General Information
Profit FX, a trading name of Profit FX markets Limited is allegedly an STP/ECN broker founded in 2018 and based in the UK that provides its clients with the industry-standard MeatTrader5 trading platform, leverage up to 1:200, variable spreads on over 70 tradable financial instruments, as well as a choice of six different live account types and 24/7 customer support service. Profit FX aims to deliver a superior trading experience to its clients through advanced trading platforms, with the widely-used MetaTrader 5 (MT5) platform being the primary option. The broker offers multiple account types, namely STARTER, PRO, and PRIME, catering to traders with different levels of experience and capital. In addition, the broker also provides demo account. It provides competitive spreads, commission-free trading, and leverage of up to 1:200. However, it's important to note that Profit FX is an unlicensed broker, which may pose risks and concerns regarding the safety and security of funds. Traders should carefully consider these factors and conduct thorough research before engaging in trading activities with Profit FX.
Is Profit FX Legit？
Profit FX is an unlicensed broker, and it is risky trading with it. Caution is advised when considering trading with Profit FX, as this broker operates without a license. Trading with an unlicensed broker carries inherent risks and raises concerns regarding the safety and security of funds. Regulatory authorities play a crucial role in overseeing and regulating the operations of brokers, ensuring compliance with industry standards and protecting the interests of traders.
Choosing to trade with an unlicensed broker such as Profit FX means there is a lack of regulatory oversight and accountability. This absence of oversight can result in potential issues such as inadequate client fund protection, unfair trading practices, and limited avenues for dispute resolution. In the event of any disputes or financial issues, traders may face challenges in seeking recourse or recovering their funds.
Pros and Cons
Profit FX is a trading provider that offers both advantages and disadvantages for traders to consider. It is important to evaluate these factors based on individual preferences and requirements. Here is the detailed table showing the pros and cons of Profit FX:
Market Instruments
Profit FX advertises that it offers more than 70 trading instruments across six asset classes in financial markets, including forex, metals, energies, indices, cryptocurrencies and commodities.
Here's a comparison table of the trading products offered by Profit FX and other brokers:
Account Types
Profit FX offers three different account types: STARTER, PRO, and PRIME.
The STARTER account requires a minimum deposit of $100 and operates in USD as the account currency. It has a spread of 2.5 pips for FX trading and no commission. The leverage available is up to 1:200, allowing traders to maximize their positions. This account type provides access to a range of trading instruments, including Forex, CFDs, and Commodities, and executes trades in a market execution type.
The PRO account requires a higher minimum deposit of $1000 and shares similar features with the STARTER account. However, it offers a lower spread of 1.5 pips for FX trading, maintaining a commission-free structure. Traders can also benefit from the leverage of up to 1:200 and access the same trading instruments as the STARTER account.
The PRIME account is designed for more experienced traders and requires a minimum deposit of $5,000. It offers the most favorable trading conditions among the three account types, with a spread of 1.0 pip for FX trading and no commission. Like the other accounts, it provides leverage of up to 1:200 and access to Forex, CFDs, and Commodities trading.
Overall, Profit FX caters to traders with different levels of experience and capital, offering competitive spreads, commission-free trading, and a variety of trading instruments across all account types.
How to Open an Account？
Visit the Profit FX website. Look for the “REGISTER” button on the homepage and click on it.
2. Select the entity, choose UK users or VANATU users
3. Sign up on websites registration page.
4. Receive your personal account login from an automated email
5. Log in
6. Proceed to deposit funds to your account
7. Download the platform and start trading
Leverage
The maximum leverage ratio provided by Profit FX is much higher than other most brokers, up to 1:200. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.
Spreads & Commissions
Spreads and commissions are significantly affected by what type of accounts traders are holding. Profit FX says that clients on the Starter account can experience spreads from 2.5 pips, the Pro account with spreads from 2 pips, the Prime with spreads from 1.5 pips, the Premium account with spreads from 1 pip, the Deluxe account with spreads from 0.7 pips, while the Super Deluxe account can enjoy the lowest spreads from 0 pips. As for commissions, the Starter, Pro or Prime account with zero commissions, while the left three account types are swap-free.
