ProfitLevel Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this ProfitLevel Review.
ProfitLevel Review
ProfitLevel offers a single account for trading in wide variety of instruments with variable spreads, micro tradeable lots option and leverage up to 1:200.
ProfitLevel Advanatges:
– Regulated in Cyprus
The solid regulation is the most obvious strong side of ProfitLevel. To date, Cyprus is one of the most popular centers for forex brokers not only in Europe, but globally. First, it is because of its well-balanced financial regulation. Second, Cyprus us a EU Member State.
– MT4 supported
ProfitLevel offers its services on the good old Metatrader 4 platform. Although it was launched more than 10 years ago, the MT4 continues to be the industry’s leader. This is due to its ease of use, reliability, great charting package, the automated strategies (Expert Advisors), and the MQL market place.
However, when we tried out ProfitLevel’s demo MT4, we saw it is provided by another broker – TopForex. You can find the details below, in the “Disadvantages” section.
– Rich product portfolio
ProfitLevel offers trading in around 60 currency pairs, as well as various CFDs – on precious metals and commodities, indices, shares, as well as Bitcoin.
– Reasonable leverage levels
The maximum leverage provided by ProfitLevel is 1:200, which is average in the forex sector. In line with CySEC rulses, the maximum leverage levels are only available to traders who have passed the appropriateness test. If you need higher leverage, check out the link below, but be careful as this means greater risk of losses.
ProfitLevel disadvantages:
– High spreads
Spreads offered by ProfitLevel are two times higher than what most brokers are currently offering. Its average spreads are around 3.2 pips on EUR/USD.
By comparison, Windsor Brokers, another CySEC-regulated broker, offers spreads which typically amount to 0.4 pips on this pair, and there is commission of $4 per standard lot. This means that the cost of trading at Windsor Brokers is around 1.2 pips on EUR. USD. For further information and comparison.
– MT4 provided by another company
As we have mentioned above, the platform that ProfitLevel offers for download on its website seems to be provided by another broker. We are quite confused about that, as next to ProfitLevel’s logo in the top left corner appears the name of TopForex, another Cypriot broker. When we checked MT4’s mailbox, where usually appears the name of the company that operates the forex brand, we saw the name of Goldenburg group, as well as those of OX Capital Markets Ltd., the company that owns ProfitLevel. Maybe OX Capital Markets has become a part of the Goldenburg group, although that has not been officially announced.
ProfitLevel is a Cypriot forex brokerage that offers more than 60 currency pairs and wide range of CFDs on the MT4 platform. While we like its rich portfolio and solid regulation, ProfitLevel’s spreads are way higher than what we are used to seeing with other brokers.
ProfitLevel is a brand of OX Capital Markets Ltd., which also operates OX Markets – a forex and binary options broker. However, its MT4 platform seems to be provided by another broker, TopForex, and we are not sure what exactly is the relation between the two companies, OX Capital Markets Ltd., and Goldenburg group.
Nonetheless, they are both holding licenses from CySEC and therefore considered relatively reliable. Forex brokers regulated on this sunny island are required to hold at least €730,000 as a proof of financial stability, to keep client funds in segregated accounts, report transactions on a regular basis, among other things. In return, they may operate in all countries that are members tstaes of the EU or the EEA. Besides, CySEC-regulated brokers are members of the Investor Compensation Fund, which protects clients’ funds in case of company insolvency up to £20,000 per person.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
ProfitLevel Review Conclusion
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