Beware! Infy Fx Trade 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.
Infy Fx Trade promises to be “a partner invested in your success” and states that it is “by your side for every trade, combining lightning-fast execution speeds, raw spreads, and low commissions with a genuine commitment to helping you achieve your trading goals”. It does not take long to establish that these promises are false – whatever this broker promises you is simply not true. Trading with a legitimate broker would be far more profitable – while opening an account with these scammers (which is actually not possible at the moment) would only lead to losses for you.
Infy Fx Trade REGULATION AND SAFETY OF FUNDS
Infy Fx Trade is supposed to be a reliable UK-based broker. However, we quickly established that this is not a trustworthy UK-licensed company. The broker was nowhere to be found in the FCA’s – the UK financial regulator – register of regulated companies. As it turned out, the FCA has indeed heard of this company in a different context altogether. The authority recently issued warnings on a number of companies, Infy Fx Trade being one of them.
This proves with complete certainty that this broker is not authorized to offer financial services in the UK – it actually implies that this is a scam scheme meant to deprive you of your money as soon as you invest it. Trading with such a broker would be an incredibly bad idea – also according to the FCA, one of the strictest financial regulators in the world.
Take this warning seriously and turn to a regulated broker instead – a license by a reputable regulator means a lot and ensures that the broker is doing everything legally. It also means that you will be benefiting from certain protections. Brokers licensed in the EU, the UK, and Australia are generally your best option. Such companies have to maintain a certain minimum operational capital – €730 000 in the UK and the EU, and A$1 million in Australia – although the sum can be much bigger for brokers with more clients. This money serves as insurance for the broker’s financial stability and long-term approach to doing business, and cannot be used for other financial operations. Brokers must also keep client money in segregated accounts – this proves the broker would not be using your money for their own business and speeds up withdrawals. Finally, the Negative Balance Protection policy prevents you from suffering losses exceeding the amount of money you have in your account. Leverage restrictions exist throughout Europe and Australia – the reason behind those restrictions is that regulators have tried to limit the losses you could suffer as much as possible.
Going for a legitimate, licensed broker is always the better choice no matter how tempting the scammers’ offer might seem at first.
Infy Fx Trade TRADING SOFTWARE
Infy Fx Trade promises access to a world-class trading platform – what that platform was, we could not establish since we were not able to open an account. We filled out a registration form but after that, the broker’s website malfunctioned and made it impossible for us to see what they actually had to offer – in terms of trading software or any other trading conditions.
Turn to a regulated broker who offers either MetaTrader 4 or MetaTrader 5 instead. For a long time, these have been the two most popular platforms in the trading world – since MT4’s introduction in 2006, in fact. Looking at their intuitive interface and many amazing features, it is easy to see why – both versions of this highly functional software offer tools like Expert Advisors that track markets and trade automatically, VPSs, customizable signals (and the ability to subscribe to those set by others), possibilities for creating custom scripts, multiple timeframes and pending order types, over 30 different indicators, and much more.
Infy Fx Trade TRADING CONDITIONS
Infy Fx Trade promised quite decent trading conditions – but since we were not provided with the opportunity to open an account, we cannot confirm that these are the actual trading conditions the broker offers. Take whatever such fraudulent scam brokers say with a grain of salt – you can never be sure that their actual conditions would resemble the ones they promise.
The minimum deposit amount was supposed to be just $100 – which is more than great. This makes Infy Fx Trade a quite affordable broker – but there are countless other affordable brokers you could trade with instead.
The broker seemed to offer leverage of between 1:100 and 1:400 depending on the account type – which proves once again that they could not be a legitimate UK broker. Leverage caps exist in the UK – local brokers are not allowed to offer leverage higher than 1:30 on forex majors. Trading with higher leverage might be tempting – after all, it could result in much bigger profits because leverage increases your trading potential and enables you to make bigger offers. It could, however, also result in bigger losses – which is why the maximum leverage retail traders can get access to is restricted in so many jurisdictions.
