Beware! Index Markets Group 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.
There is always a hint of confusion when we enter sites like the one belonging to today’s broker, Index Markets Group. The confusion stems from the clash between the look of the website (including the interface) and its content, or lack thereof. Index Markets Group seems to be equipped with a decent enough site, with subsection seemingly informing you of what the experience of Index Markets Group will be like should you choose to trade with it. However, and there is always a however in similar cases, upon further inspection, the revelation came to us: most of the text is filler and is there only to push you to deposit. Read the review for more exposing details.
It turn out that the registration process was the exact same as a previously reviewed broker by the name of Banco Invest. After a simple process we were presented with a dashboard, and were faced with the same MT4 problem that we found at Banco Invest. More on this issue later on. For now, what we must note is that there are no real trading conditions here.
The only real trading info we can give you is that the leverage is capped at 1:500, however is cannot be applied to any trading software.
The website is available in English and Italian.
INDEX MARKETS GROUP REGULATION AND SAFETY OF FUNDS
The footer of the website locates this in the favourite location for shady brokerages: Saint Vincent and the Grenadines.
This Caribbean nation is the favourite location for illegal brokerage around. Countless previously reviews have given solid proof of this. The nation has a financial regulator, but it does not have an FX licensing scheme. Couple that with the fact that the local laws are so much more negligent when compared to prominent Forex trading nations, and what you get is a county that is the perfect breeding grounds for forex scammers.
Thus, Index Markets Group may be located in Saint Vincent and the Grenadines, or it may not be. What matters is that this broker is an UNREGULATED entity and as such cannot be trusted with keeping your deposited funds safe!
Index Markets Group is one of those brave brokers that does not have any legal documents. The website offered no insight, while the user dashboard also was of absolutely no help. If you want concrete information as to the illegal nature of Index Markets Group, look no further that the fact of the missing legal provisions.
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.
INDEX MARKETS GROUP TRADING SOFTWARE
The MT4 that was advertised turned out to be under a completely different name from the one we have here. That name is tradeslimited, a, what we assume, different broker, that is also completely illegal and probably a scam.
To wrap things up, this here broker has no trading software of any kind, a revelation that should not come as too much of a surprise, since Index Markets Group is illegal.
INDEX MARKETS GROUP DEPOSIT/WITHDRAW METHODS AND FEES
The only deposit method is All Global Pay, with a minimum deposit of €1. However, when we continued with the payment process, we were redirected to a bitcoin buying source. So, All Global Pay turned out to be a BTC buying site. To buy bitcoin is in no way connected to the broker. So, essentially Index Markets Group does not even allow users to deposit. They just buy bitcoin, and who knows where their money goes to afterwards.
Withdrawals are limited to a minimum of $10. The only method of withdrawing is wire transfer. There is no information as to whether there are any fees for withdrawing. Nor is there an indication on the withdraw processing times.
The missing legal provisions is becoming a trend amongst certain illegal brokerages. Either these companies are becoming lazy, or they do not feel like their victims ever search for these. What ever the case is, the missing legal documents is exemplary of how illegal Index Markets Group truly is. Without these, the user has no legal connection to Index Markets Group, and so the broker can do as it please with the client.
What’s also important to notice is that Index Markets Group can be viewed as a semi copy of Banco Invest. When we say semi, we mean that the exact same dashboard was presented to us, with the same MT4 problem, and both so called brokers have no legal documents. The difference between these two firms is in the details, more specifically in the details of the dashboard. The payment methods are different for instance. Yet, what we discovered is that both websites of Banco Invest and Index Markets Group share common elements which leads us to believe that the same shady party holds both scammer brokers.
Our verdict remains the same. Index Markets Group is a scam, and any deposit there will not be returned to you.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.