Expert-profit Review – Learn the Problems with the Broker

Expert-profit Review

With the number of online brokers increasing on a daily basis, the process of choosing one has become fraught with complications. Many people want to engage in online trading, but it is their fear of signing up with a fraudulent brokerage that stands in their way. Bogus and shady companies have multiplied in the financial markets because there is a lot of money involved. Thus, you cannot take anything for granted when you begin looking for a platform and should be careful because this Expert-profit review indicates just how good these fraudsters have gotten at fooling people.

The reason most people end up getting hoodwinked is that they do not bother to look closely into a brokerage. A cursory glance at their website is not enough for you to find out the reality of a company. They do not come with a flashing sign that they are impostors and instead, they claim to offer you everything you need to trade profitably. But, this does not mean that you accept their word for it because they are obviously not going to reveal their true intentions. It is your job to check their claims and verify everything they are saying to ensure you are making the right choice.

Yes, it does require you to make some effort and many people do not want to take out the time to do so because they believe they are missing out on opportunities. However, you should remember that doing so can actually help you prevent disaster because you will be able to learn about the problems with a broker, if any and then decide whether they are acceptable, or if they should be avoided. This way, you can save yourself from becoming a scam victim and your money does not go down the drain either.

Opting for the same approach is a good idea where Expert-profit is concerned because a cursory glance at the brokerage does not really tell you the anything. It is through a closer look that you can find out the problems with the broker. What are they? Let’s check them out:

Virtually anonymous broker

It is understood that before you sign up with a brokerage, you need to learn exactly who you are dealing with. This means you need to know where the company is based because this will help you check their license and regulation. Since you have to trust them with your money and your personal information, it is best for you to know who you are dealing with. The problem is that when you try doing this with Expert-profit, you will not be successful at all.

This is because when you go through the Expert-profit website, you will not find any corporate background. They do not mention the name of the company that owns and operates the broker, they have not disclosed the location they are operating from and there is no mention of a license either. This essentially means that the brokerage is virtually anonymous and they have not bothered to tell you anything.

The only clue that you will find about the whereabouts of Expert-profit is in its Terms and Conditions where they have mentioned Estonia. But, brokers that are based there need to be licensed and regulated by the local Financial Services Authority (FSA), or any other authority in another member state of the European Union. Yet, you will not find a mention of this anywhere.

Furthermore, you will also discover that Expert-profit is breaking a number of pan-European rules that are applicable to brokers throughout EU, such as offering bonuses and excessive leverage. This is a big problem that you need to be wary of.

Malicious bonus policy

One of the most common offerings through which shady and fraud brokers attract people is by offering trading bonuses. There was a time when this was very common amongst online trading platforms, but then regulatory authorities of various jurisdictions decided to impose a ban on trading bonuses. This is because they come with strings attached that are designed to exploit users. This becomes evident when you check out the bonus policy at Expert-profit.

Indeed, you will discover that Expert-profit is also offering trading bonuses, something it should not do because it seems to be operating from Estonia, where this practice is forbidden. Yet, not only is it offering trading bonuses, but they are also accompanied by a malicious policy. You will find the Non-Deposited Funds clause when you go through their Terms and Conditions.

According to the policy, traders who get bonus in their Expert-profit account will not be eligible to make a withdrawal. They will not be allowed to withdraw the bonus, or the profits generated from the funds and the broker will also have the right to reclaim these funds.

Excessive spreads and leverage

You need to look at the trading conditions offered at Expert-profit and these are another cause for concern. The brokerage is offering high spreads of between 2.5 and 3 pips for the EUR/USD pair, which are considered excessive because professional brokers do not have spreads of more than 0.5 or 1 pips. In addition, they are also offering leverage levels that go as high as 1:200, which is excessive as most regulatory authorities have imposed a cap of about 1:30.

Very high minimum deposit

It is expected that you will have to deposit funds in order to start trading via your account with a broker and this also applies to Expert-profit, but the problem here is the minimum deposit they ask for is too high. These days, most companies are willing to let traders open an account for as low as $10, but Expert-profit asks for a deposit as high as $5,000.

Even if the standard approach is followed, the deposit should not be more than $250. But, you will find that Expert-profit is asking for 20 times the amount, which is also a big problem.

Ending Thoughts

The problems that you discover about Expert-profit make it obvious that it is not a good choice for anyone who wants to profit from online trading.