Profits Vision – Shady Forex Broker? FSMA Warning and DMCA Scam? Let’s Find Out (New Update 2023)
Profits Vision is an unreliable and shady forex broker with terrible trading conditions. It claims to support its clients every step of their trading journey by providing them with great trading tools.
However, the company relies on false promises, misleading claims, and fraud to get clients.
You’ll learn in this Profits Vision review the various highlights of this forex broker and why you should avoid trading with them. There are plenty of red flags in this broker and before you consider investing with them, it’s vital that you are aware of those issues.
Before I mention the trading conditions, platform, and payment methods available here, you must know about the FSMA warning issued against Profits Vision:
Profits Vision Review Alert: FSMA Issues a Warning Against the Broker
The Financial Services and Markets Authority is one of the most reputed financial regulators in the industry. Recently, the regulator issued a warning against this forex broker along with several more shady service providers.
FSMA said in its warning that it has received many complaints from new fraudulent online trading platforms operating in Belgium.
The regulator says that these platforms try to get the attention of consumers through scam ads on online video and social media platforms. In their fake ads, they get a well-known person to explain how people can get wealthy quickly.
Sometimes, these scammers use mobile apps to get victims. They run fake ads on mobile apps and often offer a virtual currency, trading solution or course.
Once the victims sign up for the scam, they begin getting calls from the fraudsters who present a concrete investment proposal (usually in virtual currencies or alternative investments).
The FSMA noted in its warning that many fraudulent trading platforms offer “affiliate programs” to consumers which are similar to pyramid schemes.
Profits Vision was among the companies that the FSMA called fraudulent.
In the warning, the regulator has highlighted that these scammers are very aggressive and try to persuade victims to make some payments. They might promise repayment in exchange for one last money transfer.
The FSMA pointed out that people who invest with these scams find themselves unable to get their money back or just stop hearing back from the platform.
These are usually cases of investment fraud. Moreover, the FSMA highlighted that these companies don’t have the necessary authorizations and their investors are never able to get their money back because the culprits are located in foreign countries.
The financial regulator recommends consumers check the identity of the company and always verify if it has the requisite authorization.
You can read the full warning here:
Clearly, the FSMA warning is evidence that Profits Vision is a scam. You should not trade with them.
What is Investment Fraud?
A Ponzi scheme is a fraudulent investment where returns are paid to older investors using the funds of new investors. The organizers offer high returns with little or no risk.
Using Fake DMCA Notices to Hide Every Negative Profits Vision Review
The representatives of Profits Vision are posting fake DMCA notices against negative reviews on the company.
I am not the only one who noticed the obvious red flags present in this company.
Plenty of other reviewers and blogs have covered Profits Vision and many of them have warned consumers against trading with them. However, the forex broker responded to these negative reviews like any scammer would.
Instead of addressing the concerns, the company posts fake DMCA notices against the reviews.
A fake DMCA notice is when someone copies the original content, posts it on their website with a changed date (older than the date of the original content), and claims it was the original creator.
While claiming to be the original creator, the culprit also claims that the original creator is committing copyright infringement and gets the content taken down from the internet.
Using fake DMCA constitutes fraud, perjury, misrepresentation, and impersonation.
It’s an illegal practice and highly popular among criminals and online scammers.
You can read the fake DMCA notice here: https://www.lumendatabase.org/notices/29870254
Is Profits Vision Licensed?
Profits Vision claims to be a licensed broker on its website but the FSMA warning shows that they are lying.
Their website doesn’t show any licensing information as well which suggests the company is lying about its license. They don’t have a license but claim to have one so they can defraud consumers.
The FSMA warning clearly states that this company doesn’t have the necessary authorization to offer its services.
Profits Vision Trading Conditions:
A common tactic among forex scammers is to keep their trading conditions extremely attractive. It’s obvious that Profits Vision is relying on that tactic too:
This forex broker offers 4 account types. They are:
- Explorer ($500 to $2499)
- Basic ($2500 to $9999)
- Silver ($10000 to $49999)
- Gold ($50000 to $99999)
Some of the offered benefits of the expensive accounts are access to a personal analyst and sessions with them.
Apart from those account types, Profits Vision claims to offer several “managed accounts” too:
Depending on your investment, you might get active portfolio management, a custom portfolio, and a dedicated financial consultant.
Clearly, the company is trying hard to make itself seem legitimate. There is no guarantee that you will get access to an analyst or consultant here.
As the FSMA warning highlighted, such companies only focus on taking as much money from every victim as possible.
The minimum deposit requirement of this broker is $500.
This is an extremely high requirement as most reputed forex brokers keep their minimum deposit requirement around $10 or below. That’s because a low minimum deposit limit allows traders to test out the broker without facing much financial risk.
On the other hand, scammers tend to keep their minimum deposit limit high to ensure that they can steal at least some substantial sum from every victim.
That’s why you shouldn’t trade with brokers with outrageous minimum deposit requirements.
Profits Vision offers leverage up to 1:100. Again, this is very high.
Such high leverage is dangerous for investors because they can lose their entire deposits within minutes while availing of such leverage.
That’s why reputed regulators such as FCA limit the maximum leverage licensed brokers can offer.
Profits Vision Trading Platform
While the broker claims to offer MetaTrader 4 as their trading platform, they don’t.
They lie about the trading platform they offer. When I checked out their website, I noticed that it was not MT4 but a simple web trader.
If a new broker doesn’t offer a trusted and reputed trading platform such as MT4 or MT5, you can be certain that it’s nothing more than a scam.
MetaTrader platforms are highly popular because of the numerous features they offer. Furthermore, when brokers offer a proprietary or web-based trading platform, it is a huge red flag.
Especially when that broker doesn’t have a license.
As a general rule of thumb, you should only trade with licensed brokers who truly offer MT4 or MT5 platforms.
Profits Vision is simply using the name of MT4 to make people sign up.
After going through the above points, it’s obvious that Profits Vision is a scam.
The broker doesn’t have a license or a reliable trading platform.
Furthermore, the financial regulator of Belgium has issued a warning against the platform for being fraudulent. All of this suggests you should avoid trading with them.
Avoid Profits Vision.
Profits Vision has received a warning from the Belgian regulator, FSMA. Moreover, it lies about its license and regulation to defraud consumers. Beware of this forex scam.
- Received an FSMA warning
- No license
- High minimum deposit