Beware! InterTradesFX 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.
InterTradesFX is a mess and certainly a broker not worthy of your time and money. Upon our first ten seconds or so, and we knew what was coming. The signs are all over the place, and even new users will be suspicious of InterTradesFX. We won’t stall our readers any longer. The following review has all the info you need to know about InterTradesFX.
We aim to register an account with questionable brokers because we have found that only through the user area does a broker truly reveal its purpose. Most scammer brokers, for instance, use their websites mainly as a cover-up for their schemes. The registration process at InterTradesFX is a great representation of the half-broken website that the broker comes with. The form is simple and bland, and it easily redirected us to one of the worst user dashboards we have seen in a while.
The user portal is so bad, that we honestly believe that the people behind the broker have deserted this project and have moved on to other illicit activities. For one, there is absolutely no trace of a trading software. In fact, the dashboard area comes with three sections: a financial news outlet, an electronic payment gateway, and a 24/5 client support center. Here, take a look for yourself:
And that is basically it. Without a trading software, InterTradesFX technically cannot be called a Forex broker, but just a website onto which one logs in and deposits, financing a bunch of fraudsters!
It is obvious to assert that since there is no platform, there is also no spread values, no leverages, and no tradeable assets.
The website is available in a couple of languages, however, we noticed that the site itself was being translated by Google translate. This a more subtle sign that we are not dealing with a legit broker.
INTERTRADESFX REGULATION AND SAFETY OF FUNDS
The regulatory claims are quite messy and none of them are actually true. First, we have the assertion that the broker is authorized by the Financial Services Authority, a non-existent entity that was disbanded in 2013. InterTradesFX thinks of the Financial Conduct Authority, but because it lacks industry knowledge, it foolishly puts its services under a long gone financial regulator. The broker continues on with the claims that it is located in the UK, with absolutely no support of this. We are more than certain that InterTradesFX is not regulated in the UK, nor anywhere else. If it is actually located in the UK, then it would be illegally offering FX trading services.
We were not surprised that the broker’s legal documents are short. This is just one example of how lightly the firm has taken everything. Not only are they short, but there is also a noticeable lack of focus on the relationship between client and broker. Instead, the Terms and Conditions seem to be included just for the sake of having some filler text.
We have to talk a little bit about the website, a factor that is indicative of both the state and nature of InterTradesFX. In our thousands of reviews that we have put out, at times we encounter websites that are so bad that we find ourselves wondering as to the aspirations of the companies behind them. InterTradesFX’s case is a very bad one. The entire website is lathered with inappropriate images and texts, but the main issue is the interface and the way the site is structured. Everything is out of place, images and texts are oversized and very disproportionate to one another. It is as if a number of very differently opinionated people all came together and worked on the site. To put it short, it’s quite the noticeable mess!
Need we more evidence in support of InterTradesFX’s UNREGULATED NATURE? Investing here is a mistake
Investing in unregulated brokers is one of the biggest mistakes you will make. Before doing anything, even registering, please check for a license. Even if the broker claims to be regulated you should double-check with the watchdog itself to see if you can find the broker in its database. Usually, we advocate for all FCA or CySEC regulated entities, for these regulators oversee some of the best and most popular brokers out there. Not only that, but these two entities also offer to all users under their brokers a compensation scheme that reimburses them any money that the broker cannot pay due to some reason or another. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
INTERTRADESFX TRADING SOFTWARE
We spoke of a lack of a trading software at the beginning of the review, and we will continue claiming so. There is no trading terminal, period. The website and the user area hold nothing that would even suggest a trading office!
INTERTRADESFX DEPOSIT/WITHDRAW METHODS AND FEES
Even if there is the option to pay through a set of electronic means, the button on the user area that does so is not functioning. This is the last hope we had for the broker completely shattered. Users cannot even invest, not that you would want to.
According to the website, the minimum deposit is $1000, but we cannot make sure that it actually is. Furthermore, this deposit requirement is way too high for retail investors. The payment methods are, as we mentioned, some unknown electronic payment types.
Withdrawals for us are not possible. We found no withdrawal option anywhere, and the website is short of any withdrawal details. But what can you expect from an obvious scam of a broker?
It appears to us that InterTradesFX was deserted some time ago by its creators. There is no way to trade and no way to invest. So what are we left here? We think this was a scammer broker, and now is just a website waiting to die! However, there always looms the possibility that InterTradesFX picks its own customers through a method that we have described below, which consequently is also the most popular FX scammer approach!
How does the scam work?
The scheme that unregulated brokers apply is a very popular one that other fraudsters from different industries are also known for practicing. Its structure is the same across brokers, with small differences in the delivery.
The first step is falling for fake ads online usually those that offer an easy lifestyle that comes from investing big and winning even bigger. These ads come plastered with beautiful women, cars, and exotic houses, and because of the prospect of allure, most of these ads are located in popular social media sites and similar sources.
These ads will redirect users to either a scammer broker or an intermediary website. Wherever you end up, these ads are there to trick you into giving your email and phone number. If the user gives her contact info, she will surely start receiving calls from solicitors whose job is to push you to deposit, whatever it takes. They will be annoyingly stubborn because they get a chunky commission from initial deposits.
If a deposit is made, then it’s time for the expert scammers who are disguised as the “account managers”. These have years of experience behind their backs and are usually part of the core team of the shady broker. They are even more stubborn and will stop at nothing. The ultimate goal here is to make the investor deposit as many times as possible. This is achieved through long and tedious conversations filled with false promises and carefully concealed lies and manipulative tactics.
The time will come when the user will want her money back. This is always expected and a risk of the craft for the scammers. That is why they are prepared to counter every withdrawal request. Usually, they stall users as much as possible by calling them and telling them that a big spike in a given asset is about to happen. Sometimes the broker may block the account or simply deny requests. More extreme examples include fraudulent brokers who completed shut down their websites!
What to do if scammed?
Filing for a cashback is probably the first thing you should do once you realize you have been scammed. Chargebacks are available through your credit and/or debit card company. MasterCard and VISA have a chargeback period of 540 days.
Wire transfer investment frauds are slightly more difficult to handle. The first thing you should definitely do is change both the username and password on your bank account in order to prevent the broker from accessing or hacking your account. Next, victimized users should call the bank and explain to them the situation. Some banks may have a plan for such cases.
As for investments with any sort of cryptocurrency, they are most certainly lost. That is why it is advisable to never invest in crypto coins!
There are others that can profit from your loss. Once your funds are stolen you will start noticing these recovery agencies or agents who will promise all your money back. They just need a payment in order to offer their services. It’s obvious that once paid, these expert scammers will disappear leaving you at an even bigger loss!