Profitrop’s website was down at the time of this writing but that didn’t stop us from gathering information to expose this fraud.
The Profitrop Review is full of facts and arguments against Profitrop. Although the website is down, this phony broker could reemerge. Profitrop is a scammer similar to FX Avatar.
Yes. Profitrop’s regulation is a lie. This broker claimed to be based in the British Virgin Islands (BVI) but we didn’t find such a broker in the database of the BVI’s regulator.
This broker is nowhere to be found in the registers of Tier 1 regulators such as the FCA, IIROC, ASIC, BaFin, FINMA, etc. Judging by what Profitrop used to offer, this fraudulent entity isn’t compliant with the regulation of the European Securities and Markets Authority (ESMA).
Therefore, if this website ever becomes active again, please do your best to avoid it at all costs. While you’re searching for a broker, avoid KonohaFX as well, it’s a trading scam too.
Profitrop is an anonymous scam broker that claims to be based in the offshore domain, the British Virgin Islands. This fraudster has scammed traders from the UK, Netherlands, Canada, Australia, and Poland.
If you’re not convinced yet that Profitrop is a fraud, we got more evidence here. Namely, we found three official warnings issued against this financial swindler.
It was important to find out where this scam broker was active. After doing some research, we managed to compile a list of countries:
As many as three Canadian regulators have clearly stated that Profitrop was illicitly providing services in that country. We didn’t find Profitrop in the registers of the FCA, ASIC or ESMA regulators.
Profitrop has received pretty negative feedback from Trustpilot users. Traders had nothing but complaints against the broker.
Withdrawal issues, a manipulated platform, high fees – all the elements of a trading scam are there. Here’s an example of what traders have been saying about this fraudulent broker:
When you want to redraw you earnings you have to “mirror” this transaction by depositing this same ammount wich they say you get back immediately. (You loose this again big time)… You will never see you money back!
Profitrop offers an oversimplified web-based platform with basic charts and indicators. This platform can also be accessed via mobile phone.
To make matters worse, traders have complained about this platform being rigged. Profitrop doesn’t support any proper third-party trading platform such as MT4, MT5 or cTrader.
From various sources, we learned that Profitrop used to offer the following trading assets:
Profitrop’s leverage caps at 1:400, well above the regulatory limits of 1:30 (ESMA, FCA, ASIC) or 1:50 (US, Canada). Extremely high leverage is risky and often leads to losses.
As for the spreads, Profitrop allegedly offers ultra-low spreads, close to zero pips. However, the illicit broker didn’t disclose the commissions.
No. Profitrop didn’t include a free demo account because the fraudster wants traders to open a live account and invest real money right away.
That way, Profitrop creates the chance to defraud unsuspecting clients and steal all their funds. One victim even explained how Profitrop runs this scam. Legitimate brokers always include a free demo account.
When it comes to Profitrop’s withdrawal and deposit methods, the broker’s payment methods include:
Both deposit and withdrawal processing time allegedly takes between two to five business days. The minimum deposit amount is unknown, which is odd but unimportant. Profitrop is fraudulent.
Profitrop is undoubtedly an online trading scam without regulation. If you have evidence that Profitrop violated any terms and conditions, please let us know.
If you need help getting your money back, Global Fraud Protection is here! Our experts can assist you with the chargeback process or track down your crypto transaction using CipherTrace.
If this broker steals your money, contact us for help. The easiest and fastest way to book your free consultation with us is Online Chat.
No. Profitrop is an anonymous scam broker with no trading license. Plus, the broker has been blacklisted in Canada. Do not invest!
No, Profitrop doesn’t offer a free demo account. It’s a huge red flag!
No. Profitrop doesn’t offer a mobile app since its platform is browser-based.
No, Profitrop’s WebTrader is ineffective and lacks advanced trading tools. Moreover, traders said the platform is rigged.
No. Profitrop is an anonymous scam broker with no trading license. Plus, the broker has been blacklisted in Canada. Do not invest!
No, Profitrop doesn’t offer a free demo account. It’s a huge red flag!
No. Profitrop doesn’t offer a mobile app since its platform is browser-based.
No, Profitrop’s WebTrader is ineffective and lacks advanced trading tools. Moreover, traders said the platform is rigged.
The post Profitrop Review – Reasons Not To Trust This Broker In the Profitrop Review appeared first on Global Fraud Protection.
