Futureprofit Review – 5 things you should know about futureprofit.net

Futureprofit Review – 5 things you should know about futureprofit.net

Rating: 1

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

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Futureprofit claims to be an Irish-regulated broker with a state-of-the-art platform, but that’s a pure lie! In truth, it’s just a shady Forex creature with poor trading software, a cheap website and legal documents stuffed with deceptive claims! That’s most probably a scam, and we’ll explain why in the full Futureprofit review.

Futureprofit Regulation And Safety Of Funds

Futureprofit claims that it’s a brand of FutureProfit EU Limited – allegedly an Irish company regulated following all MiFID requirements, but as already mentioned, that’s a lie! Indeed, there is absolutely no information about this company, and under the circumstances, we confirm that Futureprofit is NOT REGULATED and practically illegal. That’s a major red flag, and it gets much more significant because of the false claims – Futureprofit apparently creates a false sense of security, which shows solid evidence of a scam!

Avoid it, and if you are still interested in Forex, you’d better trade with regulated brokers only! For example, both CySEC (Cyprus) licensed brokers and FCA (Britain) brokers are proven safe as both authorities force strict regulations to guarantee safety for clients’ funds. The compulsory rules include client account segregation, risk-reducing measures like leverage restrictions and negative balance protection, and increased capital requirements to license a broker (€730 000). Most importantly, though, both authorities maintain deposit insurance funds – clients of CySEC brokers can claim up to €20 000 in compensation, while the UK protections are even higher at £85 000 per person! It goes without saying that if you trade with unregulated brokers, you’ll remain unprotected and exposed to fraud risks!

Before we continue, we’d like to show you more evidence of a scam. Namely, Futureprofit offers bonuses, which is a business practice prohibited by all EU regulators, including the Irish one. It goes without saying that the Welcome Bonus options badly contradict the claims that Futureprofit is regulated in Ireland, which indeed proves that the so-called broker is either breaching financial regulations or lying with its claims to be regulated! We already confirmed that Futureprofit is lying, but even if we didn’t, the bonus policy itself is a sign that something wrong is going on there. Beware!

Futureprofit Trading Software

Futureprofit’s state-of-the-art software is just a basic Webtrader that cannot provide any advantages over MetaTrader4 and MetaTrader5, for example. The latter are leading platforms known for their stability and the abundance of advanced features like automated trading, analytics, complex indicators, reliable charting tools and the marketplace with thousands of trading apps. Futureprofit’s web-based terminal can’t offer any advanced features whatsoever; it’s basic and will not help you make any money, not to mention that the broker itself is a suspected scam. Hence, we urge customers to avoid Futureprofit and trust their money with an adequately regulated MT broker instead – if you follow the links provided throughout the review, you can find some.

Futureprofit Trading Conditions

The trading conditions aren’t good and further reveal more red flags.

So, the asset classes for trading are Forex, Stocks, Cryptos, Commodities and Indices – a standard selection nonetheless, so yet again, Futureprofit cannot provide any advantages.

The trading costs are high – the EUR/USD spread is 2 pips, or twice bigger than the industry standard of 1 pip or below. This means that clients of Futureprofit pay $20 per lot traded, while clients of regulated brokers should pay $10 or less for the same service, usually executed on better platforms!

The trading risks are high as leverage is 1:100 by default and can be increased to 1:300. Both ratios present good profit potential but are essentially dangerous and should be used with caution. However, the biggest problem, in this case, is that Irish and MiFID brokers, in general, do not allow more than 1:30, so leverage itself contradicts the claims that the brokerage is regulated in Ireland, which shows another red flag. Futureprofit is apparently a scam!

Futureprofit Deposit/Withdraw Methods And Fees

The minimum deposit is $250, a tolerable demand but still higher than usual, not to mention that many brokers will accept traders for as little as $5.

The funding method is Credit/Debit cards, but our attempt to test the deposit system remained unsuccessful as it produced errors at the time.

Withdrawal requirements and transaction fees were not specified, but the broker reserves the right to charge accounts.

However, other fees raise questions and doubtlessly prove that you shouldn’t waste your time with Futureprofit. One such example is the inactivity fee – $50 for every three months ($200 per year), which is highly unfair! Then you should add another $100 per year, which doesn’t depend on activity, and it turns out that you should pay $300 yearly if you stop trading and keep your funds in the account! That’s unacceptable! Avoid!

How Does The Scam Work

Forex scams are different from one another, but in most cases, the fraudulent scheme is practically carried out in the same way. Scam brokers are always unregulated and usually registered somewhere offshore, which helps scammers remain anonymous and untraceable. If you open an account with such an entity, you should expect endless phone calls. Scammers will constantly try to approach you and make you deposit money as quickly as possible. Remember that urgency is always a treacherous sign, so it’s probably a scam if someone calls you twenty times per day, asking for money.

In the worst-case scenario, you’ll deposit, and scammers will persuade you to trade instead of you. You’ll soon see magnificent profits generated – false, of course, and you’ll get excited, asking to take your money back. As you probably guess, they won’t let you do so and will try to get another deposit from you, promising that much more lucrative gains are waiting. Or, they can ask for a  false tax, saying that withdrawals are only possible if you cover the charge in advance. If you pay, you’ll increase the amount stolen from you, but if you keep asking for your money, you’ll soon realise it’s a scam!

What To Do If Scammed

You should first inform the authorities – call the police and contact your local regulators and other government bodies dealing with crime and fraud. Also, deactivate your cards ASAP and call your bank to inform them about what happened – they can provide essential information and help you reduce further financial damage.

If you deposited cryptocurrencies, there is not much you can do, but if you used your credit/debit cards, you could file a chargeback, hoping that all or some of the money invested can be retrieved. However, you shouldn’t go blindly looking to recover the loss because many fraudulent chargeback agencies are waiting to double-scam victims of fraud – be cautious about it!

And lastly, consider sharing your experience to help protect others and provide further information about how scams work!

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