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The WikiFX Score of this broker is reduced because of too many complaints!

PROFIT

New Zealand|5-10 years|
Retail Forex License|White label MT4|Regional Brokers|New Zealand Financial Service Corporate Revoked|Suspicious Overrun|High potential risk|Offshore Regulated|

https://en.profit188.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
ProfitMarketHK-Demo MT4
Server Location Hong Kong

Contact

+64 99136052
info@profit188.com
https://en.profit188.com/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+64 99136052

Other ways of contact

Broker Information

More

Company Name

普罗汇集团

Abbreviation

PROFIT

Platform registered country and region

New Zealand

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 5
Previous Detection : 2024-07-20
  • The number of the complaints received by WikiFX have reached 40 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • New ZealandFSPR (license number: 633610) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!
  • AustraliaASIC (license number: 001278167) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!
  • This broker exceeds the business scope regulated by New Zealand FSPR(license number: 633610)Financial Service Providers Register Non-Forex License. Please be aware of the risk!
  • The Vanuatu VFSC regulation with license number: 40452 is an offshore regulation. Please be aware of the risk!

WikiFX Verification

PROFIT · WikiFX Survey

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PROFIT · Company Summary

PROFIT Basic Information
Company Name PROFIT
Founded 2018
Headquarters New Zealand
Regulations Not regulated
Tradable Assets Foreign currency (20+ pairs), precious metals, crude oil, stock indices
Account Types Mini, Standard, VIP
Minimum Deposit $100
Maximum Leverage 1:500
Spreads Variable
Commission Commission-free
Deposit Methods Alipay
Trading Platforms MetaTrader 4 (Windows/Android/iOS), PROFIT APP (Android/iOS)
Customer Support 24/7 support via email (info@profit09.com) and QQ (800821122)
Education Resources Not specified
Bonus Offerings None

Overview of PROFIT

PROFIT is a forex broker founded in 2018, with its headquarters based in New Zealand. The company offers a wide range of financial instruments for trading, including over 20 currency pairs, precious metals, crude oil, and stock indices. Traders have the flexibility to choose from three account types: Mini, Standard, and VIP, catering to different trading preferences and capital levels, with minimum deposits starting from $100. The broker provides a maximum leverage of up to 1:500, allowing traders to amplify their positions and potential profits, but also increasing the exposure to market fluctuations and risk. PROFIT operates with variable spreads and a commission-free structure, offering transparent fee arrangements.

Clients of PROFIT can access the MetaTrader 4 (MT4) platform, a widely recognized and popular trading platform, available for desktop and mobile devices (Windows, Android, and iOS). Additionally, traders can use the dedicated PROFIT APP for Android and iOS to stay connected to the markets and execute trades on the go. The broker's customer support is available 24/7 through email and QQ messaging, providing assistance and answers to inquiries at any time. However, it is important to note that PROFIT lacks valid regulation, which may raise concerns about client protection and overall risk when considering this broker for trading activities. Traders should exercise caution and conduct thorough research before making a decision.

basic-info

Is PROFIT Legit?

PROFIT is not regulated by any valid regulatory authority. The broker's regulatory status in Vanuatu (VFSC license number: 40452), New Zealand (FSPR license number: 633610), and Australia (ASIC license number: 001278167) has been verified to be abnormal, with the official regulatory status being revoked. Traders should exercise caution and be aware of the risks associated with dealing with an unregulated broker. It is essential to thoroughly research and consider the lack of regulation before choosing PROFIT as a forex broker, as the absence of oversight can potentially expose traders to higher levels of risk and reduced client protection.

regulation
regulation
regulation

Pros and Cons

PROFIT, a New Zealand-based forex broker founded in 2018, offers a wide range of tradable assets, including 20+ currency pairs, precious metals, crude oil, and stock indices. Traders can choose from three account types, catering to various trading preferences and capital levels, with a minimum deposit starting from $100. The broker provides a maximum leverage of up to 1:500, allowing traders to control larger positions relative to their account balance. PROFIT operates with variable spreads and a commission-free structure, providing transparent fee arrangements. Clients can access the popular MetaTrader 4 platform for desktop and mobile trading, as well as the dedicated PROFIT APP for Android and iOS. The broker's customer support is available 24/7 through email and QQ messaging. However, it is essential to note that PROFIT lacks valid regulation, which may raise concerns about client protection and risk. Traders should carefully consider this aspect before deciding to trade with the broker.

