MyProfitLive foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://myprofitlive.com/trading-mt5.html#/regular-wallet/auth/register, about the company's legal and temporary regulatory information, the company's address .
MyProfitLive Forex Broker
Basic Information
China
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Explorer
Basic
MyProfitLive Forex Broker - Complete Information Guide
1. Broker Overview
MyProfitLive, officially known as My Profit Live Services LLC, was established in 2022. It claims to operate from Switzerland, although specific details regarding its physical address remain undisclosed. The company is privately held, and there is no indication that it is publicly traded.
MyProfitLive primarily targets retail forex traders and offers a wide range of financial instruments including forex, stocks, commodities, indices, and cryptocurrencies. The broker has gained attention for its promise of high leverage and a variety of trading options. However, it has also attracted scrutiny due to its regulatory status and customer feedback.
The company's development history is marked by its rapid emergence in the online trading space, yet it lacks significant milestones that are typical for established brokers. There are concerns regarding its operational transparency and the legitimacy of its services. MyProfitLive operates under a business model that encompasses retail forex trading, but without the backing of a recognized regulatory authority, its practices are questionable.
2. Regulatory and Compliance Information
MyProfitLive operates without any regulatory oversight, which is a significant red flag for potential investors. It has not been registered with any major financial authorities, such as the Financial Conduct Authority (FCA) in the UK or the Swiss Financial Market Supervisory Authority (FINMA).
Warnings have been issued against MyProfitLive by various regulatory bodies, including:
- Ontario Securities Commission (OSC)
- British Columbia Securities Commission (BCSC)
- Alberta Securities Commission (ASC)
- Autorité des marchés financiers (AMF) in Quebec
These warnings highlight that MyProfitLive is not authorized to engage in trading or investment advisory services in their respective jurisdictions. The absence of a regulatory license means that investors do not benefit from protections such as client funds segregation or participation in investor compensation schemes.
Furthermore, MyProfitLive does not appear to implement adequate Know Your Customer (KYC) or Anti-Money Laundering (AML) measures, which are crucial for maintaining the integrity of financial operations. This lack of compliance raises further concerns about the safety and security of client funds.
3. Trading Products and Services
MyProfitLive claims to offer a wide array of trading products, including:
- Forex Trading: Over 70 currency pairs are available, including major and minor pairs.
- CFDs (Contracts for Difference): This includes indices, commodities, stocks, and cryptocurrencies, allowing traders to speculate on price movements without owning the underlying assets.
The platform also claims to introduce new products regularly, yet specific details on product updates are not provided. MyProfitLive focuses on retail trading services, and there is no indication of institutional client services or white-label solutions being offered.
Despite the variety of instruments, the lack of regulatory oversight and transparency in product offerings raises questions about the actual availability and legitimacy of these services.
4. Trading Platform and Technology
MyProfitLive offers a proprietary web-based trading platform, as well as support for MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are known for their robust trading tools and user-friendly interfaces, catering to both novice and experienced traders.
- Web-Based Platform: The proprietary platform is designed to provide essential functionalities, but details about its specific features are limited.
- Mobile Trading: The broker supports mobile trading applications for both iOS and Android devices, allowing traders to manage their accounts on the go.
- Execution Model: The broker's execution model is not explicitly stated, leading to uncertainty about whether it operates on an ECN, STP, or Market Making basis.
- Technical Infrastructure: Information regarding server locations and technical infrastructure is not disclosed, which is critical for assessing the reliability and speed of trade execution.
MyProfitLive does not provide clear information on API access or support for automated trading, which are important features for many traders.
5. Account Types and Trading Conditions
MyProfitLive offers several account types, each with different conditions:
- Basic Account: Minimum deposit of $250, leverage up to 1:200, and floating spreads starting from 0.0 pips.
- Explorer Account: Offers similar features as the Basic account but with lower leverage.
- Gold and Platinum Accounts: These accounts come with enhanced features, including personal strategy sessions and higher leverage options.
The broker does not provide a demo account policy, which is a common practice among reputable brokers. The absence of a demo account limits the ability of potential clients to familiarize themselves with the trading platform before committing real funds.
6. Funds Management
MyProfitLive supports various deposit methods, including bank transfers and credit/debit cards. However, specific details regarding the minimum deposit requirements for each account type are not clearly stated.
- Deposit Processing Time: Typically, deposits are processed quickly, but exact timelines are not provided.
- Withdrawal Methods: Withdrawal options include bank transfers, but the broker does not specify any limitations or fees associated with withdrawals.
- Withdrawal Processing Time: While the broker claims to process withdrawals promptly, there are numerous reports from users indicating significant delays.
The lack of transparency regarding withdrawal fees and processing times raises concerns about the overall trustworthiness of MyProfitLive broker.
7. Customer Support and Educational Resources
MyProfitLive claims to offer customer support through various channels, including phone, email, and online chat. However, many users have reported difficulties in reaching customer service, citing unresponsiveness and poor communication.
- Service Hours: The support team is available 24/5, but specific time zones are not mentioned.
- Language Support: The platform reportedly supports multiple languages, including English, Russian, Polish, and others.
- Educational Resources: There is limited information on available educational resources, such as webinars, tutorials, or market analysis. The absence of comprehensive educational materials can hinder new traders from effectively navigating the trading landscape.
8. Regional Coverage and Restrictions
MyProfitLive claims to serve clients globally, but specific details about its operational regions are vague. The broker has received warnings from various regulatory bodies, indicating that it does not accept clients from certain jurisdictions, particularly in North America.
- Restricted Regions: Countries such as Canada and the UK have issued warnings against MyProfitLive, suggesting that residents in these areas should avoid engaging with the broker.
- Operational Offices: There is no clear information regarding regional offices or local representatives, which raises concerns about the broker's legitimacy and accountability.
In summary, while MyProfitLive presents itself as a comprehensive trading platform, the lack of regulatory oversight, negative user feedback, and unclear operational practices suggest that potential investors should exercise caution. The risks associated with engaging with an unregulated broker are significant, and it is advisable to consider alternative, regulated options for trading.
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Latest Reviews
Timothy Shull
United States
MyProfitLive provides a friendly interface for currency trading. I took advantage of a reliable platform, fast withdrawals and deposits, which allowed me to earn easily. The service team is always helpful and responsive to my needs.
Positive
2023-07-03
Gary Anderson Alvarado
France
As an investor, trading indices on MyProfitLive has proven to be very profitable. The platform's secure environment and efficient withdrawal and deposit process have made me feel safe and earn substantial profits.
Positive
2023-07-03
Arber Grandbois
France
Choosing myprofitlive.com for index investments has been a wise decision. The platform provides fast and secure withdrawals and deposits. Their customer support is excellent, ensuring a smooth investing journey.
Positive
2023-07-04