ProfitSpace: company reviews, fund withdrawal

• Categories: CFD-Brokers

Failed experience with ProfitSpace: scam with a known outcome

ProfitSpace claims that its trading platform is advanced and provides access to over 1000 assets. However, traders’ opinions about the project leave much to be desired. It is accused of misappropriating funds, manipulating operations, and unfair cooperation conditions. In the following review, we will examine how this intermediary fulfills its obligations and analyze its legal documentation.

Project domain history

ProfitSpace does not disclose its experience in the financial markets, but an analysis of the domain history reveals the truth. The site profit-space.org was launched on July 7, 2022, which does not align with the date of reviews about the project. Additionally, another shady site was discovered – profit-space.net.

Research into the contact information led to the discovery of a number of interesting facts. Firstly, the provided email address is fictitious, so sending reviews or complaints there is pointless. Secondly, the phone number listed on the platform is also associated with brokerage firms Investing Space and FinanceSpace, which have received numerous negative reviews.

ProfitSpace adheres to a hidden policy. There is no information on the leading specialists of the project on the platform. Anonymous scammers do not take responsibility for financial obligations, as confirmed by the verification results of internal regulations. The company reserves the right to unilaterally terminate the agreement or modify the terms of the agreement as necessary.

Legal aspects

The website states that Investing Space LTD operates the ProfitSpace brand, with an office at Bayside Building, Rodney Bay, Gros-Islet, Saint Lucia. It also claims to have an office in London, United Kingdom.

For legal operation in the UK, a brokerage firm must register as a legal entity and obtain a license from the FCA, but ProfitSpace remains silent on this issue. Instead, they claim to have a license from IFSC. However, a check revealed the absence of a license.

The presence of Russian-language content and reviews in the Russian segment of the Internet indicates ProfitSpace’s intention to continue collaborating with traders from Russia. However, the company has no legal basis for this, and it has even ended up on the regulator’s blacklist.

Cooperation conditions

ProfitSpace actively promotes its platform with unique graphics, online education, and real-time updates. However, traders’ reviews indicate that it is just a typical fraudulent software used to deceive users and withdraw their deposits. There are 6 tariff plans with different conditions and minimum deposits.

• Basic – $250, 10% bonus, support and market reviews;
• Bronze – from $1,000, 20% bonus, personal manager, access to the educational center;
• Silver – $2,500, 40% bonus, Senior manager assistance;
• Gold – $10,000, 60% bonus, gold spreads;
• Platinum – $25,000, 80% bonus, exclusive access, mentor;
• VIP – $100,000, 100% bonus, trading signals.

There are restrictions on withdrawals with draconian fees, especially for bank transfers.

Reviews and exposures

Investing Space and FinanceSpace, which received numerous negative reviews, were thoroughly examined. ProfitSpace seems to be following the same path. Traders complain about service issues, trading, and financial pressure.

Fraud techniques

ProfitSpace was designed by seasoned fraudsters who know how to deceive traders. One common scheme is the use of fake mentors and recommendations. Scammers do not have any connection with liquidity providers but falsify trading processes, offer bonuses, and manipulate signals.

This is a closed circle of deception that involves users, and escaping from it becomes increasingly difficult, leading to financial losses.

Overall conclusion

Despite ProfitSpace’s brief existence, its creators have extensive experience in fraud. They have managed to deceive many traders and, apparently, continue their dishonest actions. Do not trust them – their goal is to bankrupt you. Regulators are trying to combat such deceptive financial projects, but they cannot always provide effective protection.