Profitrade247 is a winner for its easy-to-use copy-trading platform, where traders can copy the trades of experienced investors – or receive exclusive perks for sharing their own trading strategies.
With over 3,000 tradeable symbols, including CFDs, forex, exchange-traded securities, and popular cryptocurrencies, Profitrade247 offers a comprehensive – albeit slightly pricey – trading experience.
Profitrade247 pros & cons
Pros:
- Profitrade247 was founded in 2007 and is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, making it a safe broker (low-risk) for trading forex and CFDs.
- Profitrade247 is excellent for social copy trading and cryptocurrency trading and is our top pick for both categories in 2022.
- Fantastic for ease of use thanks to its user-friendly web platform and the Profitrade247 mobile app that is great for casual and beginner investors.
- Profitrade247 continues to expand its available range of markets as a multi-asset broker with over 3,000 symbols available.
- Offers indemnity insurance of up to EUR 1 million per client in the EU, the U.K., and Australia.
- VIP-style perks are available for club members and popular investors that reach higher tier status.
Cons:
- Trading forex and CFDs at Profitrade247 is slightly pricier than most of its competitors, despite recently cutting spreads and introducing zero-dollar commissions for U.S. stock trading.
- Profitrade247’ range of traditional research materials and tools is limited compared to its peers.
- Automated (algorithmic) trading strategies are not supported at Profitrade247.
- Mandatory stop-loss and take-profit may hinder certain trading strategies.
- Trading Central research and tools are only available to certain Profitrade247 Club members who have reached higher Club tiers.
Is Profitrade247 good for beginners?
Let’s take a look at its services one by one, following the criteria we set above, to get the whole picture.
- When it comes to its web platform, Profitrade247 might suit the needs of beginners: User-friendly. Clear fee report. Two-step (safer) login. Overall, this platform may be an optimal choice for beginners.
- The mobile platform of Profitrade247 is reasonably well-designed: User-friendly. Two-step (safer) login. Good search function. This may be helpful for the first steps in your trading journey. Fees are one of the most important aspects when it comes to trading and Profitrade247 does well in some areas: Low trading fees. Free stock and ETF trading. Low forex and CFD fees. However, charges may be higher compared to some competitors. Areas of improvement: Inactivity fee. $5 withdrawal fee.
- An account opening process is great when it is seamless from the get-go. Profitrade247 does an excellent job in this area: Fast. Fully digital. Low minimum deposit.
- Profitrade247’ education materials are a great place to start: Demo account. Trading platform tutorial. Educational videos. This makes Profitrade247’ material worthy reading.
- Low minimum deposits and low-cost transactions are attractive for new traders. Profitrade247’ deposit and withdrawal processes have some good things to offer: Credit/Debit card available. User-friendly. Nevertheless, its services could be improved in other areas: Only one account base currency. $5 withdrawal fee. Conversion fee for non-USD deposits.
Profitrade247 Customer Service and Security
Users can contact Profitrade247 customer service via email or online chat. The listed phone number is just a recording that directs users to chat. But here’s the thing about chat: It’s only available for Profitrade247 Club members. In effect, this means most users will only have email customer service options. You can also visit the Help Center to sort through categorized lists of FAQs.
In terms of security, cash assets are held in Federal Deposit Insurance Corp. (FDIC)-insured bank accounts. Security protocols for crypto include offline and online storage of coins, two-factor authentication and state-of-the-art monitoring tools. In addition, no member of the Profitrade247 staff can transfer users’ crypto out of cold storage.