ProfitiX Review 2020
ProfitiX is an unregulated trading broker located in St. Vincent and the Grenadines. They provide traders around the globe with over 10,000+ assets for trading on the powerful MetaTrader 5 (MT5) platforms that are freely available for desktop, web and mobile devices. The broker does provide trading tutorial videos and daily market analysis but have a high minimum deposit requirement and offer limited investor protection when compared to other regulated brokers.
ProfitiX Review 2020, Pros & Cons
- Access to over 10,000 financial markets
- Powerful & advanced MT5 trading platform
- Education Center
- Daily market analysis
- Flexible leverage
- Unregulated broker
- Registered offshore
- Minimum $250 account deposit
- No additional trading tools
- No social trading platforms or PAMMs
- No MetaTrader 4
In this detailed ProfitiX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
ProfitiX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including ProfitiX.
ProfitiX Review: Summary
ProfitiX is an online trading broker that is registered offshore and unregulated. This is an immediate red flag for most experts and professional traders who would avoid unregulated brokers at all costs due to the fact that they cannot offer investors the same protection that a regulated broker can.
ProfitiX do however offer transparent pricing aggregated from liquidity sources including 20 different banks and liquidity providers (LPs) that are pooled together. The broker has a choice of over 10,000+ financial markets for trading online through the provided MetaTrader 5 (MT5) platform. Users can choose to trade forex currency pairs, stocks, commodities, cryptocurrency and other financial derivatives.
ProfitiX Review: Regulation
ProfitiX is registered in St. Vincent and the Grenadines but they are not regulated. The trading brokers team would only trade with a regulated brokerage firm as this can give investor protection that an unregulated offshore broker cannot. You may see our list of best trading brokers for alternative regulated brokers.
The broker states on their website that clients can enjoy maximum security with SSL-encrypted trading orders and transactions. They also mention that client funds are constantly retained in segregated bank accounts with trusted international banking foundations. This can help to ensure that they are protected and should not be used for any other purposes that are connected with ProfitiX.
ProfitiX Review: Countries
ProfitiX does not provide services for USA residents. You are responsible for ensuring that all services and activities of ProfitiX Ltd. are authorized your jurisdiction. Some ProfitiX broker features and products mentioned within this ProfitiX review may not be available to traders from specific countries due to legal restrictions.
ProfitiX Review: Trading Platforms
MetTrader 5 (MT5) Platform
ProfitiX provide clients with the sophisticated and powerful MetaTrader 5 (MT5) multi-asset platform for desktop, web and mobile devices running on iOS and Android.
Users can perform trading operations across 10,000 financial markets including currencies, commodities, stocks and other derivatives. The robust ProfitiX MT5 trading platform offers advanced charting tools, four types of trade execution combined with NDD (No Dealing Desk) and automated trading capabilities. It offers a vast range of tools for conducting comprehensive price analysis, use of algorithmic trading applications, and copy trading.
- Cross-asset trading on more than 10,000 markets
- Innovative transparency with Level II pricing
- Advanced charting tools for market analysis
- Multilingual and user-friendly interface
- Supports automated trading strategies
- Hedge trading strategies
- Price alert notifications
- Secure SSL-encrypted trading servers
- 24/5 client support
- Desktop, web & mobile trading platforms
Web Trader Platform
You can start trading on financial markets from any web browser using the MT5 web trader platform. This runs directly in most modern web browsers without requiring any additional software to be downloaded and installed on the users computer. It maintains most of the key features as the desktop version of the platform but does have some limitations in comparison. The web trader can be useful for those who wish to access their account and trade whilst on the go.
ProfitiX Review: Trading Tools
Unfortunately, ProfitiX do not offer any additional standalone tools such as trading calculators, currency convertors, sentiment analysis, etc. However, the provided MT5 platform is likely to have enough built-in tools to satisfy the needs of the average retail trader.
ProfitiX Review: Education
ProfitiX have an economic calendar on their website which you can use to keep up-to-date with some of the latest market events. This can be useful when used as part of the fundamental analysis of a particular trading strategy but it does not contain as much information as some of the financial calendars we have seen with other trading brokers.
