In this review we have a closer look at the broker ProfitX which offers trading with several different instruments and a lot of assets.
The offer of ProfitX is pretty standard for the industry, you can trade currencies (more than 100 pairs, indices (30+), stocks and cryptocurrencies. All is done through contracts for difference (CFDs), so you are not entering into possession of any of the assets you trade with this broker.
The minimum deposit with ProfitX is $250 and you will be able to trade with a leverage of 1:400. Deposits methods include credit and debits cards, Skrill, Neteller, Western Union and MoneyGram. The platform you will be trading on is Metatrader 5.
Stay away from ProfitX
There is one big reason why you should stay away from ProfitX, it is not regulated. ProfitX is headquartered in Saint Vincent and the Grenadines and doesn’t have any licence that would allow it to offer investment or any financial services.
This means that ProfitX cannot legally offer its services not only in the USA, but in the majority of other countries as well. Especially regulations in Canada, the EU, Australia, New Zealand and Japan are very strict in this regard, unregulated brokers cannot target their residents at all.
There is one important aspect to this, with unregulated broker deposits aren’t insured, which means that if the broker goes bankrupt or just runs away, you won’t get your money back. Unlike with regulated brokers.
Also, if you have any dispute with the broker, there is no third party (a regulator) that could help you. We have seen tons of people with problems with unregulated brokers and a lot of these brokers just disappear with clients’ money after a while.
ProfitX is a broker that is not regulated, it cannot serve customers in most countries, deposits are not insured, stay away from it.
For trading you should always use regulated brokers only.