Austria’s FMA has issued a warning against Profit Trade
The Austrian regulator FMA (Financial Market Authority) has issued a warning against Forex and CFD broker Profit Trade. The brokerage firm was offering financial products and services to Austrian residents without being authorized in the country.
The Austrian Financial Market Authority (FMA) is an independent, autonomous and integrated authority for the Austrian financial market. The Austrian FMA is responsible for: contributing to the stability of Austria as a financial market; reinforcing confidence in the ability of the Austrian financial market to function; protecting investors, creditors and consumers.
Profit Trade is a broker that offers trading on 200+ symbols including Crypto, Currencies, Commodities and CFD’s. The company is owned and operated by Global Top Marketing LTD., registered in the Marshall Islands, which means it is an offshore entity and there is a high risk for the customers of losing their investments when dealing with this firm.
The company doesn’t disclose any information about its regulation as well as its location. They provide contact numbers with British country codes, although, the company is not authorized to provide financial services in the United Kingdom. In addition, numerous negative reviews from the scammed clients only prove that Profit Trade cannot be trusted.
The first thing the potential investor should do when he is choosing a trading company is to determine if it is a legitimate broker or a scam broker. It is very easy to do. You just need to check if the broker is licensed by CySec in Cyprus, or it is under the regulation of the MIFId in the European Union (EU), or it is registered with the UK’s FCA or Australian ASIC. You can read our full review on this broker here.