ProfitiX Review and Tutorial 2021

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ProfitiX Facts & Figures

ProfitiX offers an interactive desktop and mobile trading experience via MT5.

InstrumentsForex, CFDs, indices, shares, commodities, cryptocurrencies
Demo AccountNo
Min. Deposit$250
Pay MethodsCredit Card, Mastercard, MoneyGram, Neteller, Skrill, Visa, Western Union
Min. Trade0.01 lots
Regulated ByNone
MetaTrader 4No
MetaTrader 5Yes
cTraderNo
ECN AccountNo
DMA AccountNo
Mobile AppsYes
Auto TradingYes (EAs)
Social TradingNo
Copy TradingNo
Trade SignalsYes (MT5)
Islamic AccountNo
CFD
ProfitiX offers CFDs in a range of financial markets with a choice of five account tiers.
FTSE SpreadVariable & Fixed
GBPUSD SpreadVariable & Fixed
Oil SpreadVariable & Fixed
Stocks SpreadVariable & Fixed
Leverage1:400
Forex

Trade a list of currencies with floating and fixed spreads depending on the account.

GBPUSD SpreadVariable & Fixed
EURUSD SpreadVariable & Fixed
EURGBP SpreadVariable & Fixed
Assets100+
Cryptocurrency

Trade top cryptos, including Bitcoin Gold against the USD and EUR.

SpreadVariable & Fixed
CoinsBTC, ETH, LTC, BTG
Risk Warning – Your capital is at risk

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.

ProfitiX Headlines

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.

MetaTrader 5

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:

ProfitiX MT5
MetaTrader 5

Note, MetaTrader 5 is accessible via webtrader, desktop download, and mobile app.

Assets

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.

Trading Fees

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

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.

Mobile App

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.

ProfitiX MT5 mobile
MT5 app

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:

Demo Account

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.

Bonuses

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.

Regulation

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.

Additional Features

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.

ProfitiX Accounts

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.

Benefits

Drawbacks

Trading Hours

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.

Customer Support

ProfitiX offers customer support via:

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.

Security

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 Verdict

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.

Accepted Countries

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.

Alternatives to ProfitiX

If you are looking for alternatives to ProfitiX we have compiled a list of the top 5 brokers that are similar to ProfitiX below. This list of brokers like ProfitiX is in order of similarity and only includes companies that accept traders from your location.

  1. EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
  2. Webull – Webull offers a leading online stock trading app with low fees and generous bonuses.
  3. Just2Trade – Just2Trade offer hitech trading on stocks and options with some of the lowest prices in the industry
  4. Gemini – Gemini is a leading crypto trading exchange with low fees and a long list of altcoins.
  5. Interactive Brokers – IB Boast a huge market share of global trading. With a minimum deposit of $10,000 however, they remain an option for larger traders only.

FAQ

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.

ProfitiX vs Other Brokers

ProfitiX vs