FXTradeProfit is shown as a UK based forex and binary options broker with offices in canada and california, which offers to manage your funds with guaranteed daily return of between 25% and 100%.
FXTradeProfit is a Crypto scam which also claims to be taking part in bitcoin mining. This may sound extremely good, was it not for couple of disturbing details, starting with the recently made warning issued against FXTradeProfit by Financial Conduct Authority (FCA) in london. If you feel attracted by the FxTradeProfit offer, be sure to read the following lines.
Table of Contents
FXTradeProfit Trading Platforms
When we were done with our registration, to our amazement we were not offered a trading platform, but some unusual dashboard, where there was no option even to place a trade. You can check it out.
We do believe they are using a custom made platform which has not passed through any testing. The problem with such platforms is they tend to not act quickly in taking out trades. The platform does not have the needed security software to guard against the third party attacks.
What FXTradeProfit Claims to Offer
FXTradeProfit claims to manage accounts of their clients – that is why they are called investment plans an fixed rates of returns.
The problem here is that almost all brokers, legit one’s including, FXTradeProfit acts as a market maker, which basically means they make money whenever traders lose.
ACCOUNT TYPES
FXTradeProfit is giving four investment plans to members of their platform. The investment plans shown includes Starter, Premium, Delux and VIP.
These plans come with an attractive and interesting profit guarantee tag.There is no expert or trading robot in the world that can guarantee a fixed profit guarantee. The guarantee profit margin set 25, 50, 75, and 100 percent after 24,48 and 72 hours.
FXTradeProfit Withdrawal and Deposit Method
FXTradingProfit is equipping traders with a wide array or depositary channels. They include America Express, Bitcoin cash, Etherium, Mastercard, Visa, among others. The biggest challenge facing members of this platform is the fact no members has been able to withdraw. Their FAQ page claims withdrawal is less than 24 hours which is a lie.
Is It Licensed and Registered?
Disclaimers say the footer of their homepage does not give any license or registration details. The entire website does not have any license and registration document to prove regulatory compliance. This is another information that shows that we are dealing with a rogue Crypto trading platform.
The Financial Conduct Authority (FCA) has issued a warning regarding this platform. FXTradeProfit is NOT LICENSED or REGULATED to offer any trading services to members.
That said, be sure to keep away unregulated websites like FXTradeProfit and always double check any information a broker might give you, especially concerning its license status.
Conclusion:
FXTradeProfit is an excellent illustration of a scam website – they are not regulated, there is no legit company behind there operations, they do not offer a functional trading platform, but they do offer managed accounts, while acting as market makers.
The way to avoid unregulated scam websites like FXTradeProfit is to make sure you trade only with brokers licensed by well known official financial authorities like the FCA in the UK, the Cyprus Securities and Exchange Commission, or the Australian Securities and Investment Commision (ASIC).