Profitmasters is a trading consultancy agency and academy that claims to help traders make money in the forex market. However, there are a number of red flags that suggest that Profitmasters is a scam broker.
In this article, we will take a closer look at Profitmasters and expose their lies and deception. We will also provide some tips on how to avoid getting scammed by a forex broker.
Profit Masters is a relatively new company, having been founded in 2020. The company’s website is very professional-looking and it makes a lot of promises about how much money traders can make by using their services.
However, there are a number of things about Profit masters that are very suspicious. For example, the company does not disclose the exact information about its partners.
In addition, Profitmasters does not have a clear track record of success. There are no testimonials from real traders who have made money using their services. In fact, there are a number of negative reviews online from people who claim to have been scammed by Profitmasters.
Does Profitmasters Have Any License?
No, Profit Masters does not have any licenses or regulations. The above image is of their “About Us” section. You can see no license information in there. The lack of a license is a major red flag that Profitmasters is a scam broker.
Is Profitmasters Regulated By Any Authority?
No, Profit masters are not regulated by any authority. This is another major red flag and it should be a warning to anyone considering using their services.
A legitimate forex broker will always be regulated by a reputable regulatory body. This shows that the broker is subject to oversight and that traders’ funds are protected.
The lack of regulation is a major red flag that Profitmasters is a scam broker.
Profit masters Pros and Cons
Offer a variety of trading courses and packages
No license or regulation
Offers a free trial
Poorly designed website
Fake customer reviews
Negative reviews online
How Do Profitmasters Reach To Their Prey?
Profit masters use a variety of methods to reach potential victims. They often advertise on social media and online forums. They also use cold calling and email marketing.
Once they have a potential victim on the line, they use high-pressure sales tactics to convince them to sign up for their services. They often make false promises about how much money traders can make.
Technical Details of Profitmasters
The minimum deposit for Profit Masters is $100. This is a very low minimum deposit for a forex broker.
There is no information about their trading platform. They did not present any information about the platform where people will invest their money.
The spread for Profitmasters is variable. This means that it can change depending on market conditions.
Profitmasters offers leverage up to 1:500. This is a very high level of leverage and should be used cautiously.
Packages and Products They Offer
Profitmasters offers a variety of packages and products. The most basic package costs $100 per month.
The most expensive package costs $1,000 per month. This package includes everything in the basic package, access to a personal mentor, and live trading signals.
Withdrawal and Deposit Method
Profitmasters offers a variety of withdrawal and deposit methods. These include credit cards, debit cards, wire transfers, and Skrill.
What Do Their Previous Traders Say?
There are a number of negative reviews online from people who claim to have been scammed by Profitmasters. These reviews allege that Profitmasters is a Ponzi scheme and that they use false promises to lure traders into signing up for their services.
Summing Up- Why Should Not You Trust Profit Masters?
There are a number of reasons why you should not trust Profitmasters. These reasons include:
- The company does not have any license or regulation.
- The company has a poor reputation online.
- The company’s website is poorly designed.
- The company’s employees are aggressive and pushy.
- The company’s promises are unrealistic.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money to Profit Masters or any other scam broker, first contact the bank that issued your card and try for a chargeback if you make a credit card payment. Also, report to other financial authority sites.
Lastly, but most importantly contact us. We will evaluate and provide you with a free consultation. In this consultation, we will show our guides, and provide you with some service recommendations, and legal help if needed.
File A Complaint Against Scam Broker's
Profitmasters is a scam broker that should be avoided. If you are considering using the company’s services, we urge you to reconsider. There are a number of legitimate forex brokers that offer better services and are more likely to help you make money.