IvyTrust review – 5 things you should know about ivytrusts.com

IvyTrust review – 5 things you should know about ivytrusts.com

Beware! IvyTrust is an offshore broker! Your investment may be at risk.

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There is something appealing about IvyTrust, the name. It pulses calm, and lets our guard down. Not only that, but the name is very good for a forex broker. Too bad that it was given to this one, which as we shall see is not so trustworthy as the nomenclature suggest. We will say it now, IvyTrust is a shady offshore firm that comes with all the elements that one has come to expect from such entities. Read the review to see what we found out about this one.

The registration process was looking quite professional, to be honest, but it still lacked many of the required fields that most brokers apply. Once we opened an account, it turned out that there is no client area. The trading web based trading software functioned as a user dashboard. Speaking of the terminal, the EUR/USD spread is 3 pips, a value lucrative only and only for the broker. The retail leverage is 1:100, while the VIP spread reaches 1:400. A user can trade with forex pairs, commodities, crypto, stocks, and indices.

The website is available in English and Italian.

IVYTRUST REGULATION AND SAFETY OF FUNDS

The claim that IvyTrust is working under the laws of St. Vincent and the Grenadines is cause for concern, because the small island nation does not have a financial regulator. It does not matter if IvyTrust  is registered, there… what’s at stake here is that the broker lack a regulation, making it UNLICENSED, and therefore a risk to all!

Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA  or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.

And not to mention that the safety of users’ data is unstable to say the least. The broker has the right to share it with business partners, in the event of a merger, bankruptcy, and other. What concerns us mostly is that no specific names have been disclosed.

Here’s a another provision, which explicitly states that the company may be in direct conflict of interest with the user. No legitimate broker would every claim this.

IVYTRUST TRADING SOFTWARE

The trading platform revealed is a simplistic and limited browser trader that does posses certain visual appeal, but users will quickly lose interest, especially if they are used to, or have tackled with, the MT4 or MT5.

Here are some of the most distinguishing features of this terminal: chart customisation. That’s it. Truly an underwhelming experience.

There is mention that there are commission and spreads:

But, alas, the broker does not disclose their real vlaues.

IVYTRUST DEPOSIT/WITHDRAW METHODS AND FEES

According to the payment area, the way to deposit is to contact the account manager. This goes hand in hand with the Scam section of the review.

Thus we cannot give you honest info on deposits. The website claims that the minimum deposit is $250. There is no info on payment methods. In the T/C the company states that it has the right to change the minimum deposit at any time.

All deposit are non-refundable, which basically that you cannot withdrawal your deposit. At least that is what we are led to belive by the following clause.   

According, to the Withdrawal, Refund & Cancellation Policy, the withdrawal methods are Credit Card, Wire Transfer, and through a bitcoin address; perhaps the depositing ones are the same?
The minimum withdrawal amount via bitcoin is $250, and $100 for all other methods. The time it takes to process a withdrawal is up to 10 days. The withdrawal fee is 1%, with a minimum amount of $30, basically meaning that every withdrawal will be charged at lest $30.

Dormant accounts are charged with $99. A dormant account is one that has not executed any transactions in 30 days of more. This is a very heavy fee.There are also fee for something labelled an Event of Default, which we see as another excuse to charge you.

Before withdrawing a bonus, a user must complete the following trading requirement: she must complete a total trading volume of 60 000 times the the bonus (50k for the VIP bonus package). This is absolutely unheard of, and completely ludicrous.

Furthermore, the following clause is very unclear on weather it applies to after a user has met this crazy turnover requirement, or not. What ever it is, when the client requests a withdrawal over 20% of the deposit, the bonus will be revoked. If the request is to withdraw under 20% of the deposit, then the withdrawal will proceed.

Last of the bonus provisions concerns itself with a limitation of liability. The broker will not be responsible fro any losses, or similar, regarding the usage of a bonus. The maximum IvyTrust will reimburse a user is $50.

The swap fee charged from Wednesday to Thursday is three times the usual. This is exclusively found in shady brokerages such is IvyTrust.

Here is a generalised provision that states there are multiple fees applied to a user, including third party fees, most of which are not explained in full detail.

Furthermore, the user cannot file for a chargeback, as per the legal docs. This means that a user cannot go after lost funds. What’s more, the user must reimburse the company for making chargebacks!

The broker will use a client’s private data in order to protect its own interest, i.e take precautions against liabilities arising from allegations.

In a similar tone, we present to you the classic indemnification clause:

How does the scam work?

The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.

These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.

When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.

What to do when scammed?

Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.

We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.

Rich Snippet Data
Review Date
Reviewed Broker
IvyTrust
Broker Rating
11stargraygraygraygray

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4 Comments

  1. Yes, I agree totally with your review. I never got my deposit back.

  2. Tony DeRossi

    Senior Vice President

    the guy below and numbers associated with Ivy Trust is definitely a scammer. I know someone who did not get their money back.
    +61280743414

    +441205540216

    [email protected]

  3. I’m just overwhelmed!

    After all I have done for you, this is how you behave.

    You need to understand that I’m not dealing with people who are not account holders so your case will go to our legal department!

    I just can not believe I spent the last two weeks thinking I was dealing with someone who understands a bit of interest but it turns out I was wrong.

    For the past two weeks, I have worked so hard to bring your account to a profitable account. I shared with you information from senior departments from you and everything so that you can enjoy a chance for big profits and indeed enjoy it.

    You saw that only when you listened to me and acted quickly did you gain from it.

    I’m just shocked by you that this is the case!

    Tony DeRossi

    the above tripe is from this guy after trader tried to get their money back. Total scammer.You are 100% correct in your write up. Well done.

  4. I also agree with your excellent review – theforexreview.com. I have lost all my savings of well over US $100,000 dollars. IVY TRUSTS is a fraudulent company. If you deal with this company you will be scammed out of all your money as I was. They do not allow you to withdraw your funds as promised.
    Take no notice of Tony DeRossi as he is all part of the scam. He is an evil man and is not to be trusted. I have reported the illegal activity promoted by IVY TRUSTS to the Australian Securities and Investment Commission, the Australian CyberSecurity Centre, the Australian Government Scamwatch and the Australian Federal Police. I have also reported the fraudulent behaviour of IVY TRUSTS and Tony DeRossi to the UK Police.
    If I had not been scammed by the fraudulent activities of IVY TRUSTS and lost my entire life savings then I would not have proceeded down this pathway.
    I am sure that In his reply Tony DeRossi will blame me for my financial ruin and suggest that I have always had the opportunity to withdraw my funds – this is not true. IVY TRUSTS is a scam.
    I note the comments by Stephen above.
    Please learn from my experiences – do not trade with IVY TRUSTS.

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