Beware! Interbrokers.io 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.
Interbrokers.io is nothing special, in fact it’s very limited in both what it delivers and the way it executes this. Тhe website is limited in that special way, where everything is confined to a single home page. Aside from the legal documents, everything else is confined to the home page. In our experience, this has never been a very good thing. All previous brokers who had this were either new or unregulated. And everything point to Interbrokers.io being the latter. Read the review to find out why.
Registering was a breeze, and it took us less than half a minute to complete the account creation process. The leading user area was a reflection of the general feel of the entirety of Interbrokers.io. In other words, nothing special, and rather disappointing. Thankfully, we were able to reach a trading software with an issue on which we opened a live account without issue, which is not the best thing to be offering to just about anyone,
The leverage is capped at 1:200, which is quite low for an offshore broker.
The spread is surprisingly at 1.1 pips on average, and it does not seem that there are any commissions. However, Interbrokers.io is not trustworthy and thus we cannot fully rely on it. We mean that it might have some hidden commissions on spreads.
The web trader revealed that the available tradeable assets are forex currency pairs, shares, commodities, cryptocurrencies, and indices.
The website is available only in English.
INTERBROKERS.IO REGULATION AND SAFETY OF FUNDS
The company is owned by Irontank Ltd, the holding firm. The broker wants to make its users believe that it is registered in Belize. However, nowhere does there exist evidence that the company is regulated by the International Financial Services Commission. The website of the regulator has no proof of this, nor does the broker actually claim to be holding a license from the regulator.
Furthermore, the terms and conditions as well as the rest of the legal documents are greatly in lack of regulatory information. As for the home page, it really does not strike us as one that a regulated broker would use.
There isn’t anything else to put into the small pile of evidence. Thus we have to reach the verdict that the broker is NOT LICENSED
To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
INTERBROKERS.IO TRADING SOFTWARE
The web trader here is your typical unregulated brokerage trading software. It’s nothing special, and it’s underwhelming at best.
chart indicators, time frames, live news, some chart customization options, and pending order types. These are the main features of the web trader, and beyond them, there really isn’t anything to keep users invested.
There is even an app of the web trader provided by the broker. This is not something that we see every day.
The trading software might just be the highlight of this otherwise disappointing broker. However, it isn’t nearly enough to redeem it from its unregulated and probably scammer status.
INTERBROKERS.IO DEPOSIT/WITHDRAWAL METHODS AND FEES
The only depositing method is through Payotop, which actually allows users to invest through a credit and/or debit card. The minimum deposit is $250.
The only thing we learn from the withdrawal section is that requests are processed within 7 days. The rest of the withdrawal information will be taken from the website.
Users must trade 1% in trading volume equal to the user’s initial deposit prior to withdrawing, otherwise, the company will charge the user a 4.5% charge. The same methods used for depositing are used for withdrawing. Seeing that this is an unregulated broker, there might be other fees and commissions, hidden ones that Interbrokers.io applies at any time.
With all that said, we cannot really recommend this broker to anyone, for this is not only an unregulated firm but also an unrewarding and unfavorable one! Do not invest here if you cherish your money and time!
How does the scam work?
The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.
Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.
In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.
The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.
Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.
The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!
What to do if scammed?
The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.
Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.
As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!
And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!