Profitto review from qocsuing's blog

Profitto review

Profitto is yet another offshore broker that tries to grab onto your attention with a sleek website and name. However, it is important to note that actually trading with it is going to prove nothing but disastrous to you – and if you need to see the reasoning behind this harsh verdict, read on as we expose the shady aspects of the broker in the following review:To get more news about profitto review, you can visit wikifx.com official website.

Absolutely not – despite a claim to be a trading name of a company from the States that Profitto makes, it is actually just another broker that comes from the highly suspect location of St. Vincent and the Grenadines. Here is how we know:

This is the claim that Profitto makes. However, it is completely baseless – first off, the regulatory bodies in the states are the NFA and the CFTC. Companies that deal with CFDs are not in any way related to the treasury of the States or its Secretary.

Secondly, obtaining a license from these bodies is an incredibly difficult task, with them demanding a humongous sum of liquid capital – $20 million, from any company that wishes to set a foot on the States’ markets. This is done to ensure that the company does not go under and default after a bad turn, leaving its clients to handle the losses.

That is not all the measures the regulators of the States have in mind for brokers, however – companies also need to report on a daily basis on open and closed trades. That way no market manipulation is actually possible by licensed entities. These rules are far from the only ones that are imposed – but the point is that Profitto is not abiding by any of them – in fact, it directly contradicts the leverage restrictions placed on the markets of the USA. So, where does it actually operate from?
Contrary to what the broker’s name implies, profiting with it is impossible – that is because it comes from an offshore location and has no regulation of any sort over it. Stick with licensed brokers if you wish to ensure that your trading experience is as pleasant as possible.

There is also the matter of the broker’s Terms being incredibly vague – not once is it mentioned if it charges any sorts of fees. The page that deals with deposit and withdrawal conditions is incredibly baren as well, leaving us to ponder why Profitto would not wish its fees to be known. The only reasonable explanation is that these fees are so huge and unfair that seeing them would be massively off-putting for traders – so Profitto choses to simply hide the fact it charges them. And when considering that it has lied about being a States company, we simply cannot assume that it does not charge any fees at all.

What leverage does Profitto provide?
The broker provides an absurd amount of leverage – 1:1000. Note that such amounts are simply banned in the States, as well as most of the rest of the world. Regulators have seen them as too dangerous for retail investors and sought to limit their exposure to them. However, as unlicensed brokers like Profitto are not subject to any kind of regulation, they still provide the high amounts, seeking to attract clients.

What is the minimum deposit with Profitto?
Profitto offers to open an account for as little as $10 – and while that is perfectly in line with what other brokers demand for micro accounts, please consider the fact that Profitto is still ridiculously shady – this low account price is no reason to invest with it at all.