MV Profit Review: Mvprofit.com Unprofitable Broker!
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One of the main reasons people fear trading in the forex market is making losses. The business is risky, and any responsible broker should warn traders about the risks involved. However, traders should be more wary of losing money to a scammer. There are so many shady brokers operating in the market today, and a good example is MV Profit.
Although this broker seems appealing, nothing about them is real. The firm has been online since 2023. At the time of writing this, they have been operational for less than one year.
Avoid scam brokers and instead invest with honest and transparent crypto brokers. These firms have fulfilled all the legal requirements for opening and operating a brokerage firm. They have the necessary licenses and can even produce them when needed. This is not the case with scam brokers.
About Mvprofit.com
A quick scan of the firm’s website reveals a few things about the broker. The firm claims to be a leading global financial services provider, and its values are integrity, transparency, quality, and innovation. These all sound too good to be true. The broker has only included them to appear real. However, the firm does not adhere to any of its supposed values.
Their domain was registered in September 2023 and will expire after one year. If the broker is as international as they claim, they would not have registered a domain to operate for such a short period. The firm is lying about its international status.
Contact Details
Reliable contact information is critical in forex trading. As a trader, you need to be in constant communication with your broker. There are so many areas that need clarity, especially if you are new to trading. Without the help of a reliable broker, the journey becomes very frustrating.
Some financial regulators also demand that brokers should have reliable contact information readily available to the traders and the authorities.
MV Profit claims to be based in Switzerland and has even given the exact details of their location. They have also provided a phone number. However, this is not enough to validate them. Although they have given this information, they could still be scammers. There is no way to tell if you will find them when you visit their offices.
MV Profit Regulation Status
Since the broker is based in Switzerland, the Swiss Financial Market Supervisory Authority (FINMA) should oversee them. However, when we checked FINMA’s database, we did not find the broker’s name. Although they have claimed to be fully registered, this turned out to be one of their many lies. What’s more worrying is that the Australian Securities and Investments Commission (ASIC) has issued a warning to investors that they haven’t registered MV Profit as a financial service provider.
With all this evidence, it is clear that this broker is bad news. The most important aspect for a trader is regulation. As a trader, you should worry about the safety of your funds more than making a profit. Any broker can give you a trading platform, but few can guarantee the safety of your money.
MV Profit Trading Conditions
The broker offers basic, silver, and gold accounts. The minimum deposit for the basic account is $2,500. This is too high, especially for a beginner trader. Traders are unlikely to make money with such conditions.
The broker also charges commissions, and the minimum leverage is 1:1, which is quite reasonable given the high minimum deposit. The company is targeting people with a lot of money and does not cater to retail traders with little capital.
The spread of 4 pips, however, is too high. Many regulated brokers offer reasonable spreads like 1.5 pips. However, it’s crucial to remember that spreads are not constant; they can change depending on market volatility and liquidity.
Final Verdict
With all the red flags associated with MV Profit, it is clear that the broker is a scammer. The claim that they are regulated is fabricated and the customer testimonials are fake. It is pivotal to conduct thorough research about a broker before trusting them with your money.
If a broker cannot provide a legal license, avoid them. If you want a great trading experience, trade only with honest and transparent crypto brokers.
