Profit Pips Markets Review: Today, we take a look at ProfitPipsMarkets Forex broker. This review takes an in-depth look at the features the broker (profitpipsmarkets.com) allegedly offers. Not only that, this review also covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about ProfitPipsMarkets.
Table of Contents
ProfitPipsMarkets Trading Platform
This broker claims it offers the MT5 trading platform, all the while offering leverages capped at 1:500.
Do You Know You Could Get Back Your Money If You Have Been Scammed? Great News! Click HERE to Get Started
High leverages are a double-edged sword in the sense that a trader can make a huge profit if the trade falls in the right place, but that also means that the trader can also lose a huge sum if the reverse is the case. Regulatory bodies have put a cap on leverages for brokers. But unregulated brokers lack this Capped leverage. We do advise restraint if you ever come upon a broker with leverage exceeding 1:30, especially if you are new to the market.
ProfitPipsMarkets Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea how a broker might work.
After checking, we discovered that this broker has 3 account types.
ProfitPipsMarkets and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
Money, Bitcoin and Wire Transfers!.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume to be eligible for withdrawal. They do this to stop traders from making a withdrawal.
Is ProfitPipsMarkets Licensed?
Licensing is another important part because we can trust a regulated broker to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it regulates said brokerage.
This broker claims to be in Saint Vincent and the Grenadines. Saint Vincent and the Grenadines is a place that attracts shady brokers because of their lack of proper licensing laws and a regulatory body. The government of the SVG has stated in the past it does not regulate any form of forex trading.
No, this broker is not a licensed brokerage.
While SVG has no regulatory body, recently the government of Saint Vincent and the Grenadines has claimed that it is planning a complete reformation of the nation’s FX and CFD regulatory grounds. We don’t know when they will do this, but we are expecting SVG to pick up the slack and begin enforcing a set of rules to its broker’s firms, which for now are mostly SCAMMERS.
To get a better understanding of how brokers(both licensed and unlicensed) work, read our review on GrandeFX Trading,Cache Coin, AximTrade, MskFinance.
Trade with TOP RATED BROKERS Instead
Accounts
Free Trial
Projects
SSL
S
Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
TOP CHOICE BY TRADERS
Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:300
BEGINNER FRIENDLY
Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion
We usually don’t recommend any Saint Vincent and the Grenadines’ broker to our readers, and this broker isn’t any different.
This broker is not licensed, trading with them would likely result in you losing your money. There is a tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading option.
Hello Sir/Madam,
Above mentioned, I am Shashigoud, a citizen of India. I had invested in the forex broker named ProfitPips Market (www.profitpipsmarket.com) who claims that the “profitpipsmarkets is Brand name of Veis Market licensed and regulated by FSA(Financial Security Authority of St. Vincent and the Grenadines) under licence number 223977BC2007 as an International Business Company.”
I had invested $1359 (which is 1,00,000 Indian Rupees) for the purpose of Forex post the telephonic conversation with their associates. Initially they made some profits, but after a week, they started to initiate some bad trades which started to affect my equity. So, I asked them about this several times and they replied that it is alright and we will make the profits after a week, so I waited and after that they exited the trade with the loss of $184. So, I decided to contact them and the support team didn’t arrange a call back. So, when my account was running in negative of around – $590, I contacted them and requested them to not put any trades so that I can atleast withdraw remaining amount, but they never listened. Instead they exited the trades with the loss of around -$750.
I sent them a message through Telegram telling that I will have to file a law suit against them if they keep doing the same and if they don’t process my withdrawal request.
So, the Admin blocked me in Telegram platform and they didn’t respond to me, so I decided to contact them through their website, but I didn’t receive a call back and suddenly they started to initiate some bad trades eventhough they knew that my account had no huge equity to buy crypto currencies like Bitcoin and Ethereum, but they placed those trades and within 30 minutes, they Zeroed Out my account.
I kindly request you to help me to recover my initial deposit of $1359.
Kindly help me recover my money back. It is very needful to me at this moment.