ANSWER Profiton is unregulated and appears to be a scam. Its requirement for taxes is a common tactic used by fraudsters to press unwitting investors into sending more money. We urge you to refuse to do so, stop sending any more money, and report it to the relevant authorities.Profiton hasn't provided any details about its regulatory status or the company's domicile. It offers a vague introduction about its company and has no legal notices. Traders are left with only an email address and a "Contact Us" web form to reach out to its team, with the initiative in communication being held by Profiton. This lack of transparency is a typical red flag for a scam. Furthermore, it solicits investors in Germany, prompting an investigation by the country's financial regulator, the Federal Financial Supervisory Authority (BaFin). BaFin has confirmed that Profiton is an unauthorized firm operating in Germany.Therefore, trading with Profiton carries the risks of fraud and identity theft. To protect their interests, investors are advised against trading with Profiton and other unlicensed brokers, and instead choose fully regulated ones with good reputations.
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