Non-Trading Fees
Profit FX offers a swap-free option, allowing traders to engage in Sharia-compliant trading without incurring overnight interest charges or credits. However, the specific details about other non-trading fees are not provided in the given information. Apart from swap fees, non-trading fees commonly charged by brokers may include withdrawal fees for transferring funds from trading accounts to external accounts, inactivity fees for dormant accounts, deposit fees for certain payment methods, account maintenance fees, or fees for additional services such as premium research or educational materials. Traders are advised to consult Profit FX's official documentation or contact their customer support for accurate and up-to-date information regarding the full range of non-trading fees associated with their services. Understanding these fees is important for traders to assess the overall cost structure and make informed decisions when trading with Profit FX.
Trading Platform Available
When it comes to trading platforms available,Profit FX gives traders the worlds most widely-used MetaTrader5 trading platform. MT5 provides advanced technical analysis tools, automated trading functions (EA) and mobile applications, as well as a user-friendly interface, allowing traders to view their orders, transactions, account details, and keep abreast of the latest market conditions.
Trading Tools
Trading Tools: Profit FX offers a range of trading tools to assist traders in making informed decisions and enhancing their risk management strategy. Two notable tools provided by Profit FX are the Economic Calendar and the Pip & Margin Calculators.
The Economic Calendar allows traders to stay updated on global events that may impact the market. By keeping track of market movements, latest developments, and news releases, traders can adjust their trading strategies accordingly. This tool serves as a guide, helping traders understand how these events can influence the market and enabling them to make well-informed decisions.
The Pip Calculator is designed to enhance risk management by accurately tracking the risk per trade. Traders can calculate the pip value in the base currency by selecting the traded currency pair, account type, account's base currency, and trade size.
Additionally, Profit FX offers a Margin Calculator to determine the margin required for opening and holding positions. By selecting the account's base currency, account type, traded currency pair, leverage, and trade size, traders can easily calculate the exact margin needed to initiate a trade.
Educational Resources
Profit FX's official website offers limited educational resources. Traders seeking in-depth educational materials or advanced trading techniques and strategies may need to explore alternative sources for more extensive education and training.
Deposit & Withdrawal
Profit FX accepts deposits and withdrawals with popular payment methods such as Neteller and Skrill, credit/debit cards like MasterCard and Visa and Bank Transfer. The minimum deposit and withdrawal amounts are both $100. MasterCard and Visa deposits will be charged a commission of 6% while other deposits with no fees; Bank Transfer withdrawals will be charged bank fees while other withdrawals with no fees. As for the processing time of deposit and withdrawal requests, deposits or withdrawals via Bank Transfer usually takes 3-5 working days, while other deposits are instant and other withdrawals require 1-2 working days.
Customer Support
Profit FX values effective communication with its traders and provides various contact methods for customer support. Traders can reach out to Profit FX using the following contact details:
Address: 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, United Kingdom
Email: Support@Profitfxmarkets.com
Phone: +44 7949 540697
Online Chat: Profit FX offers an online chat feature on their website, allowing traders to engage in real-time conversations with their customer support representatives.
By offering multiple contact channels, including email, phone, and online chat, Profit FX ensures that traders can easily reach their customer support team to address their trading inquiries, concerns, or feedback.
Conclusion:
Profit FX is an online forex broker that provides traders with a range of financial instruments and trading platforms. While the broker offers advantages such as a diverse range of products and advanced platforms, traders should be mindful of potential drawbacks, including higher trading fees and leverage. It is important for traders to conduct thorough research, compare options, and consider their individual trading preferences before making decisions regarding Profit FX.
FAQs
Q: Is Profit FX a licensed broker？
A: No, Profit FX is an unlicensed broker, which carries some level of risk.
Q: What are the account types offered by Profit FX？
A: Profit FX offers three account types: STARTER, PRO, and PRIME, catering to traders with different levels of experience and capital.
Q: What trading platforms are available on Profit FX？
A: Profit FX provides the MetaTrader 5 (MT5) trading platform, which is widely used and offers advanced technical analysis tools.
Q: What deposit methods are accepted by Profit FX？
A: Profit FX accepts deposits through Neteller, Skrill, MasterCard, Visa, and Bank Transfer.
Q: How can I contact Profit FX's customer support？
A: Traders can contact Profit FX's customer support through the following methods: by sending an email to Support@Profitfxmarkets.com, calling +44 7949 540697, using the online chat feature on their website, or filling out the contact form on their website.
2023-07-06 16:14
