Profitrade247 is a cryptocurrency exchange that offers a secure way to buy, sell, and trade cryptocurrency online. This exchange also allows users to earn interest on crypto assets and provides crypto-backed loans. Currently, only 13 cryptocurrencies are supported on Profitrade247, which is fewer than most exchanges.
Profitrade247 is designed to help new crypto investors purchase Bitcoin and other popular cryptocurrencies using fiat currency. While this platform does offer basic crypto trading, it is not designed for active traders, and only supports simple market order buying and selling. However, Profitrade247 does offer institutional investing with 24/7 support, including an over-the-counter (OTC) trading desk, as well as the ability to invest in a crypto trust product.
Cryptocurrencies That Trade on Profitrade247
Users can access a small selection of popular cryptocurrencies on Profitrade247, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LITE), and Chainlink (LINK). There are only 13 currently-supported cryptocurrencies on Profitrade247, though they occasionally add more. Here is the complete list:
- Basic Attention Token (BAT)
- Binance USD (BUSD)
- Bitcoin (BTC)
- Dai (DAI)
- Chainlink (LINK)
- Ethereum (ETH)
- Gemini USD (GUSD)
- Litecoin (LTC)
- PAX Gold (PAXG)
- Paxos (PAX)
- Tether (USDT)
- Uniswap (UNI)
- USD Coin (USDC)
Profitrade247 does not currently support some of the most popular coins, such as Cardano (ADA), Solana (SOL), Polkadot (DOT), or Avalanche (AVAX).
Profitrade247 offers a simplified trading experience. Instead of real-time crypto prices, it freezes prices for 60 seconds time blocks, allowing them to lock in prices exactly as quoted. The main user dashboard displays a list of crypto you can buy or sell, as well as ‘interest accounts’ that allow you to earn interest on your holdings. You can deposit funds into your Profitrade247 account using a wire transfer, ACH transfer, or from a digital wallet.
Users can also set up recurring crypto purchases (daily, weekly, or monthly), and purchased crypto automatically starts earning interest immediately after the transaction has settled. Additionally, Profitrade247 lets customers borrow against their crypto assets, lending up to 50% of their holdings in U.S. dollars. However, loans charge a high-interest rate (near 10%), and your crypto holdings can be liquidated if there is a significant drop in the prices of your cryptocurrency.
Profitrade247 does not charge a transaction fee but does collect a spread, which is around 1% (or more, depending on market conditions). It does offer free fiat deposits via ACH and wire transfers. Profitrade247 also charges fees on withdrawals of crypto assets from the platform.
Profitrade247 offers several security features to help keep users’ holdings safe. All crypto assets are stored with the Gemini Trust Company, with most of them in offline cold storage. Users can also set up two-factor authentication (2FA) and whitelisting for user crypto withdrawals for an extra layer of protection.
Here are a few of the security features Profitrade247 offers:
Whitelisting approved addresses. Users can create an approved address “allow list,” which lets you specify which wallet addresses can withdraw cryptocurrency.
Two-factor authentication (2FA). Profitrade247 offers two-factor authentication (2FA) via the Google Authenticator app. This helps secure account logins.
PII verification. This exchange runs advanced algorithms to detect anomalies in user accounts, especially around user withdrawals. Unusual account activity can trigger a “PII Verification,” which requires submitting user identification data before being able to withdraw funds.
Biometric access. Profitrade247 mobile app users can enable biometric access (such as Face ID) to secure the app further.
Opening a Profitrade247 Account
To sign up for a Profitrade247 account, you will need to provide an email address and a password. Once you verify your email address, Profitrade247 recommends securing your account with Google Authenticator 2FA. This includes scanning a QR code and inputting an expiring 6-digit code.
While you can deposit funds and purchase crypto right away, before you can withdraw any funds, you’ll need to verify your identity by submitting a government-issued photo ID and a selfie to Profitrade247. This follows modern Know Your Customer (KYC) security standards in the U.S
To Sum Up
Profitrade247 is a secure, centralized cryptocurrency exchange offering an easy way to buy crypto and earn interest. While it only offers Bitcoin and a few other cryptocurrencies, users earn interest on crypto holdings and borrow against their crypto assets for access to cash.
This exchange doesn’t charge transaction fees or deposit fees, but it does charge a spread of 1% (or more) of the purchase price. This is much higher than what many competitors charge. Higher withdrawal fees and minimums also make it more costly and difficult to withdraw small amounts of crypto from the platform.
Overall, Profitrade247 is a great option for beginners who want to buy and hold Bitcoin, Ethereum, or other crypto assets, as well as earn interest on those holdings. Profitrade247 offers a simple mobile app, a straightforward purchase process, and access to customer service on the phone during business hours. Profitrade247 may be ideal for beginners, but active crypto traders will likely want to look elsewhere for more trading options.