ProfitFinanceOption review – 5 things you should know about profitfinanceoption.com

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ProfitFinanceOption arrives as a Binary Options provider while claiming to be CySEC licensed. Well, we can right away dismiss this entity as a scam because the Cyprus regulator no longer authorises Binary brokers. Anyway, if you still have doubts, read the full ProfitFinanceOption review, where we’ll support our accusations with evidence.

ProfitFinanceOption REGULATION AND SAFETY OF FUNDS

As already mentioned, ProfitFinanceOption pretends to be CySEC regulated Binary Options broker, but that’s a blatant lie. In fact, this fraudulent business doesn’t even legally- it’s simply a fraudulent website offering fictitious services. Moreover, the Binaries are no longer considered trading instruments because those options were already confirmed to be prone to fraud and price manipulation.

However, that’s not the end of the story about ProfitFinanceOption legitimacy. The U.S. Securities and Exchange Commission blacklisted it, so it’s now an exposed scam. So, your funds will be in danger if you deposit with ProfitFinanceOption.

As we are reviewing a scam, you can check the high-rated EU brokers and British brokers instead. That’s our recommendation because the licensed European companies are covered by deposit insurance funds created to protect investors’ money if things go wrong. For example, CySEC brokers’ clients can get up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. It’s worth opening accounts with European companies if eligible to do so.

ProfitFinanceOption TRADING SOFTWARE

ProfitFinanceOption doesn’t have trading software. They simply put an informative chart pretending it’s a platform. Well, it’s not, and the so-called broker can’t even provide Binaries. That’s a pure scam!

Avoid the fraudulent ProfitFinanceOption and look at the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists while talking about software. The MTs are market leaders packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which is an unrivalled advantage. Recently, MT5 surpassed MT4 in terms of numbers, but it’s still lagging in trading volumes. Overall, both platforms are on par leading the markets, so MetaTrader broker is the obvious choice.

As ProfitFinanceOption doesn’t have trading software, we can’t talk about real-time spreads or leverage levels. Anyway, we’d like to outline leverage restrictions imposed by some financial authorities. Namely, due to regulations, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are trustworthy but not leverage restricted, so experienced, and risk-tolerant traders eligible to open an account in Switzerland can safely go for it.

ProfitFinanceOption DEPOSIT/WITHDRAW METHODS AND FEES

The minimum deposit is $300, but you shouldn’t send those scammers even a dime. Instead, you can follow the links provided throughout the review to get a genuine broker.

The funding methods are Bitcoin, Skrill, Western Union and MoneyGram, but we can’t validate this information. As ProfitFinanceOption is an exposed scam, we found it unnecessary to test their deposit system. We only need to note that chargebacks are only possible if you funded your account via Skrill, but it’s usually a complicated procedure. Regardless of the broker, it’s always safer to use Credit/Debit cards, for it’s possible to get a refund for up to 540 days (depending on the case, though).

Anyway, while talking about funding, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are sufficiently regulated, and you won’t face scammers, so you can safely open accounts.

As for withdrawals and fees, there is nothing to find. ProfitFinanceOption doesn’t have legal documentation, which is yet another red flag to raise. That’s because legit brokers have to put on display T&Cs, User Agreement, Privacy and so on, defining all trading provisions applicable. People with no experience may be unaware, but to form a legal relationship with brokers, they must submit signed copies of documents, serving as contracts between both parties. Those things considered, we’ll once again remind you that ProfitFinanceOption is a scam scheme you should avoid.

HOW DOES THE SCAM WORK

Scammers are liars and thieves. They’ll promise opportunities that sound too good to be true, get-rich-quick schemes, guaranteed risk-free profits and so on. By creating a false sense of hope, they are trying to entice people into their fraudulent plots.

It all starts with the ads. Scammers create numerous websites and social media profiles to promote their fictitious services. You can see Instagram pages showing lush lifestyles, yachts, cars, money and pictures of winning trades. Such a showcase make people interested and easier to suck into the fraud.

Once you provide your phone number, scammers won’t stop calling you. They’ll promise you the moon and the stars to make you start investing ASAP. If you agree, they’ll pretend to manage your account, and out of the blue, you’ll see mind-boggling profits on your name. You’ll probably sincerely believe that’s true and will most likely ask to take your money out. Well, they won’t let it happen but will skillfully manipulate you to deposit again, promising much more lucrative deals. Before you know it, you may depart with your savings waiting for scammers to make you a millionaire overnight. That’s not going to happen, though, and those crooks will carry on asking for additional deposits. They’ll shamelessly announce to you that you have to pay to withdraw your money. At this point, the scam should be pretty obvious. From then on, scammers will cut communication, and you’ll never hear them again.

WHAT TO DO WHEN SCAMMED

Getting scammed may have long-lasting consequences. However, the first thing you have to do is to start actively looking for assistance and reduce further possible risks. Deactivate your bank card immediately and call your bank.

Quickly report what happened to the authorities, file a complaint, call the police. Seek help actively!

Then, it’s critical not to act hastily because fraudulent fund recovery agencies and individuals can double-scam you.

Share online your experience; it’s important to protect others, too. Be responsible!

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