Austria’s FMA has issued a warning against Profit Trade

March 5, 2019 at 06:15 PM

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.

4 responses to “Austria’s FMA has issued a warning against Profit Trade”

  1. Good day,

    I’ve been contacted by (James) about taking back my money from Option Ridge, he requested that I deposit 250 dollars so that I can withdraw my funds from Option Ridge, which I did. Later I was contacted by Roy Malone from Brokers Community, he told me to deposit 1100 dollars which will go towards the exchange of my funds. I’m now confused and I would like to know if I’m being scammed or not. Please assist me, I need to know if this company is legal or not; their contacts are as follows;
    Roy Malone
    Specialist | VIP and Corporate department
    +44 208 089 2321 | Collins
    Specialist | VIP and Corporate department
    +44 203 807 8218 |

    • Hi,

      James Collins contacted me as well and told me he’ll refund my lost investment with GetFinancial. He also asked to deposit 250$ to register my credit card. I did some research and realized that this is another scam and left it there. Please be careful and don’t pay them any more, you’ll lose your money.

  2. Hello,
    Bernard Barkley from Brokers Community wanted to help me to refund my lost investment. He asked me to pay 500$, and the decision should have done immediately during the first phone call. I did not trust in him and asked him to send written instructions. Then I contacted FCA and received an important information. It is question of SCAM. Be careful! Watch out Bernard Barkley and Brokers Community.

    Here are some part of Bernards’s instruction:
    “How to do conversion of asset to currency?
    Crypto currency to currency- it will take 6.5% of the total amount of the assets to be able to convert to currency
    Stocks to currency – it will take 3.5% of the total amount of the assets to be able to convert to currency
    Indices to currency- it will take 3.5% of the total amount of the assets to be able to convert to currency
    E.g. 10000 usd worth of btc is what Client B has. This means Client B needs 5% of 10,000 usd which is 500 usd to be able to convert btc to currency.”

    • My husband also got scammed by Bernard Barkley. Sad thing is he still believes it is not a scam and keeps paying. I don’t know what to do anymore

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