IndicateFX.com review – 5 things you should know about indicatefx

IndicateFX.com review – 5 things you should know about indicatefx

Rating: 1

Beware! IndicateFX.com is an offshore broker! Your investment may be at risk.

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IndicateFX.com looks like a mid-2000’s sci-fi inspired college website. It has that amateur feel that is not quite so common nowadays, but is still a pretty accurate sign that IndicateFX.com is not legit. As for the details, the following review does a pretty good job covering them.

The registration form and user area were common scammer templates. But no surprise there. What kind of took us by surprise was that there was no trading software available. Therefore, there are no applicable assets, spreads, or leverages.

INDICATEFX.COM REGULATION AND SAFETY OF FUNDS

The footer discloses that our broker of the day is registered in the British Virgin Islands, an offshore location but one with a solid regulator- the British Virgin Islands Financial Services Commission. Unfortunately, there was no mention of IndicateFX.com in the regulators databank, meaning that IndicateFX.com is not licensed there. It has probably also lied about being incorporated there.

According to the legal docs users are permitted to access the website, only if their local authorities grants them access. In other words, IndicateFX.com states that its users have to be licensed to use it, and not the other way round- the way that it’s actually supposed to be. The is common scammer broker misinformation. It’s goal is to distract the user from the real issue. Which is that IndicateFX.com is actually not regulated and a scam!

Unless you wish to throw your money away for no reason , there is absolutely no incentive for investing in unlicensed brokers. In fact, you would be doing them a big favor by funding their further fraudulent projects. If you wish to trade real FX and CFD with regulated brokers, looks no further that those that are regulated, especially in well known locations such as Europe, the UK, the US, or Australia. The regulators there are pedantic to a ridiculous degree and will do everything in their power to uphold the rights of the user and the integrity of the market industry. It is within their power to penalize brokers and demand client compensation, as well as to set industry standards and introduce new rules and regulation.

INDICATEFX.COM TRADING SOFTWARE

The alleged MT4 in the user area is under a different name. What we mean by that is that its servers are under a different broker name. So if users trade there they would essentially be trading with a different entity.

The exact same thing is applied to the web MT4 on the site. We opened it, and it automatically launched under a different server name, unlike the one above.

So, no trading software! More and more we come to realize that IndicateFX.com is not a broker.

INDICATEFX.COM DEPOSIT/WITHDRAW METHODS AND FEES

From the user area we usually get the most accurate payment details. No matter what the website states, the user area is the first real source of these sensitive details.

And so, the client area reveals that the only depositing method is a credit card. It’s pretty risky to give away your card details to an unregulated broker. You might be able to imagine the consequences of doing so.

We were not able to proceed, however, due to our pending account. So, no minimum deposit from the user area. The website on the other hand states that the minimum deposit is $100. Whether this is true or not, we may never know.

As for withdrawals, all their related details will have to be taken from the website since the withdrawal area was unavailable to us.

There is a Deposit and Withdrawal Policy buried in the terms and conditions, From here we will take the rest of the payment details. But please not that these kinds of clauses are not to be trusted; from the beginning we started reading contradictory details, like additional depositing methods that are not to be found in the client portal. So be wary of this inconsistency.

First and foremost, there is a withdrawal trading requirement: each invested dollar must be traded with at least 1000 times before withdrawing (100 000 if trading currencies).
Moreover, withdrawal are issued processing fees, but what these are has not been revealed. And it take some 5 days to process a request. One major commission of 10% (taken form the account balance) is issued when the user decides to withdrawal 60% or more of his account balance. This is completely and exclusively a scammer fee!

These are some of the worst payment conditions we have seen in a while. All the more reasons not to invest in this broker.

HOW DOES THE SCAM WORK

Getting scammed usually happens without you knowing it. It’s a deceivingly simple process that owes its success precisely because it seems so avoidable.

First, there is the matter of getting in contact with the broker which happens in one of two ways. Either it contacts you, or you it. If it calls, it means that somewhere in your net journey you accidently left a phone number or an email address. Or you were persuaded by the broker to contact it, which is why many scammer brokerage sites looks so appealing.

The hardest thing to achieve, for a fraudster, is to convince a user to invest an initial deposit. Prior to this a certain level of trust must be built, centered around a false sense of rapport. The broker will fake an interest in the user and in the process talk about market and profit opportunities, as well as investment choices. It’s all a part of a retaining strategy that will keep the user invested for at least a couple of thousand dollars, on average, until, eventually, he realizes the scammer pit he has fallen in.

When this happens, the broker will seize all contact with the user, and might even block the client from the website. It will go to great lengths not to return a single penny of the user’s money.

WHAT TO DO IF SCAMMED

The first thing you should do it to file for a charge back. That’s if you have invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days giving users more than enough time to try to get their money back.

Wire transfer deposits are not as easy to acquire, and the best advice we can give you is to set up a reimbursement strategy with the bank leading the transactions. Most banks have strategies put in motion when these circumstances are met. Furthermore, if scammed via a wire transfer, it’s best to change your bank account user name and password.

Unfortunately, all crypto deposits are most surely lost for good. These transactions are untraceable and therefore once they reach the scammer end it all depends on the fraudsters if you see your money back or not.

Lastly, do not trust recovery agents or agencies. These are either separate scammers trying to get a hold of any leftovers, or can even be an extension of the brokerage scam.

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