Beware! Inst-Global 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.
Inst-Global is a rather contradictory broker – for one, it would have you believe it is a world-renowned company, trusted by thousands of traders all over the globe. And yet, we could not make an account with Inst-Global – there is simply no such functionality on its website. While that does mean that we cannot know everything there is to know about Inst-Global, we are still confident that the company is not worthwhile and cannot bring about anything but losses for you! Here is why:
Inst-Global regulation and safety of funds
Inst-Global is completely unregulated. It also lies about it – here is what Inst-Global has to say about who licenses it:
The NFA is one of the regulatory bodies that oversee the financial markets of the United States, along with the CFTC – and obtaining a license from it is no easy task at all. Any broker that wishes to do so would need to hold over $20 million in liquid funds to prove they have what it takes to navigate the notoriously volatile markets. Furthermore, the broker needs to report on a daily basis on open and closed trades, which is done to make sure that it cannot engage in any kind of price manipulation or other fraudulent activities.
Inst-Global cannot be one of these licensed brokers, as it contradicts the NFA policies on leverage – amounts of over 1:50 are not allowed for retail traders to make use of. Inst-Global, on the other hand, offers them ones of up to 1:1000. But, if that is not sufficient proof, we entered the NFA ID the broker provides us with in the database of the regulatory body – here is what we got:
Inst-Global is not licensed – and it cannot provide you with any of the protections that we described above. If you wish to trade safely and profitably, your best bet would be doing so with a licensed broker.
Inst-Global trading software
Inst-Global provides access to a distribution of the industry standard trading platform – Metatrader 5. The platform is revered for its powerful automated trading features, as well as its intuitive interface – but there are much better brokers out there that have the software available. Here is what that software looks like:
The trading conditions on it are nothing to write home about, of course – the spreads might be tight, well under 1 pip on FX majors like the EURUSD, but the leverage Inst-Global offers is simply too much – we already explained that the NFA has banned it, but most regulators have also done so and restricted the high leverage amounts. Therefore, the majority of the brokers that still have them available are just like Inst-Global – unlicensed and untrustworthy.
Inst-Global deposit and withdrawal methods and fees
Inst-Global only accepts wire transfers. These payments are not eligible for a chargeback – and the broker does not have its withdrawal policy available on its website. It is highly likely that withdrawing any profits will be subject to additional conditions, hefty fees or both – once again, we suggest you stay away from Inst-Global!
How does the scam work?
Inst-Global is definitely running a scam – and here is how that scam unfolds:
First off, someone stumbles upon the website the scammers run – and are prompted to make an account with them. If they do so, they will be required to leave a phone number. The scammers will then use that number to start calling around the clock to demand more and more money until their victim either runs out of funds or realizes what’s going on – at which point, the scammers will cut them off and move on to new targets.
What to do when scammed?
If you have been scammed, you need to take the following steps to make sure you do not suffer any losses:
First off, recall what forms of ID and credit cards the scammers had access, and get them reissued ASAP – also, remove any remote control software they had you install!
Secondly, contact your bank and ask if you can file a chargeback – but if one is not available do not trust recovery agencies that demand an upfront payment for their services, as they are simply running another scam!
Finally, do not hesitate to leave a comment below – in doing so, you will be helping us raise awareness of the scam, which is the best way to combat it!