ProfitiX Review 2022
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ProfitiX is an offshore broker offering popular trading vehicles, including CFDs, forex and cryptos. The MetaTrader 5 desktop and mobile trading platform is offered to all customers. Our review covers the pros and cons of opening an account with the broker, from the login process and fees to trust and transparency.
Established in 2019, ProfitiX has headquarters in Saint Vincent and the Grenadines. Brokers registered here usually operate outside of any respected financial regulations. As such, we do have some trust concerns with this provider.
The company has grown to accept traders from most countries in the world, apart from the United States.
ProfitiX provides its clients with access to the industry-leading MetaTrader 5 (MT5) platform. Although tailored towards experienced traders, educational resources and training guides can be found on the broker’s website to support new traders.
MT5 features include:
- 21-time frames
- Strategy testing
- One-click trading
- Live headline news
- Price notifications and stop out alerts
- Historical data and charts on a range of markets
Note, MetaTrader 5 is accessible via webtrader, desktop download, and mobile app.
ProfitiX offers over 10,000 markets to trade including 100+ forex pairs, 30+ indices, commodities, shares, indices, and cryptos. Users can buy and sell popular precious metals such as gold and silver, as well as softs and grains. Cryptos can be traded against established fiat currencies and Bitcoin Gold is also offered. Traders can take positions on most major stock indices from around the world.
The broker charges zero commission on all instruments with the Mini and Advanced account and variable spreads from 3 pips. As you move up the account tiers, you benefit from fixed spreads, though unfortunately, the broker isn’t transparent about spreads on major markets making it difficult to compare ProfitiX with established providers.
Prospective traders should also be aware of hidden fees listed in the terms and conditions including inactivity penalties and charges should your account balance drop below $100. This is a real drawback and worth keeping in mind before opening a live account.
Leverage levels depend on your account type and risk appetite but can reach 1:400. This is seriously high and we’d recommend caution, especially for new traders. Prospective users should be aware that whilst leverage can amplify returns it can also increase potential losses.
ProfitiX offers mobile trading on all of its accounts through the MetaTrader 5 mobile app which is available to download to Android and iOS devices. A powerful online trading application, clients can use a range of drawing and analysis tools. A live news feed, instant deposits and risk tools are also available. Built-in support also makes it a good app for beginners.
Deposits & Withdrawals
ProfitiX is not transparent about its processing times, though most deposit methods are usually instant while withdrawals can take several days. The minimum deposit is $250 but the broker does not provide details about any processing fees. Again, this is a concern as most trusted providers are open about any payment fees.
Head to the “deposit funds” section on the login page where several payment methods are available:
- Western Union
ProfitiX does not offer a demo account to prospective traders. With a minimum deposit of $250, this is a real disadvantage as other competitors offer a free demo account service or much lower minimum deposits. New users have no way of exploring the platform and products without investing real money.
At the time of writing, ProfitiX does not offer any deposit bonuses or promotions. This may change so we would advise checking the broker’s website before opening an account.
ProfitiX Ltd is registered with the Financial Services Authority of Saint Vincent and the Grenadines. Brokers registered here are unregulated and do not have to abide by the same rules as providers holding CySEC or FCA licenses, for example. As a result, we would not recommend signing up for a ProfitiX account. The lack of transparency and regulatory oversight are serious red flags.
ProfitiX offers several features to improve the trading experience. Users benefits from daily news, a global economic calendar and a range of educational videos. These are handy resources for beginners and those looking for support when approaching the financial markets. The only downside is that some resources are only available once you’ve opened an account and started trading.
There are 5 account types available at ProfitiX. They all come with access to the education centre, price alerts, and the MT5 platform. As the minimum deposit increases so does access to additional features, details of which can be found on the broker’s website. Higher account tiers also benefit from fixed, low spreads, though details of these are not shared.
