MVProfit review – 5 things you should know about mvprofit.com

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

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

The most important thing to know about MVProfit is that this website does not represent a licensed financial services provider. It is actually just another online scam disguised as a forex and CFD broker. In this review, we will show you how to recognize such scams and refer you to legitimate investment intermediaries.

MVProfit Regulation and safety of funds

If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation. The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.

MVProfit does not disclose which company is behind the website and does not provide access to Customer Agreement or other documentation. If you don’t know exactly who you are dealing with and what the terms of the deal are it would be an obvious mistake to put your money on the line.

MVProfit provides a contact address in Switzerland. Such an anonymous website could not legally operate in a regulated jurisdiction. There is no licensed broker using the MVProfit brand and domain in the Swiss Financial Market Supervisory Authority (FINMA) database.

Another leading financial regulator, the Australian Securities and Investments Commission (ASIC), has issued a warning to investors that MVProfit is not licensed.

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 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.

MVProfit Trading software

MVProfit implements web-based trading software. Here is how it looks like:

While this platform has the basic functionality to place orders, it cannot compare to the capabilities provided by MetaTrader 4 (MT4) and MetaTrader 5 (MT5). It is no coincidence that these platforms have established themselves as the industry standard. 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 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.

MVProfit Trading instruments

MVProfit’s trading software includes a large number of cryptocurrencies, major currency pairs, stocks, indices and commodities. But there’s no good reason to trust that this anonymous website offers real trading. You should only invest through brokers that you can confirm are licensed and legitimate.

MVProfit Spreads and cost of trading

In the trading platform, we see a spread of 4 pips, which is more than double the industry average. In addition, unspecified commissions of up to 5% are listed in the descriptions of the trading account types. Even if MVProfit were offering real trading, it would be extremely disadvantageous to the trader.

MVProfit Maximum leverage

MVProfit offers leverage up to 1:100. 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.

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

MVProfit Deposit and withdrawal methods

MVProfit 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.

While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

MVProfit Minimum deposit

MVProfit does not specify a minimum deposit for a Basic Account. The leading brands in the industry offer beginner traders starter accounts with a very low minimum deposit. You have no good reason to take chances with shady brokers like MVProfit.

MVProfit Withdrawal requirements

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.