WikiFX Review: what you should know about Profited Crypto

First let‘s go to the broker’s website to have a look. Profited Crypto claims to be regulated by both the Cyprus Securities and Exchange Commission (CySEC) – one of the most respected financial regulators in the world – and the Financial Services Authority (FSA) of Seychelles.

WikiFX checked the license number the broker has provided in the CySEC register to see if such a company actually existed. It did – but it has absolutely nothing to do with the broker in question. The licensed broker has a completely different domain.

The FSA of the Seychelles is definitely not as strict in its requirements as CySEC – but FSA has actually issued a warning on this broker stating that Profited Crypto claims to be regulated without actually being licensed in the country.

Profited Crypto is a fake broker pretending to be a part of the TopFX group! It is evidently a clone firm impersonating the established company licensed by CySEC and FSA Seychelles. Also, Profited Crypto is an officially exposed scam, as it was granted a warning by FSA Seychelles. In the publication, the regulator states that Profited Crypto is an “unlawful website”, which practically confirms that the so-called brokerage is a pure scam!

Furthermore, Profited Crypto does not provide access to any sort of functional trading software – when we opened an account with the broker, we quickly established that all they had to offer was a chart tracking markets. Such a thing can definitely not be used for trading. And since you would not be able to trade with this broker, opening an account with them is pointless.

The trading costs are allegedly ultra-low as Profited Crypto claims that the minimum spreads are 0.0 pips. The trading risks are purportedly high as leverage can reach 1:500, which is no longer allowed in Cyprus, meaning that the advertised leverage automatically refutes Profited Crypto claims to be regulated by CySEC!

In addition, Profited Crypto only accepts deposits in Bitcoin. This is an enormous red flag since such payments are both irreversible and anonymous. This means that you would not be able to track your payment to a certain person, or get a chargeback when you find out that not everything is as it should be.

Now let's search “Profited Crypto” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX, Profited Crypto currently has no valid regulatory license and the score is rather negative - only 1.00/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Please note that WikiFX has already warned that the regulatory licenses of CySEC and FSA claimed by Profited Crypto are both suspicious clones.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

Simply put, Profited Crypto is a pure scam you should avoid! It has received a warning from the regulatory body that oversees the markets in the Seychelles! Also, the so-called broker pretends to be a brand of a licensed company. Profited Crypto impersonates TopFX Ltd, so the former is a clone firm!

WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed.