Beware! GetProfit 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.
We can all guess what the name of this broker implies. However, would trading with GetProfit get us any profit or rather get us in trouble? Let’s check the facts.
GetProfit Regulation and safety of funds
The first sign of trouble is that the details about the whereabouts of this broker are missing from its website. A reliable and licensed broker should have an address and proper registration. We did find a certificate saying that the company is reliable and allowed to work with customers issued by the Commission for Control and Regulation of Financial Markets (CCRFM) signed by the Head of CCRFM Antony Shraud. First of all, this certificate looks dodgy even to people unfamiliar with legal matters. Secondly, CCRFM which is supposedly an organisation charged with an important task to regulate the financial markets does not exist. If you do not believe us, ask Google. Thirdly, the Head of CCRFM is supposedly an important person occupying an important position in an important organisation. Shouldn’t then the said Mr Shraud be visible in the public space? Try to Google him only to find out that there is no such person.
So far, everything GetProfit is trying to feed us is nothing but lies.
If you are looking for a reliable and legit broker to trade with, may we suggest that you research some of the links we provide below that lead to lists of reputable brokers from some well-established jurisdictions, such as the US, the EU and the UK. We suggest these jurisdictions because forex brokers are strictly regulated, all precautions are taken to prevent scammers from infiltrating the ranks of legit brokers and guarantee for the safety of clients’ funds is provided. The fact that these brokers are required to provide a huge amount of money in the form of initial capital that prevents scammers from sneaking in should be reassuring enough. The US brokers must be seriously rich as they must deposit no less than $20 million as initial capital. Needless to say, only serious and genuine brokers will do that, not the scammers. In the EU and the UK, the amount of the initial capital is far less but it’s not pocket money either. We are talking about 730,000 EUR initial capital which is no joke. In addition to that EU and UK brokers participate in compensation funds or schemes which the US brokers do not do. These schemes and funds serve to reimburse clients if their broker is insolvent. For example, UK brokers participate in the local Financial Services Compensation Scheme which provides up to 85,000 GBP per client if the broker goes bankrupt. In the EU, licensed brokers deduct funds towards a local investor compensation fund from which the clients can be repaid up to 20,000 EUR per person.
All the above-mentioned brokers must comply with the regulation for the protection of clients’ funds such as keeping clients’ funds segregated from their own, provide negative balance protection, report transactions on a regular basis to avoid shady deals, have regular internal and external audits, observe the limit imposed on leverage, etc.
GetProfit Trading software
The second sign of trouble is when we tried all the possible links available on GetProfit to register and open a trading account. All the links are broken. In addition to that, there is no available information about what the trading software is or the parameters of spread and leverage. Such information is crucial as it has a serious impact on traders being able to make a profit and all self-respecting and reputable brokers make it visible even before their clients open an account.
From our previous experience with similar dodgy brokers, we suspect that there is no trading platform at all.
If you are looking for a reliable and legit broker to trade with, we suggest that you find one that offers either MetaTrader 4 or MetaTrader 5 platforms as both are considered to be the best ones in forex trade and are choice number one for around 80% of the brokers. Neither platform will disappoint you as they are equipped with an excellent package of trading tools and instruments including an auto trading option, VPS, an app market, a financial calendar, code base with customs scripts, trading signals and whatnot. Key features for both platforms are the charting options and the technical analysis indicators which help traders predict the future direction of exchange rates and make a profit.
GetProfit Deposit/Withdrawal methods and fees
We found something interesting about this broker while researching the documents provided on its website. It happens that GetProfit categorises its clients depending on the deposit they are able to make. Normally brokers will offer different account categories, not different client categories! So, according to the company, if you deposit less than 10,000 EUR, you are considered a Standard client and the broker will charge you 90 EUR maintenance commission. If you deposit up to 50,000 EUR, then you are considered a VIP client and the maintenance charges will be 50 EUR. On top of the ladder are the Premium clients who can invest over 50,000 EUR and for them there is no commission on maintenance.
If you feel adventurous and decide to accept a bonus or a loan, be prepared to do some hardcore trading as the conditions for accepting the bonus are that you must execute a trading volume equal to 40 times the bonus. You mustn’t be lazy because if your trading account stays inactive for over 30 days, then the broker will withdraw the bonus amount and the profit.
Should you choose to receive a loan, then you must return it within 7 calendar days, otherwise, the company will debit the amount of the loan and any income received from your account.
As you can see from the above conditions, GetProfit is not likely to get you profit, rather some trouble as such conditions are not easily fulfilled even by experienced traders.
And one more thing that you should know – legit brokers from the jurisdictions mentioned above, are banned from offering bonuses, loans or any incentives and this is how you can separate the wheat from the chaff.
How does scam work?
If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers’ schemes. What you probably do not know is that your hard-earned money goes as commission to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for a chargeback.
What to do if scammed?
If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.