ProfitSystemFX – Can You Trust Them?

Website URL: https://profitsystemfx.com

Founded: N/A

Regulations: Not Licensed

Languages: English

Deposit Methods: Crypto Coins

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Currency Pairs, CFDs on Futures, Indices, Global Stocks, Energy Commodities, Precious Metals

Trading Accounts and Conditions

Here is the list of trading accounts offered by ProfitSystemFX:

• Lord Trading Account: The minimum amount you are required to deposit to use this account is $250. The maximum leverage offered for this account is 1:800, and the spreads stand at 1.1 pips.
• Knight Trading Account: The minimum amount you need to deposit is $3,000. You get a maximum leverage ratio of 1:400, and the spreads are at 0 pips, plus $10 per lot.
• Gold Account: The minimum amount you are required to put in to trade on this account is $5,000. The spreads and leverage ratios are not given for this account type.
• Platinum Account: The minimum deposit you need to make for this account type is $10,000. Once again, the spreads and leverages are not mentioned on the broker’s website.

ProfitSystemFX – Advantages

There are no advantages to trading with ProfitSystemsFX, so this section of our review is blank.

ProfitSystemFX – Disadvantages

Here are the many disadvantages because of which we would strongly advise all traders to avoid doing business with this broker:

• Anonymous, Unregulated Clone Website

ProfitSystemFX claims that it is regulated by the CySEC (Cyprus Securities and Exchange Commission) as well as the FSC (Financial Services Commission) in Belize.

When we checked the online registers of both these financial regulators, we found that there is no brokerage or company by this name listed, which means that this broker has told a bare-faced lie about their regulatory status.

Furthermore, the license number provided by the broker on its website, 030/40, belongs to a company by the name of Windsor Brokers Ltd. This company has no connection whatsoever with ProfitSystemFX. The official domain name for Windsor Brokers is www.windsorbrokers.eu, while the domain name for this broker is www.profitsystemfx.com. The two brokers are completely unrelated.

Thus, ProfitSystemFX is a clone website, which means that it has stolen the valid corporate information of a legitimately regulated broker and presented it as its own. And this makes this broker a scammer.

And finally, the broker has chosen to remain completely anonymous. They claim to be owned by a company by the name of PROFITSYSTEMFX LTD, but the broker has not provided any information about where this company was incorporated. The only piece of information we have is a PO box address in London, UK.

To operate out of the UK, all brokers need to be regulated by the FCA (Financial Conduct Authority), but, once again, there is no broker or company by the name of ProfitSystemFX listed on the FCA’s online register.

All in all, this broker is a blatant scammer, a clone website that is anonymous and unregulated.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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.

 

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

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.

• Extremely High Leverage

ProfitSystemFX offers their clients a maximum leverage of 1:800, which is extremely high. Had this broker been regulated, then a leverage such as this would have been a huge benefit, since it would allow trades to adopt a much wider range of trading strategies.

However, with a scam broker such as ProfitSystemFX, such a high leverage ratio is just another tactic to lure unwary traders into investing their money with them.

• False Claims About Trading Platforms Offered

ProfitSystemFX claims that they offer you four different types of trading platforms, one of which is the world-renowned MetaTrader 4 interface. The MT4 trading platform is the best in the world because not only is it easy to use for traders of all skill levels, but it also offers great added features to help with trading. So, when you use the MT4 platform, you get charting tools, market analytics options, and even automatic trading tools.

We decided to verify whether this broker did, in fact, offer the MT4 platform. It did. In a way. We realized that the MT4 platform that this broker was actually being provided by a third-party company by the name of Trading Technologies Ltd, about which we do not have any information.

• Lies About Payment Options

ProfitSystemFX continues their trend of lying! The broker has logos of multiple payment providers on their website – credit cards, bank wires, e-wallets and cryptocurrencies. However, when we checked, we found out that the only way this broker was willing to accept payments was via cryptocurrencies.

Scammers usually only accept crypto-payments because of the advantages they get from these types of transactions. Cryptocurrency transactions are virtually anonymous and they are irreversible. So, if you make a payment to this broker, you won’t know who got your money, and if you find out that you have been scammed, there is no way you will ever be able to get your money back!

• Unfair Withdrawal Conditions for Bonus Promotions

Another black mark against this broker is that they offer bonus promotions with very unfair conditions attached to them. If you have been unfortunate enough to take advantage of the seemingly attractive bonus promotions offered by ProfitSystemFX, then you will find that it will be almost impossible to withdraw your funds.

This broker requires you to meet a certain trading volume target before you will be allowed to withdraw your money. If you don’t meet that target – which is absurdly high and more or less impossible to achieve – then the broker reserve the right to cancel your withdrawal request.

Conclusion 

For the very outset, ProfitSystemFX has lied. They have lied about their regulatory status. They have lied about the kinds of trading platforms they offer. They have lied about their payment methods. And they have stolen corporate information from a legitimate broker. This broker is a scammer and everyone would do well to avoid dealing with ProfitSystemFX.

ProfitSystemFX

2.6

User Experience

3.2/10

Payment Options

2.8/10

Security

2.5/10

Support

2.4/10

Reputation

2.3/10

Pros

• None

Cons

• Anonymous, Unregulated Clone Website
• Extremely High Leverage
• False Claims About Trading Platforms Offered
• Lies About Payment Options
• Unfair Withdrawal Conditions for Bonus Promotions