Profit Ascend Review
The whole point of people wanting to trade in the financial markets is to make money and there are a lot of opportunities to be found. But, it is important to remember that you will need the services of a broker to take advantage of them. This doesn’t sound too difficult, as you only need Google to find something you are looking for these days. You will see the problem after the search when you realize exactly how many brokers exist. The numbers are enough to flummox just about any one and this is where you will find this Profit Ascend review helpful.
If you were to believe every company for what they are promising you, it would mean that all of them are truly the best and you can create an account with all of them. Obviously, this is not the case because they don’t offer the same services. But, the challenge is not just to find a broker that offers you what you need; it is to find one that is authentic and trustworthy. Not all companies you will find out there fit the bill. This is because this space is very lucrative and has attracted cybercriminals.
One of the most widely used tactics by these people is to masquerade as scam brokers and get people to hand over their money, along with their sensitive information. There are thousands of people out there who have had to deal with the consequences of signing up with a fraudulent broker and you definitely don’t want to go through the same. The best way to ensure you don’t is by uncovering the truth about the broker you are considering. Profit Ascend may appear to be a reasonable choice, but it doesn’t really help you in ascending.
As a matter of fact, it will eventually cause your bank balance to descend, which is quite disastrous. How does that happen? You can uncover the truth about Profit Ascend in the following review:
Regulation and Licensing
The best place to begin learning about any broker is by taking a look at their regulation and licensing. Legitimate brokerages are regulated by a reputable authority, which means their activities are monitored and they also comply with appropriate rules and regulations. You will not find the same about Profit Ascend because it is not really regulated or licensed anywhere. The company is based in the Marshall Islands, one of the jurisdictions that are infamous for being a scam haven.
This is because the authorities in the Marshall Islands don’t regulate the forex industry, which has made them a popular destination for companies that want to operate unopposed. It is probably why Profit Ascend has also chosen to establish its headquarters there because other regions, such as the United Kingdom have tough regulatory requirements that are not easy to fulfill, certainly not for scam and fraudulent companies.
Another prominent feature of regulated markets is that they have imposed a ban on trading bonuses offered to clients because these come with strings attached, which are considered exploitative. Therefore, most regulated brokerages don’t offer any bonuses to their clients, yet you will find that Profit Ascend does so. Obviously, it is not a regulated broker, so it is free to offer bonuses, but this also means that it is not being fair to its clients.
You will discover that a number of scam brokers use these trading bonuses to prevent their clients from making withdrawals because they impose minimum trade volume requirements that are impossible to achieve. The story is not very different in the case of Profit Ascend; in fact, their requirements are downright outrageous. In order to withdraw a $200 bonus and the profits you make from it, they require you to have a turnover of at least $5 million. This makes it obvious that their primary aim is to prevent their clients from making withdrawals altogether.
One of the most important features of any online broker is their trading software because it is used for executing trades in the financial markets and can have a big impact on your performance. Therefore, it is understandable for traders to want to know what kind of trading platform they will be offered. The renowned options in the market include the MT4 and the MT5 and most regulated brokerages will offer these platforms to their clients. Unfortunately, it is not the case with Profit Ascend at all.
They most certainly don’t offer their clients either the MT4 or the MT5 for trading purposes. Instead, a web based trading platform is provided by Profit Ascend and the problem is that you cannot even access it until you verify your account. This is not something most people are comfortable with because verifying means complying with a KYC (Know-Your-Customer) policy and sharing your personal information with an unknown company. It is not something most people are willing to do just to check what platform they will be given. A genuine company would not blackmail their clients this way to provide them access to a vital piece of information they need to make a decision.
You have to know how you will be able to make your deposits and withdrawals on the Profit Ascend platform, should you decide to use their services. While the company claims that they accept credit card deposits, there is no way to verify this information. Being able to use credit cards is reassuring for traders because this method is eligible for a chargeback in case something goes wrong. The problem is that there is no way for you to confirm if the option is available or not, or it is just the broker trying to mislead you.
The Bottom Line
Sure, you will find the 1:400 leverage offered by Profit Ascend highly appealing because it means you can trade more flexibly and their minimum deposit requirement of $250 doesn’t seem too over the top, but you cannot ignore the other problems it has because those are all indicators of a scam.