MX Profits has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I referred a friend to MX Profits after reading several online reviews. We both deposited. The referral bonus never arrived. Support said we did not meet the terms. When we asked which terms they pointed to a clause that was added after we signed up. Shady.
Pros: Regular updates|Multiple order types|Intuitive for beginners|No hidden fees
Cons: Nothing significant|Charting tools need more indicators
The spread at MX Profits is not what they advertise. During volatile markets it widens so much that you lose before the trade even starts. I found them after a friend recommended them and initially thought the platform was good - until I started trading seriously.
Pros: Full transparency|Responsive team|Personal attention|Fast deposits
Cons: Mobile app could be improved
Tried to withdraw my funds from MX Profits and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Cons: Lost entire investment|Reported to authorities|Unresponsive
The onboarding at MX Profits was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: Personal attention|Automated trading options|Competitive fees
Cons: Could offer more webinars
Where do I even begin with MX Profits? for over a year of broken promises, unanswered tickets, and a platform that feels like it was built in 2010. They spend more on marketing than on actually improving their service. Stay away from this company.
Pros: Easy to use platform|Fast execution
Cons: No integrated tax optimization|No phone support on weekends
After for the past year and a half with MX Profits I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Easy withdrawals|Market news feed
Cons: Desktop app not available on Linux|No dark mode on mobile
I was about to invest with MX Profits but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Financial Markets Authority has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Pros: Website looks legitimate on the surface
Cons: Unauthorized firm|Found in IOSCO warnings database