Stay away from Profits Trade profitstrade.com
I was looking for a broker to trade a small amount of USD1000 to invest in Bitcoin. Profits Trade was very nice in the beginning, but then they ask for a deposit to proof liquidity. It was my 1st experience so I transferred more funds. They said I must open an account with Luno, an exchange bank for Forex. All my funds went into Luno and I was happy that I will get the deposit back. When I asked for withdrawal, they insisted that I pay more money. They are clever and sneaky, asked to open my Luno and then open my bank account. The next moment I just see the funds being transferred out of my accounts. They use ‘Any Desk’ software, took control of my mouse and wanted to transfer more funds. They tell you your money is safe in Luno account in your name. BUT they added a 2 code authentication, without my knowledge. So when I got suspicious, all my funds plus deposit were exchanged for Bitcoin in their own name. When I want to sell Bitcoin, they said they need more for transfer charges, condition of Block Chain (which is crap). I learned afterwards they are so sneaky and became rude, was swearing at me when I refused to transfer more funds. It was like blackmail! Once they bought Bitcoin, there is no trace of reference to recover any of my funds. They never sent me anything in writing, they only deal on Wapp numbers, which is also suspect. I will attach a print of my initial investment and account in my name. I have proof of every amount that was transferred, they ruined me financially. The 2 guys I was dealing with were Samuel Luciano and Christian. I see their address is in London, but probably also fake. They are not regulated and I did’nt check for that, bloody stupid I was. I just would like to warn everybody against Profits Trade. They are scams and once you transfer funds it will disappear into Bitcoin! Do NOT trust them, do NOT allow them to take over your mouse with ‘Any Desk’, do NOT open your bank account, they will milk you dry!!! Please warn any prospective traders against !!
Unfortunately, you are completely right, this broker does not seem to be legit and should be avoided at all costs. Your story is pretty much similar to many other traders that were scammed by brokers like Profitstrade.
Profitstrade is an offshore company, registered in Dominica. Dominica 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 Profitstrade.
The company is located in a known offshore zone, which does not require minimum capital requirements that shows company sustainability, as well as do not regulate Forex businesses yet. Therefore, that means that the company operates on its own risk and management style while the client may face some manipulations or will not be compensated by any international organization in case of insolvency.
We would still recommend you to collect all the proofs that you have and report to your local regulator about this issue.