News, Culture & Society

Is ProfiTrade247 Crypto Trading Platform Worth It?

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 tradable symbols, including CFDs, forex, exchange-traded securities, and popular cryptocurrencies, this trading platform offers a comprehensive – albeit slightly pricey – trading experience.

ProfiTrade247 at a glance

  • More than 20 cryptocurrencies available for trade
  • Spread fees based on the type of crypto (generally between 0.75% and 5%)
  • Minimum account deposit of $50
  • Crypto trading minimum of $25, or $200 if you’re using CopyTrader
  • A free virtual portfolio worth $100,000 for practice trading
  • options for “copy trading,” in which you can set your portfolio to follow the moves of “Popular Investors” on the platform
  • Account accessible through an online browser or mobile app
  • Option to keep your investment within your account portfolio or move holdings onto the hot wallet (or your own wallet)

ProfiTrade247 Crypto Fees

Overall, ProfiTrade247 pricing is close to the industry average for trading physical cryptocurrency – such as 0.75% for buying or selling bitcoin – while its fiat-to-crypto conversion fee is high at 5% (1% fee and 4% Simplex fee).

Meanwhile, converting from crypto to crypto costs 0.1% (in addition to prevailing spreads). With a large number of crypto assets – both CFDs and the underlying assets – ProfiTrade247 is the No. 1 broker for Crypto Trading for 2022.

What is the minimum deposit at ProfiTrade247?

The required minimum deposit is $200. As a temporary measure in February 2021 during a volatile market period, ProfiTrade247 raised its minimum deposit requirement, but it was reinstated to the previous level on March 8, 2021.

Note however that the minimum amount for a bank transfer is $500.

However, some countries have different minimum deposit requirements.

Mobile trading apps

Overall, ProfiTrade247 offers an excellent mobile experience. The ease-of-use factor is high and delivers nearly all the same features across both its web platform and its mobile app, which multi-device clients will appreciate.

Apps overview: The platform provides two mobile apps: the ProfiTrade247 App and ProfiTrade247 Money for crypto and money transfers. Both apps are available on Google Play for Android and Apple App Store for ioS devices.

Ease of use: Testing on Android, the app maintains the look and feel of the web version, including useful functions such as dark and light mode themes, and synced watchlists that help to unify the platform experience across devices.

Charting: Like the rest of the mobile app, the charts are responsive and closely match the web platform experience, though just five indicators are present compared to 67 on the web.

Drawing tools are missing from the app entirely and would be a welcome enhancement to an otherwise cleanly-designed and well-integrated mobile app.

Cryptocurrency wallet: The ProfiTrade247 Wallet, known as ProfiTrade247 Money, is a separate mobile app where users can deposit and withdraw money and actual cryptocurrencies.

Crypto assets are held by ProfiTrade247, which acts as the custodian of your cryptocurrency private keys. The ProfiTrade247 Money Wallet closely resembles the look and feel of the ProfiTrade247 Mobile App, and includes support for social trading.

Is Profitrade247 Safe?

That’s the magic question. If fact, this is a very common question, and here’s the answer:

ProfiTrade247 is definitely a safe and secure platform for trading. They have a good background and history and have never been flagged by financial authorities for any violations.

We can’t stress more than this: you should trade on a platform that is transparent and honest. ProfiTrade247 is not only transparent and honest but also very friendly and they even go the extra mile to facilitate you. They have a sound reputation.

In conclusion, ProfiTrade247 is the best platform in terms of safety for trading.

Final thoughts

ProfiTrade247 is great for retail traders who want to crowdsource investment ideas using the power of copy trading, or for highly-experienced active traders who want to be rewarded for sharing their ideas with other traders.

Less experienced traders that require some degree of handholding may find the user-friendly platform an added benefit.

That said, I do not recommend ProfiTrade247 for active or high-volume traders, as higher spreads and small maximum trade sizes will be a limiting factor. Likewise, algorithmic trading is not supported.

When it comes to social copy trading and crypto trading, ProfiTrade247 remains our number one choice in 2022 and won our award for #1 Trader Community.