Beware! ProfitAssist 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.
ProfitAssist is another clone website of Seabreeze Partners Ltd. So far, the brokers that are owned and operated by this company have been proven to be scams. Please do not choose this company as your forex broker!
ProfitAssist is a forex company trading in forex, stock, indices and commodities.
ProfitAssist Regulation and safety of funds
As we already mentioned, ProfitAssist is owned and operated by Seabreeze Partners Ltd, a company registered in the Dominican Republic. Being an offshore zone, the forex brokers registered there do not provide their clients with a guarantee for the safety of their funds which means that trading with this company is not safe for your money. Suppose your broker is registered there, which it is not, what will happen to your funds if the company declares bankruptcy? You lose your money! And what if it’s scam and they shut down the site? Same thing, you lose your money!
Only legitimately registered and regulated brokers can guarantee you safety for your funds. Where to find them? Look up the well-established jurisdictions around the world – EU, UK, US, Australia and New Zealand! Brokers in those jurisdictions go through very strict procedures to prove that they are genuine brokers. For example, in EU and UK they must have an initial capital of no less than 730,000 EUR and in US, it’s $ 20 million! In Australia, it’s 1 million AUD. In some jurisdictions, such as EU and UK, brokers must contribute to a compensation fund from which in case of bankruptcy clients are compensated with up to 20,000 EUR per client if regulated by CySEC or 85,000 GBP if regulated by FCA. Australian brokers, however do not have compensation funds for forex brokers.
Anyway, what we are trying to say here is – find a legitimate and regulated broker from a well-established jurisdiction and compensation scheme to be your forex broker!
ProfitAssist Trading software
ProfitAssist’s trading software consist of the MetaTrader 4 platform and a web trader. We must congratulate this company for the excellent choice of a trading platform which is MetaTrader 4. Although more than 15 years have passed since the platform was launched, it is still considered to be one of the best in the forex trade. About 80% of the forex brokers prefer this platform for its many advantages which include an auto trading option, an app market, VPS, a financial calendar, trading signals (for a subscription fee), and many charting options and designs. Unfortunately, an excellent platform cannot compensate for the fact that this broker is not legit.
The other trading software offered by ProfitAssist is a web trader. Below you can see a screenshot of the web trader. On the left, it shows the currency pairs with their bid/ask price and in the center there is a chart of the EUR/USD currency pair with the fluctuation in price in a given time frame. Considering the bid/ask price for this pair, the spread is calculated to be 1.9 pips which is industry average.
If we look at the account information (in the last screenshot), we can see that the leverage varies according to the type of account and the initial deposit – the lower the initial deposit, the higher the leverage is. For the Test account it is 1:200, for the Premium, it is 1:75 and for the VIP, it is 1:30. The same happens with the spread – the lower the initial deposit, the higher the spread. What we conclude from this information is that traders who choose the Test account will be put at high risk for losing their money. High leverage can mean big win or big loss and given the fact that statistically around 70% of the traders lose money in transactions, chances are that if you choose to trade via this broker and select the Test account, you will probably lose your funds.
ProfitAssist Deposit/Withdrawal methods and fees
To its clients, ProfitAssist offers 3 types of trading accounts – Test, Premium and VIP (screenshot below). The initial minimum deposit for the Test account is $1,000. The other 2 accounts have an initial deposit of $10,000 and 100,000 respectively. We find the amount of the initial deposit to be rather high. Please note that legit brokers wouldn’t normally ask for such a big amount.
On the company’s website, we see some payment methods that appear in the footer, such as wire transfer, Piastrix, VISA, and MasterCard.
Accounts are considered to be dormant if no trade is executed for 6 months and then a 10% deduction is applied each month. We think that having a percentage rather than fixed amount is to the client’s disadvantage. Normally, legit brokers would have a fixed amount for the dormant account fee and it would be around $20.
Processing time for deposits and withdrawals may take up to 5 business days which is rather long time.
You may have noticed in the account types information that the company offers bonuses to its clients. For the Test account, it offers 35% of bonuses, for the Premium, up to 70% and for the VIP, up to 75%. If you are a newbie in the forex trade world, you may not be aware that bonuses come with heavy requirements attached to them and are also able to mess up your funds, so that if you decide to withdraw your funds, you might find it impossible. For this broker, in particular, to be able to withdraw your bonus, you must execute a minimum of trading volume of 25 times the deposit amount plus the bonus. Please be informed that legit brokers do not offer bonuses. It may seem tempting, but it’s a trap!
How does scam work?
Scam works in different ways. It could be either that you receive an unsolicited telephone call or you see one of these flashy ads on the Internet or the social media promising you a quick and easy profit. Scammers will promise you the sky and the earth until you give way to temptation and deposit money. Once you give them money you get caught in the scammers’ mouse trap and the cheese in the shape of a big fat money fall is gone! It may take some time before you realise that you are being scammed. Scammers are smooth talkers and they are masters of deception. They will give you some excuses as to why the big profit hasn’t come yet and will try to lure you to make even a bigger investment because according to them, the more you invest, the more you profit. After you have been waiting for awhile and you finally come to your senses, you realise that you are being scammed. All you want now is to get your money back and get out of there. However, the scammers won’t make it easy for you! They will try to delay you so that you miss the deadline for applying for chargeback.
What to do if scammed?
There are a few things that you must do immediately – file for chargeback if you have paid using a VISA or MasterCard. Those two payment providers allow you 540 days time frame within which you may file for chargeback.
However, the chances are grim if you have used bank transfer or Bitcoin as a payment method. There is no chance you’ll be able to recover your money.
In such desperate situation, some so-called ‘recovery agents’ may approach you with offers to recover your money for a fee. Be cautious as you may be dealing with another type of scammers. Always check the information about the recovery agency – make sure it is legitimate and transparent in the public eye. Also, some scammers publish personal comments after our review about how they have been scammed and how they found a recovery agent who helped them get their money back. Do not trust such comments and do not use the published contact info in them as it will lead you to another scammer!
And lastly, a reminder to cancel your credit card if you have given your CVV code to the scammers and erase any software from you PC that gives scammer access to your personal data.