Crypto Profitly Review – Is it a Good Choice?

Crypto Profitly Review

The crypto market has risen exponentially in the last decade alone and its market capitalization has also gone up. This has resulted in a massive increase in its popularity and millions of people are venturing into this market from all over the world. In order to trade cryptocurrencies, they have to open an account with a crypto brokerages and their number has also gone up.

The problem is that this has also given incentive to scammers because people do not really have a firm grasp of the market and dive in, allowing these criminals to exploit them. You will find more about how they operate via this Crypto Profitly review.

One of the topmost tactics that scammers use to target vulnerable people in the crypto market is by setting up brokerages and convincing people to sign up.

How do they do that? They deliberately create an appearance that fools people into thinking that they are signing up with a legitimate brokerage and they have to learn their lesson the hard way. A look at their website will never reveal the truth because they create a professional front and add everything that they believe you will need.

However, this does not make them legitimate and you need to do your own research into the company to determine their authenticity. Not only do you want a genuine platform, but also one that offers you the right tools and features that you may need for trading purposes.

Regardless of how tempted you may be to sign up with a broker, doing your homework is of the utmost importance to make the right choice. The same applies in the case of Crypto Profitly, which advertises itself as a crypto broker.

But, the real question is whether it is a good choice or not. Unfortunately, you will be disappointed with Crypto Profitly when you take a closer look because there are several problems with the broker and some of them include the ones listed below.

No regulation or licensing

Signing up with a regulated and licensed broker should be your priority because such a company is authentic and offers professional and transparent services. This is because it has to uphold the rules and standards of the regulatory authority that governs it.

In addition, it can also be held accountable in case of a problem. When you are dealing with instruments as unregulated as crypto, it is best to opt for a brokerage that has a license to provide its services.

So, you need to check the license and regulation of Crypto Profitly before you decide to open an account with the brokerage. The company disappoints in this regard because it is lying about its headquarters altogether.

According to their website, their offices are located in the United Kingdom, which is not possible because it order to operate from there, they would need to have a license from the Financial Conduct Authority (FCA).

However, the FCA has imposed a ban on offering crypto derivatives, which is what Crypto Profitly is focused on. This means it cannot possibly operate from the UK and if you still need confirmation, all you have to do is check the online register of the FCA. When you do that, you will not find Crypto Profitly listed anywhere, which is confirmation that it cannot operate from the UK.

This means that either it is lying about where it is based, or it is illegally operating from the UK. Either way, it does not make Crypto Profitly appear in a good light.

Lack of trading software

How do you connect to the crypto market and execute your trades? The crypto broker you open an account with provides you with the trading software to be used for this purpose.

Different trading platforms exist in the market and some of them are obviously better than others. Every brokerage will offer a different platform, but the problem with Crypto Profitly is not about what platform they offer.

It is the fact that they do not appear to have a trading software available at all. Despite making some big claims about the trading software they provide, you will discover that Crypto Profitly has no software at all. Instead, all they do have is a chart that boasts some charting tools, but it cannot be used for opening, or closing any trades.

The chart has been taken by Crypto Profitly from TradingView and they are freely available, so you do not need to open an account with the broker to be able to use them. Most reputable brokers would instead offer you the MT4, or the MT5 trading platforms that have become renowned for their strong features and advanced technology.

But, for all the promises that Crypto Profitly makes, it cannot fulfill them because it is certainly not authentic or reliable.

Only crypto deposits

How you are depositing your money with a brokerage is also an important question because you do not want your funds ending up in the wrong place, or getting stuck. You want a reliable, secure and most of all quick payment option that allows you easy access to your money. Since Crypto Profitly presents itself as a crypto broker, it makes sense that it is offering crypto deposits.

But, the problem with the broker is that it only supports crypto deposits and no other payment method. This is an issue because crypto payments are not considered safe as they do not give you the chargeback option.

They are a favorite of scammers for this reason because payments made in crypto are final. Thus, if you sign up with a fraud broker and deposit your money via crypto, there is no possibility of you getting it back.

In addition, cryptocurrency transactions are also anonymous for the most part, which means that you will not know where your money ended up.

Final Thoughts

When you discover the numerous problems with Crypto Profitly, it is easy to see that this broker is not a good choice for anyone who wants to trade in the crypto market.