Profitrop assures you to increase your business revenue with the assistance of skilled professionals. Their services include trading on financial markets with access to more than 100 assets, a range of account options to suit individual traders, the usage of an up-to-date platform, and responsive customer support. Despite the tempting offer, it’s crucial to validate the information given by the company and investigate whether it’s a scam or a legitimate venture by reading reviews from some of the nearly one million content clients.
- Profitrop General Information
- Registration and Client Portal Review
- Profitrop Trading Conditions
- Account Types Review
- Trading Platform
- Profitrop — Deposit and Withdrawal of Funds
- Additional Options
- Is Profitrop a Scam?
- Legal Information and License
- Profitrop.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Profitrop General Information
|Address||British Virgin Islands|
|Trading Platform||WebTrader, unknown soft|
Registration and Client Portal Review
The official website of this broker is a complete disaster. It looks like a cheap template that was thrown together in a hurry, with no originality or creativity whatsoever. Navigation is a nightmare, and finding any useful information is like trying to find a needle in a haystack. Important details like fees and commissions are hidden or not even mentioned at all. It’s obvious that the only thing Profitrop cares about is getting people to sign up and deposit their money, regardless of whether they know what they’re getting into or not.
Registering with the broker seemed like a simple process, but we encountered unexpected issues and were unable to complete the registration. The cause of the problem is unclear, as it could be that the broker requires a promo code to register, or it could simply be a technical malfunction. However, after five days, we were finally able to register. We didn’t find anything unusual. The functionality of the Client Portal is quite standard.
Profitrop Trading Conditions
We won’t hide it. So far, all the broker’s offers have not impressed us. Perhaps our opinion will change after viewing the trading conditions.
Account Types Review
Profitrop offers five different account types, each with different leverage and additional services. However, the Classic account provides clients with virtually no access to anything beyond technical support. The Silver account already offers some bonuses and additional services, such as live sessions and personal strategies. Unfortunately, the broker does not provide any information on the required deposit amounts for each account, nor does it disclose the size of spreads or swaps. The premium accounts only mention that they provide a 20-50% reduction in these fees. This kind of account separation based on the amount of money deposited is problematic. It implies that clients with less money are undeserving of decent services and information. Additionally, this lack of transparency makes it difficult for clients to make informed decisions about which account is right for them.
On the homepage, you can find a link to PlayMarket, where the broker offers to install MT5 on any of your devices. However, there’s a catch. We searched for the Profitrop company in the connected software and found nothing. Moreover, pay attention to the platform the broker provides in the personal account. It’s not even close to MT5; it’s the TradingView software. And this is the only option the broker offers for trading – only this web trader. No downloadable desktop or mobile applications.
Profitrop — Deposit and Withdrawal of Funds
Profitrop offers the ability to fund your account using cryptocurrencies, bank transfers, and credit cards. However, there is a lack of detailed information regarding minimum deposits, fees, and processing times for withdrawal requests that are available to the public. This can be problematic because potential clients need to have a clear understanding of the commissions and requirements associated with funding and withdrawing from their accounts.
Verification is mandatory for all clients. The standard process requires submitting copies of personal identification documents, such as a passport or driver’s license, and proof of address, such as a utility bill or bank statement. The documents must be in color and of high quality. Profitrop may also require additional documents for verification purposes. The verification process can take several business days, and you will be notified by email when it is completed. Without completing the verification process, you will not be able to withdraw funds from their accounts.
Profitrop offers many additional features, including education, signals, news, portfolio management, and other unnecessary things. However, qualified traders do not need them, and novice traders are unlikely to be able to afford premium accounts. Furthermore, the quality of these services is questionable. The analysts who provide these signals are a mystery. The broker’s entire team is anonymous, and there is no evidence of their professionalism. This lack of transparency and credibility is a significant issue as traders rely on accurate and reliable information.
Is Profitrop a Scam?
So far, we cannot call Profitrop an unambiguous scam. At the same time, only at the stage of studying the trading conditions, we found several red flags. Therefore, we will continue our research.
Legal Information and License
Profitrop claims to be registered in the British Virgin Islands. However, this offshore jurisdiction is known for its lack of strict financial regulations and oversight, which can make it a risky choice for investors. Additionally, the broker appears to be deceiving its clients by claiming to be registered under the name Profitrop Limited. In fact, we have found no record of such a company in the registry. This means that the broker is providing false information about its legal registration.
Profitrop.com Domain Info
According to the Whois service, the website was created on July 26, 2022. This is a very short period, which suggests that the broker is relatively new and lacks a track record. It is generally not recommended to work with such young brokers, as they may lack experience and financial stability. Moreover, there is a higher risk of fraudulent activities from new brokers. It is advisable to choose brokers with a longer history and a more established reputation in the industry.
Profitrop offers a phone number and an email address for communication. There is no physical office, and even its address is not specified. However, if the company is not officially registered, then there can be no talk of any office at all.
Pros and Cons
- No license
- Lack of registration
- Misleading information about the location
- Suspicious trading software
- Unclear fees and commissions
- Negative reviews.
Frequently Asked Questions (FAQ)
The broker offers online trading services for CFDs on cryptocurrencies, forex, stocks, and commodities.
According to Profitrop’s trading conditions, the minimum deposit amount varies depending on the account type, but it is not specified. It is recommended to invest only the amount you can afford to lose.
No, it is not a safe broker to invest with. There are many red flags, including a lack of regulation, fake company information, and negative reviews from clients.