Beware! Istrade.group 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.
Istrade.group is the new domain of Istrade.cc – an insolent scam we have already covered. Somehow, the “new version” of this broker manages to be even less believable – we were not even allowed to open an account and see what the broker has to offer with our own eyes. Because of that, we would have to believe the information provided on the website – and such scammers are rarely very honest about trading conditions. If you are considering opening an account with this broker, we would advise you against it – you will get scammed, there is zero doubt about that.
Istrade.group REGULATION AND SAFETY OF FUNDS
Istrade.group is, as mentioned, a part of a network of scam broker websites. Many such brokers often use more than one domain in an attempt to avoid suspicion and remain undetected for as long as possible – thus keeping the scam going and attracting more and more victims.
Istrade.group itself is quite anonymous – the broker has provided close to no company information and has only stated that it is registered in St. Vincent and the Grenadines. This country is a particular favorite for scam brokers since the local financial authority does not monitor the activities of forex brokers, does not impose laws in the sphere, and does not issue licenses. This means that pretty much anyone who has set up a company in St. Vincent and the Grenadines – which is fairly easy to do – can start offering complex financial services. This situation is far from ideal – because you would have no guarantees that your broker is following any principles and procedures,
Working with a broker licensed in the UK, the EU, and Australia is a much safer affair because it provides access to countless protections and means that you can rely on a certain degree of safety and transparency. Such brokers maintain a high standard of service and are obligated to follow many laws and procedures. For example, all such brokers have to maintain a minimum capital of €730 000 in the UK and the EU, and A$1 million in Australia – this is done because brokers should prove that they are financially stable and would be able to survive in volatile market conditions. Client funds are always kept separate from the broker’s own – this is done to ensure that client money and broker money cannot mix and that if the broker goes bankrupt your money would still be safe in a separate account. Negative balance protection is provided – this basically means that the losses you can suffer as a retail trader can never exceed the amount of capital you have in your account.
Istrade.group TRADING SOFTWARE
Istrade.group supposedly offers a web-based platform – this is the example web terminal we were able to access even without an account:
This is obviously the generic web version of MetaTrader 4 – but the platform itself could not be downloaded from the broker’s website. Nor we were given the chance to log in – as mentioned above, we could not really open an account with the broker and were not provided with any sort of log-in details. Istrade.group does not seem to offer its own trading terminal.
Check out these brokers who really offer MT4. This is a platform that is famous for its accessibility and its high level of functionality – on it, you would be able to employ Expert Advisors or a Strategy Tester, use a full charting and analysis package, set signals, or subscribe to those set by others, purchase add-ons on a market for trading apps, and much more.
Istrade.group TRADING CONDITIONS
Without an account, we cannot say too much about the sort of trading conditions Istrade.group offers. The broker just mentions that you would be able to trade up to 700 instruments and get access to a wide range of markets – forex, commodities, futures, stocks, bonds, and CFDs. The minimum amount of money you are expected to deposit is $250. Such an initial deposit would be more of an upper limit for most brokers – there are many, however, who would ask for a lot less, even for as little as $10. Check out their attractive offers instead.
Istrade.group DEPOSIT/WITHDRAWAL METHODS AND FEES
We cannot say for sure which deposit and withdrawal methods Istrade.group accepts without an account – however, we would like to point out once again that this is a scam broker and you should not invest money with them under any circumstances.
The broker seems to offer bonuses – but once you have received such a bonus, you would not be able to withdraw any money from your account, even your own deposits, before reaching a crazy high turnover – 25 times the deposit plus the bonus.
Scammers often add such clauses to their Terms and Conditions – the main purpose of such a thing is to prevent any potential withdrawals. That minimum trading volume requirement will most probably become even higher in the future – which means that you will have to keep trading – and investing – if you ever want to get access to your money. However, the broker will probably disappear long before you are able to withdraw.
HOW DOES THE SCAM WORK?
Such scams are more common than you think and trick thousands of people into investing with fraudulent brokers who exist with the sole purpose to rob you. The best thing you can do to avoid them is check registers, research matters carefully, and have a general idea about how scam brokers operate.
Such brokers usually promise immense, fast profits – slow, gradual, and informed rarely seems to be the way for them. You take one look at a broker’s website and decide that it looks decent and legitimate and that all the promises and claims must be true. Such scammers often try to convince you that they are legitimate in various ways – they lie about being regulated, provide fake legal documents, and divert your attention with unbelievable offers. You decide to try your luck and open an account – providing the scammers with your phone number and email in the process.
After that you would not be left alone before you make a deposit – you receive dozens of calls and emails from smooth-talking scammers whose very job is to prey on unsuspecting people who are trying to turn a quick profit. And once you have deposited, they will keep asking you for more and more money – which you would gladly invest because, at that point, you might even be turning a decent profit. However, when you try to withdraw your profits, you will quickly see that you have been fooled. Different reasons why withdrawing is impossible will appear – additional taxes, minimum withdrawal limits, and previously unmentioned clauses in the Terms and Conditions.
At some point, you understand you are being scammed – but by the time you reach this point, the scammers will already be long gone.
WHAT TO DO WHEN SCAMMED?
Unfortunately, the chances of you tracking down the scammers and retrieving your money are not good.
You can, however, avoid additional problems and losses of money by changing your banking details and passwords, and removing all software they have asked you to install – this just provides them with easy access to your computer and all of your passwords.
Don’t trust any recovery agents promising to retrieve your money for a fee – this is just another type of scam, often conducted by the same people who initially robbed you.
If you have used Visa or MasterCard to deposit, there is a chance that you might be able to get a chargeback – both card providers allow chargebacks within 540 days of the transaction. Reversing wire transfers and payments made in crypto, on the other hand, is impossible – only use these payment solutions with trusted brokers.
Finally, make sure to notify the responsible authorities and share your story with as many people as possible – this way, others will know how to avoid such scams and stay away from them.