North Profit extends an invitation to customers to engage in trading a diverse array of financial assets within the global financial markets, encompassing Forex, indices, metals, and stocks. They assert their commitment to offering transparent trading conditions and exceptionally narrow spreads sourced from leading liquidity providers. However, in this North Profit review, we will present evidence that strongly suggests NorthProfit may be operating as a fraudulent entity.
Website – http://northprofit.cc/, http://www.northprofit.co/
Address – First Floor, First ST Vincent Bank LTD Building, James Street, Kingstown VC0100, St. Vincent and the Grenadines
Warning – Commissione Nazionale per le Società e la Borsa (Italy), Portuguese Securities Market Commission (Portugal)
Regulation – Unregulated, Blacklisted, Offshore
Domain Age –
|Date Registered||August 25, 2021|
|Domain Age||2 years, 1 month, 21 days, 2 hours, 47 minutes, 44 seconds|
About North Profit Regulation
NorthProfit lacks an official license and is registered in a notorious offshore jurisdiction, specifically St. Vincent and the Grenadines (SVG). Furthermore, the identity of the company behind NorthProfit remains uncertain, as the broker refers to two entities – NorthProfit Inc and Dulcet Group LLC. Nevertheless, the mere association with an SVG address is ample reason to cast doubts on the broker’s legitimacy, as forex operations within this Caribbean offshore zone lack formal regulation. This, coupled with the favorable tax conditions, makes SVG a magnet for fraudsters seeking to perpetrate their schemes.
North Profit Review: Trading Platform
NorthProfit claim of offering MetaTrader 4 is nothing short of a blatant falsehood, as the purported download links merely redirect users to the sign-up page. This reprehensible tactic aims to exploit the impeccable reputation of the MT4 software to foster a false sense of trust, given its standing as a market leader. MT4 boasts a wealth of advanced features, including Expert Advisors, dependable indicators, and user-friendly charting tools, making it the preferred choice for traders and investors.
Regrettably, NorthProfit can only provide an inferior Webtrader that pales in comparison to the robust capabilities of MetaTrader 4 and MetaTrader 5. The broker’s platform falls far short, to the extent that attempting to resize the window renders the chart useless. Consequently, the subpar Webtrader should serve as reason enough to steer clear of the otherwise dubious NorthProfit.
Deposit and Withdrawal methods
NorthProfit promotes the use of bank cards, wire transfers, and Piastrix for transactions. In reality, however, it exclusively accepts credit cards and Bitcoin, processed through the somewhat dubious abncbp.com. This website is not readily accessible, and its reputation includes association with processing payments for fraudulent schemes. The broker has established a minimum deposit requirement of $250, which aligns fairly closely with industry standards.
When it comes to withdrawals, NorthProfit does not explicitly outline minimum requirements, but an examination of its Terms and Conditions reveals a troublesome bonus policy that significantly deteriorates the trading environment. Specifically, if clients receive bonuses, they are obligated to trade both the bonus amount and the deposit 25 times before becoming eligible for withdrawals. This is an onerous condition, further compounded by the inability to revoke the bonus, raising concerns about potential scam practices.
In terms of fees, no specific details are provided, but NorthProfit asserts the right to charge clients intermittently for unspecified reasons, adding to the mounting evidence of questionable practices. It is advisable to steer clear of this broker.
North Profit Review: Trading Conditions
The broker’s platform offers a fixed leverage of 1:200, with traders having no flexibility to select the ratio upon account creation or adjust it later. Crucially, it’s worth noting that such leverage levels are currently prohibited in the EU, UK, Australia, and several other jurisdictions.
Additionally, the disclosed trading costs on the platform are less than impressive. The EUR/USD spread stands at 3 pips, which is at least twice as high as the typical rates observed in the market.
North Profit Review: Conclusion
If you’ve fallen victim to a scam like North Profit or any fraudulent scheme, you are entitled to pursue legal action against the perpetrators. To initiate this process, simply complete our online complaint form, and our experts will provide you with a free consultation. This consultation will outline the necessary steps to recover your funds. Your financial security is our foremost concern, and we are committed to assisting you throughout the entire process.
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