Minimum Deposit: $250
Maximum Leverage: 1:400
My Score: 2.0
Profit Trade is another new broker that I’m going to review. Their website owned by GPS Marketing Ltd. (Bulgarian company) and they are registered in Sofia Municipality, Bulgaria. Profit Trade is headquartered in Majuro, Marshall Islands like many other unregulated offshore brokers.
There is not much information about the company on their website and it makes me think about Profit Trade may be a scam broker. If you want to contact them Whatsapp, Telegram and Live Chat options are available on the right bottom of the website.
If you are considering to start trading with Profit Trade you should read my review first. Is Profit Trade scam or a reliable broker? What kind of deposit/withdrawal methods and account types they offer? Which trading platform supported by Profit Trading? Let’s get started.
Regulation & Licenses
Profit Trade is a clearly unregulated and unlicensed broker. As I wrote many times before, regulation and safety of your funds should be your first priority while choosing a broker. That’s why being unregulated broker is Profit Trade’s biggest disadvantage. Most respected regulators like FCA, CySEC or ASIC are protecting clients accounts but they have many hard rules. This is why some brokers preferring to get licenses from VFSC or IFSC. And also to avoid new ESMA measures.
I know, it is hard to obtain licenses from FCA or CySEC. But having no license after all? I strongly don’t recommend you to work with this kind of brokers. Because your money will not be safe and there will be no institution to contact when you experience any problems with the broker you are working with. Spreads, leverage ratio, account types or swaps are important things but they always come after regulation for me.
I would prefer to work with a reliable broker with higher spreads instead of working with a scam broker with lower spreads.
Account Types & Spreads
Profit Trade offers 6 different account types. Educational ($250 minimum deposit limit), Standart ($2500 minimum deposit limit), Premium ($20.000 minimum deposit limit), VIP ($50.000 minimum deposit limit), Tailored and Robot ($5.000 minimum deposit limit).
|Account type||Minimum deposit||Maximum leverage||Spread|
|Tailored||Not specified||Not specified||Not specified|
I think $250 minimum deposit limit is high and for starting account, leverage ratio they offer is 1:100, for standard account 1:150 and for VIP account 1.400. But as a result, you must deposit $50.000 to unregulated broker in order to use 1:400 leverage. This is not a right choice for me.
For Premium account, they give up to %100 and for VIP account, they give up to %200 of deposit bonus. However, I couldn’t find any conditions of bonuses. You can trade various forex currency pairs, CFD’s, cryptocurrencies, indices and stocks at Profit Trade.
Another big disadvantage of Profit Trade: MetaTrader 4 is not supported. They offer their own web-based trading platform and it looks very simple and lack of features. It may be not a big problem for a new traders but experienced traders will not like it.
Deposit & Withdrawal Methods
Not many different deposit & withdrawal options available at Profit Trade. Only Credit Card, Debit Card and Bitcoin.