Beware! IDxsMarkets 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.
We are reviewing IDxsMarkets, a dirty clone and a scam. We’ll go forthright with this one because there aren’t many things to discuss, actually. They simply replicated the website of a leading Forex broker and created a fraudulent scheme to rip traders off. IDxsMarkets is a scam, and you can see the details about it in the following sections. But first, it’s them who messed up the logo.
IDxsMarkets REGULATION AND SAFETY OF FUNDS
IDxsMarkets claims to be FCA and CySEC regulated, and they even present license numbers to pronounce themselves lawful. Well, the broker is anything but legit because the credentials belong to a certified company that is not in any way associated with the entity we are looking through. Therefore, IDxsMarkets is a clone firm and a scam, so your funds will be in danger if you deposit.
Firm cloning is a common and very simple scam strategy. However, it proves to be highly efficient because more and more clones are popping out literally every day. It happens when scammers use names, addresses, contacts, license numbers and so on belonging to authentic companies to make the scam scheme looks as if legit. The con artists operate boiler rooms and call people pretending to work for verifiable companies, thus way trying to take investors’ guards off. Firm cloning is a plain but very dangerous scam, so make sure to double-check before making any deposits whatsoever.
As IDxsMarkets is a scam, have a look at the high-rated EU brokers and British brokers on both lists if you are interested in trading and investments. The European companies are suitably regulated, but most importantly, covered by deposit insurance funds protecting traders and investors’ money. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are even up to 85 000 GBP. So CySEC (Cyprus) and FCA (Britain) licenses are trustworthy, and you should keep this in mind while looking for trading opportunities.
IDxsMarkets TRADING SOFTWARE
From now on, all the information presented by the broker we’ll discuss is fraudulent. As they simply replicated the website of an authentic company, the information within is worthless. Nevertheless, we are going to mention all the lies. They claim to offer MetaTrader, but that’s falsehood. In fact, there is no functional software at all. The webpage with the platform is broken, so IDxsMarkets can’t offer any services whatsoever- it’s a pure scam.
Avoid it and better consider the high-rated MetaTrader4 brokers and MetaTrader5 brokers by following the links provided. MetaTrader distributions are market-leading platforms featuring advanced tools such as Expert advisors, many indicators, and excellent charting. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions.
As the broker doesn’t have a platform, we can’t discuss real-time spreads and leverage levels. Nevertheless, IDxsMarkets claims to offer spreads starting from 0.0 pips and leverage up to 1:30, which is indeed the maximum allowed ratio in Europe. Still, the information is valid for Capital.com, so no further commentary required.
We mentioned leverage, for it’s so dangerous that most financial authorities even regulate it and EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are safe but not leverage restricted, so experienced and risk-tolerant traders eligible to open an account in Switzerland can safely go for it. However, the rest of the high-leverage companies are poorly regulated and very likely a scam, so you need to be careful.
IDxsMarkets DEPOSIT/WITHDRAW METHODS AND FEES
The information about deposits is also void, but it’s mentioned that the minimum is $100. Their deposit system is active, but we couldn’t test it because the account was still pending. Those scammers want us to upload copies of ID and bank cards, and we naturally refused to do what they ask for because identity theft risks are very real indeed. The funding methods- unknown.
Anyway, while talking about deposits, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
The links to the legal documents are broken, so we have no information about withdrawals, fees, inactivity procedures, bonuses etc. Not that we expected to access authentic documentation anyway.
Overall, we exposed IDxsMarkets as a scam scheme in this review, so you should stay away from this fraudulent business. Also, make sure to report to the authorities if they approach you.
HOW DOES THE SCAM WORK
Swindling brokers and fraudulent websites appear literally every day. Still, most of the new schemes represent a modification of common fraud that’s not typical for the local markets but similar from country to country.
Nowadays, scammers are overcrowding the Internet and social media. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders would get reassured that the people behind the broker have an excellent track record, who can secure high returns, seamless trading and guaranteed profits. The scammers intentionally make people believe Forex trading is risk-free, but actually, the opposite is true.
In the usual scenario, scammers just steal the money and won’t send a dollar back. Sooner or later, clients would ask for a withdrawal, but the con artists would delay or downright refuse transactions. If traders persist, scammers would find excuses to deny and would even ask for more money or directly cut the communication. Whatever the case, traders are going to lose some or all of the capital invested. At the end, when fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to evade further risks. Deactivate your bank card immediately, contact the bank and ask for advice.
Report what happened, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
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