The world of Forex trading is a vast one, and the success of a trader often hinges on the credibility and service quality of their chosen broker. Unfortunately, the industry is not without its share of fraudsters who engage in a variety of unscrupulous practices. Today, we turn the spotlight on ProfitConnect, a Forex-broker that has caused significant distress to numerous clients.
ProfitConnect: A Broker of Mistrust
ProfitConnect is a Forex-broker that has left a trail of unsatisfied customers in its wake. This broker operates without valid licenses, flaunts regulatory guidelines, and fails to fulfill withdrawal requests. The support service is unresponsive, and the general quality of their website leaves much to be desired. Despite promises of low commissions and minimal risk, ProfitConnect's actions have proven these claims to be unfounded.
The Warning Signs with ProfitConnect
ProfitConnect lacks any documentation that verifies its legality. The broker's website does not contain any legal information, and financial reports are never provided. The history of the company is riddled with inconsistencies and gaps. Furthermore, their staff exhibit a lack of competence, and the broker has been found to use bots to post fake positive reviews. The broker has also been caught manipulating stock prices to create false market signals.
Deceptive Tactics Employed by ProfitConnect
ProfitConnect employs a range of unethical tactics to mislead traders:
Dissemination of False Information: ProfitConnect regularly publishes false reports and recommendations on its website and social media channels, misleading traders.
Spoofing: The broker simulates futures contracts purchase/sale orders at lower prices, creating a false impression of a price drop.
Artificial Demand Creation: ProfitConnect uses software to conduct purchases and sales, influencing the prices of financial instruments and increasing investor interest.
Use of Fictitious Investment Schemes: The company guarantees instant income through investments in non-existent products. It also regularly showcases false client results.
Why ProfitConnect Cannot Be Trusted
ProfitConnect has a slew of negative reviews from clients who have suffered due to its dishonest actions. Almost no one has been able to withdraw their money, and there have been instances of pressure from the staff. The support service is non-functional, and mobile trading is underdeveloped. Undisclosed additional commissions have been charged, and there have been instances where clients were not informed about the risks. Here are some more reasons why opening an account with ProfitConnect is not advisable:
- No financial reports are provided.
- The terms and conditions are dubious.
- The user agreement is hidden.
- Licenses and other legal documents, as well as contact information, are not provided on the website.
- The brand has been in existence for less than a month.
- No training is provided.
- There is price manipulation.
- Non-existent investment products are pushed.
ProfitConnect is a broker that violates regulatory standards, consistently deceives its clients, fails to fulfill its obligations, actively makes unsolicited calls, and does not process payments. Involvement with this broker is likely to result in monetary loss. It is a scammer that should be avoided at all costs.