Profit Trade Review 2020
Profit Trade is an online trading broker that offers forex, stocks, commodities, and indices for trading online via the provided trading platforms. The broker offers clients a wide variety of account types with leverage of up to 1:400 available and a required minimum deposit of $250.
Profit Trade Review 2020, Pros & Cons
- Over 200 financial instruments for trading online
- Multiple account types
- Selection of educational materials
- A range of useful trading tools
- Limited account funding options
- Not the lowest spreads
- High deposit requirement for best available account
- Inactivity fees
- No US clients
In this detailed Profit Trade review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Profit Trade is not ranked in our best forex brokers, best stockbrokers, best CFD brokers, best crypto brokers, or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Profit Trade.
Profit Trade Review: Summary
Founded in 2017, Profit Trade is an online trading broker that provides traders with access to trade over 200 financial instruments across multiple asset classes including forex, stocks, commodities, and indices. The broker provides traders with intuitive mobile, desktop, and web trading platforms.
They offer clients a wide variety of account types with a minimum deposit of $250, leverage of up to 1:400, and competitive spreads. The broker has a reasonable selection of educational materials, a dedicated customer support team, and a range of useful trading tools to support traders with their daily trading activities.
Profit Trade Review: Regulation
Profit Trade is an online broker that is based in Bulgaria. It is owned by GPS marketing Ltd, with a registration number: 204950758. The clearing company, Global Top marketing Ltd, meanwhile, is based in the Marshall Islands.
Profit Trade is strictly compliant with its anti-money laundering (AML), and Know Your Customer (KYC) regulations. However, they are not regulated by any known regulatory agency. Most experts would not trade with an unregulated brokerage firm as they cannot offer investors the same protection that a regulated broker can.
Profit Trade Review: Countries
Profit Trade allows traders from different parts of the world to open an account with them if their countries of residence permit online trading with international brokers. They do not accept US clients.
Some Profit Trade features and products mentioned within this Profit Trade review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
Profit Trade Review: Trading Platforms
The WebTrader platform permits you to encounter a desktop trading environment inside of a web browser. The web trading terminal is particularly useful to traders who like to access their accounts and trade from different locations and devices. The WebTrader has a simple user interface that is intuitive and easy to use. The Profit Trade WebTrader offers clients the following benefits:
- Open a position with the web browser and close it inside of the MetaTrader platform
- Access from any PC, Mac or Linux workstations
- Incorporated electronic diagramming
- A huge number of financial instruments
- Simple and intuitive interface
- Quotes in real-time
- Monitoring the status of accounts and trading desks
- Graphs of various time periods, with the possibility of printing
- A large number of technical indicators and tools
- Ability to use custom indicators and automated trading programs
There is the Mobile Trader, which is compatible with Android and iOS devices. It helps you to analyze and trade the markets at any place and any time, even when on the go. The mobile trading platforms are totally incorporated with the broker’s trading programming and internet trading platforms, giving you the adaptability and decision of trading on your desktop, tablet, or mobile devices.
MetaTrader 4 (MT4)
The broker also provides clients with the MT4 platform, which is one of the most popular trading platforms in the market; it was developed in 2005 by the Russian software company, MetaQuotes. MT4 is replete with useful tools for analyzing and trading the financial markets. It provides traders with live price feeds, intuitive technical charts, analytical tools, and support automated trading via the use of expert advisors (EAs).
Profit Trade Review: Trading Tools
Profit Trade clients have access to a range of useful trading tools, in addition to those already built in the provided trading platforms. These include:
The economic calendar helps you keep up to date with economic data releases so that you can get ready for significant market movements. By following economic data — like the GDP, inflation, and NonFarm Payroll, for example — you can anticipate market volatility and spot potential trading opportunities.
The broker provides clients with up-to-date Financial News; it helps to keep traders informed about the events taking place in the finance markets.
The broker provides clients with signals, which are suggestions for entering a trade on a currency pair, usually at a specific price and time. There are no guarantees on the performance of these signals and you should have a clear understanding of all the significant risks involved with trading online.
Charts are essential trading tools for traders who wish to incorporate technical analysis to determine where to invest their funds as they can reveal the existence of trends. A chart graphically depicts the historical behavior of the price across varying timeframes.
Video Chart Analysis
Profit Trade has a range of Video Chart Analysis that helps traders to learn the specifics of technical analysis, trends, and determining when to enter a trade.
Profit Trade Review: Education
The education section of the Profit Trade website has a trading academy which contains a wide range of educational resources, and they include:
The basics is designed specifically for beginner traders as it contains articles that help them to kick start their trading journey, including articles about Profit Trade, deposits, and withdrawals, account information, and trading questions.
There is a vast selection of e-Books, including Cryptocurrency e-books, Advanced Crypto e-books, CFDs e-book, and Forex ebooks. They help to educate the traders on how to trade those assets with Profit Trade.
The trading glossary section contains a vast array of trading terminologies along with their detailed explanations.
The exchange organizes webinars from time to time. The webinars are trading video lessons which are beneficial to beginners and advanced traders alike.
