ProfitTrade24 Review by professional crypto currency trading experts the “ForexSQ” FX trading team, Everything you need to know about the broker is in this ProfitTrade24 Review.
ProfitTrade24 offers five types of trading accounts, but does not provide full details on the trading conditions, such as spreads, which are usually quite important. We opened a demo account to check out the spreads and they appear quite attractive and low, but it must be kept in mind that often the reality of a live trading account is different.
ProfitTrade24 offers a PAMM investment management account, but does not provide many details.
The initial deposit for the Micro account is relatively acceptable – $100, but there are major regulated forex brokers who require much less. IG, for example, has no minimum deposit requirement or others, like XM and FXTM require just $5.
As for the trading instruments, ProfitTrade24 claims to offer 60 currency pairs and CFDs.
The company says its head office is in Switzerland and has an office in Saint Petersburg, Russia. However, the Swiss regulator FINMA has issued a warning that Profittrade24 is not licensed by it, as required by law.
On its site the broker claims to be “one of the leaders of online trade in the CIS. Since 2007, it has been serving retail and institutional clients from more than 10 countries in Europe, Asia, the Middle East. It says it one of the most advanced and simple trading platforms, where over 200 instruments are traded in the foreign exchange market, the wholesale metals market, the stock and futures markets.”
The broker also claims it is “authorized and regulated by the Financial Regulation Authority (FCA). FCA is the leading independent non-governmental organization with legal powers under the UK Financial Services and Markets Act 2000.” First off, “FCA” stands for “Financial Conduct Authority”. Secondly, our check revealed that ProfitTrade24 is most definitely not in FCA’s Financial Services Register.
The broker also claims to be authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), and to have “an international license from CySEC, which authorizes the provision of investment and other related services.” But, not surprisingly, this is another false claim. ProfitTrade24 is not present in CySEC’s registers – neither as a Cypriot investment firm, nor as an investment firm from member sates.
In another section of the site the broker also claims to be regulated by the US CFTC as an exchange and further down it becomes clear that it is supposed to be a binary options exchange. This, however, is also a false claim. There are only two US-regulated binary options exchanges – Nadex and Kantor.
ProfitTrade24 claims to offer “one of the most advanced and simple trading platforms”. Simple it is. And is not MetaTrader 4 or 5. The platform has some charting and analysis tools, four types of instruments: forex, CFDs, metals and indices and this is pretty much it.
It seems that there is no downloadable version of the platform, nor mobile applications, but only a web version.
Methods of payment
ProfitTrade24 accepts payments through Visa and MasterCard credit cards and the online payment platforms WebMoney, Yandex Money and Qiwi. There is no option to send money through a bank transfer or PayPal, for example.
ProfitTrade24 is quite a dubious forex broker and we have very strong suspicions that it is a scam. It obviously makes a number of claims about regulations from various watchdogs, but neither of them is true and this is a good enough reason to doubt the integrity of the company.
Apparently ProfitTrade24 targets mostly Russian-speaking clients because some sections of the English version of the site are in Russian, but there are several Russia-regulated forex brokers and clients would not need to deal with shady companies like this one.
Besides, the trading conditions offered by ProfitTrade24 are not very impressive (at least those we could find) and the trading platform is nothing special.
Our advice is to avoid dealing with this broker. It is best to choose a properly regulated broker, like the ones overseen by UK’s FCA, for example.
ProfitTrade24 Review Conclusion
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