Beware! Indyatirim 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.
Be careful if you consider investing with Indyatirim as you are certainly putting your funds at serious risk! This firm is not authorized to offer financial services but that’s not even the worst thing about it. As a matter of fact there is an official warning set by the Financial Conduct Authority (FCA) of the UK which states that Indyatirim is a clone firm trying to steal another reputable broker’s legal details.
To be honest this broker bears all the hallmarks of scam one can imagine. No real trading software, quite disadvantageous spreads of 9 pips, shady payment methods – you name it. On top of that the whole website is in Turkish, so bear this in mind. So if you don’t want to be scammed out of your money, we encourage you to read the following lines.
Regulation and safety of funds
Indyatirim claims its registered address to be in the UK, however its whole website is in Turkish and there is no option to switch the language – can this firm be more shady?
On top of that it turned out that Indyatirim has been exposed as an unauthorized firm that is a clone of another reputable company. The Financial Conduct Authority (FCA) of the UK has posted a warning on its website, take a look:
Here you can see that Indyatirim clearly uses some other genuine firm’s legal details in an attempt to look credible. The truth however is that this broker is as far from being legible as possible. This broker should not be trusted, as the chance to get scammed is huge. Remember that such illegitimate brokers have only one aim – to knock off inexperienced traders and make everything possible to prevent you from getting your money back.
Unlike these fraudulent websites, regulated brokers are much more secure and transparent. Investing with such genuine firms has some perks among which is the safety of your funds, as they must be kept in segregated accounts apart from the broker’s own capital. This way you can be sure that they won’t be used for different purposes. What’s more all deposits with UK licensed brokers are ensured against firm’s bankruptcy for up to 85 000 GBP, even though such an unfortunate event is highly improbable. The reason being that legitimate brokers in the UK certainly are financially stable, as they must have at least 730 000 EUR of minimum capital in order to get a license.
Even though it’s quite hard to navigate through this website, we still managed to find out some useful data. Apparently Indyatirim claims to offer its own platform that is accessible through different devices. However, apart from that there isn’t any further data about it. Moreover there is no way to preview or download it, so the only chance that is left is to register right away.
After we opened an account the situation remained more or less the same – everything in our profile was in Turkish, but the worst part is that no trading platform is to be found. Every time we tried to access the software, there was a message stating that we have to contact our hosting provider. Everything so far seems totally fishy so we definitely don’t recommend dealing with this broker.
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You can effortlessly install MT4 and MT5 on your smartphone, computer and tablet. Note however that the apps can’t be downloaded on any device anymore, since Apple has removed them from its AppStore. So if you use an iPhone or iPad and you wish to install one of these platforms, unfortunately it won’t be possible. Do not get down however because all of you who have already downloaded the software can go on using it (without any further updates however). You can still download MT4 and MT5 from Google Play Store.
Indyatirim claims to offer several account types – Standard, Gold, Premium and Diamond. Take a look at some more details about the first one:
The first thing that catches the eye is the unusually high amount of spread – 9 pips to be precise. This volume is just unacceptable and no legitimate broker would offer such unfavorable trading conditions. In fact all spreads higher than 2 pips are known to be very costly, so what Indyatirim offers is going to be quite disadvantageous at least to say. Better pick a regulated broker who provides competitive spreads below 2 pips.
This broker promises leverage of 1:400, which is definitely going to be too speculative and tricky. Be aware that the leverage in the UK is limited to 1:30, so any amount higher than that is certainly going to be very risky. Don’t risk your savings no matter what, as this broker is a total scam! On the other hand if you want to invest with higher leverage we suggest looking at some of the offshore subsidiaries of genuine brokers here.
Apart from that there isn’t any useful information at all. As for the minimum deposit requirement, it’s also not specified. The standard amount that most reputable brokers tend to ask for is around 250 USD, so any amount higher than that is just not with it. Moreover sometimes you can also open a micro account with as little as 10 USD.
Deposit/Withdrawal methods and fees
Indyatirim doesn’t clearly specify what payment methods it accepts. This is another warning sign, as most reputable brokers would always explain in detail what deposit options they provide as well as if there are going to be any additional fees or taxes.
After we registered the situation remained pretty much as shady as everything related to this firm. When we made an attempt to add funds to our account, it turned out that we had to contact this broker through Whatsapp chat in order to go on with our investment. This is a huge red flag for sure, as legitimate brokers would never proceed this way.
What’s more, be extra careful with cryptocurrencies, as these transactions are proven to be absolutely anonymous and irreversible. We encourage you to look for a genuine broker who offers safe and secure payment methods instead.
And definitely stay away from this bogus website for your own good!
How does the scam work
Remember that usually scammers want to make you invest with them no matter what it takes. This means that they might try to contact you via email or phone in case you provided them with this information. They’ll try to convince you to deposit as soon as possible, advertising their platform as very advanced and their trading conditions as risk-free and advantageous. Don’t believe them however as these fraudsters don’t intend to trade your money at all – they just manipulate their software.
Very often scammers like to fake your trading results as well, just to lure you into investing more and more until you realize it’s all a huge lie.
Before you find this out however you may face some more bad surprises. For instance it may turn out that you are obligated to pay a certain fee if you want to withdraw your funds – sometimes the fee can exceed 20%. Note that reputable brokers don’t ask for a fee upon withdrawal request or even if they do, the amount is insignificant.
We don’t advise you to deposit or pay fees with such offshore brokers, as you may find out that a withdrawal is impossible no matter what you try.
What to do when scammed
If you realize you have been a victim of financial scammers, don’t trust people on the internet who suggest helping you restore your funds in exchange for a certain fee. It’s very probable that they are also fraudsters, possibly the same who tricked you the previous time.
Still, you can try to retrieve your money if you have paid with credit or debit card – you can turn to the bank that issued your card and file for a chargeback in 540 days. In case you used PayPal or Skrill you can also open a dispute. Unfortunately crypto currency transactions are irreversible as we already stated.