Profit Trade Review: Trading Instruments
Profit Trade provides traders with access to trade over 200 financial instruments across different asset classes, including forex, stocks, commodities, and indices. There are several major, minor, and exotic currency pairs for trading. The stocks traded include Amazon, Tesla, Boeing, Apple, Alibaba, Facebook, Netflix, Google, Microsoft, Jnug, and many more.
The broker offers a wide selection of commodities, such as sugar, coffee, natural gas, and crude oil. The commodities are traded on the MT4 platform. Clients can also trade the world’s leading indices, such as Dow Jones, FISE, DAX, JSE, and many more.
Profit Trade Review: Trading Accounts & Fees
The broker provides clients with a variety of different account types to suit different traders’ needs and trading styles. They assure clients one-on-one support for each account type chosen. The account types include:
The classic account is an educational account that requires a minimum deposit of just $250. It has fixed spreads and a leverage of 1:100. The classic account gives users access to the currency market via desktop, tablet, and mobile trader, as well as video tutorials.
With a required minimum deposit of $2,500, the standard account allows traders to transact currencies, gold, silver, oil, and some cryptos. It is available on the desktop, tablet, and mobile trader and offers a leverage of 1:150, fixed or floating spreads, account manager, and video tutorials.
The initial deposit required to operate this account type is $20,000; it offers full access to trade all the assets with a leverage of up to 1:200 and fixed or floating spreads. It is available on the desktop, tablet, and mobile Trader. It has an account manager, prime contracts, and video tutorials.
The VIP account is designed specifically for the more advanced traders with deep pockets; it requires a minimum deposit of $50,000. The leverage is up to 1:400 with fixed or floating spreads. It is available on the desktop, tablet, and mobile trader and provides clients with market news, trading signals, and personal account manager. Traders also get access to express wire transfers and referral cashback programs.
The tailored account is available on the desktop, tablet, and mobile trader and provides clients with market news, trading signals, and personal account manager. Clients also get access to social trading and dealing room. You can contact your account manager for details regarding the initial deposit required to operate this account type.
The robot account requires a minimum deposit of $5,000 and is available on the desktop, tablet, and mobile trader with leverage of 1:100. It offers additional Robot and algorithm trading support to automate your trading strategy. Users also get access to buy robots with a discount.
The broker can provide demo accounts if you wish to practice your online trading strategies with virtual funds. This can also be a good way to familiarise yourself with the trading platforms and test the brokers services.
As broker fees can vary and change, there may be additional fees that are not listed in this Profit Trade review. It is imperative to ensure that you check and understand all of the latest information before you open a Profit Trade broker account for online trading.
Profit Trade Review: Customer Service
The broker offers a dedicated support team that is available around-the-clock to assist traders with any questions or concerns they may have. They can be reached via telephone, email, and online live chat. They are also available through some social media channels: Facebook, Twitter, Instagram, and LinkedIn.
Profit Trade Review: Deposit & Withdrawal
Profit Trade accepts the following payment methods as the available account funding options:
- Credit/Debit Card
- Bank Wire Transfer
If you use a Credit/Debit Card to make a deposit the minimum amount is 250 USD. The maximum amount that can be deposited is 10,000 USD per credit/debit card per month. The use of multiple cards is permitted.
The minimum deposit amount via a wire transfer is 1,500 USD. You have to perform all the deposits from a single bank account, and this account must be in your country of residence and in your name. To certify that a SWIFT confirmation is authentic, it has to be sent to Profit Trade to confirm the origin of the money which will be used for trading. If you don’t comply with this policy, you may be prevented from depositing the money via Bank/Wire Transfer.
If you did not log in and trade from your account within six months, your account becomes Dormant, your Dormant Account will be subject to a deduction of 10 % each month (the Dormant Fee). Depending on your country of residence, additional deposit methods may be available.
According to generally acceptable AML rules and regulations, withdrawals must be performed only through the same bank account or credit/debit card that you used to deposit the funds. Unless otherwise agreed, withdrawals from the account may only be made in the same currency in which the respective deposit was made.
Profit Trade Review: Account Opening
Designed with you in mind, opening a Profit Trade account is quick and easy. Simply click on the register online link and fill in the required information page. Once your account has been successfully created, you will need to send verification documents to complete the registration process. As soon as your documents have been approved, you will be able to fund your account and begin trading online.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
Profit Trade Review: Conclusion
Profit Trade is an online trading broker that is based in Bulgaria and offers over 200 financial instruments. The broker provides traders with intuitive web, desktop, and mobile trading platforms. They offer clients a wide variety of account types with a required minimum deposit of $250, leverage of up to 1:400, and competitive spreads. The broker has a reasonable selection of educational materials, a dedicated customer support team, and a range of useful trading tools.
Despite this, the broker is unregulated, has limited account funding options and charges inactivity fees. The trading brokers review team did not find them to have the lowest spreads whilst a significant deposit is required to gain access to the best trading accounts that they can provide.
Trading Foreign Exchange (Forex) and Contracts for Differences (CFDs) is highly speculative, carries a high level of risk, and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.