Beware! Interconfxtrade 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.
Interconfxtrade is a Forex broker which says to have reached a market cap of almost 200 billion USD. Surprisingly on their About page they give a different number- 77.45 billions market cap, demonstrating their very poor marketing skills. They declare themselves to be FCA licensed and regulated entity, but anything they write about themselves is a lie. There aren’t any facts, anywhere to be found, which will eventually prove them right. Interconfxtrade is an anonymous entity and you’d better stay away from this broker. In this review we will show you the many red flags we discovered, which should make you reconsider before you deposit funds with Interconfxtrade.
Interconfxtrade REGULATION AND SAFETY OF FUNDS
Your funds are not safe if you deposit money with Interconfxtrade, it is an unlicensed, unregulated and unauthorized entity and you should stay away! The Forex broker you choose should always be legit and authorized, providing all of the details about its legal status.
A Forex broker, which holds licenses to operate throughout different jurisdiction, abiding by the local and international law, is going to treat your funds carefully. Complying with the product intervention measures that the European Securities and Markets Authority has agreed, which further CySEC and FCA have implemented, the Forex brokers are required:
- to limit the leverage to between 1:30 (Forex majors) and 2:1(cryptocurrencies);
- to close out a customer position when the funds fall to 50% of the margin needed;
- to provide negative balance protection on a per account basis, meaning that losses cannot exceed the total funds;
- to restrict or completely obliterate the incentives offered to trade Forex and CFDs;
- to provide a standardised risk warning to the potential customers.
Failure to do so will result in disciplinary action such as salty fines or license being suspended/revoked.
Interconfxtrade TRADING SOFTWARE
There is no sufficient information about Interconfxtrade trading platform, but only a statement that they offer iOS and Android trading apps. There aren’t MT4 or MT5 accounts offered, also demo trading is not available, another red flag!
What really shocked us was the sign-up process, because you cannot register unless you upload a valid ID Card. It is a rarely seen practice and definitely one more red flag. A true Forex broker will never impose such a requirement in order to simply register.
We uploaded a random picture, just testing their system, but after 3 hours we are still unable to log in. The window is frozen and keeps on loading if we try to enter, making it impossible to access your account. Interconfxtrade is not a reliable and trustworthy Forex broker and you shouldn’t waste your time with it!
There is no information about spread, levels of leverage or margin requirements. They offer Binary Options and we have to stress on the fact that this type of instruments were banned in EU and UK a few years ago. Binaries are much closer to gambling than to trading and investing, also it was detected that these are prone to fraud in their applications and many brokers were exposed and confirmed to be scam.
Interconfxtrade DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Interconfxtrade is 300 USD which seems a bit high, there are reputable brokers which will accept as little as 5 to 10 bucks as an initial investment.
The funding methods are unknown and we cannot show you the real process, because we don’t have access to our account, yet, but we think that there are primarily Bitcoin payments, a standard for fishy sites like this one.
Withdrawal process is also obscure and there is not much information related to this matter. What we know is that in reality there are some investment plans rather than trading accounts, which are supposed to bring a daily interest of 1% and daily profits of up to 15%,which is unrealistic. It is said that the investment term is 12 months and the payment days are weekly or monthly in Saturday, a fairy tail which has nothing in common with real investing.
No fees known, no bonuses introduced and no dormant account policy is to be found. Stay away from Interconfxtrade, it’s an unreliable broker.
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
Interconfxtrade wants from their potential customers to submit ID Card as a step in the sign-up process which makes us think it’s possible that they might be involved in Identity Theft fraud, as well. Having your personal information the scammers can access and drain your bank accounts or they can open new ones in your name and take out loans or lines of credit. Also they can purchase expensive goods in your name, gain access to your government online services etc. Scammers might also use personal data to register companies in your name, facilitating their illegal activities.
You should always make sure that the broker you choose is an authorized and regulated, transparent entity, which can easily prove its legitimacy. Interconfxtrade is wrapped in darkness, stay away!
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!