Beware! Igtradenet.com 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.
Igtradenet.com is just another scam scheme that is trying to pass another broker’s license information as its own to fake credibility but actually does not have a lot to offer its clients. The broker’s conditions seem horrible on paper – and we could not even confirm that there is any truth to anything this broker claims since we were not able to open an account because of a website malfunction.
Steer clear of this broker – you would surely be losing money if you don’t.
Igtradenet.com REGULATION AND SAFETY OF FUNDS
Igtradenet.com claims to have offices in both Vanuatu and the British Virgin Islands. The broker is also supposedly licensed by the Vanuatu Financial Service Commission, but not by the British Virgin Islands Financial Services Commission (which is fairly strict for an offshore regulator). The license number the broker has provided did show up in the register of the Vanuatu FSC – but it belonged to a different company.
TriumphFX is a legitimate CySEC-regulated broker that has nothing to do with the one we are reviewing. The address Igtradenet.com has provided and that of the legitimate broker also did not match.
Providing false regulatory information is an enormous offense – no legitimate broker would ever try to use another broker’s license in such a way. This means that Igtradenet.com is surely running a scam – this broker has even been insolent enough to use some of the text the legitimate broker has put on its own website.
Turn to a broker licensed in the UK, the EU, or Australia – such brokers are your best option since they report to the strictest authorities in the world and are obligated to meet countless requirements if they want to obtain a license. In order to prove that they are well-capitalized and financially stable, all such companies have to maintain a minimum capital of €730 000 (in the UK and the EU0, and of A$1 million (in Australia). Negative balance protection is a big plus of trading with such a broker – you could never suffer losses exceeding the amount of money you have in your account. Client money must be kept separate from the broker’s money in segregated bank accounts – which means that the broker would have very limited access to your money once you have deposited it. As a result, they would surely not be able to use it for their own purposes. This also means faster withdrawals. If you are a client of an EU or UK broker, you should keep in mind that you could receive compensation in case your broker goes bankrupt – up to £85 000 in the UK and €20 000 in the EU because all such brokers are obligated to provide funds for compensation funds.
Igtradenet.com TRADING SOFTWARE
Igtradenet.com promised access to MetaTrader 5 – which just so happens to be one of the best, most functional trading platforms out there. However, the broker does not offer its own trading terminal – instead, you would only download the generic version of MT5 from their website. You can download that same terminal from the website of the software’s developers, MetaQuotes, completely for free.
Try out MT5 with one of these licensed, reliable brokers instead. This is a truly great option for a trading platform – both relatively accessible and user-friendly and highly efficient. MT5 offers an abundance of great tools such as Expert Advisors you could use to track markets and trade automatically, or a multi-threaded Strategy Tester, develop your own trading bots and indicators, set signals, exchange strategies in a community chat, purchase various trading apps on the MT market, and much more. Of course, you would also be getting access to an abundance of charting and analysis tools – do not miss the chance to try MT in a demo or a real account.
Igtradenet.com TRADING CONDITIONS
For some reason, we were unable to open an account with Igtradenet.com – we never received a confirmation link. This means we would have to believe the information the broker has provided on its website about trading conditions – and that information is very contradictory.
In order to open a Basic account, you would have to be willing to invest at least $300 – or $5000, the broker mentioned both numbers in its account type description. Both of these numbers are quite ridiculous – many of the most established brokers out there would ask for no more than $100, and sometimes for much less.
Without a functional platform, talking about leverage or spreads is pointless. We will say this much – Igtradenet.com promises leverage of up to 1:500. This number is quite high and potentially dangerous – especially if you are new to trading. Trading with higher leverage can indeed result in bigger profits – but bigger losses are just as likely, if not more likely if you do not have the knowledge to handle such rates yet. Always be careful with your leverage settings and trade with leverage you are sure you can handle.
Igtradenet.com DEPOSIT/WITHDRAWAL METHODS AND FEES
Igtradenet.com only seems to accept deposits made via wire transfer or in Bitcoin. This is the information the broker has provided on the website – we cannot confirm if this is actually the case without an account. However, we suspect that this information is correct – many scam brokers prefer these specific payment methods. The reason for that is simple – such payments are basically irreversible. An added perk of crypto transactions is that they are anonymous – so you would not be able to track down your payment. Do not deposit with Igtradenet.com – you would not be able to retrieve your money. And once you discover that you have been scammed, you will surely want to do so.
HOW DOES THE SCAM WORK?
Scams of this sort have become quite popular and quite the problem – the best course of action would not be hunting down your lost money to unknown ends only after you have deposited it but learning how to avoid them.
The scheme usually starts with a flashy ad on the Internet promising to make great service and improbable profits. The best part is, that you would not have to do much – you just have to invest with this specific broker who of course claims to be very reliable.
The scam starts when you provide the scammers with your email and phone numbers – you open an account just to see what they have to offer. The moment they get access to your contact details, they won’t leave you alone before you deposit. After that, you will probably turn improbably amazing profits – often enough, scammers manipulate platforms to fabricate satisfactory results. However, they will keep asking you to make bigger and bigger deposits – and you will be glad to transfer money since you will think that you are doing great. Such people are familiar with the art of smooth-talking since that is what they do for a living – they will find a way to sound reasonable and persuasive and before you know it, they will have you depositing thousands of dollars.
Only when you try to withdraw some of those profits, you will run into trouble. Additional fees and taxes, clauses in the Terms and Conditions that prevent you from withdrawing, sudden changes to those Terms and Conditions – these are all instruments in the scammers’ arsenal. By this point, you will know something is wrong but the scammers will stop answering your calls and emails and disappear completely.
WHAT TO DO WHEN SCAMMED?
When it comes to staying safe from fraudulent brokers, prevention is key – don’t deposit with such enterprises in the first place. Always do your research on the broker carefully before investing, check registers, and read the Terms and Conditions carefully. If you have already invested, there are still a few things you could do.
Change all banking passwords to avoid additional losses of money. In case you have installed remote access software, remove make sure to remove it – the broker might have offered help with installing their platform or even trading advice but all they really wanted was access to your computer in order to be able to access your bank accounts later. Notify authorities and contact your bank or credit card provider to let them know you have been scammed. If you have used Visa or MasterCard to transfer money, ask for a chargeback as soon as possible – both providers have a policy that allows such chargebacks within 540 days.
Don’t trust anyone who calls themselves a “recovery agent” and offers to retrieve your money for a fee – this is just another type of scam targeting people who have lost money and are desperate to retrieve it.
Finally, sharing your story with others is important – consider posting about it online. This way, people will know how such scams work and how to avoid them.