Beware! Holdings Profit 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.
Holdings Profit is a binary options broker – which means that they are offering a trading instrument that has long been banned worldwide. Moreover, you would have no way of contacting the broker since they have not provided an address, a phone number, or even an email. We were not offered any sort of legal documentation either:
Investing money with Holdings Profit is a terrible decision – avoid this scam at all costs.
Holdings Profit REGULATION AND SAFETY OF FUNDS
Holdings Profit is completely anonymous – the broker’s website contains just a few paragraphs of text, and absolutely no contact information. You would not be able to learn absolutely anything about the broker itself – where it is based or licensed. The truth is that Holdings Profit is certainly not licensed – they actually offer a dangerous trading tool, binary options, that is currently not legal almost anywhere in the world. Forex and CFD trading would not be possible if you open an account with this broker.
Our suggestion would be to turn to a strictly regulated broker – those licensed in the UK, the EU, and Australia are your best choice. Such brokers are everything but anonymous – quite the contrary, they are supposed to report to authorities on a regular basis. Another way to ensure transparency is the keeping of client money in segregated bank accounts – this ensures that the broker would not be able to use your money for their own purposes. Brokers have to prove their financial stability by maintaining a capital of at least €730 000 in the UK and the EU, and A$1 million in Australia. They also have to provide negative balance protection to retail clients – this prevents you from suffering losses bigger than the money you have in your account. EU and UK brokers also participate in compensation funds – in the event of a licensed broker becoming insolvent, each of their clients could receive a compensation of up to €20 000 in the EU and £85 000 in the UK.
For all of these reasons, working with a licensed broker is a much better decision than putting your money in the hands of scammers.
Holdings Profit TRADING SOFTWARE
Holdings Profit offers something that can barely be called trading software, or even a binary options trading platform. When we opened an account with the broker, we were provided with a TradingView chart with two additional buttons – one for buying, one for selling – attached to it.
If you want to trade forex, CFDs, and many other assets on a legitimate platform, give well-known, established platforms MetaTrader 4 and MetaTrader 5 a chance – this is surely the best the industry can offer right now. Both versions of this advanced software offer a full charting package on top of useful tools like Expert Advisors, VPSs, Strategy Testers, customizable signals, a market for add-ons, and countless other possibilities. Many legitimate brokers offer either MT4, or MT5 – or both – turning to one of them would be a much better decisions then wasting time on something that could barely be called a platform.
Holdings Profit TRADING CONDITIONS
We could deposit as little as $10 with Holdings Profit. This might sound quite tempting and affordable but considering the broker’s business model, its complete anonymity, and how unreliable it seems to be, we would strongly advice you to not consider depositing even as little as $10 with them. Every cent you deposit would be irreversibly lost. Check out some legitimate affordable brokers instead.
We would like to elaborate a little more about the business model Holdings Profit employs – binary options – and what makes it dangerous enough to be banned pretty much all over the world (other than on three US exchanges). Binary options let you bet on the short-term price of a certain asset and its movements. If you are correct, you might collect a profit, if you are not you will lose everything you have decided to bet. You get to choose the interval for the movement of the price – 30 seconds, a few minutes, an hour, a day, and so on. This sort of trading involves very little calculated risk and analysis and is dangerously close to gambling. Many people have lost a ton of money while trading binary options, some of them as the result of scam and platform manipulations. This has led to authorities trying to put a stop to such scams by banning the risky practice of binary options altogether. Nowadays, if a broker offers this trading tool, they are most certainly running a scam scheme.
Holdings Profit DEPOSIT/WITHDRAWAL METHODS AND FEES
Holdings Profit only offers to options for depositing and withdrawing money – Bitcoin and Dogecoin. Urging you to deposit in crypto is a typical tactic scammers use to prevent you from asking for a chargeback at a later point. Such transactions are irreversible because of the very nature of the blockchain technology – all crypto transactions go into a ledger that cannot ever be changed, and that is not controlled by a central authority. That is the essence of decentralized finance. And although crypto transactions are very secure, and the technology they are based on is revolutionary, scammers like Holdings Profit do not rely on crypto because they are visionaries. The relative anonymity of crypto payments – they can be tracked to a wallet but not necessarily to a person – and the lack of possibility for them to be reversed is what such “broker” are after.
HOW DOES THE SCAM WORK?
Many people have fallen victims to such scams – and since scam brokers are not going away any time soon the best course of action would be to learn how to avoid them.
The scheme starts with a flashy ad on the Internet promising to make you rich must faster than humanly possible. And the best part is, you would not have to do much – the key detail is that you just have to invest with this specific broker who of course promises to be very reliable. As a start, you provide the scammers with your email and phone numbers – just to see what they have to offer. But once you have done so, they won’t leave you alone before you make a deposit. After that, you might even be satisfied with the broker’s services – often enough, scammers manipulate platforms to fabricate amazing results. They will keep asking you for more and more money – and you will be deposing since you would think you are doing great. Keep in mind that such people are well-versed in the art of smooth-talking and will find a way to sound reasonable and persuasive – before you know it, they will charm thousands off you.
But once you want to withdraw some of those profits, you will run into trouble. Additional fees and taxes, clauses in the Terms and Conditions that prevent you from withdrawing, low trading volume – these are all instruments in the scammers’ arsenal. By this point, you will know something is wrong but the scammers will stop answering your calls and emails.
WHAT TO DO WHEN SCAMMED?
The best thing you could do is not deposit with such scammers in the first place – always research the broker carefully before investing, check registers, and don’t skip over the Terms and Conditions. But if you have already invested, there are still a few things you could do.
Quickly change your banking passwords you avoid additional losses of money. In case you have given the scammers remote access to your computer, remove all software you have installed – the broker probably suggested helping you trade or manage different aspects of their platform but just wanted access to your computer in order to be able to access your bank accounts later. Notify the responsible authorities and contact your bank or credit card provider to let them know you have been scammed. If you have used Visa or MasterCard to transfer money, ask for a chargeback as soon as possible – both providers have a policy that allows such within 540 days. Don’t trust any so-called “recovery agents” that offer to retrieve your money for a fee – this is just another type of scam often conducted by the same scammers.
Finally, sharing your story with others is important – be it with people you know, or online. This way, people will know how such scams work and how to avoid them.