Profit4Life – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Profit4Life - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://profit4life.net
Founded: 2021
Regulations: Not Regulated
Languages: English
Deposit Methods: BTC Wallet
Minimum Deposit: $200
Free Demo Account: N/A
Number of Assets: 1000+
Types of Assets: Digital Currencies, Forex, Stocks, Oil, Gold, CFDs
Trading Accounts and Conditions
Profit4Life offers their clients the following investment options:
- Starter: The deposit range is from $200 to $999. The minimum return you are guaranteed is $1,400 and the maximum return you are promised is $6,993. You get ot invest in 28 currency pairs.
- Basic: The deposit range is from $1,000 to $4,999. The minimum return promised is $7,000 and the maximum return is $34,993. You get to invest in 50 currency pairs, and scalping and HFT are allowed.
- Advance: The deposit range is from $5,000 to $9,999. The minimum return promised is $35,000 and the maximum return promised is $69,993. You get to invest in 50 currency pairs, 25+ cryptocurrency CFDs, plus CFDs on shares, indices, spot metals and commodities.
- Pro: The deposit range is from $10,000 to $49,999. The minimum return promised is $70,000 and the maximum return is $349,993.
The broker promises that for each of these investment plans, your ROI is 100% in a period of 7 days.
There is no mention of trading conditions such as leverage ratios, commissions, and so on. However, on their home page, the broker mentions that spreads start at 0.0 pips.
Profit4Life – Advantages
There are no advantages that we could find about Profit4Life. This is a scam.
Profit4Life – Disadvantages
Listed below are all the red flags that have clearly shown us that Profit4Life is a scam operation:
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Lies About Regulation Status
The first big red flag that we are dealing with a scammer in Profit4Life is the fact that this broker has lied brazenly about their regulation status.
On the footer of their homepage, the broker states that Profit4Life Markets Limited (which we assume is their parent company) is incorporated in Nevis (with the company number: C 42235). Nevis is a tiny little Caribbean Island, a part of the country called St. Kitts and Nevis, making this broker an offshore entity.
In the same line, the broker also claims to be a part of the The Financial Commission. This is a Hong Kong-based EDR (External Dispute Resolution) organization – not a regulator.
And then, the broker provides an address in Baton Rouge in the United States.
The broker also has a certificate from the BlockChain Council shown on their home page, stating that they are Bitcoin Experts. This is not a license, so we do not know why the broker has added this on their homepage.
And finally, the broker presents another certificate, this time of incorporation, from the Companies House in the UK.
None of the documents presented on their website qualifies as a license to operate as a forex broker. There is also no regulation, registration or license number provided from any regulator.
The jurisdiction of Nevis does not have any regulatory framework in place to oversee forex and crypto brokers. Being registered with Companies House does not mean the broker is regulated in the UK; forex brokers are regulated by the FCA, the Financial Conduct Authority. We checked the Companies House online register and found that no company by the name of Profit4Life is registered with this authority. We also checked the FCA’s online register and go the same results. This broker has lied about being registered in the UK.
As for the US address, the only way that a broker can operate in the country is if they are regulated by the CFTC (Commodity Futures Trading Commission) and are members of the NFA (National Futures Association). This broker is associated with neither of the two regulatory bodies.
With all of our research, we have found out that we are dealing with an offshore and unregulated broker that has lied about everything related to their regulation status – a scam.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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No Trading Software
More lies follow when this broker advertises the MetaTrader 4, MetaTrader 5 and TickTrader. However, when we checked their client area, all we found were some sloppy third-party charts – but no trading software. And considering the fact that the trading platform is a broker’s main offering, it is a sure indication of Profit4Life’s scam.
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Promises of Massive Returns
Profit4Life promises massive returns on your investments. This is a complete lie that targets novice investors and traders who don’t know how the forex market actually works.
The forex market is so volatile that there is no broker that can guarantee traders returns on their investments. In fact, regulated brokers are required by government authorities to publish how much trading on their platforms has resulted in losses.
Thus, these big promises are just another indication of the scam this broker is operating.
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No Trading Accounts and Conditions
Profit4Life does not offer any trading accounts. Instead, they offer their clients investment plans. Plans that offer massive returns on traders’ investments (we have already exposed that lie!).
Furthermore, there are no trading conditions, but that should not be surprising, considering that this broker does not even have a trading platform at all. We would also like to point out that while this broker states that their minimum deposit requirement is $200, we were able to see a $1 option in their payments section. Such inconsistencies are typical of a scam operation.
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Single Payment Option
The only way to make payments is via a Bitcoin wallet. There is no other way that you can carry out transactions with this broker. This is typical of scammers. Bitcoin (in fact, all cryptocurrency) payments are untraceable and irreversible. Which means that once your money is gone, there is no way to get it back.
Conclusion
Profit4Life is a scam and should be avoided by all traders.
Profit4Life
Pros
- None
Cons
- Lies About Regulation Status
- No Trading Software
- Promises of Massive Returns
- No Trading Accounts and Conditions
- Single Payment Option
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.