Beware! ProfitPipsMarket 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.
ProfitPipsMarket is a Forex broker which introduces itself as an entity which is regulated by FCA in the UK, providing the reference number of its registration. Also it claims to be a true ECN broker, offering spread as low as zero and a leverage level of 1:30. They reassure that the funds of the clients are held in fully segregated India bank accounts and also that these are fully protected of up to £85,000 by FSCS. So far so good, but is it true, are these conditions real? Find out more details about this Forex broker in the full ProfitPipsMarket review.
ProfitPipsMarket REGULATION AND SAFETY OF FUNDS
ProfitPipsMarket is actually P P Market India, which itself is the trading name of P P Market Ltd., a company said to be registered in England and Wales. They provide the registration number and also the number of the FCA license. These numbers are assigned to a real company, but it is not P P Market Ltd, but FXOpen Ltd, which is a legit entity incorporated 2010 in London. They do have 3 trading names, but none of them is P P Market India, ProfitPipsMarket or something similar. ProfitPipsMarket is a clone company and they do copy the details and also the website of FXOpen, stay away from them.
Here you can see the ProfitPipsMarket footer with the details given.
Here is the Companies House check with the number given by ProfitPipsMarket
Here is the FCA register search and the result produced.
Your funds are not safe if you deposit with ProfitPipsMarket, it is an unlicensed, unauthorized and unregulated entity which is a clone firm. If you are looking for a reliable true Forex broker choose a company which is legit, authorized and regulated, such an entity really makes the difference for the traders and investors. These Forex brokers place the customer protection on top of their priority list, not because they want to, but because they have to. In EU and UK, for example, the foreign exchange agents have to comply with many strict rules and regulations, such as minimum capital requirements of 730 000 EUR or more, personnel qualification standards, segregation of the clients accounts and more, all of which are placed for the benefit of the traders. There are also money protection schemes in operation, such as ICF in Cyprus and FSCS in UK, just to name a few, which guarantee the deposits of the clients. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate such a fund, which is regarded as a last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
ProfitPipsMarket TRADING SOFTWARE
The websites of ProfitPipsMarket and FXOpen are identical, you can have a look at the picture, but the real trading conditions of the clone firm are well below the standards, in fact there aren’t any!
Here is the website of ProfitPipsMarket.
Here is the website of the legit FXOpen.co.uk.
ProfitPipsMarket claims to offer MT4 and MT5 trading accounts, but in reality you cannot download the Metatrade platform, a red flag to note. Demo trading is not available, despite the fact that they offer Demo Accounts on their website, these links are not functioning, as well. You should never trade with a broker which does not provide test of their platform and conditions!
ProfitPipsMarket offers three types of accounts- STP, ECN and Crypto. The spread with the ECN account is said to be 0.0 pips, the leverage level is 1:30 for FX and 1:2 for cryptos, which meets the requirement, but as we already understood, ProfitPipsMarket is a clone company and shouldn’t be trusted. Their replica is so poor that at certain pages in their website, they forgot to replace the name of FXOpen with their own!
ProfitPipsMarket DEPOSIT/WITHDRAW METHODS AND FEES
The T&Cs link on the website is not functioning, and as a result we have very limited information at our disposal.
The minimum deposit with ProfitPipsMarket is 300 USD. There are plenty of funding methods enlisted on the website, such as wire transfers, bank cards, Trustly, Skrill, Neteller and WebMoney, but we couldn’t confirm that these are actually valid, because a registration was impossible.
No minimum withdrawal known, no withdrawal methods, no fees or charges specified. No dormant account policy available, fees for inactivity unknown. No bonuses or other trading incentives, no referral or affiliate programs known.
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
ProfitPipsMarket is a cheap website and it’s an evidence of scam, no true Forex broker is going to treat such an important matter, so carelessly, and we suspect that it is one of many websites with similar appearance, operated by the same people, which are trying to rip you off. They didn’t even try to make it look authentic!
There is no true protection against scam, but you will be safer if you do a thorough research, get familiar with the trading conditions offered by the brokers, read their Client Agreements, use demo accounts, read reviews, be alert. With charlatans adapting their tactics daily, you’d better be always up to date with the newest scammers’ tactics!
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
ProfitPipsMarket is anonymous, unsafe, they are cloning a legit company and the website provided is broken, avoid this Forex broker.