InetMarkets.com review – 5 things you should know about inetmarkets

InetMarkets.com review – 5 things you should know about inetmarkets

Rating: 1

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

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To us InetMarkets.com is one of those quick-fix scammers, that appear out of nowhere, stay for a while active, then all of a sudden close down all operations, and leave with all the money it was able to steal. These are more and more prominent nowadays, and there seems no end to their pestilence. So, do not invest in InetMarkets.com, at least not until you read the review.

What followed was a very easy registration, straight to depositing area. It’s clear from the beginning where InetMarkets.com goals are set. A nonchalant registration means that anyone can invest, and the broker knows this very well, expressed by the immediate redirection to the depositing area.

At least there was a web trader, which nevertheless is used as bait here. The available trading assets are commodities, cryptocurrencies, shares, indices, NFTs, shares, and forex currency pairs. The EUR/USD cost of trade was at 2.5 pips; at this point it’s not really favorable to clients. The leverage is capped at 1:100. Aside from the spread, the other trading conditions are decent and average, but we still would not invest here for these are just a front for the broker’s thieving activities.

INETMARKETS.COM REGULATION AND SAFETY OF FUNDS

The legal docs states that clients must comply with their local laws and regulations in order to access and use InetMarkets.com in a lawful manner. But what the firm gets wrong here is that the users are automatically bound by their laws; it’s the broker that must make sure it adheres to these laws and the country’s corresponding regulation.

And the only laws that InetMarkets.com claims to abide by are the laws of Saint Vincent and the Grenadines. But, in this case it’s as if as though the broker does not abide by them at all, for Saint Vincent and the Grenadines is a favorite destination of scammers for reasons including lose and permissive laws, as well as an utter lack of any FX regulating body.

So, InetMarkets.com is not regulated in Saint Vincent even if located there. And seeing as there are no further legal details out there, we can safely conclude that InetMarkets.com is unregulated and a risk to all!

Always aim to invest in regulated brokers, and not illicit ones. It may not be easy to distinguish them from one another, but there is a way to make the process much easier. The crucial point is to check the legitimacy of the broker’s regulatory or registration claim. If nothing’s there, you close the site and move on to any EuropeanUKUS, or Australian broker, or any other with a legal status. Being regulated is not just encompassed in a simple permission to offer FX trading service. It comes with a ton of responsibilities, most of which are concerned with the way the broker treats its users. Misconduct on the side of the broker either results in financial penalties or in total closures of the brokerage website in question.

INETMARKETS.COM TRADING SOFTWARE

InetMarkets.com clearly has the trading software things all wrong. It presents the following web trader as an MT5, but as you can clearly see there are no similarities.

What this platform is in essence is a popular web trader among the scammers, whose aim with it is to attract users and hopefully retain them long enough to steal their money. There are almost advanced features here, and what we do have are the most basic options. This web trader can cater only to the most novice of traders, but even they will get bored with it withing hours.

INETMARKETS.COM DEPOSIT/WITHDRAW METHODS AND FEES

In the user are, clients are given two investment options, either through a credit card, or a debit one. The users can also directly copy three shady crypto wallet addresses although they all said N/A as in unavailable, so in reality these crypto wallets are useless. There was no minimum deposit revealed anywhere, not on the website nor on the user area. It’s around $250, at least that’s the average, although you never know with scammer brokers.

We encountered a shady addition to the withdrawal area. There the user had to give a clear reason for their withdrawal request, as if one needs to argue why he wants his money back. This to us seems like a barrier that hinders withdrawals.

According to the withdrawal policy, it takes up to 5 days to process a request. And that’s all the information we have on payments. It’s obvious from this that withdrawals will not be available. So what’s the point in depositing?

HOW DOES THE SCAM WORK

Scammers use a couple of tricks that make up a big scheme that has not changed since its inception, meaning that it’s fairly easy to avoid it.

The fraud starts when the broker contacts the user, who has unknowingly provided his or her contact details in the past through some seemingly innocent channel.

Communicating with the broker might seem like a pleasant experience as the other side sweettalks its way to your wallet. The reason why most frauds target non-trading audiences is because they are more susceptible to this kind of verbal manipulation. Otherwise, users might start receiving emails with unbelievable good investment deals, none of which are actually lucrative.

The tipping point is the first deposit that scammers are so eager to sell. After this first investment, the user has fallen into the clutches of the fraudster. Either he will be pushed to invest more by false promises of further “profit”, or the client will want to get back his initial deposit, a request to which he is told that further investments are needed.

On whichever side of the coin you the user is, she will most likely never be able to withdrawal. All withdrawal requests will be denied for a plethora of equally ludicrous reasons.

WHAT TO DO IF SCAMMED

Once scammed, your safest bet is a chargeback. Contact your credit or debit card company and move on from there. It’s good to know that MasterCard and VISA have a chargeback period of 540 days.

Bank investments are more difficult to reimburse but not impossible. Most banks have some sort of strategy for dealing with lost capital, so the client’s best bet is to contact her corresponding bank and proceed from there according to the bank’s plan of action. We also recommend that users change their bank account username and password if defrauded.

As for crypto investments, it is unfortunate to say but there is no real way of getting lost money back through these channels. All crypto investments are untraceable, and there is no telling where the investor’s funds will end up.

Don’t trust recovery agents or agencies. These are either independent scammer looking to charge users “service fees”, or extensions of illicit broker schemes.

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