ProfitWave: Client Alleges Forced Investment and Fraudulent Charges

ProfitWave, an unregulated broker, has been revealed for employing sophisticated fraudulent tactics, as detailed in a client complaint submitted to BrokersView.

A complainant from the United Arab Emirates said “Profitwave trading company lured me or rather forced me to invest money” in his complaint. According to the client, agents from ProfitWave, identified as "Angus" and "Mark," persistently called him to promote various attractive investment packages. They also showed fake profits and imposed multiple conditions when the client attempted to withdraw his funds.

Client reports failed withdrawal from ProfitWave despite paying $45,000 in “synchronization” and “gas” fees

The client further alleged that the company’s agents compelled him to transfer money to a wallet called "Fortress Wallet," which he believed to be fraudulent. He was referred to the company’s senior manager, who demanded a 20% "synchronization fee" and an additional "gas fee" to enable the withdrawal. Despite seeing his funds in "Fortress Wallet," the client could never access them.

Starting his investment with $250, the client’s amount purportedly grew to $70,000 (the figure shown in “Fortress Wallet”). He was unable to withdraw the funds despite paying about $45,000 in synchronization and gas fees.

Other traders report failed withdrawal requests and fraudulent charges with ProfitWave

We discovered that other traders also experienced failed withdrawals despite numerous attempts and were required to make payments to access their funds. This has led to the realization that ProfitWave is a potential scam.

Is ProfitWave a scam broker?

Yes, ProfitWave is a fraudulent company. Although it claims to have been founded in 2014 by a team of professionals to offer trading services in Forex, Crypto, and Stocks, it lacks transparency regarding financial service licenses and other certifications on its website.

A search of the Cyprus Securities and Exchange Commission (CySEC) database revealed that ProfitWave is not regulated by CySEC, despite listing a contact address in Limassol. On November 14, 2024, CySEC added ProfitWave to its warning list for providing investment services without authorization, highlighting the company's illegal operations.

Bottomline

The client's complaint indicates apparent fraudulent practices by ProfitWave. The broker is unlicensed to offer investment services and demands unreasonable fees. BrokersView strongly advises against engaging with ProfitWave.

Furthermore, individuals should remain vigilant against recovery companies that promise to retrieve money lost to scammers, as they can only lead to greater losses for fraud victims.