MyProfitLive Review

About MyProfitLive

MyProfitLive operates without any valid financial services licensing. The Ontario Securities Commission (OSC) issued a warning on September 1, 2023, stating that MyProfitLive “is not registered in Ontario to engage in the business of trading in securities” and alerting investors to the absence of authorization.

Canadian authorities have issued multiple warnings: the British Columbia Securities Commission (BCSC) on October 3, 2023, and the Alberta Securities Commission placed MyProfitLive on its blacklist on March 24, 2024, due to its unregistered/unlicensed provision of financial services. ,

The broker asserts a base in Switzerland and offers MetaTrader 4/MetaTrader 5 platforms, various account types (Basic, Explorer, Gold, Platinum, Premium), access to FX, CFDs, ETFs, futures, with maximum leverage up to 1:400, and a minimum deposit of $250. However, these claims are unsubstantiated by any regulatory documentation or licensing evidence. ,

Numerous trader complaints indicate serious issues with withdrawals, hidden fees, and misleading information—supporting categorization of MyProfitLive as a fraudulent or high-risk entity rather than a regulated broker. ,

Pros and cons

Pros

• Claimed availability of MT4 and MT5 trading platforms
• Offers a range of instruments including forex, CFDs, ETFs, futures
• Advertises high leverage options up to 1:400

Cons

• No regulatory licenses or authorization from any Tier 1 regulator
• Regulatory warnings and blacklisting by OSC, BCSC, and Alberta Securities Commission
• Numerous trader complaints regarding withdrawal issues, hidden fees, and deception