Investing through Profit Trade

Hetty1

Hi - Over a year ago I invested £1700 through the company Profit Trade. The amount has grown quite significantly but earlier in the year, on 2 occasions, I’ve been contacted by their withdrawal team saying I’m not investing so I need to close the account. 

On the first occasion they said  they needed to take money from my account in order to then pay me the full amount!  At this point I called a halt to the conversation. On the 2nd occasion I didn’t even engage in conversation. The whole episode rather worried me and I spoke to my broker about it who said it was a scam. 

Since then I’ve been very nervous about the whole set up & have read some pretty damming reports about the company. 

I would like to invest more money & my broker has set up a contract for £50k.  

Obviously this is a lot of money - my head is telling me go with a different company but I would like some feedback from anyone out there who has invested with Profit Trade to hear their experiences. 

Thanks 

Another_Saver

Never heard of them.

ColdIron

Looks like a Bulgarian based CFD/crypto scam whose 'processing and clearing company' is based in the Marshall Islands'

Is your 'broker' associated with them?

Your money is likely gone. Walk away, you've had a cheap lesson in 'if it looks too good to be true ...'

And stop clicking on Facebook adverts and Google get rich quick links

Keep_pedalling

You are not investing, you are gambling. Your broker is correct Profit Trade is a scam. You should attempt to get your money out ASAP, From what I have read on the Web they have a high minimum withdraw limit, and dormant accounts like yours get a 10% dormancy fee applied, so your account will at some point drop below the minimum withdraw rate then soon after to zero.

https://theforexreview.com/2018/08/21/profittrade-review/

Alexland

There is a company operating under this name with a recent FCA warning

https://www.fca.org.uk/news/warnings/profitstrade-profits-trade

Do not give them any more money.

It is a fairly common scam to say your initial money has grown to encourage you to invest more and then when you stop contributing to demand more money for a withdrawal with all the money being stolen. Sometimes they even give a little bit of money back to make you feel safe and get you to contribute more to be stolen.

Often people who have been scammed once (or more) get scammed again by someone offering to recover the money (often the same scammers) so avoid this too:

https://www.actionfraud.police.uk/a-z-of-fraud/fraud-recovery-fraud

eskbanker

Hetty1 said:

The whole episode rather worried me and I spoke to my broker about it who said it was a scam. 

[...]

I would like to invest more money & my broker has set up a contract for £50k.   

Read these sentences together and then ask your responsible adult to tell you what (not) to do....

AnotherJoe

Hetty1 said:

Hi - Over a year ago I invested £1700 through the company Profit Trade. The amount has grown quite significantly but earlier in the year, on 2 occasions, I’ve been contacted by their withdrawal team saying I’m not investing so I need to close the account. 

On the first occasion they said  they needed to take money from my account in order to then pay me the full amount!  At this point I called a halt to the conversation. On the 2nd occasion I didn’t even engage in conversation. The whole episode rather worried me and I spoke to my broker about it who said it was a scam. 

Since then I’ve been very nervous about the whole set up & have read some pretty damming reports about the company. 

I would like to invest more money & my broker has set up a contract for £50k.  

Obviously this is a lot of money - my head is telling me go with a different company but I would like some feedback from anyone out there who has invested with Profit Trade to hear their experiences. 

Thanks 

https://www.youtube.com/watch?v=pXb0zcEM-rI

doe808

No way that anyone would be this stupid. Must be a troll.

Alexland

doe808 said:

No way that anyone would be this stupid. Must be a troll.

We will probably never know but Nicholas Parsons would give a first time poster the benefit of the doubt.

Regrettably real people do get scammed using these techniques.

NottinghamKnight

Might need more investigation, but probably best avoided.

Thrugelmir

Safe to assume this first time poster will never return. As @eskbanker pointed out.  OP appears to have tripped over their own tongue.