MyProfitLive Review

When FXCanary investigates a broker, we cross-check every claim against official regulatory registers, analyze the real-user review record, and examine any public complaints or exposure warnings. Our assessment of MyProfitLive was no different. We searched for valid licenses, scrutinized the broker’s own marketing materials, and gathered all available user feedback from review platforms and industry databases.

The picture that emerged is a broker operating in a regulatory vacuum with a troubling pattern of user complaints about blocked withdrawals. In the sections that follow, we present our findings in detail so that traders can make an informed decision about whether this broker deserves their trust — and their money.

MyProfitLive was founded on May 5, 2023, making it little more than a year old at the time of this review. Its stated base is China, but no physical office address, registration number, or corporate ownership structure is disclosed. The broker’s official website, if it exists, does not provide any verifiable company documentation.

With zero employees on the public record, the operational scale appears extremely limited. This suggests a one-person or small-team operation, often a characteristic of fly-by-night setups. A legitimate brokerage usually boasts a team of compliance, support, and technical staff, and wears its incorporation details proudly. MyProfitLive does neither.

The most critical finding of our review is that MyProfitLive operates entirely without regulatory oversight. Our team checked the online registers of top-tier authorities — the UK’s FCA, Cyprus’s CySEC, Australia’s ASIC — as well as many offshore registers, and found no records. The broker is not even listed with lower-tier offshore bodies such as the SVG FSA or the Seychelles FSA.

What does this mean for a trader? Without regulation, there is no requirement to segregate client funds from the company’s own money. If the broker becomes insolvent or simply shuts down, clients are likely to lose everything. There is no financial ombudsman to appeal to, no compensation fund to claim from, and no legal requirement for fair order execution. In our experience, such total regulatory absence is among the most reliable red flags a broker can exhibit.

MyProfitLive lists two account types: Explorer and Basic. The Explorer account offers maximum leverage of 1:50, while the Basic account pushes that to 1:200. No minimum deposit is stated for either account. The broker’s broader marketing mentions leverage “up to 1:400,” a figure that is not available in the disclosed account tiers — hinting that other, possibly riskier account levels exist.

Traders often misunderstand leverage. While high leverage can amplify gains, it equally magnifies losses, and in an unverified platform environment, it can be used to wipe out accounts artificially. The lack of a published minimum deposit is also suspect; it prevents traders from knowing the true cost of entry and can be manipulated after the fact. Combined with the regulatory void, the account structure appears designed to reel in depositors rather than to serve genuine trading needs.

Information about deposit and withdrawal methods is completely absent. The broker does not mention bank transfers, credit/debit cards, e-wallets like Skrill or Neteller, or even cryptocurrencies. For a trader, this is a giant warning sign because it means there is no clarity on how funds can be moved in or out.

Even more damning is what we found in user reviews. Of the real client feedback we collected, every single review touching on withdrawals tells the same story: after building up paper profits, users try to cash out only to be hit with demands for extra fees. Once those fees are paid, communication stops and funds are never released. This is a classic advance-fee fraud pattern and directly contradicts the broker’s unverified claims of smooth transactions.

The broker claims to offer FX, CFDs, ETFs, and future stocks, and supports both a proprietary platform and MetaTrader 4/5. On paper, this looks like a standard retail offering. MT4/MT5 in particular is a respectable piece of trading software.

However, without regulation, there is no way to independently verify that the broker provides genuine market access. Unregulated brokers have been known to manipulate server‑side scripts, feed phantom price quotes, and simply run a demo‑like simulation while pocketing client deposits. The presence of MT4/MT5 is not a guarantee — these platforms can be white‑labelled and configured to produce fictitious trading conditions. Traders should not take the platform listing at face value.

MyProfitLive does not publish its spreads, commissions, overnight swaps, or any other trading costs. This opacity makes it impossible to compare the broker’s pricing against regulated competitors. In our experience, brokers that hide their fee structure either have something to hide or intend to impose punitive charges after a client signs up.

The only cost mentioned anywhere is the withdrawal fee that surfaces in user reviews. Clients report being charged a sum they were not informed of beforehand, allegedly to ‘release’ their profits. Such a practice is disconnected from any legitimate fee structure. At best, it is a gross lack of transparency; at worst, it is outright theft.

We gathered all available user comments from public platforms and industry databases. Out of a handful of reviews, not a single one was positive. Three reviews explicitly address profit and payouts, and they are unanimous in their condemnation.

One Polish trader wrote that the early days were promising, with increasing profits shown, until they paid a withdrawal fee — after which everything ‘turned to darkness.’ Another reported enjoying great support and profits, but upon withdrawal, they were met with silence and labeled the broker a scam despite paying demanded fees. A third described growing their deposit with the help of a professional‑seeming account manager, only to have all communication cease when they attempted to withdraw.

The lone review categorized under ‘Platform & app’ comes from the same group and highlights the polished onboarding via Facebook ads and the ‘professional’ broker care — which ultimately served as the set‑up for a withdrawal denial. These accounts are not isolated glitches; they represent a systematic pattern.

On Trustpilot, MyProfitLive holds a rating of 2.3 out of 5 from 6 reviews. This is a poor score that aligns closely with the tenor of the individual complaints. While 6 reviews is a small sample, the fact that every review in our dataset is negative and that the Trustpilot average is low strengthens the conclusion that the broker has not successfully processed any positive client experience.

Forex Peace Army, another major review aggregator, shows no rating at all for the broker. The absence of any positive counter‑narrative on multiple platforms is a reinforcing signal. Brokers with legitimate operations almost always collect some neutral or positive feedback over time, whereas complaint‑only profiles are typical of scam operations.

We assign MyProfitLive a Scam Risk Score of 51 out of 100, placing it in the Elevated risk category. This score reflects the total absence of regulatory oversight, the broker’s opaque funding practices, a very young corporate history with virtually no public footprint, and a user‑review record that exclusively describes withdrawal obstruction.

While the score is not in our highest risk bracket (typically 80+), that is largely because the broker has not yet accumulated a massive volume of public complaints or been formally exposed in multiple large‑scale alerts. The pattern, however, is unmistakably dangerous. In our assessment, MyProfitLive displays all the textbook signs of a broker that welcomes deposits but makes withdrawals nearly impossible.

If you are considering opening an account with MyProfitLive, our strongest recommendation is to avoid depositing any money. The chances of a successful, unhindered trading and withdrawal experience appear extremely low. Before funding any online broker, always verify its license through official regulator websites, and do not rely solely on the broker’s own statements.

For those who have already deposited funds and are experiencing delays or demands for extra payments, prepare for the high likelihood that the money is lost. Cease any further deposits immediately, and consider reporting the case to your local financial authority or consumer protection agency, even if the broker is unregulated. If you paid by credit card or bank transfer, contact your bank to explore chargeback options, though success is not guaranteed.