- Mini – Minimum deposit $250
- Advanced – Minimum deposit $2,500
- Executive – Minimum deposit $25,000
- Prime – Minimum deposit $100,000
- VIP – Minimum deposit not specified but aimed at high net-worth individuals
- MetaTrader 5 desktop & mobile
- Wide range of trading instruments
- Multiple deposit and withdrawal options
- Decent range of educational videos and news resources
- No demo account
- Unregulated broker
- Unreliable customer support
- Lack of information around fees and spreads
- Negative reviews with claims that users have been scammed by ProfitiX
ProfitiX follows standard trading hours: 24 hours a day, 5 days a week, effective Monday to Friday. Trading hours are in-line with regional markets and you can consult the broker’s website for a breakdown of opening times in specific markets.
ProfitiX offers customer support via:
- Contact number – +18007997635
- Email address – email@example.com
- Enquiry form – found on the contact support page
- Live chat – found on the bottom right-hand side of the webpage
Whilst a decent number of support options, we found assistance was limited. It was difficult to connect with advisors and when we did, product knowledge was basic.
Unregulated brokers like ProfitiX offer limited security assurances and are under no obligation to uphold refund policies. The broker does, however, provide some level of fund protection by using trusted banking associations. Fortunately, the MetaTrader 5 platform also comes with premium security features including 128-bit encryption and 2FA protocols.
ProfitiX offers straightforward trading on the market-leading MT5 platform. But whilst available to clients from most countries, we do have scam concerns given the negative customer reviews and lack of regulatory oversight. The limited information on spreads and fees are also concerns. As a result, we would not recommend signing up for a live trading account. Consider trusted alternatives.
ProfitiX accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use ProfitiX from United States.
Compare ProfitiX with similar brokers that accept traders from your location. Among available brokers these are the most similar to ProfitiX:
World Forex – World Forex offers commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
AAAFx – AAAFx offers CFD trading in forex, commodities, indices and cryptocurrencies.
InstaForex – InstaForex is a CFD broker providing access to forex, stocks, cryptocurrencies, commodities, energies, indices, and more. With competitive fees and a huge range of available assets, the brand offers safe and reliable trading.
IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
ProfitiX Comparison Table
|ProfitiX||World Forex||AAAFx||InstaForex||IG Group|
|Markets||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto|
|Minimum Trade||0.01 lots||0.01 Lots||0.01 lots||0.01 Lots||0.1 lots|
|Regulators||–||SVGFSA||HCMC (Greece), FSCA (South Africa)||BVI FSC||FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin|
|Bonus||–||100% Deposit Bonus||100% Deposit Bonus available for Global clients||30% – 100% Welcome Bonus||–|
|Platforms||MT5||MT4, MT5||MT4, MT5||MT4, MT5||MT4|
|Leverage||1:400||1:1000||1:30 EU, 1:500 Global||1:1000||1:30|
|Detailed Comparison||–||ProfitiX vs World Forex||ProfitiX vs AAAFx||ProfitiX vs InstaForex||ProfitiX vs IG Group|
Compare Trading Instruments
|ProfitiX||World Forex||AAAFx||InstaForex||IG Group|
ProfitiX vs Other Brokers
Compare ProfitiX with any other broker by selecting the other broker below.
Does ProfitiX offer a demo account?
At the time of writing ProfitiX does not offer a demo account. This is a real shame as it means new traders have no way of testing the broker’s products and platform before investing money.
What is the minimum deposit to open an account with ProfitiX?
The minimum deposit to open a Mini account is $250. Deposit requirements climb as you move up the account tiers with the Prime account requiring a $100,000 initial payment.
Is ProfitiX regulated?
No, ProfitiX is registered in Saint Vincent and the Grenadines but does not hold a license with an established regulator like the CySEC. As a result, we would recommend caution.
Is ProfitiX available on mobile?
Yes, ProfitiX uses the MetaTrader 5 platform which is available on both Android and iOS devices. The MT5 mobile solution is an excellent retail trading application.
What countries does ProfitiX accept traders from?
ProfitiX accepts traders from most countries including Singapore and Hong Kong. Clients from the United States are not accepted.
|ProfitiX offers an interactive desktop and mobile trading experience via MT5.|