Beware! MyProfitLive 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.
The MyProfitLive website assures us that it would be a very good idea to invest in the financial markets through this well-established and innovative broker. But fact-checking shows that this would actually be a very bad decision. MyProfitLive is not at all what it claims to be – this website is in fact a typical online scam posing as a financial services provider. Let’s take a detailed look at why you should stay away from MyProfitLive and how to navigate which broker is trustworthy and which is not.
MyProfitLive Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.
The owner of the website is listed as the company Myprofitlive Services LLC, but it is a complete mystery where it is based. No address or applicable jurisdiction is specified anywhere and there is no indication of a regulatory licence.
This seems very suspicious not only to us, but also to the Canadian financial authorities who have blacklisted MyProfitLive.
If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or Australian Securities and Exchanges Commission (ASIC). 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.
MyProfitLive Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
MyProfitLive promises the industry’s most popular trading platform, MetaTrader 5 (MT5). But after signing up for an account, we get access to a pretty basic web-based platform that can’t compare to the functionality of MetaTrader software.
It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.
It is advisable to contact one of the many legitimate brokers that offer MT5 or the still very popular MT4. These platforms have established themselves as leaders because they offer a wide range of features, including a wide variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
MyProfitLive Trading instruments
MyProfitLive claims to offer trading in forex, CFDs, ETFs, futures and stocks. But as stated, we have no good reason to believe that this trading is real and not fictitious.
MyProfitLive Spreads and cost of trading
In the trading platform we see a very low spread of 0.1-0.2 pips. With genuine brokers this would mean that the trader pays some commission. But MyProfitLive does not provide clear information about the cost of trading.
MyProfitLive Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
MyProfitLive offers high leverage up to 1:400, which is proof that this could not be a regulated broker. 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.
Another such piece of evidence is the claim that MyProfitLive offers bonuses. Regulated brokers are prohibited from offering bonuses and promotions. Scammers often use promises of supposedly generous bonuses to tie their potential victims to extortionate terms. MyProfitLive does not provide clear information about the conditions attached to bonuses.
If you are nevertheless willing to take the risk of high-leverage trading and want to take advantage of bonuses, promotions and prize games, the best option is to use the services of offshore brokers operating under an established brand.
MyProfitLive Deposit and withdrawal methods
The deposit menu requires us to contact an account manager, so it is unclear what payment methods MyProfitLive uses. Experience has shown that fake brokers routinely advertise conventional payment methods, but actually steer their potential victims towards cryptocurrency transactions. This not only guarantees them anonymity, but also deprives the defrauded of the option to request a refund or chargeback.
MyProfitLive Minimum deposit
MyProfitLive does not specify a minimum deposit. You should know that most leading brokers offer Micro and Cent accounts that are suitable for beginner investors and do not require a high initial investment.
MyProfitLive Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|MyProfitLive||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
MyProfitLive does not specify special conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.