It is imperative that you read our MyProfitLive Review. This broker was really suspicious so we decided to analyze what’s on the table.
But when we tried to open MyProfitLive’s website, we got blocked! Shocker… Nevertheless, we managed to find information from other MyProfitLive reviews and put together a concise analysis. Please read our text before you decide to invest in this dubious trading scheme.
By the way, FINMA is a Tier 1 financial market regulator, so there is no room for shady brokers in Switzerland. We checked FINMA’s database in search of this mysterious company and found nothing.
MyProfitLive’s regulation is fake, i.e. this brokerage is unlicensed to provide trading services. It’s evident that MyProfitLive is not compliant with ESMA’s trading regime rules. For instance, the leverage this broker offers can go up to 1:400 whereas ESMA’s limit is 1:30 for retail clients.
What do traders think about MyProfitLive? Well, there are numerous complaints against the broker. This comes as no surprise given MyProfitLive’s illicit status.
All of the elements of a trading scam are there – withdrawal issues, illegal up-front fees, poor communication, breach of agreement, fake reviews of forums, etc. Please heed these warnings from traders:
Once they have your info they will scam call you from hundreds of numbers, and will refuse to take your name off their call list… Their phone number on their web site is fake and they filter out negative comments on this review site….
This is the most unprofessional business I have dealt with and have little to no actual knowledge of what they are doing. I have tried to withdraw multiple times, but each time they require me to deposit a whole bunch more money before I can withdraw… Then they claim that we will go to court if they release the money to us because we didn’t pay tax on it. Do they even know how taxes work in Canada?
We’ve covered some complaints but now it’s time to see where MyProfitLive was active, i.e. in which countries. Here’s the list:
Do not forget the warnings from the unfortunate traders that got scammed by MyProfitLive. This broker has no trading license and is not authorized to operate in any of these countries.
The trader reviews we posted pretty much summarize how the scam works. MyProfitLive uses sweet talk to get traders to deposit funds. Once that’s done, the financial swindler “seizes” these funds and ceases communication.
In case the trader is persistent in requesting a withdrawal, MyProfitLive either rejects the request or demands that the trader pay a withdrawal fee upfront, which is illegal.
A broker may charge a withdrawal fee but not request one in advance before performing a withdrawal.
According to our sources, MyProfitLive allegedly offers the renowned MetaTrader 4 and MetaTrader 5 software. These platforms are available for desktop and mobile (Android & iOS systems).
Since the website was unavailable, we weren’t able to verify whether MyProfitLive actually offers these amazing platforms. Even if these platforms are legit, they cannot compensate for the fact that MyProfitLive is unregulated.
Without a demo account, you would have to invest real money to check out the platform and conditions. Do not trust brokers that omit a demo account!
Judging by the complaints we found, withdrawal issues are inevitable with MyProfitLive. We’re not sure about MyProfitLive’s withdrawal policy, fees or payment methods but negative client experiences are enough for us.
To reiterate, MyProfitLive demands that clients pay a withdrawal fee upfront, which is an illegal thing to ask for.
If you have evidence that MyProfitLive violated any terms and conditions, please notify our team about it. You can also write a complaint on the forums to warn fellow traders about this scam.
There are numerous fake reviews so watch out! As for your lost money, Global Fraud Protection can help you get your money back. Book a free consultation with our team to discuss which method is best for getting a refund.
If this broker steals your money, you can contact us for help!
No. MyProfitLive is a fake Swiss broker, i.e. not registered with FINMA. Many traders have been scammed by this fraudster.
We are not sure about it because MyProfitLive blocked us from accessing the website.
No. MyProfitLive does not offer a risk-free demo account for practice.
No. MyProfitLive is a fake Swiss broker, i.e. not registered with FINMA. Many traders have been scammed by this fraudster.
We are not sure about it because MyProfitLive blocked us from accessing the website.
No. MyProfitLive does not offer a risk-free demo account for practice.
The post The MyProfitLive Review Can Save You From Getting Scammed appeared first on Global Fraud Protection.
