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Profitix is a relatively new broker, which was founded in 2019. This broker offers a variety of investment opportunities, including Forex, commodities, cryptocurrency, stocks, and CFDs. However, it should be noted that this broker which is located in St. Vincent and the Grenadines is not regulated.
It is always risky to invest money with an unregulated broker. There is no information about regulation on Profitix’s website, so, therefore, they can’t be said to be misleading visitors about this, but at the same time, Profitix’s lack of licenses should be a red flag.
It should be noted that there are some positive reviews about Profitix, but reviews should be taken with a grain of salt, because some may be fake. There are also negative reviews. However on balance, it seems Profitx’s biggest issue is its lack of regulation, but this drawback is a glaring one.
The broker offers a variety of investment assets on MetaTrader 5 and WebTrader platforms. It offers four different types of account including:
Profitix claims that it uses technology to keep accounts secure, including SSL technology. On the website, it does not provide details about commissions and fees. It also has a variety of educational tools including instructional videos about trading. In addition, Profitix provides live support and has a social media presence on Facebook, Instagram, and Reddit.
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There are many positive reviews about Profitix on forex-ratings.com with a few warnings. As said above, one should be skeptical about overly positive reviews, because some unscrupulous companies can pay people to create phony reviews. However, that is not to say that many of these Protifix reviews are not genuine.
The most enthusiastic reviews were those from new traders. When reading broker reviews, be concerned if the positive reviews are mainly from new clients. Statements such as “I have only been trading for a few months and already I have made money.” Some brokers will allow clients to make money early on, only to make withdrawal difficult.
The most reliable reviews are from people who have been trading with a broker for a long time. However, it should be kept in mind that Profitix has only been around since 2019.
On Forex-ratings.com, for instance, these two comments were back to back:
“I have just joined this broker company last month. As early as one month I can see good things, trades are profitable and services are good.”
But was followed by this review:
“All those saying they received on time, stop lying. I’ve been waiting for my withdraw for over 21 days now.”
However, the vast majority of the reviews for Profitix were positive. One good sign that reflects well on Profitix’s customer service was that the company responded promptly to the negative reviews as in the following example:
Stay awas (sic) from this broker! They did not withdraw my money althought I told them many times to do it. They are not legal and will try to lie to you so you can give your money till the last cent. –George
Good day George. Please reply with your account ID so we can check the status of your withdrawal. –ProfitiX
It is a good sign when a broker service responds quickly and publicly to negative reviews. Scam brokers usually limit the ways customers can interact with them and avoid negative reviews. The fact that Profitix shows it is open to criticism and communicates with dissatisfied customers helps validate the positive reviews they received.
Most clients seem pleased with Profitix, which offers a variety of investment options, mobile trading, encryption for accounts, and 24/7 customer service. The balance of the reviews are positive and negative reviews receive attention from Profitix customer service.
However, the fact that Profitix is an unregulated broker should be a reason to hesitate to sign up for their services. They seem to have decent practices, but if something should go wrong, there is little recourse for their clients. However, services such as Trader Defence Advisory can help you recover your funds from brokers who swindle clients
Profitix may provide genuine services, but is unregulated and should be viewed with caution. It is important to be aware of the signs of an unscrupulous broker. Some unethical activities include:
If Profitix or another broker has engaged in any of the practices above and has taken your money, there are ways you can recover your funds. Trader Defence Advisory has a team of professionals well-versed in the financial industry, regulations, and legal procedures.
Book a free consultation to find out whether a broker is legitimate or to get your money back from a scam broker.