Pros Cons
Diverse Tradable Assets Lack of Valid Regulation
Multiple Account Types Potential Higher Risk
Flexible Leverage Option Not Specified Education Resources
Commission-Free Structure Withdrawal Methods Not Mentioned
24/7 Customer Support Potential Transaction Fees
MT4 and Mobile Trading No Bonus Offerings

Trading Instruments

PROFIT offers a variety of trading instruments to cater to investors' diverse needs and strategies. The available instruments include:

1. Foreign Currency (Forex): PROFIT provides access to a selection of 20+ currency pairs, allowing traders to speculate on exchange rate movements between different major and minor currencies. Forex trading enables investors to take advantage of global economic trends and geopolitical events.

2. Precious Metals: Traders can also invest in precious metals such as gold and silver. These commodities are often considered safe-haven assets and can serve as a hedge against inflation and economic uncertainty.

3. Crude Oil: PROFIT offers the opportunity to trade crude oil contracts, enabling investors to capitalize on fluctuations in oil prices influenced by factors like supply and demand dynamics, geopolitical events, and economic indicators.

4. Stock Indices: The platform allows traders to participate in stock index trading, giving exposure to the overall performance of a group of stocks from a specific market. Stock indices serve as indicators of the overall health and direction of the stock market.

By providing this range of instruments, PROFIT aims to offer traders the flexibility to diversify their portfolios and seize opportunities in forex, commodities, and equity markets. However, it's essential for traders to conduct thorough research and consider their risk tolerance before engaging in trading activities with these financial instruments.

market-instruments

Here is a comparison table of trading instruments offered by different brokers:

Broker PROFIT RoboForex Exness AMarkets
Forex Yes Yes Yes Yes
Metals Yes Yes Yes Yes
Crypto No Yes Yes No
CFD No Yes Yes Yes
indexes Yes Yes Yes Yes
Stock No Yes Yes Yes
ETF No Yes No No
Options No No No No

Account Types

At PROFIT, investors have the option to choose from three different account types, each designed to cater to varying trading preferences and capital levels.

  1. Mini Account: The Mini account is ideal for beginner traders or those looking to start with a smaller investment. To open a Mini account, a minimum deposit of 100 dollars is required.

  1. Standard Account: The Standard account is a popular choice for intermediate traders who have gained some experience in the markets and are ready to increase their trading capabilities. To open a Standard account, a minimum deposit of 1,000 dollars is needed.

3. VIP Account: The VIP account is designed for experienced and high-volume traders who require premium services and exclusive features. With a minimum deposit of 5,000 dollars, the VIP account provides top-tier trading conditions, personalized support, and enhanced trading resources.

Leverage

PROFIT offers its traders a flexible leverage option, providing them with the opportunity to magnify their trading positions and potential profits. Leverage is a fundamental tool in forex and CFD trading that allows investors to control positions that exceed their account balance. At PROFIT, the maximum leverage available is up to 1:500, which means that for every $1 of the trader's own capital, they can control a trading position worth up to $500.

High leverage can be appealing to traders because it allows them to trade larger positions and potentially generate higher returns with a smaller initial investment. However, it's crucial to recognize that while leverage can amplify profits, it also magnifies the risks involved in trading. A higher leverage ratio increases the exposure to market fluctuations, making the trading account more susceptible to significant gains or losses. As a result, responsible risk management is essential to protect one's capital and avoid potential large losses due to high leverage.

Traders must thoroughly understand the implications of leverage and use it judiciously according to their risk tolerance and trading strategy. While higher leverage can be enticing for some traders, others may prefer lower leverage to minimize risk exposure. PROFIT's offering of up to 500:1 leverage provides flexibility to accommodate the diverse trading needs of its clients.

It's important to note that while high leverage can be advantageous when used wisely, it may not be suitable for all traders, especially beginners or those with limited trading experience. As with any financial tool, it's crucial to exercise prudence and make informed decisions when utilizing leverage to ensure a safe and successful trading experience.

leverage

Here is a comparison table of maximum leverage offered by different brokers:

Broker PROFIT FxPro IC Markets RoboForex
Maximum Leverage 1:500 1:200 1:500 1:2000

Spreads and Commissions

At PROFIT, traders will encounter floating spreads on various currency pairs, as the broker operates with a variable spread model. The spreads may vary based on market conditions and liquidity, potentially narrowing during more stable market periods. Traders can select from three account types: Mini, Standard, and VIP, each offering different minimum spreads on major currency pairs.

For the Mini account, the minimum spreads are as follows: EURUSD and USDJPY at 1.4 pips, EURJPY at 1.5 pips, GBPUSD at 1.6 pips, and EURGBP at 1.7 pips. The Standard account provides tighter spreads, with minimums on EURUSD and USDJPY at 0.8 pips, EURJPY at 0.9 pips, GBPUSD at 1 pip, and EURGBP at 1.1 pips. For traders opting for the VIP account, the minimum spreads are even lower, with EURUSD and USDJPY at 0.7 pips, EURJPY at 0.8 pips, GBPUSD at 0.9 pips, and EURGBP at 1 pip.

