Profit2Market/AMarkets review – 5 things you should know about profit2market.com

Profit2Market/AMarkets review – 5 things you should know about profit2market.com

Rating: 1

Beware! Profit2Market is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

Forex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

Profit2Market, or AMarkets, is a confusing broker to wrap your head around. It is filled with information, much of contradictory to itself, but it also sports a very decent look. We do see some appeal here, but it is clouded by a lack of legitimacy.

And furthermore, why is the URL different from the name the broker gives itself on the website? This is so confusing and unnecessary.

After multiple attempts at registering, we ultimately failed due to a phone number requirement that seemed very important to the broker. Without a proper phone, number users cannot invest, which is a definite sign that Profit2Market will use the number to solicit users!

Anyway, we have to rely on the website for all trading details, and this is something we always fear because Profit2Market is not to be trusted with sensitive information for legit reasons.

Nevertheless, the website claims the broker to be offering forex currency pairs, cryptocurrencies, commodities, shares, bonds, and indices. The typical EUR/USD spread is 0.4 pips, or so we are told, which if true is an excellent value. There is also a $5 commission, however, it does not say if the fee is applied by the round turn principle or the per-side one. However, other spread details scattered on the website further convolute the matter by revealing completely different spread details, translating to an ambiguous spread value. The leverage is capped at 1:1000, a highly dangerous value.

The website is available in English, Turkish, German, French, Russian, Hindi, Japanese, Spanish, Indonesian, Italian, Arabic, Thai, Vietnamese, Portuguese, Ukrainian, and Chinese.

PROFIT2MARKET REGULATION AND SAFETY OF FUNDS

Profit2Market’s registration is said to be in Saint Vincent and the Grenadines, a notorious nation for scammer brokers. The country has literally thousands of registered unlicensed brokerage firms, and we ask this- what makes Profit2Market different? Nothing. This seems to be another shady and offshore firm that relies on visuals.Profit2Market may be registered in the Caribbean nation, but it definitely is not licensed there.

We noticed that the website of Profit2Market is contained within a single page. We later found out that once a user passes this initial “stage” he or she will be redirected to a different domain- amarkets.com. So in a way Profit2Market acts as a gateway to Amarkets.com; but both seem to be the same broker. Profit2Market is an introductory page.

The broker is also a member of the The Financial Commission – or claims to be- an independent conflict resolution agency that does not help Profit2Market’s case. The broker still remains unregulated by it, or anything else for that matter.

Profit2Market is not regulated anywhere, and at times this really shows. The broker is therefore a risk to all trader and their capital! There are much better brokers out there.

Any UKEUUS, or Aussie-regulated broker is your best hope of getting back on the trail and avoiding scams. Investing, and even dealing with unregulated brokers is both a waste of time and money! Licensed brokers tend to the need of their users, and provide a safe and fair trading environment, accommodated with all the necessary tools to bring clients a superb trading experience. Not to mention that the FCA and CySEC, offer reimbursement schemes that see users getting covered for any losses should their broker fall into insolvency.  The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.

PROFIT2MARKET TRADING SOFTWARE

The biggest surprise to us was the availability of both the MT4 and the MT5, two of the best platform in existence. It seems that the broker has taken some things seriously while neglecting others. However, in the world of forex all things complete each other, and pushing one for the sake of another always leads to trouble.

Even with the inclusion of both the MT4 and MT5, Profit2Market is still unregulated and a risk.

PROFIT2MARKET DEPOSIT/WITHDRAW METHODS AND FEES

According to the website, the minimum deposit is $100. The payment methods are credit cards, debit cards, bank transfers, and a range of alternative payment methods.

The minimum withdrawal amount is $10. Credit/debit cards withdrawals are charged with a 2.5% commission. Bank transfers are charged with a minimum fee of $30.  Alternative methods are also charged withdrawal fees ranging from 0.5% to 2% per request. Request processing times can take up to 5 days.

All the payment info is from the website, meaning that it may not be accurate. Beware!

Overall, Profit2Market is a risk to all, and not worthy of your time and money.

HOW DOES THE SCAM WORK

The scam works very easily. Users are lured by online ads that promise unrealistic, and therefore unattainable things. Then they are redirected to the investment schemer website, and from then on the manipulation begins.

First, users will be asked to provide contact details so that the broker can directly contact them and ask them for payment. But this is not done directly; there are scripts upon scripts with psychological tricks and tactics that lead to users being charmed into investing.

These tricks range from all the imaginable to the impressive. What the main goal is to keep the user invested in the scam, and deposit at least once!

After a while, each user will feel the pressure and will want to withdraw. This is where the last line of defence of the fraudulent broker will deploy, cutting the user from his or her funds by means of shutting down the account, stalling clients, or simply shutting the website. The scammer will do everything not to let you withdraw!

WHAT TO DO IF SCAMMED

File for a chargeback with your credit or debit card provider. It’s the surest way to get your money back, although it is not set in stone. MasterCard and VISA have a chargeback period of 540 days.

Bank transfers are harder to trace and are most like lost for good. Although, certain banks might have a special plan-of-action ready for scammed users, so be sure to check with your local bank for more info. It is also a good idea to change your bank account password and user name.

Crypto investments are lost for good. The only way to get them back is if the broker itself reimburses the money back.

Do not trust recovery agents that promise to return your lost money without ever giving any technical details. These are separate fraudsters that will ask a commission for the “service” and will alter disappear without a trace!

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus4.93/5$100 Click for a special offerWebsite
UK, Australia4.85/5$50 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite
Cyprus, Bermuda4.75/5$50 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *