Interestingly enough, the people behind the Profitto scam claim to have over a million active users. The website visitor counter tells another story, with less than 130 000 visits at the time we wrote this Profitto Review.
The profittoltd.com website holds all the necessary documents in line with those of a regulated brokerage. The company is registered in St. Vincent and the Grenadines, but as you will see a bit later in our Profitto Review, it is not a license holder.
As we mentioned before, Profitto is established in St Vincent and the Grenadines as a Business Company under the name Profitto Ltd. There is a problem with this – the SVG FSA does not regulate online brokerages anymore. For us, it means that Profitto should have obtained a trading license elsewhere.
In reality, Profitto is operating their business from Malaysia, where it is not registered with the local authorities, namely the BNM. We know that Profitto is offering their services worldwide, so we have checked other regulators as well.
The databases of tier-1 regulators, BaFIN, FINMA, ASIC, FCA, NFA and CONSOB hold no data on Profitto. This means the company is completely unregulated, and is free to do whatever they want with the clients’ money. Unfortunately, what they do is steal.
Examining what happens behind the stage of Profitto revealed a usual Pyramid scheme. The company has a number of social media profiles, all of which are used to sway people to invest in the Profitto scam. For instance, their Youtube account has around 30 videos, most of which are just brainwashing propaganda.
Pyramid schemes usually rely on multi level marketing campaigns to attract more victims. Profitto scam works through many different affiliate networks, manager recruitment campaigns, free bonuses and client reward programs. If you, or somebody close to you has invested with the Profitto scam, contact our legal advisors for aid in asset recovery.
The Profitto pyramid scam has been active since at least 2019. These nations have the most victims of the Profitto fraud:
Pyramid schemes have more than one victim. They destroy marriages, and divide families and friends. If you, or somebody you know have invested with the Profitto scam, contact our legal advisors to start asset recovery.
The MT4 platform that Profitto offers is fully compatible with all mobile devices. It can be run on iOS and Android with ease. This extends the frauds’ sway to the people who like trading on the move. With this feature enabled, scam victims can lose money all day long, being none the wiser they got swindled.
Here is a list of instruments offered on Profitto:
There are several account types that are distinguished by market technologies, and add various pros and cons to trading with Profitto. Creating a Profitto Login is free, and may be done through the website. The accounts can be converted to Islamic.
Here they are now:
Demo account is available with Profitto, but it is due to the fact that this company uses the MT4 platform. Demo service allows a choice of 1:5 to 1:100 leverage, which is not supported on a live trading account.
This is not a strange discrepancy, however. Many scam brokerages use this strategy, where they present much better trading conditions in a demo environment to hook new victims.
The trading costs at Profitto are above the current average, but not by a significant margin. Don’t think your money is safe with these swindlers. Although they advertise starting spreads of 0.1 Pips, we couldn’t find any asset with spreads tighter than 15 Pips.
When it comes to fees, the Client Agreement document only outlines a dormancy fee, starting with $30 after 6 months, and costs $10 every subsequent month. Commission is said to be 0%, but this information should not be taken at face value.
Befitting the purpose of a Pyramid Scheme, profittoltd.com is a host to many different contests, awards, bonuses and everything else! Profitto features an Introducing Brokers program that yields benefits for introducing new clients to the platform.
This company also actively recruits new Boiler Room Agents through their website. Additionally, there is a 50% first deposit bonus, just to make the deal that much more attractive.
There is a page on the profittoltd.com website that describes the deposits as well as withdrawals. There, you can see that Profitto Withdrawals are subject to larger waiting times depending on the amount a client would wish to withdraw. Surely, a company with such great liquidity doesn’t need time to gather $5 000 in one spot?
Sarcasm aside, the many people who have told us about their problems with the Profitto scam complained about poor withdrawal policies. Swindlers invent one reason after another just to prevent clients from withdrawing. If you have any such problems, feel free to shout out and let us know.
Profitto is a registered, albeit an unlicensed brokerage that operates from SVG and Malaysia. The website profittoltd.com is a front for a pyramid scheme. Anything that is offered on the website has been meticulously created to make the company appear legitimate and profitable.
The reality is quite different. Profitto is a scam broker, and many people have already asked us for help with their struggles with Profitto. If you have any issues with the Profitto scam, you may book a free consultation with our legal experts through the live chat on our website.
Profitto Ltd is an illicit offshore brokerage that operates as a front for a pyramid scheme scam.
Profitto does not have any license or authorization to offer any of their services to the general public.
Clients may contact Profitto through the live chat on their website, by email or via mail or phone.
Recovering your assets from Profitto might require legal intervention. Contact our experts via the live chat, and book a free consultation for details.
The post Profitto Review – Detailed Research Reveals A Pyramid Scheme appeared first on Global Fraud Protection.