Beware! Trades Profitly 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.

 

Trades Profitly presents itself as an industry leader, a professional and reliable company we can trust with our financial investments. But the reality is different – this is just another online scam trying to cash in on the hype around cryptocurrencies. In this review, we’ll present the evidence that Trades Profitly is not a legitimate broker and provide you with more trustworthy alternatives.

Trades Profitly Regulation and safety of funds

Guaranteed FundsSegregated AccountsNegative balance protection
Trades Profitly
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

Trades Profitly’s website somewhat suspiciously assures us that this is a company that “conducts absolutely legal activities in the legal field”.

But it is not clear which company we are talking about. The website does not mention the name of a legal entity. The only document is a generic privacy policy. There are no Terms and Conditions, Customer Agreement and other mandatory documents.

Only a UK company registration number is given.

The number belongs to a dissolved company called Aribuka Limited. There is no evidence of any connection between this company and the Trades Profitly website.

In order to operate as a broker in this jurisdiction, a company needs a licence from the Financial Conduct Authority. But Trades Profitly is not among the licensed brokers, but among the blacklisted ones.

Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

Trades Profitly Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
Trades Profitly platform
MT430+ indicatorsAndroid and iOS
MT550+ indicatorsAndroid and iOS
cTrader40+ indicatorsAndroid and iOS

Trades Profitly does not have any trading software at all, which is further proof that we are dealing with a scam and not a real broker.

If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading 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

Trades Profitly Trading instruments

CurrencyStocksIndicesCryptoCommodities
Trades Profitly
XMYesYesYesNoYes
FBSYesYesYesYesYes
FXTMYesYesYesYesYes

Trades Profitly advertises cryptocurrency trading, which brokers are actually banned from doing in the UK.

Trades Profitly Spreads and cost of trading

Trades ProfitlyXMFBSFXTM
Spread EURUSD0.611.1
Spread GBPUSD1.31.21.4
Spread USDJPY1.31.21.4

Trades Profitly does not provide any information on trading conditions. Instead, it promises guaranteed profits. A genuine broker will not and cannot promise you guaranteed profits. In fact, licensed companies are obliged by regulators to warn their clients about the high risk of losses when trading financial instruments.

When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.

Trades Profitly Maximum leverage

ForexStocksCryptoGoldIndices
Trades Profitly
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.

Higher levels of leverage are only offered to professional clients who trade entirely at their own risk. If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

Trades Profitly Deposit and withdrawal methods

Deposit timeWithdrawal timePrice
Crypto24 hours24 hoursFee depends on crypto

Trades Profitly  only allows the deposit of funds with cryptocurrencies.

This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund. If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.

Trades Profitly Minimum deposit

Trades ProfitlyXMFBSFXTM
Minimum deposit$200$5$10$5

Trades Profitly specifies a minimum deposit of 200 USD, which is the industry standard. But this means that for the same amount you could open a trading account with an established and duly licensed forex broker. Some of the leading brands in the industry offer Micro and Cent accounts with a very low entry threshold that are suitable for novice investors.

Trades Profitly Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
Trades ProfitlyNot specifiedNot specifiedNot specified
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

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.

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite

Leave a Reply

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