Oil Profit Review - Scam or Legitimate Trading Software?

Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content

Oil Profit markets a trading platform that can help traders profit from ups and downs in the oil and cryptocurrency markets. According to the Oil Profit website, traders can save time while using this service and potentially make money from trading. Oil Profit’s site says the platform is free to use and offers a demo account so traders can try it for themselves.

So, is Oil Profit legit? In our Oil Profit review, we’ll take a closer look at this service and evaluate some of its key claims.

Oil Profit Summary

The Oil Profit website provides an overview of the platform and its features. Based on our findings, here is a summary of everything traders need to know about this service:

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

What is Oil Profit?

According to the Oil Profit website, this service offers access to a powerful CFD trading platform. CFDs, or contracts for difference, are a type of asset that traders can use to speculate on whether the price of an underlying asset - like oil - will go up or down. CFDs can be used to take a long or short position around an asset.

Oil Profit claims that its platform can help traders find opportunities to trade oil and cryptocurrency CFDs. This includes Bitcoin, although Oil Profit’s site does not specify other popular cryptocurrencies.

The website also advertises that its platform uses an algorithm to trade on a user’s behalf. This means that Oil Profit can spot an opportunity and then execute a trade from start to finish. At the end of the trade, Oil Profit says that it returns all of the proceeds to the trader’s account.

Oil Profit claims that its platform has achieved a win rate of up to 90%. We could not confirm this claim. Traders should keep in mind that even if Oil Profit has generated profits in the past, there is no guarantee that it will be profitable in the future.

Importantly, Oil Profit advertises that its platform is completely free to use. Traders just need to make a minimum deposit of $250. Then they can keep all profits that they earn using Oil Profit. 

Oil Profit Pros & Cons

Pros:

• Can trade oil and Bitcoin automatically
• Claimed 90% win rate (not verified)
• Leverage up to 5,000:1
• Can trade 24/7
• Free demo account included

Cons:

• No testimonials from past users
• Requires a $250 minimum deposit

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

How Does Oil Profit Work?

Oil Profit doesn’t provide many details about how its trading platform works. It says that traders can use the built-in algorithm to trade oil and Bitcoin CFDs automatically with no oversight.

This likely means that the platform uses funds in a trader’s account to open a trade without the trader having to approve it. Oil Profit says that 100% of the proceeds from each trade are returned to traders’ accounts.

Oil Profit does not specify what strategy its algorithm uses to identify trading opportunities. However, many other crypto signals and crypto trading services rely solely on technical analysis. This involves looking for price patterns that have formed in the past and could form again in the future.

Oil Profit’s website does mention geopolitical events that have an impact on the price of oil. So, it is possible that Oil Profit also uses fundamental analysis to decide when and how to trade oil CFDs. We could not confirm what types of analysis the platform uses.

Oil Profit claims that the platform has achieved up to a 90% win rate in the past. However, we could not verify this claim and the site does not specify the timeframe over which this win rate was achieved.

According to the website, traders have access to a free demo account. This offers a way to try out trading with Oil Profit without risking money on live trades. Traders can use the demo account to learn how the platform works and how it performs under current market conditions.

Oil Profit Key Features

Oil Profit makes some exciting claims about this service’s features and capabilities. Here are some of the most noteworthy features that Oil Profit advertises on its website.

Automated CFD Trading

Oil Profit claims that its platform can trade oil and cryptocurrency CFDs automatically on a trader’s behalf. It’s unclear how much effort traders need to put into monitoring the platform, but Oil Profit says that very little oversight is required.

The algorithm underlying Oil Profit can run 24/7. Unlike human traders, it never needs to sleep. This can be a major advantage over traditional forms of trading since oil and cryptocurrencies trade around the clock.

Leverage

According to the Oil Profit website, the platform can apply leverage up to 5,000:1 when trading oil CFDs. It is unclear whether traders can specify the maximum leverage to use or whether the algorithm decides how to use leverage when trading. Oil Profit also doesn’t specify how much leverage is used for crypto trading.

Applying leverage can vastly increase the profits that traders make from winning trades. For example, 5,000:1 leverage enables traders to take a position up to $1.25 million with their initial $250 deposit. Traders should keep in mind that leverage also magnifies losses, so trading with leverage involves greater risk.

Demo Account

Oil Profit advertises that all traders receive access to a free demo account. The demo account lets users paper trade with the platform to see how it works without risking any money.

This is an excellent opportunity for traders to see how Oil Profit performs under current market conditions. Traders can also evaluate Oil Profit to see whether the algorithm matches their risk tolerance and trading goals.

Beginner-friendly

Oil Profit says that its trading platform is very beginner-friendly. In fact, the platform is advertised for beginner traders who are new to the oil and crypto markets as well as for more experienced traders. Oil Profit markets its platform as an educational tool for new traders and a time-saver for veteran users.

Mobile App

According to the Oil Profit website, this trading platform is available on the web and through mobile apps for iOS and Android. Having access to a mobile app enables traders to use Oil Profit on the go so they never miss a trading opportunity.

The apps are available through a download link after traders register for Oil Profit. They are not available in major app stores.

