, no feedback to me.
Regards
Bengt
Scam or not, I can`t tell.
But they show you a little profit on the starting deposit. Then they say you need more money for the big profit. They are verry hungry for new money and call you over and over. If you as we loose money, they promise to fix it. But only if you pay even more to your account.
If you send the money by bankwire they use some sort of odd billing procedure through companys you probaly never heard of. You will get a invoice on payment for services from a firm not related to the broker.
My personal advice is stay away and use broker with a office.
Mario Brunetti
Hallo so wie ich es sehe sind das Betrüger unter einem Deckmantel immer die gleiche Masche aber ich hatte am anfang über Paypal eingezahlt und die kennen nicht mal die Regeln von Paypal traurig ich hoffe das Paypal die sperren tut und klarer fall für die Polizei
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Hello as I see it are the scammers under a guise always the same scam but I had paid in the beginning via Paypal and do not even know the rules of Paypal sadly I hope the Paypal locks and clear case for the police
Ana
I have requested a withdrawal from them today. I will let you know how I get on and how long it takes. My account is fully verified so should be within 5 working days.
Let’s see…
Gabby
Any response from them, was the withdrawal successfull? Please answer as I am in the same situation
Ailene
They said it is a 14 day money back guarantee, not true, I requested my back back after few days but until now they haven’t returned my money. I been waiting for almost a month now.
Freda
The Account manager is pushy and unrealistic promise is made to the client ($100 to $150 profit in a week with an initial deposit of $100). Initial deposit is hassle-free (FAST and no supporting documents needed). Fund withdrawn is a HASSLE and QUESTIONABLE (all kinds of supporting documents are required for account verification)(Instruction and process given for account verification to actual receiving the withdrawn amount are SLOW & QUESTIONABLE). The broker did provide advice for the first few days after funding ($9.42 profit is made) then the broker went MIA. Profitix trading platform is very similar to other trading platforms.
* REVIEW AGAIN on the ACTUAL DURATION AND AMOUNT received for withdrawn.
Anon
I don’t normally leave bad reviews, but my brief experience with this company was really the worst in every single way possible. Being relatively new to trading, I was told it was going to be automatic trading without any need for me to act, which was the reason I signed up. That first guy I spoke to who told met this was obviously very much a liar. I was put through to a very rude broker who seemed completely fed up every single time we spoke. The last straw for me was when the platform (which, when compared to my other company, was VERY old too) refused to work twice and I was up at ungodly hours trying to fix it.
I wish this was the end of the saga.
Verifying my account in order to withdraw my money took so very long as they repeatedly asked for the same documents a number of times, despite my having emailed it to them. When I requested the withdrawal, I got a call from a very rude customer service person who, when I told her I just wanted to withdraw without any fuss, shouted at me over the phone before hanging up. Charming woman.
The process to withdraw took another week with another set of emails where I was CONSTANTLY repeating information and, when the money was back in my account, I realised it was $40 short after the exchange rate.
All in all – horrible trading platform, lying employees, quite possibly the worst customer service and I was also scammed.
Avoid. Profitix.
Matt
Profitix have no license no regulation, and just a new brand of Bealgo/Algotechs scam. Same organization behind them.
Shirley
Hi profitix, initially told me to put in a certain amount and after two weeks they now want me to depost US 1,500. I’m not a big earner but always being cheated so I really need a sincere reply from your end whether to trust.Thank you
John Macleod
do not trust them,I have lost a considerable amount of money from them,they ask you to sign a contaract you get a copy if you ask for it otherwise you wont,and then in it you see that you can only get an amout of 2%, of ur free margin which is very little.
Do not trust Roger Taylor and Jeff Novell,they will scam you as they have scammed me.
Tan
Dear Profitix, i made a request on 17 Sep to withdraw my money but till now i have not receive it. Previous time i tried to made a withdrawal, you say i can’t because of my open trade (very interesting as i still have quite a big free margin). Now that i closed all position and want to close my account, my broker James Warren say i can only withdraw 5k per month. Can you explain?
Ellie
Hi Tan, kindly advise how you manage to convine your broker to close the positions and withdraw? My broker isn’t letting me close my positions despite my high free margins and I’m stuck at trying to terminate and withdraw. Thanks.
Tan
Hi Ellie. Just click on the trade and choose close position in the trading platform
Tan
Dear Profitix, after chasing you for so many times, finally you came back with a termination letter for me to sign. In your termination letter, you put a sentence “i will accept, with my full knowledge and responsibility, the possible fees that might arise as i did not fulfill my obligations towards the company”. May I know what obligations are you taking about? You put a general statement and ask me to sign! I have not even ask you why your broker James Warren can ask me to open a trade and ask me to set a take profit level that resulted in a loss? For example the one which are open on 10 Jul and 30 Jul resulting in a loss of USD 201.17 and USD 323.13 respectively. There are a few others resulting in losses of 90.71, 66.59, 179.79, 108.25, 110.56 and more. Is this a scam?
arturas rybakas
Hi. I wanted to withdraw my money. Basically they ignoring me. They are not honest. Fake company.
Lucinda
Did you verify your details at the start? This is why you can not withdraw it was explained to me when I asked about this. If you don’t give your details they can not withdraw your money!
