Profit Wave has been flagged by Financial Services and Markets Authority for "Fraud and Other Types of Misconduct". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
After spending for just over a year trying to make Profit Wave work for me, I have given up. The platform has too many limitations, the fees are not competitive, and the quality of their market data is questionable. There are much better options available.
Pros: Clean UI|Smooth onboarding
Cons: No integrated tax optimization
I have been trying to close my account with Profit Wave for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Fast execution|Personal attention
Cons: Email notifications too frequent
Profit Wave advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: Two-factor authentication|Good mobile app|Dedicated account manager
Cons: No fractional shares|Account statements could be more detailed
KYC with Profit Wave is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Easy withdrawals|Detailed reporting
Cons: Onboarding videos are outdated
The only good thing about Profit Wave is that they remind you why regulation matters. I found them after seeing their ad online. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.
Pros: Demo account available|Intuitive for beginners
Cons: Nothing significant
Several red flags with Profit Wave: (1) They promise unrealistically high returns, (2) They're not registered with Financial Services and Markets Authority, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Pros: Website looks legitimate on the surface
Cons: Not registered with regulators|Unrealistic promises
I invested $500 with Profit Wave after seeing their professional-looking website. At first, everything seemed fine - they showed me impressive returns on my dashboard. But when I tried to withdraw, they kept making excuses. First it was "processing time," then "verification needed," then "you need to pay a tax fee first." I never got my money back. I have since reported them to Financial Services and Markets Authority.
Cons: Blocked my account|No legitimate license|Fake returns
The platform itself is okay, but the customer service at Profit Wave is truly awful. I waited weeks for a response to a simple inquiry. When they did respond, it felt like a generic template that did not address my specific issue at all.
Pros: Multiple order types|Customizable dashboard
Cons: Minor UI glitches occasionally
I invested $500 with Profit Wave after seeing their professional-looking website. At first, everything seemed fine - they showed me impressive returns on my dashboard. But when I tried to withdraw, they kept making excuses. First it was "processing time," then "verification needed," then "you need to pay a tax fee first." I never got my money back. I have since reported them to Financial Services and Markets Authority.
Cons: Blocked my account|No legitimate license|Fake returns
The mobile app from Profit Wave is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Customizable dashboard|Dedicated account manager
Cons: Limited demo account features|Minor UI glitches occasionally