Beware! IntrGroups is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
IntrGroups’ website is a bland expression of how little effort the company has gone through. Let’s just say that visuals are not the strong part of this brokerage firm. It all feels as if though the interface has no appeal to it, and there is a certain unfinished feel to it that we cannot shake off every time we visit the website. Let us hope that the disappointment does not carry on to the important aspects, namely the trading conditions, regulation status, and payment options.
The registration process is unknown for us, because we could not log in from our location. Even after using multiple VPNs the sign up procedure was blocked. This means that we must take all payment details from the website and not from the client dashboard. However, we are able to provide trading conditions, for a reason we will see in the Software section.
And so the EUR/USD spread is 18.2 pips! There is nothing humorous here. Just check it out. This is absolutely unacceptable, and there is no way, at all, that this cost of trade is favourable to users.
The leverage is stuck to 1:10, and the trading conditions are forex pairs, crypto, commodities, stocks, and indices.
The website is available exclusively in English.
INTRGROUPS REGULATIONS AND SAFETY OF FUNDS
There are a couple of occasions where the legal documents reveal that the broker is operable through the notorious St. Vincent and the Grenadines. This island nation does regulated FX markets, as well as cryptocurrencies, thus it makes no difference if IntrGroups is located there; it definitely is nor licensed there!
Furthermore, the Terms and Conditions also claim that the website is available to anyone with an internet conditions, which implies that there is no regulations at place here, since if any one can access it, from every country, then there are no restrictions, thus no proper agency to check on the activities of both broker and its user base. However, further down the legal documents, IntrGroups lays out a short list of coutnries where its services are no allowed. This discrepancy with itself is a subtle yet solid proof that IntrGroups is UNREGULATED.
And anyhow, based on what we discovered, and what you will read, there is not way for IntrGroups to be regulated.
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.
INTRGROUPS TRADING SOFTWARE
Even without a registration, users can easily access a trading software form the top left corner of the screen. It is as if though you have registered, however we have not, and so we could not place any orders, not that we would want to.
This is the exact same web-trader as seen in a previously reviewed illegal forex broker called Fxg.market. All in all there is nothing here to get excited about.
INTRGROUPS DEPOSIT/WITHDRAW METHODS AND FEES
According to the website, the minimum deposit is €10,001, and the funding gateways are credit/debit cards, eWallets, and wire transfer.
The T/C say that the withdrawal processing times are up to 3 days. Note that IntrGroups does not allow users to withdraw funds during the first 30 days of their account being opened.
Furthermore, the Account Type section on the website claims a totally different thing. There is is said that a withdrawal in the first 90 says will be cancelled… again evidence of how little care and attention IntrGroups has put.
We were unable to find any mention of withdrawal fees. However, we would not be surprised if the broker launched previously unmentioned charges and commissions.
Before withdrawing a bonus, a user must complete a trading volume requirement equal to every $1 bonus times 40.
Another noteworthy clause, hidden in the confusing Terms and Conditions is the no cashback policy. In case of a charge-back , which is the only way to get your money back when defrauded, the broker will invalidate all your account funds plus profits.
Furthermore, there is a certain hing called Volume Cashback36, which we are unaware of what it really is because the broker keep things very ambiguous. We assume that IntrGroups is talking about some sort of a bonus scheme, just under a different name. What ever the case is, please note that there are certain conditions that must be met before withdrawing.
There is also another bonus, this one requiring a (30 * the bonus) turnover requirement to be withdrawable. In no way does this bonus differentiate itself from the first one we mentioned. Yet, what can you expect from an illicit brokerage firm, but inconsistencies.
There are many occasions throughout the legal documents where IntrGroups indemnifies itself for various possible scenarios, most of which have something to so with the user experiencing financial loss due to the broker;s services and information on the website. Here is a small provision we found at the beginning of the Terms and Conditions.
We urge readers to never deposit any amounts here. This broker will not return yo capital!
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.