Ellie
Currently stuck at withdrawing from the account as I need to free up 10K worth of credits. It’s not even in the T&C that such policy is in place! Existing/ex users kindly advise this as I’m facing a difficult position now thanks
Ruth
PROFITIX is a known SCAM. It’s not real. The platform is not real. They take your money and loose it all in the end this is how they take all your money!!! I’ve just lost all my money (a lot of money) in one trade after trading for 10 months when the 6 months contract is coming to an end. Now I’m contacting recovery companies to help me recover my losses. I’ll also go to the credit card company to help with the recovery! Their signals will look good but 1 in 10 trades will take you into the reds and that’s when their broker will say “I’ll try to help you fix this but you need to put in more money!” And they even have the cheek to ask you to refer to friends. SO PLEASE DON’T FALL into their trap. Even their broker names sound unreal Geoff Ferrer the standard broker, Leo Diaz the Senior broker and finally the lion of them all the VIP broker Kristoffe White, all with a heavy accent (sounds like Filipinos). They are very nice to you and calls you everyday. If you can close your open trades, you may be able to close the account and withdraw the funds assuming you haven’t signed anything with them. I don’t know, I didn’t get a cent of my money!!
melinda
Hello Ruth, we have much in common. If you would like to email me.
Ruth Davidson
The forex company checked the accounts that money was deposited into are all closed. No trace.
Ines Bahlmann
ich habe mein gesamtes Geld im Dezember 2029 Profitix übergeben, um damit zu traden. Sie verlangten immer mehr. Nun soll ich wieder 25.000 einzahlen, sonst wäre das bereits eingezahlte Geld verloren, wie auch immer. Es konnte mir nicht erklärt werden.
Das bereits eingezahlte Geld wurde auf dem Empfänger “Pansea ltd vermutlich in Hongkong gelistet, auf ein slowenisches Konto eingezahlt, das nächste Geld soll ich auf ein maltesisches Konto einzahlen für eine Firma, die in Estland ist.Ich werde mein Geld nie mehr wieder sehen, aber ich möchte andere vor dieser Betrugsmasche warnen.
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I gave all my money to Profitix in December 2029 to trade with it. They kept asking for more. Now I should deposit 25,000 again, otherwise the money already deposited would be lost anyway. It couldn’t be explained to me.
The money already deposited was deposited on the recipient “Pansea ltd probably in Hong Kong, in a Slovenian account, the next money I should deposit into a Maltese account for a company that is in Estonia. I will never see my money again, but I want to warn others about this scam.
Ruth Davidson
They are not real, their platform is not real, it’s a scam, a hoax. Don’t go near them.
Obi
Criminals…they promise you profit and quick withdrawal and demonstrate it with the initial money you put in to lure you to put in more. But once they get all the money they can get from you, that’s the end. You’ll never get a large chunk withdrawal. They’ll rather get you into a bad or high risk trade so you can lose your money, than give you your money back. Beware of these crooks!
nemnem
what happen? did u loose your money?
Raymond Chong
How can we get back our money if the withdrawal is not successful?
Ruth Davidson
Try your hardest to close your account and withdraw any money you have left. Don’t stay with them. They’ll loose all your money eventually.
Ruth
You can only withdraw 2% of the free margin. If you don’t get your withdrawal is because your request has been canceled!
Alfred
They dont seem like scammer. But there are many reasons why it is best to stay away.
Reasons to join:
– Very professional in term of documentation.
– No observation of cheating.
Reasons not to join:
– Very aggressive and impolite broker especially when you dont want to deposit more money. After every trade, they will persuade you to deposit more money with gap event and bonus. They seem more interested in asking you for more deposit then to trade within your means by asking you to increase your credit card limit.
– Their spread are high and they take commission.
– They trade without stop lost as they dont want to close the trade with any lost.
– They are good in helping you earn high profit in a short time. But if you observe further, it is because they trade big lot with low target. Most of the time, it should be able to close without fail hence earning you big profit in a short while. But for the time when it dont, you better have sufficient buffer. Which perhaps is why some many people here review that their account are wiped out? For a 2 lots short (sell) of gold at 1390, if the price went to 1500, you are already looking at a potential lost of 20k+. When it went to the current of price 1900+, you are already looking at a potential lost of 100k+. Unless you have the money to hold and wait for it to drop back to 1390, your account will have already burst. Remember they dont like to put stop lost.
– For the above, they dont seem to be really knowledgeable in trading. They are just trying their luck with big lots and low target. If it went in their direction, good for you but even better for them as they earn the large spread and commission. If it dont, they dont make any lost. They still earn from the spread.
– Trying is withdraw money is very difficult as you cannot have any open trade.
– Trying to close account is even worst. They will question why you want to close and persuade you to stay.
– I thought that after 1 year, they will change for the better. But seeing the bad review here, it seem nothing have changed.
Shahed
Don’t even think of giving them your precious time. From the 189,000$ they gave me 34,600$ and I am yet to receive it. Claiming i traded illegally on BTC ( 70k only), when over the rest of my profits were from gold, currencies and indices. They will make u sign a contract and you will end up getting 3% of your free margin each month or you will pay huge profits. Sick minded scammers don’t invest with them
Les finch
Do not trade with Profitix. They scammed me out of 35k. This has illed me. All my life savings. All my future as a disabled ex nurse. The shame and pain.