Overview of MyProfitLive
MyProfitLive is an unregulated financial services company based in China. Within one year of operation, the main website is unavailable, which may raise concerns about its accessibility and reliability. The company offers various market instruments, including Foreign Exchange (FX) trading, Contracts for Difference (CFDs) on assets like commodities and indices, Exchange-Traded Funds (ETFs), and futures contracts on individual stocks.
MyProfitLive provides multiple account types, each with different leverage options and benefits. The maximum leverage offered is 1:400, and the spreads start from 0.0 pips. The minimum deposit required to open an account is $250, and users can use credit/debit cards, bank wire transfers, and e-wallets for deposit and withdrawal purposes.
The trading platforms offered by MyProfitLive include a proprietary platform based on MetaTrader, MetaTrader 4 (MT4), and MetaTrader 5 (MT5). These platforms provide essential functionalities and analysis tools. However, it's important to exercise caution due to the lack of regulatory oversight and conduct thorough research before engaging with the company.
Pros and Cons
MyProfitLive presents several advantages, including a diverse range of market instruments, encompassing FX, CFDs, ETFs, and Future Stocks. Additionally, it offers various account types with unique benefits. Traders can access a maximum leverage of 1:400, facilitating potential opportunities. The broker provides options for deposits and withdrawals, with no fees for deposits. However, a major concern arises as MyProfitLive operates without valid regulation, leading to inherent risks for traders and investors. Moreover, there is limited information available on the main website, particularly regarding bonuses and spreads on Platinum and Premium accounts. The trading platform features are also inadequately described, and the relatively high minimum deposit of $250 might discourage some potential clients. The company overview remains abstract with minimal details, and there is a lack of information on the success rate or average profits of MyProfitLive clients. Additionally, withdrawal fee details and processing times remain unclear, potentially causing inconvenience for users.
Is MyProfitLive Legit？
MyProfitLive operates without valid regulation, meaning it lacks oversight and supervision from any authoritative financial entity. This absence of regulatory supervision poses inherent risks to traders and investors. It is crucial to exercise caution and conduct thorough research before engaging with unregulated brokers like MyProfitLive to protect one's financial interests.
Market Instruments
1. FX: MyProfitLive offers Foreign Exchange (FX) trading, allowing users to trade currency pairs from various global markets. Examples of currency pairs include EUR/USD, GBP/JPY, and USD/CAD. FX trading involves speculating on the value fluctuations of one currency against another.
2. CFDs: MyProfitLive provides Contracts for Difference (CFDs) as tradable instruments. CFDs allow users to speculate on the price movements of various assets without owning the underlying asset itself. Examples of CFDs offered by MyProfitLive may include CFDs on commodities like gold, oil, and silver, as well as CFDs on indices like the S&P 500 or FTSE 100.
3. ETFs: MyProfitLive offers Exchange-Traded Funds (ETFs) as part of its market instruments. ETFs represent a collection of securities and are traded on stock exchanges like individual stocks. Investors can buy and sell ETFs to gain exposure to diverse assets such as stocks, bonds, or commodities. Examples of ETFs offered may include those tracking the performance of specific sectors or geographical regions.
4. Future Stocks: MyProfitLive allows users to trade futures contracts on individual stocks. Futures contracts are agreements to buy or sell an asset at a predetermined price and date in the future. Investors can speculate on the future price movement of a specific stock without owning it directly. Examples of future stocks available on MyProfitLive may include contracts on popular publicly listed companies like Apple Inc., Amazon.com, Inc., and Microsoft Corporation.
Account Types
Basic: This account type requires a minimum deposit of $250 and provides access to 24/5 customer support, a professional charting platform, MT5 trading, and a leverage of 1:200.
Explorer: With 24/5 customer support, a professional charting platform, and MT5 trading, the Explorer account also offers a leverage of 1:50. Additionally, it includes live sessions with a personal strategy, daily market updates, and a bonus of up to 10%.
Gold: Similar to the Explorer account, the Gold account provides 24/5 customer support, professional charting, MT5 trading, and a leverage of 1:50. Moreover, it includes live sessions with a personal strategy, daily market updates, and a bonus of up to 10%.
Platinum: On myprofitlive.com, the Platinum account comes with 24/5 customer support, professional charting, MT5 trading, and a leverage of 1:125. This account level includes live sessions with a personal strategy, daily market updates, personal access to an account manager, news alerts, a bonus of up to 50%, and specific spreads and swaps (spread at 30% and swap at 20%).
