With online trading gaining traction in the last few decades, it is no wonder that there has been an explosion of online brokers as well. They are the ones who facilitate the entire trading process and with millions of people joining the markets, there has been a great need for good and well-rounded platforms. Yes, you will find an abundance of companies offering their trading services when you begin looking, but it is a well-known fact that they haven’t been created equal. It isn’t just about good and mediocre services either. There are some scam brokers out there as well and this is where this IFXbank review can come in handy.
There was a time when distinguishing scams on the internet was fairly simple. The scammers had some obvious red flags that made them easy to identify, so people quickly learnt how to protect themselves. The problem is that with advancement and progress, these scammers have also gotten better at what they do, which means it is harder than ever to spot a scam broker. They are aware of just how to attract their audience and deliberately add such features and make claims that can tempt even the most cautious of people.
This is something you will discover in the case of IFXbank as well, which comes off as a CFD broker at first glance and has included details that will certainly leave a strong impression. But, when you take a closer look, you will realize that the details are rather off-putting because it appears to be more like a crypto exchange than a broker. Plus, a lot of claims are downright false, which shows that it is not what it is trying to be. So, what are the problems with IFXbank? You can take a look at the review below to find out:
Licensing and regulation
If you have talked to anyone and discussed how to choose a broker, they would recommend that you check the licensing and regulation of a company before looking at anything else. This is because most of the scam brokerages were those that were operating without a license and were unregulated, making it best to steer clear of this category altogether. When you check out IFXbank, you will find that this broker claims to be regulated in multiple jurisdictions and this is bound to impress.
As per the IFXbank’s claims, the broker is regulated by the Central Bank of Ireland, the Australian Securities and Investment Commission (ASIC), the Financial Sector Conduct Authority (FSCA), the British Virgin Islands Financial Services Commission (BVI), the Financial Services Agency (FSA) and the Financial Futures Association of Japan (FFAJ), the Abu Dhabi Global Market Authorities Financial Services Regulatory Authority (ADGM-FSRA) and the Investment Industry Regulatory Organization of Canada (IIROC).
All of this seems to be like solid proof that IFXbank is a regulated and licensed firm because you don’t think anyone would go to such extent to present themselves as a legitimate platform. But, you will not find any license numbers provided for following up. Moreover, Abu Dhabi’s regulatory body is not FSRA; it is the Central Bank of UAE, so this claim can be thrown out easily. As far as the other claims are concerned, you can check the online registers of each of the regulatory bodies and you will not find the broker listed anywhere at all. This means that it is completely unlicensed and on top of it, they are lying about it.
The second most important aspect of a broker that needs to be looked at is their trading platform because most of your trading experience depends on the platform, as this software is what helps you execute trades in the market. In addition, it also provides the necessary tools that are needed for making decisions. Therefore, you want to have access to a good and dependable platform, but it comes as a shock to find out that IFXbank doesn’t offer you any.
What kind of broker doesn’t offer a trading platform? The fake kind. Indeed, you will just find a chart on the IFXbank website that lists some assets and nothing more. It is not even possible to compare it with any conventional platform because it is just a chart. It does have a button labeled ‘MetaTrader’, which is the top trading platform in the market, but it doesn’t do anything.
Considering that there is no trading platform provided by IFXbank to its clients, it is not surprising that they don’t give any details about leverage either. This further cements the fact that they are not authentic because licensed brokerages are transparent about their offerings, as they are legally required to be.
You would want to know what the minimum deposit you have to make for opening an account with any broker and this applies to IFXbank as well. They have not set a minimum deposit and many may see this as advantageous. But, it certainly isn’t. It just means that the company will be willing to accept any amount you throw their way. After all, their goal is to scam you and they are willing to take whatever they can get.
Knowing what payment methods are available is another notable aspect you need to look into when it comes to a broker. You want to be able to make your payments easily and conveniently and not have to worry about the safety of your funds. Unfortunately, you will discover that IFXbank doesn’t offer any payment methods that can be reassuring. They only accept payments in Bitcoin, which will only add to your concern. Why? This is because cryptocurrencies are a favorite of scammers, since they are anonymous and all payments are final. Cards like VISA and MasterCard, on the other hand, come with the option of chargeback, due to which they are not offered.
The fact that IFXbank lies about being licensed in seven jurisdictions, doesn’t offer a trading platform and has a shady payment option, you cannot categorize it as a good broker at all.