ProfitiX Review 2019 | Is ProfitiX a Scam or Legit Forex Broker?
Rating breakdown
ProfitiX Overview
Profitix is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides the MT5 trading platform, and an extremely generous leverage. Traders are extended a leverage of up to 1:400. Furthermore, there is a wide range of trading products from which to choose, but the spread of 3 pips is quite high and not in favor for the traders in our opinion. The required minimum deposit is the standard $250.
| # | Broker's Features | PROFITIX Availability |
|---|---|---|
| # | Commissions | ✔ |
| # | Hedging | ✔ |
| # | PAMM | ❌ |
| # | Scalping | ❌ |
| # | Accepts US traders | ❌ |
| # | 24 hour trading | ✔ |
| # | Swaps | ✔ |
| # | Demo account | ❌ |
| # | Daily analysis | ✔ |
| # | Automated trading | ❌ |
| # | Mobile trading | ✔ |
| # | Trading by phone | ❌ |
| # | 1st deposit bonus | ❌ |
| # | Forex contests competitions | ✔ |
| # | Bonuses Promotions | ✔ |
| # | Interest charges on the balance | ❌ |
| # | Free education | ❌ |
| # | Expert advisors | ❌ |
| # | Partnership programs | ❌ |
| # | Trust management | ❌ |
| # | 24 hour support | ✔ |
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review ProfitiX.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. ProfitiX offers Online Financial Trading and Investment Services Such as Currency Trading, Commodities Trading, Shares Trad.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. ProfitiX is Broker.
ProfitiX allows you to execute a minimum trade of 0.01. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument.
Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. ProfitiX recommended minimum capital is $250.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. ProfitiX is regulated by N/A. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Investor Protection & Regulations: On the brokers website we read that the broker brand is owned and operated by a SVG-based company with the name ProfitiX Limited. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage.
Account currencies: Next lets consider the Account currencies each broker offers. ProfitiX offers USD, EUR, GBP different account currencies for each account types.
Account Openning: ProfitiX is offering users five different trading accounts to choose from. These accounts include Mini, Advanced, Executive, prime, and VIP. Required minimum trading deposit to start using this platform is $250, $25,000, $50,000, and $100,000. It’s not clear how much VIP account users are require to deposit in order to start trading. Leverage in all these accounts seems to be the same, 1:400. There’s something fishy when it comes to these accounts.
Languages Available: Next lets have a look at each broker's different Language options. ProfitiX offers English, Deutsch.
Payment methods: Next lets have a look at each broker's payment options. ProfitiX offers MasterCard, Visa, Bank Wire Transfer different payment methods for each account types.
Deposit and withdrawal: Potential clients of the brokerage may deposit or withdraw via credit cards and wire transfer, however, we do not find any listed e-wallets which we consider always a disadvantage.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, ProfitiX makes MT5, WebTrader available to clients.
Support
If you have any issues or want to find out more about ProfitiX . you have access to their 24-hour live chat on the website. You also have a chance to give them a call on their toll-free number and discuss any subject of your liking with highly dedicated customer support. If you are still not satisfied with the options, you may email them at the email provided at the bottom of the website.
Recup
Profitix is not a broker we can recommend. They do not have a legit license, so their operations on regulated financial markets like the European Union, including the UK, as well as Australia, Canada, the U.S. are basically illegal. Besides, with offshore brokers there is always the chance that they simply disaster after ripping you off.
Final Thoughts
It’s our belief that this broker should be exposed for the scam it is. Adding this broker to our scam blacklist hopefully will protect newbies from signing up. It’s also in our best interest if relevant authorities will look into this platform and shut them down. Stay away from a broker who flaunts all regulations and rules set by the industry.