Is ipromarkets.com legit, or just another scam broker? Will you be safe entrusting your funds to a broker like this for forex trading? You would do yourself a favour to go through this review carefully before attempting to make any sort of investment with ipromarkets.com.
Online businesses and investments keep getting popular by the day. Owing to this fact, online scammers, false sites and pretenders have become increasingly difficult to detect. For this reason, we have made it a point of duty to review websites, investments, etc. and keep you well informed. This review covers all you need to know about iPromarkets broker.
What You Need to Know About iPromarkets Brokers
iPromarkets.com poses itself as a top brokerage company. They trade in stocks, commodities, indices, etc. iPromarkets is owned and operated by a company known as Trinity Capital LLC. According to the company’s webiste, they are located in Kingstown, St. Vincent and the Grenadines (SVG). For further clarification, a phone number is provided by the website.
In spite of all this, we feel there is reason to doubt their credibility. In this review, we present to you, some of the reasons we believe it would do you good to not trade with iPromarkets brokers.
Why Should You Steer Clear of iPromarkets Brokers?
We took our time to go through the iPromarket website. And now, we present to you some of the red flags that made us relent from investing with them.
Deposit and Withdrawal
Having taken a look at the deposit and withdrawal policies of ipromarkets.com, we aren’t very impressed. The website has a dew questionable policies in that respect. Take for example, the minimum deposit amount for iPromarkets brokers is $1000. This is an outrageously high minimum deposit compared to the $100 – $250 minimum charged by legit brokers.
Also, on iPromarkets.com, the only available payment methods are Bitcoin and Bank Wire. We find this a bit shady considering real brokers make use of multiple means including PayPal, various debit and credit cards, etc. Do note that Bitcoin transactions are untraceable and cannot be retracted. Shady indeed!
Finally, they have various withdrawal bottlenecks, including trading 1 turn lot per $10 bonus. Also stated in their terms and conditons, we read that withdrawal via wire transfer can take up to 5 working days. 10 working days for debit and credit cards. Recall we stated earlier that iPromarkets has no provision for debit and credit cards. We can only assume this is some sort of copy and paste work.
iPromarkets.com claim to offer all versions of the MetaTrader4 trading platform (web, desktop and mobile). But after downloading, the software seems to have a different label than the MT4 platform. The name of the label it bears is GoTraders.
We could have chosen to act like amateurs and give them the benefit of doubt, but we discovered something else. We all know that MT4 and MT5 offer demo accounts where you trade with virtual money to help you understand the market. However, when we tried subscribing to the demo account, we were taking to a live account registration page.
So not only do they have a false MT4 platform, they also have a false demo account. RED FLAG!!!
Licensing and Refulation
One of the most important things to consider when deciding on a brokerage company to trade with. iPmarkets brokers claim to be located and registered in St. Vincent and the Grenadines (SVG). We find this hard to believe considering they have a conflicting phone number with an Australian country code on the same web page.
And even if we didn’t doubt, SVG is what you would call an offshore locations. The Financial Services Commission in the country declared that all brokers within the location are unregulated. This makes SVG a breeding ground for scam brokers. RED FLAGGG!!!
iPromarkets Review Conclusion
Going by our findings above, we have enough reason to think ipromarkets might not be what they want us to think they are. We do not believe your funds will be safe if you trade with them, hence we cannot recommend them to you.
We would advise you to trade with brokers who are regulated by trusted bodies, while you stay clear of offshore brokers.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!