MyProfitLive Review – Is the Broker a Scam or Legit?

Is MyProfitLive a Scam Trading Company?

According to our sources, MyProfitLive, operated by LLC under the same name, claims to be headquartered in Switzerland. Being part of the European Economic Area (EEA), Switzerland adheres to the regulations set by the European Securities and Markets Authority (ESMA), which are enforced by the local regulator FINMA.

However, upon conducting further investigation, we could not find any information about MyProfitLive in FINMA’s database. This suggests that the company is operating without a valid license and is not authorized to offer trading services. It is important to note that Switzerland’s FINMA is recognized as a Tier 1 financial market regulator, known for maintaining stringent standards to prevent the involvement of dubious brokers.

The lack of regulation indicates that MyProfitLive is not in compliance with ESMA’s trading regime rules. One glaring violation is the broker’s offering of leverage up to 1:400, while ESMA’s limit for retail clients is 1:30.

Note that there is no legal information on the broker’s website. On the “Contact Us” page, you will only find a phone number and email. There is nothing else – no office address, no mention of a license number on the site.

To safeguard your interests, it is strongly advised to avoid dealing with unregulated brokers like MyProfitLive or Nextonbid. Instead, it is advisable to seek out reputable providers that are licensed by Tier 1 authorities such as FINMA (Switzerland), BaFin (Germany), ASIC (Australia), the FCA (UK), the CFTC (US), and others. Choosing regulated brokers provides a higher level of assurance and protection for your investments.

MyProfitLive – Reviews and Site Analysis

There are a lot of valedictory reviews of the broker on the web. They can be commissioned and paid for by the broker himself. To make sure a broker is reliable, always check the license, legal address and regulatory authorities.
In addition, if you check the domain myprofitlive.com, it is clear that the site is relatively young, less than a year old. We had not found links to social networks on the page.

Traders’ opinions of MyProfitLive are overwhelmingly negative, with a multitude of complaints lodged against the broker. These grievances are to be expected considering the illicit nature of MyProfitLive’s operations.

The broker exhibits all the telltale signs of a trading scam, including problems with withdrawals, unauthorized upfront fees, inadequate communication, breaches of agreements, and the presence of fake reviews on forums. Traders who have experienced these issues strongly caution others to take these warnings seriously.

Once they have your info they will scam call you from hundreds of numbers, and will refuse to take your name off their call list… Their phone number on their web site is fake and they filter out negative comments on this review site….

– Trustpilot user, May 5, 2023.

This is the most unprofessional business I have dealt with and have little to no actual knowledge of what they are doing. I have tried to withdraw multiple times, but each time they require me to deposit a whole bunch more money before I can withdraw… Then they claim that we will go to court if they release the money to us because we didn’t pay tax on it. Do they even know how taxes work in Canada?

– Sitejabber user, May 8, 2023.

Choose only trustworthy and reliable brokers. You can read about the best ones in our article Best online brokers in 2023.

MyProfitLive’s Software

Based on information from our sources, it is claimed that MyProfitLive provides access to the popular MetaTrader 4 and MetaTrader 5 software. These trading platforms are known for their functionality and are available for both desktop and mobile devices, supporting Android and iOS systems.

However, due to the unavailability of the website, we were unable to verify the actual provision of these platforms by MyProfitLive. Even if these platforms are genuine, it is important to note that their availability does not outweigh the crucial factor that MyProfitLive operates without proper regulation.

Can I Use a Demo Account?

It has come to our attention that MyProfitLive, similar to other deceptive brokers, does not provide a risk-free demo account. This is a common tactic employed by scammers to manipulate clients into depositing their funds.

By omitting a demo account, potential investors are forced to invest real money in order to explore the platform and evaluate the trading conditions. It is crucial to exercise caution and avoid placing trust in brokers that neglect to offer a demo account. Such a feature is essential for traders to familiarize themselves with the platform, test strategies, and assess the overall reliability and transparency of the broker.

Every day new scam brokers and trading bots appear on the web with only one goal – to steal your money. We have already exposed some of them, for example – QCFinances, FXP360, MobaTrade.

What Should I Do If I Am Scammed by MyProfitLive?

Taking individual action may not be sufficient to effectively combat these scams. We strongly advise our readers to reach out to our dedicated staff for assistance. By providing us with substantial evidence, we can expedite the process of recovering your funds.

If you or someone you know has fallen victim to these fraudulent activities, we encourage you to contact our team immediately. Our online chat feature ensures the fastest response time, allowing you to receive a free consultation. It is crucial not to lose hope, as taking swift action increases your chances of successfully recovering your money.

MyProfitLive: Video

You can also write a comment under the video on our YouTube channel to tell other traders about your experience. But if you’ve already been a victim, contact us for a free consultation by filling out the form at the top of the page.
Below you will find a short video about MyProfitLive. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about MyProfitLive!