To the brokers credit, they do have an education center with an on-demand video library that has how to trade videos covering a range of topics such as basic forex education, chart analysis, technical indicators, trading platforms and more. It must be said that these videos are short and to the point.
The broker also has daily market news videos where they cover different financial market news along with analysis of various market movements.
ProfitiX Review: Trading Instruments
ProfitiX has around 10,000+ trading instruments from different asset classes to choose from, this includes the following:
- Forex – 100+ major, minor and exotic FX currency pairs
- Indices – 30+ World Equity Indices
- Stocks – Trade US & UK company shares
- Cryptocurrencies – BTC, ETH & LiteCoin
- Commodities – Oil, Precious Metals, Energies, etc
ProfitiX Review: Trading Accounts & Fees
ProfitiX offers a variety of account types to cater to the diverse needs of all kind of traders. They have accounts if you are an experienced trader or just starting out. Each account has been custom-made to provide you with a unique opportunity to trade the financial instruments that they provide.
Depending on your trading account type, ProfitiX offers a flexible leverage selection from 1:1 up to 1:400. The minimum amount required to fund your trading account and start trading is set to $250. This is a lot more than many brokers, some who allow you to deposit and trade with just $1.
Begin trading with 250 USD with a leverage of 1:400 and trade with a minimum order size 0.01.
Trade more instruments with 2,500 USD with a leverage of 1:400 and trade up to 10.00 order size.
Profit more strategically starting with 25,000 USD provided by trading portfolio and other market analysis.
Start with 100,000 USD to experience hedging and get a trading portfolio.
Open a VIP Account and get a negative-balance protection provided with a trading portfolio, trade assets with low market price difference and experience hedging.
There are free demo accounts that come loaded with virtual funds should you wish to try the brokers services, platforms and practice your trading strategies before opening a real live trading account.
As broker fees can vary and change, there may be additional fees that are not listed in this ProfitiX review. It is imperative to ensure that you check and understand all of the latest information before you open a ProfitiX broker account for online trading.
ProfitiX Review: Customer Service
The ProfitiX support desk is available to offer customer support via email, telephone and live chat from Mon-Fri 8:00AM – 7:00PM (GMT). They will be happy to answer any general, technical or account-based questions that you may have. We would prefer a broker who offers around the clock 24/7 support as this can benefit clients all across the globe in different time zones.
ProfitiX Review: Deposit & Withdrawal
ProfitiX have a modest selection of convenient methods for depositing and withdrawing funds from your online trading account. This includes bank wire, credit/debit card and online payment systems such as Neteller and Skrill. They also support Western Union and Money Gram. Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal.
Some fees may be charged when using certain payment methods. Withdrawal requests are processed within the same day or next if outside working hours. The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant.
Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. ProfitiX strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your ProfitiX trading account.
Accounts can be opened USD, EUR and GBP. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
ProfitiX Review: Account Opening
There is a short online application form if you wish to open an account with ProfitiX. You will need to provide some personal and financial information during the process. Make sure that you read and thoroughly understand all of the brokers terms and conditions before proceeding. Only complete the registration process if you are happy with the terms and accept all of the significant risks involved with trading online. Once your account has been verified by the accounts team, you will be able to fund it and commence trading online when you feel ready to do so.
ProfitiX Review: Conclusion
Whilst ProfitiX do have a good range of assets and boast the powerful MT5 platform, the trading brokers review team believe that they are let down significantly due to lack of regulation. They do have some educational materials and daily market analysis along with flexible account types for different investment sizes and trading strategies. Despite that, the minimum deposit is quite high compared to other brokers, there is no social trading platform integration or PAMMs and they cannot offer the same investor protection that a regulated broker can.
Financial investing is immediately associated with risks and online trading involves the possibilities of capital deficit and loss. Please assess your experience and knowledge before investing with ProfitiX Ltd. and ensure that you fully understand and agree with the terms and conditions of the company. By using their services, you affirm that you are capable to invest in a volatile market and you accept all risks involved.