Beware! IXXEN 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.
IXXEN is yet another example of a broker you shouldn’t trade with for many reasons. First of all, it lacks any kind of license and isn’t authorized to perform on the forex market. Don’t trust this broker when it claims to be reliable and secure as it bears all the hallmarks of a scam possible. IXXEN obviously hides very essential details about its trading conditions and we suspect that there’s something fishy going on there. Not to mention the highly controversial information on its website and the shady registration process. So if you want to invest with IXXEN we strongly recommend reading the following lines first. You’ll change your mind for sure!
Regulation and safety of funds
IXXEN claims its registered address to be in Surrey, Canada and also displays an email and phone number. You should know that Canada is a country with heavily regulated jurisdiction and every broker based there must be licensed by the local Regulatory Organization of Canada (IIROC). In the case of IXXEN this broker doesn’t mention anything about being licensed and also doesn’t display any legal documentation that can prove its credibility. That’s why we thoroughly searched the registers of IIROC just to conclude that this firm isn’t authorized to offer financial services. See for yourself:
This leads us to the conclusion that its purported corporate address may be fake as well. Dealing with such shady brokers is a certain way to flush hard-earned money down the drain, as these firms’s only aim is to scam traders out of their money and then drop out of sight.
On the other hand all forex brokers licensed in Canada fall under the oversight of the Regulatory Organization of Canada (IIROC) and are obligated to comply with different regulations. For example all legitimate Canadian brokers must keep their clients’ funds in segregated trusted accounts, safe from any kind of fraud. But maybe the best perk of trading with a Canadian forex broker is the Canadian Investor Protection Fund (CIPF), which insures every trader’s account for up to 1 000 000 USD against suffering losses due to an insolvent broker.
IXXEN claims to offer an “easy-to-use and interactive trading platform” which is safe and secure and can be used on both desktop and mobile. A lot of bold promises without specific details about the platform itself, but anyway.
We tried to register several times but unfortunately an error kept occurring. Apparently we were supposed to get in touch with their support team “for further assistance”. See for yourself:
Obviously this is a very dangerous type of fraudulent scheme which wants you to get in touch with the broker personally. A lot of the scammers use this technique so that they can bamboozle you and make you invest right off the bat. Don’t let them fool you as once you reach out to the scammers no matter via phone or email, they won’t leave you alone until you get into the game.
Anyway, in this case we couldn’t see the trading platform IXXEN offers but we highly doubt that there’s anything good to be said about it.
MT4 and MT5 are appropriate even for both advanced traders and beginners. You can be assured that the safety of your funds and personal information is granted as all transactions are encrypted as well as your IP address.
You can also choose between a wide range of educational resources, forex news and technical analysis tools. Most of the customers consider the trading bots to be the best part however. These bots, also called Expert Advisors, analyze the forex market in a search of certain conditions and then perform trading operations once they find them.
MT5 and MT4 can be easily downloaded on PCs, smartphones and tablets and have regular updates. Unfortunately, since Apple removed both MetaTrader 4 and 5 from its AppStore, these platforms can’t be downloaded any more from iPhone/ iPad users. All of you that have already installed the apps can continue using them, but without the above-mentioned updates. On the contrary you can still download MT4 and MT5 from Google Play Store.
It was hard to dig any useful information out of the pile of nonsense this broker posts on its website. Finally, there was some data about its account types, even though it was quite insufficient. Take a look:
As you see, there is some information missing like the names of some of the accounts.
When it comes to the minimum deposit this broker requires there are some distinct contradictions – in its FAQ IXXEN claims to ask for 500 USD, which is too high given the fact that most reputable brokers usually ask for around 250 USD. However on the screen shot above you can spot a minimum deposit of 2 500 USD for the first account, which is even more than the usual amount for the sector. So there’s definitely no reason to waste your money with this broker.
Apart from the minimum deposit, there really isn’t anything useful either on the chart shown above or among the details provided further on the website. On the homepage the broker mentioned a leverage of 1:400, which seems too high and risky. It’s true that the leverage in Canada is not restricted, however keep in mind that such high amounts like the one offered by IXXEN are proven to be very tricky and speculative. In fact there is a leverage cap in most of the countries like the EU and the US – 1:30 and 1:50 respectively. Still, if you want to invest with higher leverage you have two options – either choose a licensed Canadian broker or look at some of the offshore subsidiaries of reputable forex brokers.
The spread isn’t specified as well, however don’t expect anything sensational from a shady broker like IXXEN. Better choose a legitimate firm that offers tight spreads below 2 pips instead.
Deposit/Withdrawal methods and fees
Again, it was a real challenge to find out any helpful information about the payment methods this broker accepts. At the bottom of its homepage you can spot three logos of popular payments – Visa, Mastercard and Bitcoin. After we checked the FAQ there was some additional information – IXXEN states that it offers a “wide range of deposit methods” like credit/debit card, online wallets and bank transfer. Take a look:
Apparently you have to register in order to see the full list of payment options or the true options we would say. No surprise if this broker openly lies about its deposit methods and the only alternatives are crypto payments (which happen to be irreversible by the way). Overall, be extra careful with this bogus website and certainly don’t invest even a cent here!
How does the scam work
Be very careful to whom you provide your personal information like email or phone number. The moment scammers have your number they will start calling you in an attempt to make you invest right away.
They will most certainly assure you that trading with them is risk-free, which is highly doubtful at least to say. Also be prepared to hear that you can get a fast and incredibly high return on investment – this is also a shameless lie of course. Scammers tend to sweet-talk traders into making a deposit and then vanish like thin air.
Before that however they might try to manipulate their trading software so it looks as if your money is being invested. They might also fool you into believing that your results are very profitable. This is done with one specific purpose – to make you invest even more before you find out that everything is a lie.
Expect all kinds of hidden fees the moment you try to withdraw even a cent and what is the worst part – to find out that a withdrawal is declined no matter what you do.
What to do when scammed
If you have been scammed, the first thing you can do is to turn to the bank that issued your credit or debit card and ask for a chargeback. If you have paid with your Visa/ Mastercard, a chargeback is eligible within 540 days.
Wire transfers are more difficult to return, and the best thing you can do in this situation is to change your online banking username and password as soon as possible.
Using payment methods like Neteller, Paypal or Skrill also gives you the opportunity to open a dispute in case of online scam.
Unfortunately crypto transactions are irreversible as we already stated and therefore your money can not be returned. All in all we advise you not to trust brokers that use only crypto coins such as Bitcoin or Ethereum.
Last but not least, certainly don’t trust people on the internet offering to return your funds only after you pay a certain fee. They might also be scammers so don’t risk losing more money than you already have!