Consider trading with MakeProfit24 FX? Is MakeProfit24.com is a scam? Read MakeProfit24 review to know about this forex broker.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
About MakeProfit24 FX
MakeProfit24 FX also known as MakeProfit24.com is an offshore brokerage with trading name of PROFITS PTY. LTD. The forex company is based in LAUNCESTON TAS 7250, Tasmania, Australia.
What is more, there are different account types presented such as Starter, Premium, Business and Luxury.
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
Deposit and Withdrawal
MakeProfit24 FX Minimum Deposit:
MakeProfit24 deposit is shown $250 according to the account type. Although this seems to be a good offer to start with, clients and traders must be more interested in investing in a licensed brokerage where they are sure of their fun
In contrast, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the funding methods, the broker claims to accept bank wire transfers, credit/debit cards, and eWallets.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
MakeProfit24 withdrawal of funds becomes conditional upon meeting the minimum traded volume requirements. In the documents we find two different versions of this volume – 25 times or 30 times the deposit amount plus the bonus.
More so, the broker charges 10% on an inactive account of 3 months.
MakeProfit24 platform FX claims to use web traders or desktop platforms. However, that cannot be compared to the advanced trading platforms of MT4/MT5. Many scammers have trading software to fool their victims that their money is being invested.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
MakeProfit24 leverage can get up to 1:500. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, however, it equally increases the risk of sudden and excessive losses. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50.
Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
What We Discovered about MakeProfit24.com Broker
First and foremost, MakeProfit24.com has no financial authority overseeing its financial services. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit.
A check of the Australian regulator’s records reveals that such a forex entity does exist. However, we have been unable to find any evidence that this licensed company is actually linked to MakeProfit24. The ASIC registry does not provide information on official company domains. Many scammers take advantage of this omission to illegally claim to be representatives of an authorized company.
Furthermore, it states that the applicable jurisdiction is not Australia but Saint Vincent and the Grenadines (SVG). Because of the lack of regulatory norms and oversight SVG is one of the favourite bases of operations for shady brokers.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
MakeProfit24 FX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
MakeProfit24 FX located at MakeProfit24.com claims to appear like a trustworthy trading broker, however, that cannot be trusted. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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Last Updated on February 14, 2023 by Danny