You’re reading the Profitix Review. Here you have all the necessary information regarding the Profitrix trading scam.
Profitix is a cutthroat offshore broker that has been the subject of many warnings and complaints. This foul scheme has been active for far too long and it’s our job to keep reminding traders about it.
Profitix Ltd was founded in 2019 in the offshore domain of Saint Vincent and the Grenadines (SVG). Bad news right off the bat. We say that because SVG is a controversial offshore domain with lax financial market rules and a favorable tax system, making it perfect for scammers.
Unlike reliable regulatory bodies such as the European Securities and Markets Authority (ESMA), ASIC, or the FCA, SVG’s Financial Services Authority (FSA) does not regulate the Forex trading market.
It’s even explicitly stated on the FSA’s website, meaning that Profitix has no regulation. This offshore provider is not licensed to provide Forex trading services, just like Pro FX Trading, another scammer you should avoid.
You could easily get scammed and lose all your funds with this broker, as many already have. That’s why we recommend you find a regulated broker, one that is compliant with Tier 1 regulatory rules, enforced by authorities such as the FCA, ESMA, ASIC, CFTC, FMA, MAS, etc.
There’s not an onshore domain on earth where Profitix is welcome. This offshore broker has been blacklisted in multiple tight jurisdictions.
It was our job to find out where this scammer found victims. After some digging, we compiled a list of countries where Profitix was active:
The broker has been banned in both the UK and Australia by the states’ respective regulators. Germany and the Netherlands are EU member states and thus under ESMA’s jurisdiction where there’s no room for illicit brokers like Profitix and ATrade International.
Based on the info on Profitix’s website, the broker is active on Facebook, Reddit, and Instagram in terms of social media. However, Profitix’s Reddit account has been suspended, most likely due to many complaints.
Profitix also uses Google ads to promote its scheme. The illicit broker included an email and phone number. We suppose those are the main channels of communication with potential or existing clients.
What do traders have to say about Profitix? Trading forums are full of complaints against the broker. Trustpilot even warned us about multiple fake reviews.
We’ve included a Trustpilot review for the sake of this analysis but traders wrote pretty lengthy texts about their experience with Profitix on ForexPeaceArmy so you should check that out too.
They can barely speak English and don’t understand basic words? Also, Customer service reps were provided with authentic answers to 10 odd questions and Davidson said that my withdraw request been approved but no transfer was made to my bank for months…
QuoMarkets offers a multi-asset proprietary platform called Profi Trader. This software is available for desktop, Android and iOS and also has a web-based version.
Judging by the description of the platform we found on the broker’s website, we conclude that Profi Trader is similar to MetaTrader 5. Other Profitix reviews suggest that the broker used to offer MT5.
Since there’s no demo account, we couldn’t check this proprietary platform. And we weren’t enthusiastic about the web version as it is most likely oversimplified and limited. Nevertheless, don’t forget that Profitix is unlicensed and blacklisted. Don’t trade with this broker.
Here’s a quick overview of what Profitix offers in terms of trading instruments:
When it comes to trading costs, i.e. spreads and commissions, they vary for each account type. For example, the commissions for the Mini account are zero but the floating spreads start from 3 pips, which is too wide to be competitive.
The industry’s standard is 1.5 pips or below. Fixed spreads come with higher account types, which are also manifold more expensive.
Here’s an overview of Profitix’s trading account types:
All account types come with price alerts and some other benefits with each subsequent tier. The max leverage that Profitix allows is 1:400, significantly higher than the regulatory limits in Europe and the US (1:30 and 1:50, respectively).
The spreads change as well. As the account types become more refined and expensive, the spreads can be set to fixed instead of variable. Profitix wasn’t transparent regarding the commissions for higher account types.
No. Profitix didn’t include a risk-free demo account because the broker wants to force traders to invest real money into a live account right away.
Profitix doesn’t want traders to notice that something is wrong. All legitimate brokers offer a free demo account so you can try things out without risking your hard-earned money.
There’s a wide range of available payment methods with Profitix, according to the website:
The minimum deposit is 250 $ but Profitix didn’t disclose the related fees. Profitix’s withdrawal policy is basically double-talk. You should not trust unregulated brokers that have already scammed many traders.
Please write a complaint on trading forums to warn other traders about this trading scam. If Profitix violated any terms and conditions, notify our team about it.
Global Fraud Protection can assist you in getting your hard-earned money back. Our experts have experience with bank chargebacks and can assist you throughout the process.
Is Profitix a Legit Broker and Should I Invest In It?
Absolutely not. Profitix has been blacklisted by multiple Tier 1 regulators. Do not invest! Withdrawal issues are inevitable.
No. Profitix does not offer a risk-free demo account for practice.
Yes. Profitix’s trading platform is available for both Android and iOS.
We couldn’t check Profitix’s proprietary platform because the broker didn’t include a demo account.
Absolutely not. Profitix has been blacklisted by multiple Tier 1 regulators. Do not invest! Withdrawal issues are inevitable.
No. Profitix does not offer a risk-free demo account for practice.
Yes. Profitix’s trading platform is available for both Android and iOS.
We couldn’t check Profitix’s proprietary platform because the broker didn’t include a demo account.
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