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

Oil Profit Fees

Oil Profit advertises that its platform is completely free for traders to use. The website says that there are no account or subscription fees. There are also no trade commissions or commissions on profits. Oil Profit also says there are no deposit, withdrawal, or hidden fees.

Here’s a complete look at Oil Profit’s fees:

Is Oil Profit a Scam?

Oil Profit advertises a powerful and easy-to-use trading platform that can help traders make money from the oil and crypto markets. However, there isn’t a lot of detail on the website and traders have to sign up in order to demo the platform. So, is Oil Profit legit or a scam?

Oil Profit claims to trade two unrelated markets, oil and cryptocurrency. The assets that it says it uses, CFDs, are widely used by traders around the world for both of these markets. Many traders also apply leverage when trading oil and crypto CFDs as Oil Profit says it does.

There are also other automated crypto trading bots and crypto signals services. Oil Profit’s claimed win rate of up to 90% is higher than the win rate that many services advertise. However, it is possible that Oil Profit achieved this win rate only for a short, specific period of time. We could not determine the platform’s historical or current trading accuracy as part of our Oil Profit review.

Oil Profit doesn’t offer testimonials from current or former users on its website. We did find Oil Profit reviews online and they are largely positive. That said, they don’t provide much information about how Oil Profit works or whether the platform was profitable for them.

We can’t say definitively one way or the other whether Oil Profit is a scam. No matter what, traders should be cautious about approaching any new trading platform. Even if a trading platform makes money, it’s important to ensure that the service aligns with a user’s trading goals and risk tolerance.

Traders may want to use Oil Profit’s demo account to try out the software. Users must sign up and make a minimum deposit to access the demo account, but Oil Profit says that all deposits can be withdrawn at any time with no fees.

Oil Profit Minimum Deposit

Oil Profit requires a minimum deposit of $250 to open a new trading account. This deposit is also required to access the demo trading account. Traders can make the deposit with a credit card, debit card, or bank transfer. 

Oil Profit Customer Support

Oil Profit offers an online message form to get in touch with customer support. We have seen Oil Profit reviews claiming that the platform provides 24/7 chat and phone support for registered users. However, we cannot confirm these reports.

How to Use Oil Profit

Want to give Oil Profit a try? Here’s how to sign up and start trading with Oil Profit today.

Step 1: Sign Up

Visit the Oil Profit website and locate the registration form near the top of the homepage. Traders must enter their name, email, and phone number. Then click Register Now.

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

Step 2: Deposit

Oil Profit requires traders to make a $250 minimum deposit. Traders can pay by credit card, debit card, or bank transfer. Oil Profit says that this deposit is fully refundable and that the service does not charge deposit or withdrawal fees.

Step 3: Demo Trading

Traders are advised to get started with Oil Profit’s demo account before switching to live trading. This is an opportunity to learn the layout of the platform and see how it operates under current market conditions.

Step 4: Live Trading

Once a user is comfortable with Oil Profit’s platform, they can activate live trading. When live trading is turned on, Oil Profit’s trading algorithm will execute real trades on a user’s behalf. The original funds and any profits are returned to the user’s account after each trade.

Step 5: Withdraw Funds

Oil Profit’s website says that traders can make withdrawals from the platform at any time. Withdrawals are processed within 48 hours of a request.

How to Delete an Oil Profit Account

Oil Profit’s site does not provide information about how to delete a trading account. Traders can use the contact form to get in touch with the platform’s support team for detailed instructions.

Is Oil Profit Endorsed by Celebrities and Big Brands?

We have encountered rumors that Oil Profit is endorsed by several major celebrities, CEOs, and companies. These include Elon Musk, the CEO of Tesla, and Jeff Bezos, the founder of Amazon. We’ve even seen claims that Rishi Sunak, the UK prime minister, has endorsed Oil Profit.

We could not confirm any of these rumors. We did not find any links between Musk, Bezos, Sunak, or other celebrities and Oil Profit. It is possible that some celebrities use the platform, but Oil Profit does not publicize the identities of its users.

Oil Profit has also not been featured on any business shows, such as Shark Tank in the US or Dragon’s Den in the UK.

The Verdict

Oil Profit claims to offer a platform and algorithm for trading oil and cryptocurrency CFDs. The service advertises that it can help both beginner and advanced traders save time and be more profitable. Oil Profit also claims to be completely free to use.

There isn’t a lot of detail about how Oil Profit works and we could not confirm its claimed 90% win rate. Traders should approach this and all other trading platforms with caution. Try the free demo account to test out Oil Profit’s features today.

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

Oil Profit FAQs

Is Oil Profit legit?

Oil Profit claims to offer a free trading platform for oil and cryptocurrency CFDs. We could not verify the platform’s claimed success rate, but Oil Profit says that the service is free to use. Online Oil Profit reviews from past users are also positive.

Who owns Oil Profit?

We could not determine who owns Oil Profit during our review. The Oil Profit website does not provide this information and there are no public records about its ownership.

Can anyone join Oil Profit?

Oil Profit is open to traders in all countries except the US. Beginner and expert traders alike can use Oil Profit. Traders can open an account by registering online and making a $250 minimum deposit.