The website of FutureProfit contains ambiguous statements and incorrect information. As a result, we decided to investigate and discover the truth.
Before you deposit your hard-earned money with this platform, please read our comprehensive FutureProfit review. It will assist you in making the important decision especially on how to file a chargeback.
Is it risky to begin investing and trading with FutureProfit?
According to its home page, FutureProfit is based in London, UK. However, according to the Terms and Conditions, the owner is FutureProfit EU Limited, with headquarters in Ireland. This scheme firm took it a step further, claiming to be authorized by the Irish Central Bank. They claim that they are covered by the Irish Compensation Scheme and that their clients are fully protected.
We searched the Central Bank of Ireland register because this type of information is simple to verify. FutureProfit EU Limited, as expected, is nowhere to be found. We also searched the FCA databases just in case. The result was the same.
Furthermore, we strongly recommend that you avoid the fraudulent brokers EuroInvestec, Cryptrader, and Invest Kingdom.
Reasons to Avoid Using an Unlicensed Broker
Unlicensed brokers are dangerous. Despite FutureProfit’s false claims, they are not participants in any compensation schemes. They disregard regulatory requirements and are unconcerned about fund safety. Their ultimate goal is to extort as much money as possible before disappearing.
Is FutureProfit a Trustworthy Broker or a Scam? – How To File a Chargeback
The trading platform FutureProfit falsely claims to be based in Ireland and regulated by the Irish Central Bank. Negative reviews and a low customer index indicate that you should avoid this con artist.
What Are Traders Saying About FutureProfit?
FutureProfit falsely claims to be an Irish-based company governed by the CBI. As a result, they snagged a slew of victims eager to invest in the Forex and CFD markets.
Once customers paid the initial deposit, the phony broker ensured that market prices would be manipulated to show them a consistent profit. However, when they requested withdrawals, their trading accounts were frozen.
If you recognize yourself in this story, file a complaint right away.
What Do We Know About FutureProfit’s Trading Terms?
When selecting a broker, one should consider the trading conditions. Aside from the license, this is a good indicator of the broker’s legitimacy. The main conditions are spread and leverage, and for the latter, all of the major regulators have a cap. Thus, just by looking at the leverage limit, you can already evaluate the firm.
Concerning Leverage and Spreads
The leverage on FutureProfit ranges from 1:5 to 1:300. While the first level is far below the regulatory cap, the highest level is far above it. FutureProfit cannot be licensed because both CBI and FCA have a leverage cap of 1:30.
For the EUR/USD pair, the spread is 2 pips. With an industry average of 1.5 pips, we discovered that this broker is expensive.
Minimum Deposit for FutureProfit and Unfavorable Withdrawal Terms
FutureProfit requires a $250 minimum deposit. It’s more than most licensed brokers ask for, with an average of $100.
In terms of withdrawals, this broker claims that the balance on the clients’ accounts is a gross amount from which the firm will deduct taxes. Tax authorities charge taxes on their own, and the brokerage cannot pay them on your behalf. So, the red flag is raised once more.
A clause also states that if you use a payment method other than credit cards and bank transfers, you are subject to service rules “including, but not limited to, fees and other restrictions.”
Making a Deposit Options
The broker accepts deposits made with:
Debit and credit cards
Transfer by wire
Alternative payment methods are not specified.
If you decide to invest, we recommend using a credit card because chargeback policies protect you.
Scammed by FutureProfit Broker? – Let Us Hear Your Story
Please notify us if you have been duped by FutureProfit. Our chargeback specialists are standing by to assess your situation and provide assistance. Don’t let scammers loose. Contact us right away to schedule a free consultation, and let us fight for what is rightfully yours.
But What Exactly Is A Chargeback?
A chargeback is a method used by banks to recover funds directly from merchants. We recommend that you seek assistance because the procedure necessitates knowledge of various banking systems. Please contact us as soon as possible, and we will do our best to assist you.