In terms of commissions, PROFIT offers a commission-free trading structure, which means traders do not have to pay additional fees per trade beyond the spread. This can be advantageous for traders looking for a transparent fee arrangement without incurring extra charges.

As with any broker, it's essential for traders to consider the potential risks associated with trading, especially when dealing with unregulated entities. Since PROFIT currently lacks valid regulation, traders should exercise caution and conduct thorough research before engaging in any trading activities with the broker. Understanding the spread and commission structure is just one aspect of evaluating a broker; traders should also consider other factors, such as safety, security, and customer support, to make informed decisions in their trading journey.

Deposit & Withdraw Methods

PROFIT provides clients with the convenience of depositing funds via Alipay, offering a 24/7 deposit service. Clients can initiate online deposits through various platforms, including the PC website, mobile website, or APP, ensuring easy access regardless of the preferred device.

It's important to be aware that only debit cards held by the client are supported for depositing funds. Credit cards, however, are not accepted for deposit transactions. Traders should take this into consideration and ensure they have a valid debit card linked to their account to facilitate deposits.

While Alipay offers a convenient and widely used payment method, it's essential for clients to be mindful of any potential transaction fees or currency conversion costs that may apply when depositing funds into their PROFIT trading accounts.

When it comes to withdrawals, PROFIT's specific methods are not mentioned in the provided information. It is crucial for clients to verify the withdrawal options available on the broker's platform and be familiar with any associated withdrawal fees or processing times before proceeding with a withdrawal request.

Trading Platforms

PROFIT offers its clients access to the financial markets through two main trading platforms: MetaTrader 4 (MT4) and the PROFIT APP. The MetaTrader 4 platform is a widely recognized and popular trading platform used by traders around the world. It is available for various devices, including Windows, Android, and iOS, ensuring that clients can trade conveniently from their preferred devices. With the MT4 platform, traders can access advanced charting tools, technical indicators, and a wide range of analytical features, empowering them to make well-informed trading decisions. The platform's user-friendly interface and customizable settings cater to traders of all experience levels, making it suitable for both beginners and seasoned traders alike.

Additionally, PROFIT offers the PROFIT APP, a dedicated mobile trading platform designed for Android and iOS devices. The mobile app allows traders to stay connected to the markets and manage their trades on the go, providing flexibility and convenience for traders with busy lifestyles. With the PROFIT APP, clients can access real-time market data, monitor their positions, and execute trades from the palm of their hand, making it a valuable tool for those who prioritize mobile trading.

trading-platform

Customer Support

At PROFIT, customer support is readily available to assist clients with their inquiries and concerns. The support team operates 24/7, ensuring that clients can access assistance at any time, regardless of their location or time zone. Clients can reach out to the support team via email at info@profit09.com, providing a convenient and direct method of communication for those who prefer written correspondence.

In addition to email support, PROFIT offers another communication channel through QQ with the ID 800821122. QQ is a widely used instant messaging platform in China, which allows clients to connect with the support team in real-time and receive prompt responses to their questions.

Conclusion

PROFIT, a forex broker founded in 2018 and headquartered in New Zealand, offers a diverse range of tradable assets, multiple account types, and flexible leverage options. Traders can access popular platforms like MetaTrader 4 (MT4) and the PROFIT APP for desktop and mobile trading convenience. The commission-free structure and variable spreads add transparency to trading costs. However, the lack of valid regulation is a significant disadvantage, raising concerns about client protection and overall risk. Traders must exercise caution and conduct thorough research before choosing PROFIT, considering the potential drawbacks of trading with an unregulated broker.

FAQs

Q: Is PROFIT regulated?

A: No, PROFIT is not regulated by any valid regulatory authority. Its regulatory status has been verified as abnormal and officially revoked in Vanuatu, New Zealand, and Australia.

Q: What are the account types offered by PROFIT?

A: PROFIT offers three types of accounts: Mini, Standard, and VIP, each catering to different trading preferences and capital levels, with minimum deposits ranging from $100 to $5,000.

Q: What is the maximum leverage offered by PROFIT?

A: PROFIT provides a maximum leverage of up to 1:500, allowing traders to control positions that exceed their account balance by up to 500 times.

Q: Does PROFIT charge commissions on trades?

A: No, PROFIT operates with a commission-free structure, meaning traders do not have to pay additional fees per trade beyond the spreads.

Q: What are the deposit methods accepted by PROFIT?

A: Clients can deposit funds using Alipay 24/7 through the PC website, mobile website, or APP. However, it's important to note that only debit cards are supported for deposits, and credit cards are not accepted.

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