Profitly Trade Review: Learn More About This Scam Broker
Profitly Trade review is perfect for anyone who is seriously considering trading with this broker. The first thing that sets off alarm bells is the fact that the brokerage is basically completely anonymous. They do not provide any of the crucial information that a broker could need in order to decide to trade with them.
It is also very easy to tell that, despite their claims to being a registered business in California, they are not licensed by the CFTC. Even if this broker has a “business license” for the state of California, this does nothing in terms of proving any level of legitimacy for them as a broker.
Outside of their claims about regulation, they also claim to provide their users with three of the best trading platforms, those being MetaTrader4, MetaTrader5, and cTrader. The truth is much sadder, they do not provide a functional trading platform at all, as it is not possible to actually place trades with this scam broker.
|Bonuses||100% deposit bonus|
Is Profitly Trade a Reliable Broker? Regulation and Security
One of the common tactics of unregulated brokers in the forex industry is to claim that they have other certificates or licenses as an attempt to divert their potential client’s attention from the glaring problems that they clearly exhibit.
Having a business license in California does not actually mean anything in terms of client protection/safety nor does it give any weight to this broker in terms of reputation. On top of this, even if this license was legitimate they would still not be able to legally operate on U.S soil.
This is because they lack a license that is only provided by the Commodity Futures Trading Commission (CFTC). This regulatory body is the only agency in the United States that can grant a forex broker the necessary paperwork to provide their services and operate in the U.S legally.
When choosing a broker, it is crucial that traders research their local regulatory bodies and check the websites of these agencies to confirm that the brokerage that they are interested in is in fact licensed by them.
Broker’s Trading Software Overview
This broker makes a very bold claim that they provide their users with not one but three top-tier platforms. The industry standards MetaTrader4, MetaTrader5, as well as cTrader.
It is not at all uncommon for scam brokers to make such claims in order to up their legitimacy in the eyes of potential users, as these platforms are viewed very favorably in the trading world. The vast majority of legitimate brokerages provide these platforms for their clients.
What we found is that this broker not only lies about the platform that they provide but fails to provide a functional platform altogether. While the platforms that Profitly Trade touts as available truly are phenomenal platforms that allow users a tremendous degree of control and customization of their trades and their trading experience it does not mean anything as they are just empty claims.
Users should be wary of brokers with low upfront transparency that makes bold statements like providing industry-standard platforms.
Deposit and Withdrawal Process
The lies this broker tells continue as soon as users get to the page which prompts them to make a deposit. The fake claim is that the brokerage accepts payments via PerfectMoney as well as by wire transfer.
This of course is disproven as soon as a client tries to make a payment as they are redirected to making a payment in Bitcoin, a popular cryptocurrency.
When searching for a broker it is important that the conditions that they offer to their clients are transparent and fair. This is not the case with scam brokers such as Profitly Trade.
Traders should look for brokerages that offer legitimate payment methods such as credit cards, wire transfers, and e-wallet payments like Skrill or Paypal.
With these payment options getting your money back is a fairly straightforward process called a chargeback or recall.
Profitly Trade Offers Bonuses and Promotions
This scam broker is currently running a promotion called “100% on deposit”, implying that whatever the client deposits into their account the broker will double.
They go on to talk about how sometimes forex traders wish that they could trade with higher sums but are not ready for the risk. This is where their “bonus” comes in doubling your money allowing you to place trades for higher sums.
This as you can already probably tell is too good to be true as this broker does not provide any means for the client to trade at all.
Meaning that even if your account balance shows double the amount that you deposited it is just a series of numbers on your screen that the broker can control and is not backed up by anything.
Scam brokers often give these kinds of bonuses too good to be true bonuses as a means of convincing those who could be skeptical of trading with them to finally make the deposit in fear of missing out on a good deal.
How is the Scam Implemented?
This investment scam outlines one of the most common tactics employed by scammers. That is the “get-rich-quick” scheme.
They run ads on social media channels offering their prospective clients the option of getting rich by trading with them with a promotion or bonus such as the one outlined above. This is meant to convince potential victims to go ahead with the deposit despite their skepticism.
In reality, if an offer from a broker seems too good to be true it is, and that is the case with Profitly Trade.
The offer of doubling your money seems great and it would be very helpful if the broker provided a platform for clients to place trades, or even a legitimate way to make payments and withdrawals.
As neither of those is true it is clear that this is just another lie that this broker is guilty of telling.
Recommended Forex Brokers
We have compiled a list of 6 legitimate brokers that are all regulated by at least one top-tier regulatory body. With this in mind, traders are free to actually consider the trading conditions put forth by each of the brokers rather than having to worry about confirming their legitimacy.
We have also done full reviews of these brokers so that all the key information about them and their practices are compiled in an easily readable review like this one.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||Xm.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||Fbs.com|
Profitly Trade Summary
Overall, it would be impossible for us to recommend using this broker as they display pretty much every red flag that we continuously warn traders to be on the lookout for when choosing a broker.
Starting with the fact that the broker openly lies about where they are based, in this case claiming to be based in California. This broker quickly makes it obvious that trusting them with your funds is ill-advised.
This brokerage goes on to make a series of bold claims that they disprove themselves as you get further into the account-making process.
This is perhaps primarily obvious as they say that they accept wire transfers and deposits made via PerfectMoney but once a user reaches the deposit screen they are faced with the only real option and that is a payment made via bitcoin.
This in itself is worrisome enough but what follows is far worse. Once a deposit is made and a trader gains access to their account they are shown that the outlandish claims of 3 top-tier trading platforms being provided by Profitly Trade are in fact lies as well.
The reality is that there is no trading platform at all. All in all, trading with this broker would mean depositing your funds via the least safe deposit method and then realizing that all the reasons you thought you were signing up with them were lies.
FAQs About Stonewall Fx Broker
Is Profitly Trade Regulated?
Profitly Trade is a scam broker that claims to hold a business license but does not even bother to say that they are licensed by the CFTC.
Is my Money Safe with Profitly Trade?
Considering the fact that the only payment option this brokerage actually offers is cryptocurrency your money is not safe at all with them.
Does Profitly Trade Offer a Demo Account?
There is no demo account offered by this broker.