Expert-profit review – 5 things you should know about

Expert-profit review – 5 things you should know about

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Beware! Expert-profit is an offshore broker! Your investment may be at risk.


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


The Expert-profit website tries to convince us that this is an established forex broker whose mission is to create the best conditions for its clients to achieve financial success. But Expert-profit does not give us any good reason to believe these claims. This is a completely anonymous website that lacks the basic requisites to be a legitimate business, let alone a financial intermediary through which we can confidently invest our money.


When you visit the website of a legitimate broker you can expect to find clear and detailed information about the company that owns and operates it, where it is based and what regulatory regimes it is subject to. Licensed financial services providers are also required to provide a comprehensive set of legal documentation.

There is literally no information on the Expert-profit website – no name of the owner company, no address or telephone number. There is also no documentation of any kind, although agreeing to Terms and Conditions is required when registering for an account. So we don’t know who we’re dealing with or what the terms of the deal are. It would be a huge mistake to put our money on the line under these circumstances.

If you intend to start trading with financial insurers, first of all make sure that you choose a broker that has the necessary licenses. Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.  In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.


After signing up for an account, we discovered that Expert-profit uses a fairly rudimentary web-based trading platform as we have seen with many fake brokers.

This platform has the basic functionalities for displaying technical indicators and placing orders, but cannot be compared with the capabilities of the software used by legitimate brokers. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

It should be noted that the presence of some kind of trading software is no guarantee that Expert-profit is a genuine broker. Financial scammers often use trading platforms to fool their victims that their money is actually being invested. However, this trading is entirely fictitious and the money goes directly into the scammers’ pockets.


Even if the Expert-profit offers real trade, which is more than doubtful, the terms of this trade are extremely unfavourable. The minimum deposit is 5,000 EUR – a ridiculously high amount considering that many of the leading brands in the industry allow you to start trading with amounts as low as 50 EUR or USD.

The starter account promises a spread of 2.5-3 pips, which is double the usual industry levels. So Expert-profit’s promises of “low spreads” is also a lie. It is also unclear whether Expert-profit charges additional trading fees.

Leverage for all account types reaches 1:200. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.

Expert-profit  also advertises that it offers loyalty programs and other bonuses – practices that are prohibited for regulated brokers. As for everything else, the terms associated with these bonuses are a mystery. Scammers often use supposedly generous bonuses and promotions to bind their victims to extortionate terms.


The home page of the website claims that Expert-profit accepts as payment methods Visa, MasterCard, UnionPay and WebMoney. But the deposit menu only has an option to enter your credit card information. Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.

Expert-profit does not specify whether it charges fees for depositing and withdrawing money and the amount of these fees. The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet  withdrawal terms.


Many people are looking for ways to make money passively, but do not have the necessary knowledge to invest in the financial markets themselves. This makes them a target for the many online scammers posing as brokers. If you come across some of them and give them your contacts, you will be contacted by skilled scam artists who will assure you that they can take on the incomprehensible aspects of investing for you. You will only be required to invest and take profits.

But when you try to collect even just a fraction of your money, it will turn out to be impossible. Your supposed profits will suddenly evaporate, or you’ll find that you have to meet impossible traded volume requirements first. Fraudsters often insert huge withdrawal fees into client agreements amounting to 10%, 20% or even more. You won’t be able to hold scammers accountable because they hide behind fake names and shell-companies offshore. Scammers also typically use non-refundable payment methods.


First of all, you should be very careful not to fall straight into the clutches of other scammers. Another common scam is to promise money recoveries from fake brokers for an upfront fee.

If you used a credit or debit card for the transactions, you can charge a chargeback. Visa and MasterCard have a long period in which they allow such requests – 540 days. But keep in mind that fraudsters can dispute if you have provided them with a copy of your ID and proof of address. It would also be helpful if you alerted the authorities in your country and other people online to the activities of the scammers.

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