ProfitiX Review: Never Deal with Profitix.Com
ProfitiX Review, What should be the ultimate gateway to trading success is nothing more than an unsupervised SVG broker-dealer. Typically, brokerages registered there are operating outside of any jurisdictions and regulatory frameworks. If we add the official FCA warning to that, you get a common scam scheme that earns by defrauding their own customers.
If you don’t believe us and think ProfitiX is a reliable brokerage based solely on the empty promises on the website, check out the warning: Stay with our ProfitiX review and we’ll bring you all the relevant details about what actually goes on behind the sugarcoated offer.
|Address||Carenage Bay Canouan Island, VC0450 Kingstown, Saint Vincent & Grenadines|
|Bonuses||Hinted but undisclosed|
ProfitiX Regulation and Fund Security
We’re not gonna lie – at the first sight, ProfitiX seems to have a serious and professional attitude toward potential clients. They appear to offer good trading conditions, several account types, and a reliable platform.
But after you double-check their home page you find the company address being SVG. Several years ago this regulator entirely stopped issuing licenses to brokers and supervising their activities.
So a broker could be registered with SVGFSA, but they are in no way regulated. To offer their financial services to EEA and UK clients as ProfitiX does, they need another sort of license.
Before labeling ProfitiX as a definite scam, we did check databases of major regulators in these two areas. Sadly for our Forex dealer here, they haven’t earned themselves a place in the register of FCA, BaFin, CONSOB, CNMV, AMF, ASIC, CySEC, FINMA, or any other financial entity. All they have managed to achieve is getting on the FCA’s register of blacklisted boiler room schemes.
The reason ProfitiX wouldn’t be eligible for a premium trading certificate lies in their inability to keep a stable and long-lasting business with leadership that can put at least 730 000 EUR/GBP into it.
ProfitiX doesn’t respect the highest security standards of the safekeeping of the investors’ funds because they don’t use segregated bank accounts for investments. They neither implement risk-reducing measures.
Such as leverage restriction to 1:30 and negative balance protection. ProfitiX wants to speed up your loss, so they offer leverage of up to 1:400, no compensation fund and no negative balance protection.
The broker also promotes bonuses, contests, and special rewards, which are actually banned in the EEA and EU. To top it off, they fight to keep their anonymity by revealing as little company info as possible. Scam through and through!
ProfitiX Trading Platform Overview
Account opening at ProfitiX is quite confusing. While filling out the registration form, we didn’t have the referral number, which was marked as an optional field but also had a star to imply it was in fact required! We still tried to make an account without it but the next page said our application form wasn’t properly filled in. Bewildering to no end.
Alas, without an account, ProfitiX didn’t allow us to examine the trading platform. If this was a decent broker with appropriate certificates, we’d be able to open a Demo account and test the software. But ProfitiX is a common swindler, no surprise nothing works like with regulated brokers.
Account Types Available
ProfitiX describes their offer of account types as able to cater to the diverse needs of traders everywhere. Moreover, each account type is supposedly custom-made to provide you with a unique opportunity to trade financial instruments. All the unjustified bragging aside, ProfitiX doesn’t really say much about what each account type brings you. Take a look:
- Mini Account – $250
- Advanced Account – $2 500
- Executive Account – $25 000
- Prime Account – $100 000
- VIP Account
We’re afraid of how much a VIP account even costs since the site doesn’t disclose the price. The page with the overview of the accounts doesn’t share much information about what the accounts feature.
ProfitiX Deposit and Withdrawal
Transactions at ProfitiX are promised to be simple and straightforward. As such, the following methods of money transfers are available:
- Western Union
- Money Gram
Not being allowed into the client area, we couldn’t verify if these payment channels were really available. So don’t take anything ProfitiX as solid truth.
Also, being untransparent as any other con artist, this bogus broker doesn’t reveal the concrete conditions pertaining to the deposits and withdrawals.
However, they cleverly declare to reserve the right to charge whatever fees may occur during the processing of payments.
How the Scheme Was Put Into Practice
If only looking at the alluring trading conditions that ProfitiX offers, anyone would quickly wish to become their client. The real catch lies in the competitiveness of the scam agents and boiler room sellers that are so eloquent and friendly they earn your trust almost immediately. Of course, they will only abuse their influence over you and push you into risky investments.
During the account opening process, you will accept bonuses that come with special conditions. These won’t be simply revealed to you, as you wouldn’t accept them in that case. No, the real truth hits much later when you try to apply for a payout.
It is then that you find out you aren’t eligible for withdrawals until you fulfill the trading volume requirements and pay astronomical fees that keep adding.
ProfitiX may promise you a lot, but they do not offer anything of value. There’s no trading on top world markets while having an edge over other traders. ProfitiX simply doesn’t have the resources to provide that. The evasive web trader, advertised as a super advanced technological solution is of questionable existence.
No regulated broker would endanger their reputation by messing around with regulatory standards and law. ProfitiX has no license to maintain so they can make up conditions that make their entire brokerage project a painfully obvious Ponzi scheme.
FAQs About ProfitiX Broker
Is It Safe to Use ProfitiX for Trading?
ProfitiX is not a safe place for trading. No regulatory framework protects you here, so be very cautious!
Do ProfitiX Offer a Demo Account?
No, you can only open a live trading account at the cost of at least $250.
What Is The Funding Method of ProfitiX?
Although several payment methods are listed, we couldn’t confirm if any of them really work.