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 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|
Trades Profitly’s website somewhat suspiciously assures us that this is a company that “conducts absolutely legal activities in the legal field”.
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 tools||Auto trading||Custom indicators||Mobile apps|
|Trades Profitly platform||❌||❌||❌||❌|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android 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
Trades Profitly advertises cryptocurrency trading, which brokers are actually banned from doing in the UK.
Trades Profitly Spreads and cost of trading
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
|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||❌||❌||❌||❌|
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 time||Withdrawal time||Price|
|Crypto||24 hours||24 hours||Fee 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 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 volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Trades Profitly||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|
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.