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Is Profitix a scam? A Real Review.
This Profitix Review will help to shed some light on how Forex broker scam activities work and help you understand if Profitix qualifies as a Forex scam.
Is Profitix a regulated Forex broker?
No, the broker may tell you that they operate under the laws of St. Vincent and Grenadines as they state on their website. However, one can be certain that this company is not a regulated broker by any means whatsoever. You can read more about how Forex scams work and what to look out for here.
If you were unfortunate enough to have begun trading with Profitix, let us know right away.
What is Profitix?
Profitix, owned by Profitix LTD. is an offshore online Forex broker located in St. Vincent and the Grenadines. The company was caught providing unauthorized financial services and products in the UK. On February 20th, the FCA issued a warning to UK citizens that this firm is not to be trusted.
What services do they provide?
The company acts as a Forex brokerage and as such offers currency trading. Commodities trading, Stock Indices and shares and Cryptocurrencies. Their minimum deposit is $250 USD and their maximam leverage is 1:1 up to 400:1. Their spreads are variable or floating depending on which account. They do not allow scalping and do not offer bonuses.
Is Profitix a Market Maker?
One of the most common inquiries among new traders is are they a Market Maker? In essence what they are asking is, “will I be betting against the house?” The answer in this case is a resounding yes, however this shouldn’t be too much of a negative point considering the fact that Profitix is a scam. We’ll elaborate more on why they are a scam shortly.
Account Types a la Profitix
Five account types are on the menu if you are looking to trade with them. The reason that they offer such a range is to provide their sales team with a range of tactics to fit the right size client. This also helps them move their client into a higher range if they feel that they can scam them out of more money than the current account is structured for.
List of Account Types:
Mini Account – Their entry level account which has a minimum required deposit of $250 USD. It comes with offered leverage of 1:400.
Advanced Account – This account is for mid-level traders who want to begin trading with a minimum of $25,000 USD. It also comes with leveraged trading of 1:400 and allows order sizes up to 10:00
Executive Account – This account is for individuals that would like to begin trading with a minimum deposit of $50,000 USD. The account comes with a trading portfolio and detailed market analysis.
Prime Account – This account carries the highest minimum required deposit of all of the accounts with a minimum of $100,000 USD to begin. Clients who choose this account are offered access to hedging and a pro-trading portfolio.
VIP Account – Information regarding who can qualify for this account is privileged information on the broker website. However the website does state that the client receives all of the prior mentioned in addition to negative-balance protection, asset trading and low market price difference.
Summary of Account Options
It’s clear that this company has gone to great lengths to offer a variety of avenues for their clients to lose their money. As we conducted our Profitix website review, we noticed that the careful technical language that they’ve chosen to use indicates that there are individuals who have technical knowledge of Forex trading which of course can come in handy when running a Forex broker scam.
In addition to the claims that they make on their website, we’ve discovered even more that this offshore Forex broker has to offer.
Protection and Guarantees
There are multiple Forex Review websites that offer a “real” Review on this broker. In these articles you’ll find a lot of talk regarding the “guarantee security of funds”. While we agree that they do offer certain guarantees, we disagree with the nature of these promises.
We’ve compiled a list of what this company actually provides to clients based on actual conversations with clients.
- Clients are to be assured that all accounts come with a “lose your life-savings guarantee”. However, this depends on how long it takes for one to realize that the company is a scam. If one realizes early they may lose less than their life savings.
- Withdrawal Policies – There are instances where one can actually withdraw their funds from Profitix. This is when there the broker allows the withdrawal to build trust with his victim. This is in order that the client deposit more money later.
- They are not actually in the location that they claim to be.
- They will never help you to get your money back
- If a recovery company contacts you during or after your experience trading, rest assured, this is most likely the scammers themselves.
While at this stage one may wonder, why does it matter how one paid to a company like this? The answer is, because in some cases, the possibility does exist of getting ones money back from Profitix. But be careful, recovery scams are rampant and waiting to take more money from victims. If you aren’t sure about who to trust or how to go about things let us know.
Profitix accepts payment through the following methods.
- Western Union
- Diners Club Card
What are people saying online?
In addition to the firsthand reports that we’ve received. Legitimate user experiences can often be found on Trustpilot. While we know that Trustpilot is full of questionable posts, the real reviews tend to show up there as well. We found a number of clients who did more than subtly hint as to what Profitix traders can expect.
Here are some of our favorites.
Taking advantage of the Coronavirus situation
Many of our clients have reported that they were lured into trading and even specific trades on the basis of the global effects of the pandemic. This Profitix client spun things a little differently.
Profitix Review Conclusion
Based on the information that we’ve provided and the reporting that stands behind it, Profitix or Profitix Ltd. is an offshore Forex Scam. They should not be trusted under any circumstances for providing financial services in any form to anyone ever. If you’d like to Report A Scam or you would like to know if it’s possible to get your money back from Profitix, contact us right away.
Whatever you do, do not give your money to any Forex broker or “recovery company” before doing thorough research.