Beware! Infinitrade.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.
Infinitrade.io, or Infini Trade, presents itself as a regulated online forex broker. But in reality it is an anonymous website whose ownership is unclear and which is linked to numerous other shady websites. In short, this is not a legitimate broker you can trust with your money. It’s just another scam disguised as a broker.
INFINITRADE.IO REGULATION AND SAFETY OF FUNDS
When you visit the website of a genuine broker, you can expect to find detailed information on the main page about the legal entity that manages it, where it is based, what licenses it has and which regulatory institutions oversee its activities.
The Infini Trade website and legal documentation do not mention a specific company name. We see only the statement that the website is operated by DigitalCMedia – another fake broker we have reviewed.
The only contact information is email. Regarding regulation, an image with the CySec logo can be seen on the website. This should imply that Infini Trade is regulated by one of the leading regulators in the European Union, Cyprus Securities and Exchange Commission (CySEC).
The lack of a company name and registration number is indicative enough that this is not true. The CySEC registry allows searches on approved domains, and checking showed that Infinitrade.io is not among them.
It should be noted that the Terms and Conditions specify a different domain, www.Infini-trade.io. This website is not active and is probably a previous version of the same fraudulent scheme:
In the text of the Terms and Conditions we find the statement that the unnamed company behind Infini Trade is based in Belize:
This is an offshore zone that does not regulate brokers, yet registration there requires payment of 500,000 USD for a license. However, a check of the International Financial Services Commission (IFSC) of Belize database again showed that the Infini Trade website was not among the authorised domains.
However, the legal muddle around Infini Trade does not end there. After installing the trading software offered by Infini Trade, in the “About” menu of the application we finally came to a company name – Digital C-Media Ltd:
This company is stated to be based in yet another infamous offshore zone, Saint Vincent and the Grenadines (SVG). The Financial Services Authority of SVG does not license or regulate brokers. Even if unregulated, companies that offer financial services should still be listed in the FSA’s database. However, we do not find Digital C-Media there. This confirms that this company and all its associated websites is not even an offshore broker, but just a scam.
If you are eager to start trading in the financial markets, you should avoid the many fake brokers of the Infini Trade type at all costs. Instead, it is advisable to approach one of the licensed brokers that are truly regulated by institutions such as CySEC.
There are many advantages to working with such brokers because they must comply with all the requirements of the he European Securities and Markets Authority (ЕSМА). They must maintain a minimum net capital of at least EUR 730 000, which guarantees that the company is financially stable and has a serious long-term approach.
Whenever clients deposit money in their trading accounts, it is kept segregated from the broker’s operating funds in separate bank accounts. Thus the clients’ money remains shielded in case of mishaps like a broker’s bankruptcy. All brokers licensed in Cyprus are members of the Investor Compensation Fund, which may cover a maximum of EUR 20,000 per person in the event of broker insolvency. Cypriot forex brokers are required to report their clients’ transactions on a regular basis. This requirement is designed to improve investor protection and promote market integrity and transparency.
INFINITRADE.IO TRADING SOFTWARE
Infini Trade uses the industry’s most popular trading software, MetaTrader 4 (MT4). There is also a link to a web-based platform that links to the website of the aforementioned DigitalCMedia.
However, the presence of a trading platform does not make Infini Trad more credible. In fact, here we find links to more scam websites. The same platform configured for Digital C-Media Ltd. has also been used by other scammers we have encountered recently – OnlineTrading.capital.
At the time of writing this review, it was not possible to register for an Infini Trade account. It is possible that this website is still under development or has already been abandoned, as is often the case with fraudulent schemes. The platform doesn’t even allow logging in with a demo account, so we weren’t able to check what parameters were set.
There are more than enough licensed brokers offering clients the MT4 experience and/or the newer version of the software MT5. These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
INFINITRADE.IO TRADING CONDITIONS
The Infini Trade website describes five types of trading accounts, with a minimum deposit starting at 5,000 EUR. In comparison, many licensed and regulated brokers offer micro accounts with a minimum deposit of less than 100 USD.
According to the website, the base currency of the account can be USD, EUR or GBP and there is an option for a swap-free account that meets the religious requirements of Islam.
Infini Trade claims it does not charge commissions and profits only from the swap. Due to the inability to register an account, we do not know what spread is set in the trading platform. The website lists 2.5-3 pip levels for the starter “Green” account, which is not at all a competitive level. A spread above 2 pips is generally considered disadvantageous to the trader.
Information on leverage is conflicting. Levels of 1:200 and 1:400 are mentioned in various places on the website. The account descriptions indicate a level for cryptocurrencies only – up to 1:4. This is only further evidence that the Infini Trade could not be a genuine broker licensed by CySec. EU regulators limit leverage to 1:30 for trading in major currency pairs and 1:2 for cryptocurrencies.
High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.
INFINITRADE.IO DEPOSIT/WITHDRAW METHODS AND FEES
Infini Trade websites state that the alleged broker accepts all major credit cards and wire transfer. As we have not been able to register an account, we cannot confirm what payment methods Infini Trade actually uses.
Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill and Neteller.
The information on the minimum amount for a single deposit is also contradictory – the amounts of 5 and 250 USD are mentioned in different places. Infini Trade claims it doesn’t charge deposit and withdrawal fees, but with everything else on this website, we have no good reason to believe it.
HOW DOES THE SCAM WORK
With all the buzz surrounding skyrocketing prices of cryptocurrencies, many people are starting to consider investing in the financial markets as a bid to improve their fortunes. Scammers on the internet have taken notice of that and take advantage of the ignorance of the general public by creating countless websites posing as brokers. These websites offer no real brokerage services and only deceive people into believing that their money is really being invested.
If you come across such a scam website and give out your contacts, you will be contacted by experienced scammers who will convince you that they can take on all the frighteningly complex aspects of investing for you. But you will never get any real profits, nor will you be able to get back the money you deposited. The terms and conditions of these websites are riddled with clauses that make withdrawing funds from your account unfeasible – for example, extremely high minimum trading volume requirements or hefty fees of 10%, 20% or even more of the amount.
Scammers hide behind fake addresses and names and operate through offshore companies that are not subject to regulation and scrutiny. So even if all the withdrawal requirements are met, they may simply disappear and move on to their next fraudulent scheme.
WHAT TO DO WHEN SCAMMED
It is very important not to rush into trusting people on the internet who offer to magically refund your money for a fee. These are also scammers, and they may even be the same ones who scammed you in the first place.
If you have made the transfers using credit or debit card, you can claim a chargeback. Visa and MasterCard allow this to be done within 540 days. However, such a request may not be approved if you have given the fraudsters documents such as a copy of an ID and proof of address. This will allow them to claim that the transaction is legitimate and approved by both parties.
