Profits Vision – Shady Forex Broker? FSMA Warning and DMCA Scam? Let’s Find Out
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.
There are plenty of similar forex scams that have received scam warnings and are now receiving complaints from their victims. Some examples include FXRevenues and Kowela.
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
Some of the notorious fraudsters who have used this tactic to hide consumer complaints are Margex and Kuailian.
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:
Account Types
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.
Minimum Deposit
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.
Leverage
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.
Conclusion
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.
The market is filled with greedy investors, and these brokers take advantage of these investors to make a large amount of money.
My mother was attracted to the schemes provided by the firm she invested in the company and she was making advertisements for the family groups and asking others to invest in the company for profits, but we all know what we all end with, the loss got her brains and pushed her towards depression.
The minimum deposit requirement of the platform is $500 which is very high compared to any other forex platform because they were not understanding the market requirement or they were only planning to get the money and stop responding afterward.
Now when we were reading the article we were feeling very motivated because we are also one of the investors who got scammed for around $10,000 and never got any of the returns from the company and were waiting for some legal actions to be taken against Profit Visions.
Meta Trader 4 was their trading platform which they claimed to offer but the claims were not the same and offered the company even though the company made many fake claims which were exposed after investing in the company.
Now when you will get the news of these scammers you will read the story of the infamous site and not be taking the trouble to share the company’s scamming nature.
Let us take the example where you are investing in some online investment scheme and agreed to all the terms and conditions of the company and never checked the history of the firm which can make you regret it afterward. Thus keep a record of the company’s past and future investment schemes.
Investors should keep a track record of the companies before investing so that they wouldn’t get scammed after investing and also make sure to inform others not to indulge in these types of nefarious sites.
How can the government allow Profit Visions to trade in their country how did they get the license to trade, even when they were facing legal warnings from the government of Belgium they shouldn’t have been allowed to trade there?
There must be serious concerns and measures taken so that no other investors get scammed due to the carelessness of the legal authorities.
The most disgusting thing about these scams is that they never tell their exact location so you will not be able to track them also the legal authorities aren’t able to trace them for getting their money back thus the government.
The tactics of promoting face marketing and attracting various investors through their investment scheme, this the cheapest way to scam anyone, they were capturing the m, market through their fake schemes.
When my parents were financially weaker they invested in this company and were able to get stabilized through their investments, so they strongly disagree with the author’s views on the company.
Now my parents never allow me to invest in any of the online platforms as they are afraid of these companies and never ask us to invest in these online or any digital asset, after being scammed by one of the companies they never gained the confidence of investing in the online market.
If the most reliable authority FSMA issues issuing a warning against the company, it becomes a severe concern for not investing in the company and keeping a long distance from this nefarious platform.