Beware! Profit Markets CFD 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.
Profit Markets CFD proclaims to be the industry leader when it comes to fairness and transparency and to offer fully secured trading platforms carefully designed to give clients a practical, powerful and efficient trading experience. Find out if it’s true or not in the full Profit Markets CFD review.
Profit Markets CFD REGULATION AND SAFETY OF FUNDS
Profit Markets CFD is presented as a brand of FAIR CAPITAL PARTNERS ASSET MANAGEMENT, which is indeed duly licensed and regulated by the financial authority in the Netherlands- AFM. However, it specializes in Asset Management and Impact Investing and has nothing to do with Profit Markets CFD. The latter is merely a clone firm and a scam scheme disguised as a Forex brokerage. You’ll waste on fraud if you deposit with Profit Markets CFD.
The Forex market is plagued by fraudulent clones like Profit Markets CFD. Firm cloning happens when scammers abuse license numbers, names, addresses or contact numbers belonging to authentic businesses while pretending to work for them. In some cases, dirty clones replicate websites to make the scheme appear as if legit. Firm cloning is a simple strategy, but apparently efficient one as the number of clones is constantly on the rise.
Also, it’s worth mentioning that Profit Markets CFD pretends to be headquartered in Vienna while being governed by Cyprus governing laws, and it offers a leverage of 1:500, all at the same time. The inconsistency is just striking. First of all, it’s ridiculous to say that you are licensed in the Netherlands but headquartered in Vienna- that’s simply not legit. Then, neither EU regulator allows 1:500 leverage as there is a cap of 1:30 throughout the whole Union. Speaking of EU regulations, though, there are too many put in place, but we’ll discuss probably the most crucial two.
Namely, regulators like CySEC (Cyprus) and FCA (Britain) require account segregation, ensuring that clients won’t lose their funds if a broker gets insolvent as deposits are not commingled with the broker’s money. The segregated accounts improve transparency, speed withdrawals up, make chargebacks easier and generally help prevent fraud. On top of all that, European companies are covered by deposit insurance funds laid down to reimburse clients in case of unforeseen events- CySEC brokers’ clients can get up to €20 000 in compensation, while the British guarantees are even up to £85 000.
As you can guess, Profit Markets CFD isn’t regulated, so once you deposit with the broker, you don’t know who handles your money and what happens with it. Even if we haven’t already exposed Profit Markets CFD as fraudulent, we would still advise against trading with it merely because it’s unregulated.
Profit Markets CFD TRADING SOFTWARE
The Profit Markets CFD’s ultimate trading platform turned out to be an unsophisticated Webtrader that’s miles behind MetaTrader 4 and MetaTrader 5. We compared the broker’s platform with the latter two as they are industry leaders packed with advanced features like Expert Advisors making automated trading possible and a marketplace with over 10 000 trading apps. The Profit Markets CFD’s Webtrader can’t offer anything valuable, so the broker reviewed is worth being avoided solely because of the inferior software.
However, if you look at the screenshot at the bottom of the next section, you’ll see Profit Markets CFD pretending to offer MetaTrader4, but that’s simply a lie. The broker apparently wants to take advantage of the platform’s spotless reputation, yet again exposing itself as a disgraceful scam.
The EUR/USD spread delivered by the Webtrader is also way below the standards- 3 pips, meaning that clients pay $30 to trade a lot, while the rest of the brokers take around $10 on average (Buy/Sell difference of 1 pip or less). Profit Markets CFD is costly!
As to leverage, it’s up to 1:500, but we already discussed what’s the problem with it in this particular case.
Profit Markets CFD DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250 via Credit/Debit cards only. Still, it’s worth noting that the broker fraudulently indicates to accept various other methods like Skrill, Neteller and PayPal– a red flag nonetheless. The good news is that customers who unfortunately deposited with Profit Markets CFD at least have the chance to dispute the transaction for up to 540 and hopefully get a refund.
As for withdrawals, there isn’t much to discuss as the brokerage fails to specify most of the provisions except for the request processing time- 2 to 5 days. In any case, Profit Markets CFD is a scam, so no withdrawals should be expected at all.
HOW DOES THE SCAM WORK
Profit Markets CFD is a scam, and in this section, you’ll see how scammers usually work while taking people for a ride.
When fraudsters get hold of your contact numbers, you’ll be approached immediately, promised the moon and the stars. Also, to gain trust, those criminals usually pretend to work for governments, financial authorities, banks, reputable companies etc. Scammers will be confident in what they are saying, and if you don’t see the warning signs, you may end up depositing. However, the fraudulent process actually begins after you send the scammers money. Once they have the desired deposit, the cons will distort prices and forge fake reports to make you believe you are on the winning side, manipulating you to start thinking big and consider more deposits.
Then, the fraudsters will gradually ask you to increase the size of the investment and invent stories to make you deposits again and again. Sooner or later, though, you’ll get determined to withdraw some money, and then scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realize something wrong is happening, and when the scam becomes too apparent, the fraudsters will simply cut the communication and disappear. Later, the whole website will be brought down, replaced with a new one so that the scammers can carry on with their criminal activities.
WHAT TO DO WHEN SCAMMED
It would be best if you first call your bank to inform it and deactivate your card to avoid getting exposed to additional risks, as the scammers may as well have obtained your details.
Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the fraudulent scheme. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.
Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!