Beware! ProfitToltd 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.
ProfitToltd has the website look of a video card manufacturer, and it is difficult at first to pinpoint what to think of it. It is stylish, but not too stylish as to inspire. To be honest, the broker just put a cool-looking background and contrasted it to all the texts, and voila! Now that we think about it, we have seen many a broker before doing this. Looking at ProfitToltd through the lenses of mediocrity, we can say that ProfitToltd is your average shady broker that ultimately strives for one thing only- profit. Through its website, we learn a lot about it, but ultimately most of the texts it presents are filler and very irrelevant. Please read the review, for it will uncover ProfitToltd for what it truly is.
First and foremost, we had to register. Suspicious brokers can never be trusted with trading and payment details read from the website. If a user wants to learn the truth, she must register an account. After mere minutes, we were in with what seemed like a live account. The user area was open to us. However, soon we discovered that we had to verify our account by providing copies of our IDs, otherwise we had zero access to any of the client area’s sections. We never recommend doing this if you feel the broker to be suspicious or otherwise. Even the demo account was unavailable to us!
And so it turned out that, even registered, we still had to rely on the info on the website! So take it with a grain of salt!
According to the website, the leverage is capped at 1:1000, which is dangerous for all and can easily drain an account. There are no specific spread values given, but at least we learn that users can trade with forex currency pairs, commodities, and indices.
The website is available exclusively in English.
PROFITTOLTD REGULATION AND SAFETY OF FUNDS
The official address of the company puts in the territory of Saint Vincent and the Grenadines. The Terms and Conditions confirm this and go one step further by claiming that the broker is regulated by the St Vincent and Grenadines Securities and Exchange Commission. This commission is a non-existent entity. The only financial commission in Saint Vincent and the Grenadines is the Financial Services Authority, and it does not regulate the FX market. This means that all of the brokers there are technically unregulated. And so is ProfitToltd.
Seeing that ProfitToltd has not given further regulatory explanations, we have no other choice but to label this brokerage ILLEGITIMATE, and a risk to all deposits!
Never invest in brokers that do not have a license or claim to have one without any evidence to support it. We recommend to all our readers to invest in FCA or CySEC regulated entities for these are some of the top FX overseers working today! These licensors, alongside others, employ scrutinizing rules and demands from their registered brokers. These prerequisites are very taxing, and that is why unregulated brokers are what they are; they simply cannot meet them! A good example of a requirement from most regulators is a specific starting capital that ranges from $50 000 to $20 million! Furthermore, the FCA and CySEC, specifically, offer compensation schemes to users of brokers under their gaze. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
PROFITTOLTD TRADING SOFTWARE
ProfitToltd pulls off the classic move and offers the MT4. And in fact it really foes offer it, for the download link that we found on the website came with the company’s name. We always find these things baffling because we cannot understand how an illegitimate broker gets to access the world’s top trading software. But the evidence is all here, and so we have to give it credit for having it! However, we could not access it, because we are not trustful of ProfitToltd to provide it with the necessary ID documents!
PROFITTOLTD DEPOSIT/WITHDRAW METHODS AND FEES
All payment info is taken from the website, for the reason we earlier spoke of. This, we found to be an issue, because the company does really give away any payment details. Even the legal documents are barren of any alleged payment methods or minimum deposit/withdraw requirements! The only reason we can think of why ProfitToltd is hiding these details is that it offers only some crypto payment methods!
The Terms and Conditions mention, many times, that there are fees and charges, and not all of them are applicable when withdrawing!
ProfitToltd is definitely a risk to all investments. Its unregulated status is just one reason why you should not trust it!
How does the scam work?
The most common scammer scheme is also the easiest one to apply. It requires a sort of hierarchal structure within the scammer community, but the structure is the same in most illegal brokers. The only differences here are observable when brokers add their small twists to it.
The scam starts when users are baited by one of the thousands of investment ads that are scattered throughout the internet. These are mostly found in popular websites, such as social media outlets and similar sources. The ads are very colorful and convincing, most utilizing some sort of a lure, be it a beautiful woman, luxurious houses or/and cars, or a rich lifestyle where money is easily made through online FX investing. The fulfillment of these dreams is just a click away!
Once clicked on these ads, the user will be sent over to the broker’s site or an intermediary website. In any case, users will be required to give away their contact details in order to continue. If one gives these away, then he or she will definitely start receiving calls or emails from the first wave of fraudsters, the so-called “openers”, whose job is to guide you through your first deposit.
Once deposited for the first time, the second wave of the scammers hit. These are high-level fraudsters who are after the big money. They will push users to deposit more and higher amounts while promising unrealistic returns of profit. Their methods of conviction are not to be underestimated, for they are as charming as they are dangerous.
Sooner or later, the investor will want her money back, either due to suspicion or just because. It is then that the final step of the scam is activated. During this step, the criminals will do whatever it takes to stall or withhold all withdrawal requests. Other extreme measures include closing down a user account, blocking it, or completely shutting down the website.
What to do if scammed?
Probably the first thing one should do after being defrauded by a scammer broker is to file for a chargeback. Credit card and debit card companies allow for this option mainly because of similar cases. It’s probably the best option! MasterCard and VISA have a chargeback period of 540 days.
Money lost through a bank transfer should induce the user to immediately change her bank account password and username, to reduce any further damage. Furthermore, the user’s bank may have a specific plan in motion for such cases, so it’s always a good idea to contact the bank directly.
Never invest in fake brokers through whatever currency they offer. Crypto deposits are untraceable and as such are forever lost once processed.
One last thing to remember is to stay away from recovery agencies or agents. You will stumble upon people who claim to be able to return all your lost funds, but what they don’t tell is that they are scammers as well. They will ask for a fee in return for their “services”. If you pay them, the money is lost, for they will disappear.