WikiFX Fraud Alert: Plz stay away from ETH Profits!!!

Investors who are still trading forex at ETH Profits had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

Let us start with the most important – the recent warning on August 19th against ETH Profits (ethprofits.com) issued by the Financial Conduct Authority (FCA) in the UK. You may check the warning on the screenshot below.

Source: https://www.fca.org.uk/news/warnings/eth-profits

FCA believes that ETH Profits may be providing financial services or products in the UK without its authorization. ETH Profits is not authorized by FCA and is targeting people in the UK. Clients will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong!

WikiFX also paid a visit to the brokers official website to learn more. First and foremost, ETH Profits lies about where it operates from, giving its clients the following address:

There is no way for ETH Profits to be based in London, when the firm is clearly not licensed by the FCA to deal on the UK markets. The FCA is a strict regulator that has built a particular framework, capable of deterring scams and other dangers to the retail client. One of these rules, however, is the ban on bonuses. ETH Profits offers bonuses, in blatant disregard for said ban by the FCA– and, as such, the firm does not have what it takes to provide its services legally in the UK.

Brokers like ETH Profits often offer sign-up bonuses. These bonuses are no free lunch however! They come with certain turnover requirements that need to be cleared before the bonus can be withdrawn. Sometimes, these extend to the funds the clients have deposited themselves. The firms that offer bonuses are mostly scammers, who then institute a turnover that is several thousand times higher than the bonus – one that is strictly impossible to achieve! Therefore, there is no way for their clients to actually access their own funds and profits!

Supposedly, ETH Profits offers some sort of “advanced” web-based trading platform that provides “advanced charts and graphs”. WikiFX was eager to try this amazing software – but we soon ran into a problem. WikiFX was not allowed to open an account with this broker without providing a referral code first:

A referral code is not something a legitimate broker would usually ask you for – but scammers often do. They usually prefer to pick their victims personally in order to keep the scam more hush-hush and avoid unwanted attention so they distribute such referral codes via phone or email. Legitimate brokers, on the other hand, have no problem showing you what they are capable of in demo accounts – you would quickly be able to establish if the brokers conditions suit your style and preferences without having to invest any money right off the bat.

Furthermore, ETH Profits does not provide its clients with information regarding its accepted deposit methods. This is bad, as we have no idea what the brokers bonus policy is – you could have to execute a chargeback to get your money back. ETH Profits also mentions a fee on withdrawals, as you can see below:

There is no way for you to know the size of said fee – so you should instead deposit with a reliable broker!

Now let's search “ETH Profits” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/4291533371.html), ETH Profits currently has no valid regulatory license and the score is rather negative - only 1.07/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

Whats more, investors having traded with ETH Profits recently have come to WikiFX for help, complaining about not being able to withdraw. For example, ETH Profits would persuade investors to pay them money and invest, then invented some reasons, constantly asking innocent traders to pay in order to withdraw deposit!

Source: https://www.wikifx.com/en/exposure/exposure/4291533371.html

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed!

In a nutshell, ETH Profits is yet another brokerage you should avoid at all costs. The company is completely unlicensed and has all the issues that come with it. There is a lack of safety of funds, there is no transparency, and the firm has highly suspicious withdrawal fees! WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!