Beware! IITfinance 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.
IITfinance is one of the many forex company that trades in forex, futures, commodities, indices, stocks CFD and algo trading. Nothing on its website makes it stand out from the other thousands of forex trading websites.
IITfinance Regulation and safety of funds
We checked the information provided on the company’s website to find out if this is a legit forex broker or not. We found out in the footer of the company’s website that IITfinance is a brand owned and operated by International Information Technology Finance (IITF) Limited. However, its registration is not recorded on the FCA register (screenshot below). A company that provides such false statement on its website is nothing but scam, so our advice is to stay away from such brokers.
Unfortunately, there are a lot of scammers on the Internet claiming to be legit forex brokers. To avoid mistakes and risks for your hard-earned money, we suggest that you look up companies that are registered and regulated in the well-established jurisdictions, such as EU where there are measures put in place to prevent scammers sneaking in. Legitimate and regulated brokers in EU must have an initial capital of 730,000 EUR and they must contribute to a compensation scheme from which, in case of bankruptcy, the clients will be compensated with up to 20,000 EUR if the broker is regulated by CySEC. In UK, brokers must have the same amount of initial capital as brokers in EU and also must contribute to a compensation scheme. Clients get compensated up to 85,000 GBP if the broker is regulated by FCA. Similarly, forex brokers licensed in Australia or US also offer good conditions to forex traders.
As you can see from the above information, scammers will never bother to fulfil such requirements and they will try to hook you up by providing false information and by applying other tricks that we’ll investigate further down in this review.
IITfinance trading software
To its clients, IITfinance offers MetaTrader 4 and a web trader trading platforms.
Below, you see a screenshot of the web trader platform. On the left, you see displayed the forex pairs with their bid/ask price. If you click on a specific currency pair, it gives you the spread and indicates with upwards or downwards arrows whether the price is going up or down. It also shows the margin. For the EUR/USD currency pair on which we clicked, you can see that the spread is 0.7 pips which is in the lower boundaries. Although having such low spread is positive, do not forget that this company is not legitimate, so no matter what the spread is, it is still risky to trade with it.
In the middle of the screen, you how the price for the same currency pair fluctuates in a given timeframe. Below the chart, you see information about each transaction the trader will make. This is a rather simple to operate trading platform.
On the company’s website, we found out that the leverage is 1:200 which is rather high. For your information, the leverage in EU has a cap of 1:30 and in the US, it is 1:50. These restrictions on leverage aim at reducing the risks taken by forex trader who are tempted by the possibilities of using big leverage to make a big win. However, do not forget that in forex trade around 70% of the traders lose in transactions, so always choose a regulated broker offering a low leverage.
As we already mentioned, the other trading platform that IITfinance offers is the MetaTrader 4 which is still considered one of the best trading platforms, although it is already 15 years old. Around 80% of the brokers around the world still prefer this platform as it offers a lot of advantages to its clients. For example, it’s got an excellent charting package from which traders can select different chart types in various designs. The indicators on that platform also offer a huge choice, such as the popular Bollinger Bands, Fibonacci retracement, etc., which help predict the direction of exchange rates and make profit. In addition to that, the platform has automated trading option that offer specially designed Expert Advisor bots. There is also the signal trading that allows traders to copy the deals of other traders in real time.
However, we want to stress again that it is not the trading platform that matters most, it is the legitimacy of the broker that is crucial to the forex traders.
IITfinance Deposit/Withdrawal methods and fees
IITfinance offers 3 different accounts to its clients. The Mini account has a minimum initial deposit of $500, the Classic account starts at $5,000 and the Premium at $20,000. Payment methods as they appear in the Terms and Conditions document are credit card, bank draft and wire transfer. However, when we opened an account and checked the payment options, we discovered that payment can also by made via Bitcoin, Skrill and Neteller (screenshot below).
Some additional information we found about deposits is that if clients choose to use a credit card, then the smallest deposit amount is $250 and the maximum deposit cannot exceed $5,000. The withdrawal limitations are the same and the processing time for withdrawals is up to 5 business days.
Bank draft and wire transfer can also take up to 5 business days. The minimum deposit for a wire transfer is $10,000.
We find that the deposit and withdrawal methods set in place by this broker are inconvenient and do not work to client’s advantage, i.e., long processing time and limitations in deposit and withdrawal amounts.
IITfinance also offers bonuses to its clients who have very hard to fulfil requirements attached to them. To be able to withdraw the bonus, the trader must execute $500,000 worth of trades in round turns for each $50 of bonus received. If the client withdraws funds before fulfilling these requirements, he/she forfeits the bonus amount. As you can see, if you choose to receive a bonus, you will be obliged to comply with heavy to fulfil requirements. Do not forget that forex trade is a risky undertaking, and you may find yourself trying to accomplish the impossible. Here, we want to mention that legitimate forex brokers do not offers bonuses to their clients.
How does scam work?
No one wants to be duped by scammers, but it happens all the time because they know how to manipulate people. As they say in one popular song “sweet dreams are made of this” and this is what scammers rely on – creating in people’s mind a sweet dream of being rich! Scams usually start by unsolicited telephone calls or ads on the Internet or social media promising quick and easy profit. It is easy to fall into scammers’ trap and once you make a deposit, you are done for! Scammers won’t let you get away easily even if you realise that you are being scammed. They will try to delay you when you try to withdraw your funds by asking you to provide this document or fill out this form, etc., in order to make you miss the deadline when you can file for chargeback.
What to do if scammed?
You need to act very quickly. First of all, if you have made a deposit using a credit card, you must immediately file for chargeback. Fortunately, VISA and MasterCard allow for 540 day period in which you can file for chargeback. This is the good news. The bad news is that if you have made a deposit using bank wire or Bitcoin, the chances of you getting your funds back are nil!
Another thing you can do is cancel your credit card if the scammers have your CVV code. Check your PC and erase the software that gives scammers access to your personal data.
Be careful, because even doing all that we recommended, your unfortunate experience with scammers may not be over. There are the so-called recovery agents. One of those may approach you offering to recover your funds for a fee. Do not trust them and always check the legitimacy of the recovery agent and the agency.
Also, be aware that some “victims” of scam may post comments after the review, saying how they lost money and how a recovery agent helped them retrieve their funds. They will even put the contact info for this so-called recovery agent. Do not trust them either as it is another case of scam!
