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PROFITTRADE

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Operating status: SCAM

Website: https://profittrade.live/about

Broker violations and abnormal records
  • 2023-09-03 BrokersView has Reviewed that PROFITTRADE is an Unregulated Broker

    According to its website, PROFITTRADE claims to be regulated by the Australian Securities & Investment Commision (ASIC). However, there is no matching information was found in the ASIC.

    The truth is that PROFITTRADE is not regulated by any regulators. Letting it hold or control investors' money is unsafe, and the money can not be protected by any laws. 

    Therefore, PROFITTRADE is a scam.

    According to its website, PROFITTRADE claims to be regulated by the Australian Securities & Investment Commision (ASIC). However, there is no matching information was found in the ASIC.The truth is that PROFITTRADE is not regulated by any regulators. Letting it hold or control investors' money is unsafe, and the money can not be protected by any laws. Therefore, PROFITTRADE is a scam.

Related Complaints

Q&A

Should I trade on PROFITTRADE?

Apurva Kalaitzis
Lebanon
2023-10-10
ANSWER No, we strongly suggest you avoid dealing with PROFITTRADE. It is an unlicensed platform, posing significant risks of fraud and identity theft.The discrepancy between the claim about its history and the website's age raises a red flag: PROFITTRADE claims to have been around for over five years but its domain "profittrade.live" was first registered in October 2022.While PROFITTRADE mentions the Australian Securities and Investments Commission (ASIC) to pretend to be legitimate, there are no records in the database of ASIC matching the company. As for the UK address listed on its website, it is a shared address provided by Companies MadeSimple, a UK-based company that specializes in online company formation and registration, for their customers to use as a registered address. Therefore, PROFITTRADE lacks transparency, casting doubts on its credibility.As such, dealing with PROFITTRADE will lead to financial losses and identity theft. Without regulatory oversight, investors' funds are not protected. If the company absconds, there is no chance to reclaim money. Thus we strongly suggest traders choose a fully regulated broker instead.
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