Why Profit Trade Sucks In 50 Words
I believe that in this day and age all brokers should be regulated. If we want to trade Forex, Crypto, CFD on stocks, indices, etc., we have to trust a company, i.e. the “broker” with our money and that broker should be supervised by a financial authority. Too many times we’ve seen poorly-managed complaints, delayed withdrawals, and other types of subpar service. Now, I am not saying that Profit Trade will treat you that way, but they are unregulated – just something to consider.
Why Profit Trade Doesn’t Suck In 50 Words
They offer a good web-based trading platform – TraderSoft – and they have a pretty extensive education section, which includes 2 Cryptocurrency e-books and a few others focused on Forex and CFD.
Is Profit Trade A Scam?
We are dealing with an unregulated broker with a corporate structure that’s not very transparent. If I have a complaint, should go to Global Top Marketing, or to GPS Marketing… or maybe I will be bounced back and forth between the them, with each saying I should contact the other? And not a very big deal, but what’s with all the “Marketing” names? I would like to know I am trading/investing with a trading company, not a marketing one. I hope their main knowledge and focus is trading, not marketing.
All in all, Profit Trade doesn’t look like a scam but nonetheless, it’s still an unregulated broker that claims to be “The World’s Leading CFD Expert” and we’ve seen that type of “leaders” far too many times.
Should I Open An Account With Profit Trade?
Profit Trade is an unregulated and relatively new Forex, CFD and Crypto broker, established in 2017. Processing and clearing services are provided by Global Top Marketing LTD, a company based in the Marshall Islands. The website is owned by GPS Marketing Ltd., a Bulgarian Company incorporated under company No. 204950758.
This is a relatively new broker, launched in 2017 according to their website; however, some online sources list them as first launched in April 2018, so the exact date is not known. Apart from a simple and easy to use a web-based platform, in the past Profit Trade offered the popular Meta Trader 4, which opened up a lot more technical analysis features but unfortunately, during our latest visit this platform was not present anymore..
The account structure could use some work, mainly because the monetary requirements are very steep: the lowest account (Educational) requires a minimum deposit of $250, which is average for the industry, but from here on it, all goes downhill (or should I say uphill) because if you want to have another type of account, you really need deep pockets. The next account – Standard – requires a minimum deposit of $2,500, the Premium account requires $20,000, and finally the VIP is $50,000. Needless to say that sending that much money to an unlicensed broker is risky and I don’t see why you would do it, especially considering there are many other regulated and well-respected brokers who would be happy to do business with you.
Apart from the account types discussed above, they have a Tailored account (you will need to contact an account manager to get more info about minimum deposit) and a Robot account ($5,000), which offers additional robot and algo-trading support. No further information is provided by Profit Trade.
Overall this is not a bad offering from Profit Trade but it’s on the steep side and requires too much commitment money-wise without giving much in return. The broker is unregulated and doesn’t have a strong presence online, meaning that it is not a well-known broker. Bottom line, at the moment Profit Trade doesn’t offer enough reasons to invest with them unless you consider the overly used slogan “we are the leader” enough reason.
Global Top Marketing LTD lists the address Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960. GPS Marketing Ltd is located in Sofia Municipality, Bulgaria. The broker can be contacted at phone +44 7520644068 and email [email protected].
Profit Trade Complaints
There’s not a ton of complaints about this broker, but the ones we could find are bad (and I mean really bad), ranging from phone call pressure and other aggressive marketing tactics to delayed and even failed withdrawals. Some people even called them “scam” but as always, we cannot attest to the truthfulness of these complaints, we just present you the facts.
Profit Trade Bonus
Premium accounts (minimum deposit $20,000) can benefit from bonuses up to 100% of deposit and VIP accounts ($50,000 minimum) can benefit from bonuses up to 200%. We couldn’t locate a full list of bonuses and it’s not clear if the accounts with lower deposits will receive any bonuses. However, we recommend you avoid such high bonuses because they will most likely tie your money to the platform until a certain trading volume is reached.
Profit Trade Withdrawal
Information about withdrawals is severely lacking but from their Terms and Conditions document, we have learned that it will take 5 business days to process the request and additional 10 business days until the money reaches your card or bank account.
Although we have created a real account for the purpose of this review, we couldn’t find any bank list for our account area. Deposits are made via cards and wires (min deposit $1,500 for wires!!!) and we can assume that withdrawals work the same way.
Profit Trade Extras
There’s not much to go on here except for some basic signals (just a list of assets and an arrow next to them, pointing the direction) and some financial news, including crypto assets. At least the news was up to date when we checked, which is good but most news articles were 3 or 4 lines long, so don’t expect to get a deep insight.
Profit Trade Ratings
User Friendliness 14/20
The website is available in English, Russian, Spanish and Deutsch but the platform is translated only in English, Russian and Spanish. Some information is relatively hard to find but nothing out of the ordinary. The web platform is not too complicated, thus fairly easy to use. Demo accounts and mobile platforms are available.
Range Of Markets, Spreads And Leverage 11/20
The asset basket at Profit Trade is well balanced, containing currency pairs, stocks, commodities, indices, and everybody’s favourite: cryptocurrencies (Bitcoin, Ripple, Litecoin, Ethereum, Dash, Bitcoin Cash). It’s important to note that the Educational account (min deposit $250) will only give you access to base currencies! If you want to trade the full asset list you will need at least a Premium account – a minimum deposit of $20,000!!!
The spreads are high (3 pips for EUR/USD and about 70 USD for Bitcoin) and the leverage is the usual for Bitcoin and other cryptos – 1:5. The leverage for some assets goes up to 1:150 and even 1:400 for the higher-tier accounts.
Deposits And Withdrawals 13/20
Deposits can be made via credit/debit cards and wire transfers. Unfortunately, Profit Trade doesn’t offer a lot of information about withdrawals. The only things we could find is that the minimum for wire withdrawal is $250, that it takes about 15 business days to get your money and that you will have to pay some fees (which are unspecified). It would be a great idea for them to include more information in the future because you know, people would like to know how they can get their money out!
Fees And Support 11/20
There is no fee to open an account (just like everywhere else) but the withdrawal fees are not specified. However, the inactivity fees are specified in their T&C document: after 30 days without trading, your account will become “dormant/inactive” and this will trigger a fee of $85, which will be paid monthly (ouch!).
Within the same document, Profit Trade writes: “If you did not log in and trade from your account within six (2) months (“Dormant Account”), your Dormant Account will be subject to a deduction of 10 % each month (the (“Dormant Fee”;)” It’s unclear if this fee is paid on top of the one mentioned earlier and it’s not clear if we are talking about 2 or 6 months… just beware.
Support was basically useless because I asked if they offer demo accounts and in return, the rep asked me to clarify my question… then he told me that my account manager will give me this information. So, yea useless.
Website Extras 10/20
High leverage, high spreads, and incredibly high deposit requirements unless you want the lowest account (Educational – $250). But keep in mind, if you go for the lowest account, you will only be able to trade base currencies and you will not have access to crypto, indices, stocks, etc. If you want all that, you will have to cough up $20,000, which is an extra in itself!