A broker whose country of origin remains unknown is what iTradeFX is all about. No one knows the people behind itradefx.capital or their experience. And this poses a huge security risk to investors as well as newbie traders. The reason for this iTrade FX Review is to let parties know the risks that come with such a broker. Anonymity is something to be afraid of as this could be a front for money laundering. Worse still, it could be a site for stealing personal information.
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About iTradeFX Background and History
They claim to be on a mission to provide the best online experience on their about us page. What we see is an aesthetically appealing website. The website does have an interesting design that looks professional. Don’t let the eyes fool you, as there are red flags clearly visible on the platform.
To start us off, the platform has no information on the actual Company behind it. One of the most visible red flags is the anonymity that comes with ITrade FX. And that’s something that should scare any investor.
The website claims that they are in partnership with MM Capital Group Ltd. We did a thorough investigation and found that there is a company that existed under that name. This was way back in 2016 but, the company dissolved that same year. We can see that the people behind this platform did their homework.
Anyone who doesn’t look closely will immediately believe what they are selling. They want you to believe that the mother company is alive and working hand in hand with the broker.
Context of iTrade FX
Once you sign up with the platform, there’s a high chance you won’t ever get back your funds. The broker in question is already having some serious rating issues. Once you sign up, they lead clients to believe that the platform is highly profitable.
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You get to deposit the amount required on the account. These brokers are smart enough to give users a marginal loan of 10 percent. The loan is afterward used to block any withdrawals from clients who sign up for it.
Customer feedback and ratings of itradefx.capital
We haven’t seen any positive feedback from anyone using the platform. And this is an indicator that we are dealing with a high-risk investment platform. There are several negative comments in regards to this platform. Claire Jensen deposited $10,000 and was hoping this was a long-term investment plan.
After a few weeks of trading, her balance was $5,000. She decided to withdraw her remaining balance, but the broker decided to block access to her account. You can imagine the predicament she’s facing right now.
Domain history and settings
Using a reliable domain checker tool, we know exactly when the website went live. Itradefx.capital went live on 25th September 2019. The website has been in existence for over a year, with no evidence of anyone making a profit.
Their IP location is in England, which means that the owners are probably using a proxy. These are tell-signs that we are dealing with a complicated scam web. These are likely professional scam artists posing as online brokers.
Features of iTradeFX
iTradeFX is furnishing anyone who signs up with four account types to choose from. These accounts are Silver, Gold, Platinum, and Diamond. The minimum deposit for each account is $2,500, $10,000, $50,000, and $100,000.
Most of these accounts come with similar features, such as account consultant and weekly market reviews. For what’s worth it, the minimum deposit is high than what the industry sets. The industry sets $250 as the right minimum deposit for basic accounts.
Deposit and Withdrawal
Now, this is where we notice another huge red flag with the platform. It does not come with any deposit or withdrawal option. We had to contact Jensen and get to know how she deposited with the platform. According to Jensen, she received a call with instructions on where to deposit.
A bank number was sent to her via message. What we deduct from this scenario is that the broker does not want any formal contact. In case it goes to trial, the broker would claim that this was a debt she was paying.
Support from staff
No support staff will help you once you face any difficulties. With such an aesthetically appealing website, you expect to find a live chat. What we do get is a phone number that rarely goes through. The platform also has an email address whose response is automatic; this means it’s a bot.
One-on-one contact is not available, which means these scam artists are planning something sinister. It’s likely that once authorities catch up, they will shut down the website.
License and Registration of iTradeFX
iTradeFX is an anonymous platform, which means they have no adequate or legit documents. If they did, the platform would have copies or links to these documents. Since the IP address is in the UK, we had to check with the FCA.
No broker has a license under this name or the company’s name. And this proves that we are dealing with a rogue platform that offers no security for deposits made. Once you make deposits, there’s no guarantee of insurance cover.
The platform is lacking in professionalism, which makes it a dangerous option. Investors should sign up with authentic and recommended brokers who offer insurance cover. These brokers are reliable and offer a realistic chance of making money.
Avoid any brokers who are anonymous and lack legal credentials. Without these credentials, it’s clear that there’s no security of funds.
Security of funds with itradefx.capital
As the broker fails to provide any legal papers, the security of funds is out of the question. The broker does not deposit to authorities as required by law. Without the deposit, members don’t get any insurance cover. When the platform goes bankrupt or faces insolvency, you won’t get any compensation, even the remaining balance.
And this is why the platform is a complete scam. There’s too much risk that comes with this platform, and it’s best to stay away from it.
Scam or Legit iTradeFX
iTradeFX is a scam, and there’s no doubt in our mind that iTrade FX is a scandal. Please stay away from it, as it lacks the pedigree that other reliable brokers offer. There’s no security of funds, no registration, and no transparency.
The website does not have deposit or withdrawal terms and conditions. Members don’t know when to withdraw their deposit, which is a huge problem. Once you deposit with them, you leave your funds at their mercy.
All evidence shows that we are dealing with an anonymous online investment platform. Claire has been trying to get a hold of these brokers for weeks without any luck. These are scam artists who will try every trick in the book to make you sign up. The loan offer is another way of enticing unsuspecting investors to sign up. Beware of ITRADEFX.CAPITAL.
There’s a safer way to trade with reliable online brokers. Thanks to their experience, these brokers are a darling to the trading community. Sign up with credible and dependable brokers for a fulfilling online trading experience.
We wish all our investors a prosperous trading experience.