Profit Trade Review (2023)

Is Profit Trade a scam or legit broker?

No, it is not safe to trade with Profit Trade. Profit Trade is own by Global Top Marketing LTD. which is an offshore company registered in the Marshall Islands.

The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Dax300, Trader.Online and more. 

The only address that can be found on the website is the Marshall Islands address, although they provide the contact phone number with British country code. Usually, it means that the company wants the clients to think it is located in the United Kingdom. In order to be able to offer its services in the UK, the broker would need to be regulated by the Financial Conduct Authority in the UK. So far, we couldn’t find any records about this forex firm in the FCA’s register.

Moreover, the broker has recently been banned by Austria’s Financial Market Authority:
“Global Top Marketing LTD (www.profit-trade.com) are not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account nor on behalf of others.”

Conclusion

We advise all investors and traders to avoid Profit Trade and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.