Imperial Funding Review
Whether you are interested in trading forex currency pairs, or the stock market has caught your eye, you will require the services of a broker to help you out. A search on Google shows there are hundreds of companies that are more than willing to accommodate you, but you don’t want to settle for just any option. Most importantly, you have to remember that scam and fraudulent brokers have also become rampant, so exercising caution is a must. You have to know whether to avoid a broker or sign up with it and this Imperial Funding review can be instrumental in this regard.
You will come across the name of Imperial Funding when you search for a broker and even though their offerings appear to be impressive, you cannot sign up without any research. This is where checking the review is necessary because it shows you exactly why this broker should be avoided. Ready to find out? Let’s go digging:
Absence of licensing and regulation
When most people end up on the Imperial Funding website, they are very impressed because the broker has its offices in both Berlin, Germany and London, United Kingdom. This automatically indicates that the broker is regulated and licensed by the authorities in these jurisdictions. This would be BaFIN in Germany and the Financial Conduct Authority (FCA) in the UK and they are known as some of the best regulators in the world.
Unfortunately, when you check the online registers of both these regulators, you will not find Impreial Funding mentioned anywhere. To make things worse, you will also discover that the broker is offering trading bonuses to its clients, which means it is in breach of regulatory policies of both the authorities.
Malicious Terms and Conditions
As mentioned above, Imperial Funding offers trading bonuses to its clients, which are banned in most regulated jurisdictions including the UK and Europe because of their exploitative nature. This becomes obvious when you go through the Terms and Conditions of the broker and come across their clause pertaining to trading bonuses.
You will learn that Imperial Funding does not permit its clients to make withdrawals until they have achieved a specific turnover. The problem is that they require you to have a trading volume of around $1,000,000 for a bonus of as low as $10, which is downright impossible to achieve. This indicates that the broker is just trying to get their hands on your money and has no intention of letting you make a withdrawal.
Apart from that, you will also come across malicious Terms and Conditions pertaining to withdrawal fees as well. You will discover that Imperial Funding will charge a withdrawal fee of $35, along with a 10% levy. There is also a fee that will be applicable on inactive accounts, which is higher than what legitimate brokerages usually charge.
No mention of trading conditions
Another major problem that you will come across on the Imperial Funding website is the lack of information regarding essential trading conditions. They have not disclosed what kind of leverage they offer to their clients. Likewise, you are not told what minimum deposit is needed for opening an account with them and this is certainly a concern.
Lack of a notable trading platform
Checking the trading platform of a broker is a must because it dictates your trading experience for the most part and unluckily, you will find that Imperial Funding has opted to offer a web-based platform to its clients. You would obviously want to have access to popular trading solutions, such as the MT4 and the MT5, which are the top ones in the market and are known for their automated trading features and powerful technology. But, they are not available at Imperial Funding and this is certainly disappointing.
After a careful assessment of the problems associated with Imperial Funding, it is easy to understand why you need to avoid this broker.