Review of ProfitFife services: questionable reputation
ProfitFife is a broker that provides various trading services. They promise fund security, support, and education. What do traders say and what documents confirm the company’s promises?
Data from the official website
Profitfife.com leaves much to be desired. The design and information on the site raise doubts. In the “About the company” section, it is stated that ProfitFife has been operating for 4 years. However, a check shows that the domain was only registered in 2018. The company’s address in Sydney is not confirmed by ASIC registry data.
From the “User Agreement” it can be seen that the company is registered in the Republic of Vanuatu, not Australia as previously claimed.
ProfitFife license verification
ProfitFife claims to be regulated by three international regulators. However, a check shows that none of the regulators have issued a license to the company.
The Central Bank of Russia also has not issued a license to ProfitFife, which is mandatory for operation in Russia.
Trading conditions at ProfitFife
The broker offers trading in various assets, including cryptocurrency. The minimum deposit is $1000. It is unusual that the leverage depends on the deposit size and can lead to the loss of funds.
There is no information about bonuses, withdrawal policy, and trading platform on the website. All details are likely available only after registration.
Client reviews
Due to the company’s short tenure, there are few reviews. But we found a story that reveals ProfitFife’s operating scheme.
Scammers use social media to attract clients. Under the pretext of becoming a trader, they manipulate users, potentially leading them to lose all their funds.
Why to avoid ProfitFife
ProfitFife is a typical newly created bucket shop. The company lacks licenses from regulators and permission from the Central Bank of Russia. There are few reviews, but there are already warnings of fraud. We do not recommend opening an account with ProfitFife.
I had an extremely negative experience with ProfitFife. The lack of transparency and poor customer service was highly disappointing. Despite proclaiming to offer a wide range of assets to trade with, the actual selection seemed very limited compared to other brokers in the market, which hindered my trading experience greatly. The spreads were also extremely wide, which made profiting from trades a lot harder. Moreover, the withdrawal process was complicated and took much longer than advertised. I also felt that their platform wasn’t user-friendly and the customer service wasn’t helpful at resolving any of my issues. I’m really unhappy with this broker and would not recommend them to anyone.