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Profitablegaintrade does not make any effort to avail of a trading platform because the company knows it will swindle your money the instant you deposit it.
Profitablegaintrade is an online forex broker claiming to be a genuine platform. Forex trading is a form of digital investment whose growth has been tremendous. This trade offers many investors the opportunity to make virtual exchanges that can be profitable. Oversight bodies such as FCA, CySEC, and ASIC regulate these markets to cushion investors from fraud and manipulation. Nonetheless, some brokers cut corners, pose as trustworthy, and steal money from naïve investors.
It is worth mentioning that most of these brokers use deceitful ways to make you believe that they are your ultimate investment option. They do this by giving unimaginably good incentives, such as bonuses and commissions to sweet-talk you into their evil schemes. Although it may sometimes be hard to tell apart scam brokers from legit ones, the writing is always on the wall in most cases. Thus, it would be best to look for inconsistencies in issues, such as location, regulation, and conditions.
The broker supposedly adheres to international standards of finance and regulation, such as Europe’s MiFID regulation. Besides claiming operational experience since 2012, the broker also brags about several accolades to its name, such as the Best Trading Conditions award. Profitablegaintrade has these statistics to give you the impression of a successful broker when it is not remotely close to that. This review exposes several issues that do not add up, proving that this is a typical scammer disguising itself as authentic.
According to Profitablegaintrade, traders can access commodities, indices, and CFDs, among other trade instruments. In addition, the broker states that it provides various promotions and tools, such as videos and eBooks, to facilitate trading.
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Also, the broker allegedly allows free account swapping, deposit cancellation, and leverage modification. Likewise, the broker claims to use encryption to ensure that your data, funds, and transactions are secure. However, do not let the “we minimize the costs to maximize your profits” line fool you that the broker cares about you- it does not.
Ensure you choose a legitimate crypto company. There are transparent and reliable brokers in the market. They offer the best trading conditions. Investors can utilize the learning materials to improve their skills.
It is not clear who owns or operates this company. Profitablegaintrade gives its address as 18 King St E, Toronto, ON M5C, 1C4 Canada, where it allegedly operates under license number 19776 IBC 2011. The broker does not provide its telephone contact or email address. This makes it hard to access instant feedback. Customer service is very crucial due to obvious correspondence needs. Investors should tread carefully on this dubious broker that only wants to communicate with you on its weird terms. Avoid brokers like Profitablegaintrade, who do not seem to take this seriously and instead use chatbots.
Profitablegaintrade claims that its inception was in 2011. However, the whois records reveal that the company is just 69 days old. It is prudent to avoid brokers who are relatively new in the market as they don’t have an established track record of operation. Again, if the inception was in 2011, why did the broker wait ten years to register its domain? Mostly, brokers hesitate to register due to non-compliance.
A closer look also reveals that the broker’s domain expires on July 2023. A one-year domain is not an impressive tenure as it signifies a broker who is not keen on being in the market for long. Of course, these are red flags that you should not ignore.
Profitablegaintrade Investment Plan
Profitablegaintrade has seven investment plans. The minimum funding threshold for its basic Bronze plan is $500. At the same time, the top tier plan-Diamond, has a minimum deposit requirement of $5000.
Interestingly, the broker states that depositing $500 earns an investor $4750, while a $750 deposit will earn you $9550, and so on. However, it remains unclear how you make this money since forex trading does not work that way.
Also, notice the high trading volume requirement, even for a beginner. Such high deposit conditions are typical of scammers keen on getting as much as possible from you. With as little as 10 dollars, you can open an account with a legit broker. So ditch Profitablegaintrade and explore better and genuine brokers with reasonable trading volume requirements.
Profitablegaintrade provides a spread of 1.7 pips. Although this spread is moderately tight, most legit brokers offer spreads below 1. We recommend that you consider them instead.
Notably, the broker omits a crucial detail for any investor- leverage. Leverage determines your exposure level and the profit amount you can gain. We consider this omission a critical alert of the broker’s dishonesty. When investing, always consider the leverage levels and ensure they are within the 1:30 capping range that regulators impose. Otherwise, this broker does not deserve your attention because it is up to no good.
Another hard-to-miss sign that the broker is fraudulent is the high bonuses it offers. The broker awards a 100 percent bonus for every deposit an investor makes. In case you are wondering, the too-good-to-be-true deal is a ploy to manipulate you to deposit lots of money. This is glaring evidence that the broker is not under any regulation. Forex regulators explicitly forbid awarding bonuses as they are a means to extort you. Usually, such a broker will require you to attain a specific number of traders to access the so-called bonus.
Investors should always avoid engaging with brokers whose T&Cs are vague or missing. The terms and conditions of this broker are inaccessible. Therefore, save yourself the trouble of blindly dealing with a cheating broker.
Profitablegaintrade Trading Software
Profitablegaintrade allegedly offers multiple trading platforms, including the web trader and MT4/MT5 software. The industry standards recommend MT5 or MT4 trading software, as these platforms offer many functionalities that optimize your trading experience.
Upon trying to access the platform, we find a trading chart from Tradewiew, a third-party platform provider. This means you cannot trade even if you deposit your money. Profitablegaintrade does not make any effort to avail of a trading platform because the company knows it will swindle your money the instant you deposit it.
The company is supposedly under European Union standards and regulations. However, you realize that this body has no obligation to regulate brokers in the forex market. Instead, specific bodies, such as FCA, do that. Since Profitablegaintrade claims to be in Canada, we checked with the Canadian securities administrators (CSA), the country’s regulatory body, and did not find matching credentials. This proves that the broker neither has an operating license nor falls under any oversight body.
Always remember that unregulated brokers expose you to high risks because you are not eligible for legal protection by the regulators. Also, we highly suspect that the broker is vague on its jurisdictional area because it is offshore. Offshore brokers, regulated or not, are not ideal because they have a legal enforcement limit. When you notice a broker is offshore, the best thing to do is to cease further engagement.
While the review may not exhaust all the falsifications, it proves that Profitablegaintrade is not genuine. Also, this review calls for you to reexamine the signs you look out for or the bare minimum standards you should hold your brokers to. If a broker does not meet those standards, you have no further need for them.
So before investing, consider the issues we raise herein and weigh your options. Whatever you decide, remember that your investment is only safe with a legit broker. These are some of the best crypto companies. They have licenses and work with professional traders.