The spreads on the broker’s most basic account were supposed to start from 2 pips on EURUSD – which makes them higher than the industry average of 1.5 pips (there are, of course, brokers who can offer a much lower rate – like XM). Considering that many regulated brokers could offer better conditions, opening an account with a scammer is simply not worth the risk.
Infy Fx Trade DEPOSIT AND WITHDRAWAL METHODS AND FEES
Infy Fx Trade supposedly accepts a variety of payment methods – Visa or MasterCard, Skrill, Neteller, PayPal, PerfectMoney, and FasaPay. Since we were not able to open an account with the broker, we can also not confirm that all of these deposit methods will be available – but we highly doubt it. Most scammers only accept crypto deposits – since those are irreversible. However, whatever the case might be, we still would not recommend that you deposit with fraudulent scam brokers – the likelihood of them disappearing with it is huge.
Infy Fx Trade has also added the following clause to its Terms and Conditions: “After deposit, (the) Trader has to Utilize at least 30% of the fund in Trade to get withdrawal”. This ridiculous clause (written in incredibly bad English) probably means that you would not be able to withdraw any of the funds in your account – including your initial deposits – before reaching a turnover threshold of 30% of the funds in your account. This clause is actually ridiculous – no legitimate broker would ask you to reach a certain turnover to withdraw your own money. It is, however, hardly surprising that a scam broker would ask you to reach a certain threshold before you can withdraw – after all, such brokers are eager to slow down your withdrawals as much as possible.
HOW DOES THE SCAM WORK?
Scams like this one are becoming more and more prominent – they rely on people’s desire to make fast money without putting a lot of effort in. That is why it is important to know how you can tell apart a fully legitimate broker from a scammer and learn more about how such scams generally function.
All brokers promise certain things and try to advertise their services to their best capabilities – but all legitimate companies also provide statistics on how many people have lost money while trading with them. Scammers, on the other hand, promise guaranteed fast profits and a life of luxury. You will probably stumble upon the scam broker’s website randomly – or you might be pursued via phone or e-mail and asked to open an account. Maybe you have heard of people earning a living by trading – so you decide to set up such an account. The moment you provide the scammers with your phone number or email (if they have not already obtained it somehow), they will not leave you alone before you make an investment. These are professional smooth-talkers who scam people for a living – which means that they can be very convincing. Once you have made your first deposit, the scammers will ask you for bigger and bigger sums. You might even be happy to deposit more money because at this early stage, you will be turning a profit – scam brokers are good at manipulating results to make it seem like you are doing great.
The problems will start the moment you try to withdraw those profits – the broker will start making up reasons why this is impossible. – Usually, new, shady clauses in the Terms and Conditions will appear – you might be asked to reach some unattainably high turnover threshold or pay a high withdrawal fee. At some point, you will figure out something is wrong – and that is when the broker will stop answering your calls and e-mails and just disappear.
WHAT TO DO WHEN SCAMMED?
We should warn you that the chances of you getting your money back if you have already been scammed are slim -prevention is key in the world of online brokers. Choosing a legitimate company that holds an official license and has proven its reliability is essential. There are, however, still some things you can do if you have already been scammed.
Make sure to notify your bank that you have been scammed. Change all the passwords you have provided the scammers with. If you have given them remote access to your computer, remove the software immediately. Scam brokers usually claim that you need to install such software so they could help you with software set-up – or even help you trade – but their actual objective is to get access to your banking systems and steal even more money.
If you have deposited with Visa or MasterCard, ask for a chargeback immediately – both card providers allow such chargebacks within 540 days.
Notify the responsible authorities, and share your story with as many people as possible – this way, more people will know about such scams and learn how to avoid them.
Finally, don’t trust any “recovery agents” promising to retrieve your money for a fee – this is just another type of scam targeting scam victims. Often enough, the recovery agency is run by the same people who scammed you in the first place.
