Beware! Iam-Trader 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.
Iam-Trader pretends to offer the following: total transparency and security of the world’s leading financial centres; safety of client funds; 100% account segregation with top-tier banks; transparent deposit and withdrawal policy. Well, none of it is true, and indeed some of the claims sound totally ridiculous. Iam-Trader is a scam, and we are going to prove it in the following review.
Iam-Trader REGULATION AND SAFETY OF FUNDS
Iam-Trader claims to be regulated in St. Vincent and the Grenadines by the local regulator SVG Securities Commission. Well, Iam-Trader is a scam! First of all, the regulator in the country is the Financial Services Authority (SVGFSA), so Iam-Trader intentionally misleads the customers aiming to facilitate fraud. Then, the regulator mentioned doesn’t license or monitor brokers, which further proves how fraudulent the broker reviewed actually is.
Iam-Trader wrongfully speculates and lead people astray because regulation is the most important aspect of trading. Every self-respected financial authority regulates brokers by imposing numerous customer protection rules intended to guarantee transparency, reduce risks, secure trading environment, and safety for clients’ funds. In contrast, unregulated brokers like Iam-Trader are anonymous and unaccountable, meaning that they can expose deposits at risk or downright steal the money, getting away with it.
Even more so, St. Vincent and the Grenadines is one of the few offshore jurisdictions that still allow the incorporation of totally anonymous International Business Companies (IBCs), so the identity of the people running Iam-Trader will remain unknown at all times. So, if the broker scams its customers, they won’t know whom to blame for the harm inflicted on them. On top of all that, the SVG IBCs are not required to grant access to their accounts, so once clients’ deposit, their money just disappears offshore where no one can track it down, let alone retrieve it.
That’s why you should always stick with companies authorised by trustworthy financial regulators like CySEC (Cyprus) and FCA (Britain). Both mentioned force brokers to keep deposits segregated local banks, thus ensuring that clients won’t lose their capital if something wrong happens. The segregation improves transparency, speeds withdrawals up, makes chargebacks easier and generally helps prevent fraud. What’s more, the European FX companies are covered by deposit insurance funds laid down to compensate clients in case of unforeseen events- CySEC brokers’ clients can claim up to €20 000 per person, while the British guarantees are even up to £85 000.
Eventually, you’ll lose your money to fraud if you deposit with Iam-Trader because it’s a scam scheme disguised as a Forex brokerage.
Iam-Trader TRADING SOFTWARE
Iam-Trader pretends to offer MetaTrader 5, but that’s not true. If you look at the screenshot below, you’ll see download links, all of which are actually broken. Therefore, Iam-Trader falsely claims to offer one of the most advanced platforms in order to take advantage of its spotless reputation. Eventually, Iam-Trader doesn’t even have a platform- that’s a pure scam.
In such a case, we can’t discuss the actual trading costs (spreads) or risks (leverage). Nevertheless, Iam-Trader claims to offer leverage of up to 1:888, which is an insanely high ratio that can cause a total loss in no time. Leverage is too risky for most of the clients, and that’s why many regulators impose restrictions- a cap of 1:30 in the EU, UK and Australia and 1:50 in the US. Needless to say, any brokerage offering higher levels is most likely unregulated; therefore, a suspected scam. Beware!
Iam-Trader DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is allegedly $200 via Credit/Debit cards, Bank Wires, and cryptocurrencies. However, on other pages, Iam-Trader says that there are $1 accounts, which is an inconsistency worth noting. In fact, that’s actually a red flag because the broker knowingly, once again, misleads customers and creates confusion. In any way, that’s a scam, so you shouldn’t deposit even a cent there.
As for withdrawals and fees, the broker mentions nothing worth discussing except for a few screenshots showing what clients should do to submit a request. What’s more, the entire Terms and Conditions document is simply inadequate for a broker as it only concerns website usage. Scam!
HOW DOES THE SCAM WORK
Iam-Trader is a scam we just exposed, so we’ll now relate what scammers usually do to defraud unfortunate customers out of their savings.
So, when fraudsters get hold of your contact numbers, you’ll get a call, promised the moon and the stars if you deposit immediately. And to gain trust, those criminals will usually pretend to work for governments, financial authorities, banks, other reputable companies and so on. Scammers will be confident in what they say, so if you don’t see the warning signs, you may end up depositing fascinated by their fake commitment. However, the fraudulent game actually begins after you send the money. Once they have the desired deposit, the cons will distort prices and forge fake reports to make you believe you are on the winning side, manipulating you to start thinking big and consider more deposits.
Then, the fraudsters will continuously ask you to increase the size of the investment and invent stories to make you deposits over and over again. Sooner or later, though, you’ll get determined to withdraw some money, and then the scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise something wrong is going on, and when the scam becomes too apparent, the cons will simply stop answering your calls and e-mails.
WHAT TO DO WHEN SCAMMED
It would be best if you first call your bank to inform it and then deactivate your card to avoid any additional risks, as the scammers may as well have obtained your details.
Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the particular scam, too. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.
Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!