ProfitsVision is a scam that has received multiple warnings from the regulatory authorities of different countries.
They use false promises and deception to gain clients.
Furthermore, the company has horrible trading conditions. It claims to help its customers reach their desired goals by providing them with the required trading tools but that’s all lies.
In reality, the company uses various marketing tactics to defraud customers and steal from them.
FSMA Warning Against ProfitsVision
FSMA, Belgium’s financial regulator, has released a warning against this fraudulent forex broker as well.
According to the warning, the Financial Services and Markets Authority had received numerous complaints about this fraudulent online trading platform.
Scams like ProfitsVision run scam ads on various social media and video platforms to catch the eye of potential victims. Moreover, they get a well-recognized person to explain how people can get rich quick in their advertisements to increase their chances of success.
In some instances, these scammers might utilize mobile apps and run fake ads there.
Once people start signing up for their platform, they would present them an investment proposal. According to the financial regulator, these scams also run ‘affiliate programs’ which are akin to pyramid schemes.
FSMA highlighted that such companies usually lack proper authorization and their investors are never able to get their investment back because the criminals reside overseas.
Receiving an FSMA warning proves that ProfitsVision is a scam.
You should not sign up there.
How the ProfitsVision Scam Operates:
Usually, scams like ProfitsVision tend to call their clients and ask them to make a minimum deposit. The company would make offers which sound too good to be true just so people would deposit a large sum with them.
For example, some scammers claim to ‘double the initial investment’ of their customers.
When you make the initial deposit, the scammer will pass you to a “retention agent” whose sole goal is to get more money out of you.
Initially, the scam only focuses on squeezing as much money out of you as possible.
Furthermore, ProfitsVision is an unlicensed broker. This means you wouldn’t get any protection from any regulatory authority if you sign up with them. An unlicensed broker can do whatever it wants with your money and that’s why you should never invest with such brokers.
Scams like ProfitsVision would focus on providing friendly service as long as you don’t request a withdrawal.
As soon as you ask for a withdrawal, things change. Suddenly, the company would stop responding to your questions or they might ask you to deposit more. You will hear excuses but never get your money back.
Chances are, you would hear another “too good to be true” offer from them so you may invest more just to get your money back.
However, if you don’t fall for such tricks, the company will try to delay the procedure. They would delay it for months so you become ineligible for chargebacks.
There are innumerable examples of people losing their hard-earned money because of such scams.
More Information About ProfitsVision:
ProfitsVision claims to offer its customers access to the popular MT4 trading platform. But the truth is, they don’t offer this platform at all.
Instead, the company provides customers with a web trader which is nowhere near MT4 in terms of features and trading experience. MetaTrader4 and MetaTrader5 are extremely popular trading platforms because they provide customers with a plethora of features including bots, charts and numerous analysis tools.
However, many forex scams such as ProfitsVision try to falsely claim that they use MT4 or MT5 just so people would sign up with them.
This is false advertising and extremely misleading.
It is another red flag in ProfitsVision and is an indication that you must avoid trading with them. There are plenty of other forex brokers which have proper regulation and license. You don’t have to stick to a firm which fails at providing its customers with a decent trading platform.
A huge issue with shady web traders is that they might not reflect the true trades you’re making. In many cases, scammers show you a rigged web trader which might not follow your orders and cause you to lose your entire investment.
This can be extremely disheartening and is one of the many tactics used by forex scams such as ProfitsVision.
ProfitsVision Trading Conditions:
The offered leverage of ProfitsVision is 1:100. This is extremely high.
Such high leverage might seem attractive but it puts your deposit at a lot of risk as a small error can wipe out your entire investment instantaneously.
That’s why regulatory authorities put a limit on how much leverage their licensed brokers can offer. For example, brokers regulated in the US can only offer leverage up to 1:30 while those with a license from FCA can only offer leverage up to 1:50.
Such limits ensure that the platform cannot scam its customers.
With ProfitsVision, you wouldn’t get such security.
The minimum deposit requirement of this scam broker is $500. Again, this is extremely high because most of the regulated brokers keep their minimum deposit requirement around $10 or lower.
Scammers tend to keep their minimum deposit requirement high so they can squeeze out as much funds from every victim as possible.
ProfitsVision is a dangerous forex scam which puts a lot of customers at financial risk.
It would be best for you to avoid trading with them and find a different, more reputable broker.
The forex sector is teeming with numerous scammers and fraudsters all on the lookout for gullible investors.
Seeing how ProfitsVision has received a scam warning from Belgium’s financial regulator, FSMA, it’s obvious that they are a fraud.
Furthermore, the forex broker doesn’t have any regulatory license nor any authorization to offer its financial services.
ProfitsVision is a forex scam which has received a scam warning from Belgian regulator, FSMA. Avoid trading with them.
- Received a scam warning from FSMA
- Deceptive marketing