MyProfitLive Review: Don’t Invest Your Money in Unsafe Platforms
As a freshly registered company, you would expect it to know all the perks of the trading world. But if the trading software is your only weapon you are missing a lot.
Especially if you are located in Switzerland. One of the most regulated European countries. But to find out if this company is the right one for you, read this unbiased MyProfitLive review carefully.
What Kind Of A Broker Is MyProfitLive?
MyProfitLive scam broker is one of those that is hardly trying to build a reputation. Firstly with their headquarters country. Because everyone knows how strict Switzerland is.
On top of that, the company is providing the most reliable trading software. But if that’s going to make them trusted, we hardly believe.
|Reliable Broker Must Have
|Myprofitlive services LLC
|Transparently displayed in the disclaimer or legal documents
|Within your legal jurisdiction – local regulator
|Your country or the country whose license applies in your legal jurisdiction
|The older the domain – the higher the possibility the company is trustworthy
|Domain should be from local or international zones, no .xyz etc.
|Financial Authorities Warnings:
|Phone: +15794692137; +48452206333; +442080977795
E-mail: [email protected]
|Phone, email, social media, web form
|If a withdrawal is possible:
|Transparent fees – list of spread and commissions
|If Active on Social Media:
|Often present on social media
Does MyProfitLive Have a License?
Generally speaking, what makes a broker reliable is a trusted Tier 1 license. Those are generally coming from FCA, BaFin, ASIC and CFTC. But the MyProfitLive scam broker doesn’t even have a domestic license from FINMA. As that being said, you know that you can’t enjoy any kind of protection with this broker. Especially not compensation funds that are highly recommended.
But after reviewing Tier 1 registers we confirmed that MyProfitLive broker is nothing but a scam. Not only that they don’t have any licensing, but instead they got a warning. Canadian FCNB and CSA have published warnings against this broker. Frustrated Canadian traders are not letting this pass through. Neither should you.
MyProfitLive Broker Profile
Overall, the only positive thing about this broker is its trading software. Besides, nothing else is attractive for any experienced trader. Starting with extremely high leverage and non-transparent trading costs.
On top of all, the broker doesn’t provide demo accounts. Which leaves enough room for suspicion. In addition to that, the company provides bonuses. Yet, those are banned all across Europe. Thus, the company offers nothing that Tier 1 licensed broker doesn’t offer already.
|Basic, Explorer, Gold, Platinum, Premium
|Financial Instruments On Offer:
|Hidden commissions / Bonuses are available
|Education or Extra tools:
Is This Broker Safe?
Absolutely not. Primarily because of missing regulations. Also, MyProfitLive broker is providing services to countries where they are not authorized to do so. What raises concerns is the fees that the broker might charge.
Practically, trading with this broker will definitely cost you much more than you initially invested. Another key point is their leverage of 1:400. Yet, European regulators and European Securities and Markets Authority (ESMA), allow maximum leverage of 1:30.
To understand how to protect yourself against ingenuine brokers read our comprehensive Teierra 500 and Finorax reviews.
What Traders Say
If you don’t know where to look if the broker is good, always check reviews. In the case of the MyProfitLive scam broker, there are too many negative ones. Almost 60% of the reviews on Trustpilot, out of 39, point out it’s nothing but a scam.
Starting with misleading traders, using celebrities’ names for their ads, withdrawals and many more. As can be seen, they are mostly scamming traders from:
- United Kingdom
Yet, they are not authorized to do so in any of the given countries.
Reaching Clients and Target Audience
MyProfitLive scam broker is mainly using manipulative marketing campaigns to lure new traders. They don’t even hesitate to use celebrity names for their fake adverts. Such brokers mainly advertise automated trading because that’s the most effective way.
Generally, everyone would like to make easy money. Thus, that doesn’t work like that most of the time. But once you realize you are getting scammed it’s too late. Yet, there is a solution. With our expert team, you can find everything you need about brokers and keep your money safe. But also start the refund process if needed.
Methods of Deposit and Withdrawal
Generally, everything presented by this broker is shady and questionable. The situation is the same with funding methods. Primarily, because the company doesn’t provide a transparent funding policy.
Therefore, funding methods, withdrawal fees and processing time remain mysterious. However, MyProfitLive broker reviews are more than enough to realize how it’s going to be. Firstly, the broker will illegally ask you to pay an upfront withdrawal fee. But if you fall for the trick, you won’t hear from them again.
Reasons to Steer Clear of This Company
Firstly, the company doesn’t have any regulations. On the contrary, they managed to earn warnings. Secondly, whatever protection and features the broker offers, those are questionable. On top of all, the company doesn’t have transparent trading conditions or a withdrawal policy.
Lastly but most importantly, the broker charges withdrawal fees and provides bonuses. Practically every warning sign is completely transparent. You just have to look at the right place.
Opinion On MyProfitLive Broker By Our Safe Trading Experts
Whatever you consider about this broker you can find certain flaws and irregularities. However, you can simply avoid any headaches by simply choosing a licensed broker.
Want to have a reliable broker on your side? Contact us and we’ll provide you with the best brokers for your specific needs. Don’t hesitate because it’s your money at risk! The first consultation is free of charge, but most importantly non-obligatory. Contact us already today!
Is MyProfitLive a Reliable Platform?
To sum it up, no. The broker is not licensed and doesn’t provide any kind of protection for traders.Also, there are warnings against the broker and multiple negative reviews.
What is the first step to start trading?
The first step is choosing licensed brokers. Not every license brings the same security. Therefore, the best option is to consult with our experts to find the most suitable broker.
How Can You Assist Me In Selecting The Best Forex Or Cryptocurrency Broker?
Understanding your personal interests and skill levels can give us insight into what you are looking for and we can provide you with exactly that! Book your consultation today!