Read our ETHprofits review to see why we do not recommend this broker for trading. Just to clear doubts, this is an ethprofits.com review. If you have any questions or you need advice about the withdrawing process, feel free to contact us at Forexscamreviews28@gmail.com.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as these kinds of websites are notoriously famous for scamming schemes.
So ETHprofits is just another unregulated forex broker, which means the customers are not protected, and it is highly likely they will get away with your hard-earned money and there will be no regulating agency to hold them responsible.
How does it work?
Usually, unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist on withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all, you need to keep the emails as proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relationship with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at Forexscamreviews28@gmail.com but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step, you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that, you can prepare a letter or an email describing how you got deceived by them. Make sure you show this letter or email to them and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach us at Forexscamreviews28@gmail.com and we will help you with this step as well.
Make sure you leave reviews about ETHprofits on other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you have fallen victim please leave a review and a comment on this site at the comment section. Also, when these people change their website they tend to call the old clients, so if they call you from a new website please write it down on the comment or let us know by contacting us. That would be really appreciated by us and families all over the world. Also if you get phone calls from other companies please put the name of these companies also in the comment or send it to us. We will expose them too.
ETHprofits Review Conclusions
Making the ETHprofits review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard-earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter before you perform any transaction. We hope that our ETHprofits review has been helpful to you. If you have any questions or you need advice about the withdrawing process, feel free to contact us at Forexscamreviews28@gmail.com.
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
As a result of an on-line enquiry, my wife was talked into investing $250USD with ETHProfits and was signed up for an account in our joint names with an address “Australia” and a credit card.
The account was set up by “Dan”, an extremely fast talking and persuasive individual. He invested the $250USD and showed us the profits and a small withdrawal. To cut a long story short, after a number of long international phone calls, we subsequently invested first $15,000AUD to reach a “Bronze” account and after relentless pressure from Dan to invest more money we transferred another $23,000 to get into a Silver account. In the first 6 weeks the account made a profit of $7,500USD and Dan, in nearly daily phone calls extolling the results mounted more pressure on us to advance to a “Gold” account. I then smelt a rat and to test the waters I made a withdrawal request of $3,000USD to realise some of our profits. Dan was not happy as he needed more money to invest, not less. As it was no longer worth his while (his words) to deal with such a small account, he advised us to close the account, which was fine by us as by this time I was tired of the relentless harassment for more funds.
Then enter “Felix” the accountant who would only take 10 minutes of our time to finalise the account and get us our money. Just follow the 3-Step verification process which are mandatory in order to complete the first time Withdrawal (where did that come from as that was not mentioned anywhere)! This procedure entailed giving them all our banking details, a signed form completing the withdrawal request and the payment of a Service Fee of 15% of the balance as an external transfer from our side! As the balance of our account was $55,275AUD we were required to pay $8,223 upfront to release that money. I advised him to take that fee out of our profits as that was in fact our money, which he refused to do as it was supposedly against the law. At present we are in a stalemate as “Felix” refuses to release the balance of our account. I refuse to pay that Service Fee as an external transaction as I fear that more difficulties will arise. In the meantime, according to “Felix”, our account will be charged a monthly dormant fee of 6% which they can deduct from our account balance (but not the service fee!!). This is another unexpected and exorbitant impost! Furthermore, ANY amount large or small withdrawn from our profits would still incur the 15% service fee ($8,223) of the total account.
According to other websites which I had not checked beforehand, the company is definitely unlicensed, even though they give a London address. The $250USD transaction was processed by an Istanbul bank under the guise of “payment for computer software” and given the time lines of their phone calls, that could be the location where they operate from.
I have belatedly read a lot of ETHProfits reviews on other websites and some I would treat as suspect; most of them are two liners with a 5-Star rating. I have identified “Dan’s” surname with some other first names in successive reviews with a 5-Star rating attached.
I am not unwilling to pay that “Service Fee” even though Dan had advised us that their commission came from the “spread” of each trade transaction, which is also mentioned on their website under “Commissions on Trades”. It is reiterated under “Fees on your Trades; We do not charge you anything in addition to the spreads”.
My advice is DO NOT Deal with this company. They are happy to take your money but make it very difficult for you to withdraw it. In the mean time I am not holding my breath for a positive outcome!