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Is Profit Trade a scam broker?

Overview

Profit Trade is a forex broker that offers its customers a diverse range of trading assets including forex, stocks, commodities, and indices. According to information provided on their official website, the website is owned by a Bulgarian based company, GPS Marketing LTD and all processing and clearing are done through Global Top Marketing LTD, a company registered in the Marshall Islands.

The simple mention of the Marshall Islands triggers some doubt in the minds of investors, as that location is highly known for harboring many scam brokers. But read through the article entirely and decide for yourself whether Profit Trade is legitimate or a scam broker.

About Profit Trade

Profit Trade offers its customers with various type of accounts, including:

  • Educational            –         ($250 Minimum Deposit)
  • Standard                 –         ($2500 Minimum Deposit)
  • Premium                –         ($20,000 Minimum Deposit)
  • VIP                        –         ($50,000 Minimum Deposit)
  • Tailored                 –         (Minimum Deposit Not Specified)
  • Robot                     –         ($5000 Minimum Deposit)

The leverage is specified as 1/200 for educational, standard and premium account types, 1/200 for a VIP account and 1/100 for Robot account type. Other than that, every account type comes with its own benefits, as a VIP account entitles you with a Personal Account Manager, Trading news and signals, express wire transfers along with an additional bonus of 200% upon deposit.

We tried creating a new account with Profit Trade and once we provided our details, we were taken directly to make an initial deposit. But fortunately, there was a Trading link available which led us to the trading dashboard, where we had a sneak peek at how Profit Trade works.

The user dashboard looks decent with all trading assets listed on the left, and you can see the chart in the middle and your account details including your balance, equity, available margin etc. situated on the right.

Is Profit Trade Legit or Scam?

While most brokers use the Meta Trader platform that comes with lots of indicators, charts and analytical tools, the trading platform provided here seems to be very basic without many analytical tools. Hence, professional traders won’t like this option as most of them are well trained and used to the MT4 platform. The minimum deposit of $250 seems to be reasonable even though some brokers also allow opening an account with $10-$100.

Even though Profit Trade provides a wide range of trading options and different account type choices for its customers, it is still not a regulated and licensed broker. Its registered address seems to be a location where most of the shady brokers operate from. Hence, take necessary caution as you will be investing your hard-earned money out there.