Premium: Like the Platinum account, the Premium account offers 24/5 customer support, professional charting, MT5 trading, and a leverage of 1:125. It also includes live sessions with a personal strategy, daily market updates, personal access to an account manager, news alerts, a bonus of up to 50%, and specific spreads and swaps (spread at 30% and swap at 20%).
Leverage
MyProfitLive offers a maximum leverage of 1:400 to traders.
Spreads
MyProfitLive offers floating spreads starting from 0.0 pips.
Minimum Deposit
The minimum deposit required by MyProfitLive is $250.
Deposit & Withdrawal
MyProfitLive offers a variety of deposit and withdrawal methods, including credit/debit cards, bank wire transfers, and e-wallets. There are no fees for depositing funds. The minimum withdrawal amount is $100 and withdrawal fees vary depending on the method used. Withdrawals are typically processed within 24 hours.
Trading Platforms
PROPRIETARY PLATFORM: MyProfitLive offers a proprietary trading platform that is based on MetaTrader, enhancing the customer experience while retaining all essential functionalities. This platform allows traders to set take-profit and stop-loss orders with trailing options and provides access to various analysis and research tools.
METATRADER 4 (MT4): For traders who prefer a familiar interface, MyProfitLive offers the option to use MetaTrader 4 (MT4). MT4 is renowned for its user-friendly features and robust trading tools, including technical indicators and automated trading capabilities.
METATRADER 5 (MT5): MyProfitLive caters to traders seeking advanced features with MetaTrader 5 (MT5). MT5 offers more timeframes, additional technical indicators, and an economic calendar, providing greater versatility for analysis and trading across a broader range of assets.
Customer Support
MyProfitLive offers customer support through phone and email. Traders can contact the support team at the following phone numbers: +1-579-469-2137, +48-452-206-333, and +44-208-097-7795. For any inquiries or assistance, customers can also reach out via email at Support@myprofitlive.com.
Reviews
Users on wikifx have left positive reviews for MyProfitLive, praising its fast withdrawals and deposits, professional charting platform, and MT5 trading access. The customer support is rated as excellent. Traders express satisfaction with the platform's reliability and efficient transactions, leading to consistent profits in various investments like stocks, indices, and currencies.
Conclusion
MyProfitLive operates without valid regulation, posing both advantages and disadvantages. On the positive side, it offers a variety of market instruments, including FX, CFDs, ETFs, and future stocks. The platform provides different account types with various leverages and low spreads. Users have access to a proprietary trading platform as well as the popular MT4 and MT5 options. Additionally, the platform boasts positive reviews on wikifx, praising its fast withdrawals, professional charting platform, and MT5 trading access. However, the absence of regulatory oversight raises inherent risks, making it crucial for traders and investors to exercise caution and conduct thorough research before engaging with unregulated brokers like MyProfitLive to protect their financial interests.
FAQs
Q: Is MyProfitLive a legitimate company？
A: MyProfitLive operates without valid regulation, posing inherent risks due to the lack of oversight from financial authorities.
Q: What market instruments are offered by MyProfitLive？
A: MyProfitLive offers FX trading, CFDs, ETFs, and future stocks for trading.
Q: What are the different account types on MyProfitLive？
A: MyProfitLive provides Basic, Explorer, Gold, Platinum, and Premium account types.
Q: What leverage does MyProfitLive offer？
A: MyProfitLive offers a maximum leverage of 1:400 to traders.
Q: What are the deposit and withdrawal methods on MyProfitLive？
A: MyProfitLive offers various deposit and withdrawal methods, including credit/debit cards, bank wire transfers, and e-wallets.
Q: What are the trading platforms available on MyProfitLive？
A: MyProfitLive offers a proprietary platform, MetaTrader 4 (MT4), and MetaTrader 5 (MT5) for trading.
Q: How can I contact MyProfitLive's customer support？
A: You can reach MyProfitLive's customer support through phone or email.
Q: What do users say about MyProfitLive？
A: Users have left positive reviews, praising its fast transactions, professional charting platform, and efficient customer support.
Q: What are the pros and cons of using MyProfitLive？
A: MyProfitLive offers various advantages, such as a wide range of market instruments and access to multiple trading platforms, but it also lacks valid regulation, which may pose risks to traders and investors.
2023-07-04 02:01
2023-07-03 17:22
