Caution Investors MyProfitLive – Regarding market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents) and registration of issuance, offer or sale of securities/derivatives, and reporting requirements.
Overview:
MyProfitLive is a trading platform that claims to offer forex, stocks, commodities, indices, and cryptocurrencies. It also claims to have a team of experts, advanced technology, and high security. However, these claims are not backed by any evidence or license. MyProfitLive is not regulated by any reputable authority, such as the British Columbia Securities Commission (BCSC), the Ontario Securities Commission (OSC), the Autorité des marchés financiers (AMF), or the Alberta Securities Commission (ASC). This means that they are operating illegally and without any oversight or protection for investors.
Regulation and Compliance:
MyProfitLive has been added to the Investment Caution List by the BCSC on 02 Nov 2023, as it is not registered to trade in or advise on securities or derivatives in British Columbia. The OSC has also issued a warning against MyProfitLive on 03 Nov 2023, as it is not registered to engage in the business of trading in securities or advising anyone with respect to investing in securities. The AMF has also alerted investors about MyProfitLive on 04 Nov 2023, as it is not authorized to solicit investors or offer securities or derivatives in Quebec. The ASC has also cautioned investors about MyProfitLive on 05 Nov 2023, as it is not registered to deal in securities or derivatives in Alberta. These regulators have also warned investors about the emerging digital threats posed by platforms like MyProfitLive that offer initial coin offerings (ICOs) and crypto-assets without complying with the applicable laws.
Customer Reviews:
MyProfitLive has received many negative reviews from customers who have been scammed by them. According to Sitejabber, MyProfitLive has a rating of 3.53 stars from 166 reviews, indicating that most customers are dissatisfied with their experience. Many reviewers have reported that they were unable to withdraw their funds, that they were pressured to deposit more money, that they were ignored by customer service, and that they lost their entire investment. According to Reviews.io, MyProfitLive has a rating of 2.86 stars from 21 reviews, indicating that most customers are unhappy with their service. Many reviewers have shared similar complaints and some have also mentioned that they were able to recover some of their money with the help of legal firms or authorities. According to Trustpilot, MyProfitLive has a rating of 1.8 stars from 5 reviews, indicating that most customers are very dissatisfied with their performance. All reviewers have warned others to stay away from this platform and have called it a scam.
Products and Services:
MyProfitLive claims to offer a variety of products and services for traders, such as forex, stocks, commodities, indices, and cryptocurrencies. However, these products and services are not verified or regulated by any authority. Moreover, they are likely to be manipulated or fraudulent, as many customers have reported that they were unable to access their accounts, that they were given false information or signals, that they were charged hidden fees or commissions, and that they were denied their withdrawal requests.
Location:
MyProfitLive does not disclose its physical location or contact details on its website. It only provides an email address and a phone number. However, these are not reliable ways of communication, as many customers have reported that they were ignored or blocked by them. Moreover, the phone number provided by MyProfitLive has a UK country code (+44), but the website domain name (.com) does not match the UK domain name (.co.uk). This suggests that MyProfitLive is trying to hide its true identity and location.
Customer Service:
MyProfitLive claims to have a professional and responsive customer service team that is available 24/7 via phone, email, or live chat. However, this claim is contradicted by the numerous complaints from customers who have experienced poor or nonexistent customer service from them. Many customers have reported that they were unable to reach anyone by phone or email, that they were given vague or false answers by live chat agents, that they were pressured or harassed by account managers, and that they were blocked or deleted by them.
Conclusion:
MyProfitLive is a trading platform that is not regulated by any reputable authority and has been accused of scamming many customers. It does not provide any evidence or license for its claims or products and services. It does not disclose its location or contact details. It does not offer any protection or support for investors. It is strongly advised to avoid investing with this platform and to report any suspicious activity to the relevant regulators or authorities.
