Beware! IPrimeCapital 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.
Although it may seem that IPrimeCapital, or Intelligence Prime Capital Ltd, is on the right track, the reality is so much further from this. The truth of the matter is that IPrimeCapital is a common shady broker with all the accompanying elements of one. For one, the website is as uninformative and limited as we have come to expect from such entities. But of course, there is more to this broker than just the website.
For one, there are the trading conditions, which we prefer to take from a user area instead of from the website of this broker since we do not trust it with such delicate info.
So, our first move was to open an account. We quickly realized that this will not come to fruition for the reason that all wanna-be users have to provide a specific referral number that can only be acquired if provided by the broker. This means that only chosen users can open an account, and this is a move that is synonymous with unregulated brokers; all the firms we have written about that had the same practices turned out to be illigal.
And so, we have to rely on the website of IPrimeCapital, whihc is something that we hoped to avoind. But seeing as that we have no choice, here goes. The supposed trading instruments are forex currency pairs, indices, cryptocurrencies, stocks, commodities, bonds, and ETFs. There is no trace of a sprad nor of a leverage.
The website of the broker is available in English, Chinese, French, Russian, and Spanish.
IPRIMECAPITAL REGULATION AND SAFETY OF FUNDS
There isn’t a lot of info to work with here. The only thing that we actually have is a supposed claim by the broker that it is licensed by ASIC.
ASIC is the Australian regulator, and as such is one of the most prominent FX overseers in the world. Not only is there no proof of IPrimeCapital being in the register of ASIC, but also the proposition of IPrimeCapital being regulated by ASIC is an impossible one. This broker does not even barely satisfy any of the requirements set out by the watchdog. Therefore, we conclude that the website offers a fake ASIC regulation.
Furthermore, there are no legal documents, which is nother way of saying that IPrimeCapital does not care for the law, and will scam the broker.
IPrimeCapital is a risk to all investments because it is unregulated and a scam!
All deposits and personal details provided to unlicensed brokers will be lost. It is therefore of the utmost importance to always check for a license with whichever broker has raised your attention because 85% of them will be unregulated. Regulated brokers are bound by rules and laws, and one small slip-up could mean that the entire broker can lose a ton of money and investments. So there is absolutely no incentive for regulated brokers to try and play you. Not to mention that users of regulated brokers are guaranteed protection, and certain regulators, like the FCA and CySEC, even offer client protection funds.
IPRIMECAPITAL TRADING SOFTWARE
Here we have a common predicament with unregulated brokers. IPrimeCapital claims to be offering an MT4, but utterly fails to deliver on this.
The advertised MT4 is exposed, but in reality, there is no trading software.
A broker without a trading software cannot be defined as a broker. What’s left for IPrimeCapital is to be labeled a pure investment scam.
IPRIMECAPITAL DEPOSIT/WITHDRAW METHODS AND FEES
As we finalize this review, we come across the last major setback. This time, it’s the payment conditions, or the complete lack thereof.
That’s right, the website of IPrimeCapital does not hold any payment information at all, which leaves us wondering simple questions such as the minimum deposit requirement or the payment methods. We think that it’s the duty of every broker to reveal these or at least mention them, once or twice.
The minimum deposit with unregulated brokers is usually between $100 and $250, while the most popular payment methods are credit cards, debit cards, wire transfers, and especially crypto wallets.
As for withdrawals, one thing is for sure with non-regulated brokers- that users will have a very hard time with taking her money out.
All in all, we cannot recommend IPrimeCapital. This broker is not licensed, and is a scam! All investments will be at a risk!
HOW DOES THE SCAM WORK
The scam works in a number of elementary steps, so much so, that one would think how could investment scams be so prevalent.
The first step is presenting to users of the net an array of alluring and misleading ads that include images of your heart’s desires plus very fake promises of profit.
The second step is that of actually falling for the bait, at which point the user will be led to either the broker site or an intermediary website. From there on, the user will start receiving calls or emails from the broker to deposit. Mind you, these ways of communication are very convincing, and the broker has whole dedicated teams of reps that focus on leeching an initial deposit.
Once this first payment is made, the expert scammer will move on to try and take even more deposits by using a plethora of psychological techniques, on top of downright lying to clients.
Whatever the case may be, users will not be able to withdraw their money, although there is still some hope for their funds, even though it is minuscule.
WHAT TO DO IF SCAMMED
VISA and MasterCard have extended their chargeback period to 540, meaning that the safest and most secure way to try and get your money back is by filing for a chargeback with your credit or debit card company.
Wire transfer losses are harder to get back, and so we recommend the user to contact his or her bank to try and figure something out. And it is also crucial for the client to change her bank account user name and password.
Crypto investments are lost forever. The only way to get them back is if the fraudulent broker has had a sudden change of heart.
Moreover, do not trust recovery agents, who are pure scammers, independent or in some way connected to the initial scam. They will promise users a way to recover their lost fund in exchange for a fee, and once the user pays this commission, the agent will disappear!