InterCity Corporation Review
Opening a trading account with a broker is essential to begin your online trading journey. Once you begin looking for a broker, it becomes obvious that there are a ton of options to explore. But, you will also find out soon enough that not all of them are legitimate and reliable. Shady and scam companies have become rampant of late and you have to be cautious at every step because it is easy to fall into their trap. Even though people are well-aware of their existence, you will come across regular stories of people ending up with a shady broker and losing their money.
How does this happen? This is primarily because these scam platforms are designed to appear legitimate and unless you look closely under the surface, you would also believe they are quite authentic. This is what happens in the case of InterCity Corporation as well. It is one of the names you will come across when you are searching for a brokerage and a quick glance makes it appear as an award-winning, properly regulated company based in the United Kingdom. A look at the InterCity Corporation’s website shows that it is trusted by millions of people for its innovative and reliable trading services.
For a newbie, this might seem like a legitimate opportunity and you would want to sign up with it right away. However, as advised, you have to look closer to find out the truth and once you do, you will unearth the reality of InterCity Corporation. What is it? Take a look at the InterCity Corporation review below:
Regulation and Licensing
If you do some research into finding out what makes a brokerage legitimate and reliable, the first thing you will discover is that regulation and licensing is of the utmost importance. As a matter of fact, this is exactly what InterCity Corporation mentions in their presentation on their website. They have explained why dealing with a regulated platform is a better option, as these follow strict rules and regulations that protect the interest of clients.
Of course, InterCity Corporation also claims to be licensed and regulated and by one of the most renowned regulators in the world i.e. the Financial Conduct Authority (FCA) in the UK. This would undoubtedly be quite impressive if it were true. Yes, there is a link to the license provided on the broker’s website, but when you open it, you will find a license for InterCity Finance Ltd, which is a legitimate British company that has absolutely nothing to do with InterCity Corporation. The former uses the domain address intercityfinance.com, while the latter uses intercityglobal.com.
If that wasn’t enough to convince you that InterCity Corporation, then you can take a hint from the fact that regulators throughout the European Union have also issued warnings against the broker. These include Spain’s regulator, the Comisión Nacional del Mercado de Valores (CNMV), the Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy and the Financial Services and Markets Authority (FSMA) in Belgium. These regulators have identified this brokerage as a scam, which means it is not worth trusting at all.
It is the norm for brokerages to make a minimum deposit for opening a trading account. It is true that some of them have begun to waive this off as an incentive for clients, or ask for a small amount as low as $10. But, if they ask for more, there is no harm in it. The average minimum deposit is between $200 and $250 and this is considered quite reasonable.
Therefore, the whopping minimum deposit of $1,000 that InterCity Corporation will come as a surprise. Authentic platforms would never ask for such a high deposit, but scammers can and do because their goal is to get as much money as possible and this is clearly an attempt to do so.
Checking what kind of leverage is available is also a must because this will affect your trading performance and the fact that InterCity Corporation offers a leverage of 1:300 shouldn’t sway you. First off, this immediately makes it obvious that the brokerage is lying about their regulatory status. Leverage comes with a high risk due to most regulators have imposed a cap on the leverage brokers are allowed to offer and this is also applicable in the case of FCA.
The Financial Conduct Authority (FCA) has imposed a limit of 1:30 when it comes to leverage and fact that InterCity Corporation is offering leverage higher than this limit means it is not regulated by the authority. This is obviously confirmation that the company is lying about its regulatory status and would you really want to trust someone like that with your money?
One of the most important offerings of a broker is their trading platform because this software facilitates the entire trading process. Hence, you would want to have a look at it before you sign up, but unfortunately, you cannot do so with InterCity Corporation. Most importantly, you should also note that they have promised an innovative and reliable platform, but not provided a name.
This means that it is highly unlikely that InterCity Corporation will offer you the MT4 or the MT5 trading platform, which are the most reliable and professional trading solutions that exist in the market. Any broker worth their salt offers one of these options to their clients and the fact that they are not available here is undoubtedly a big concern.
Along with all these problems, you will also find that even though InterCity Corporation has advertised a variety of payment methods on their platform, including debit and credit cards, there is no way to confirm this information. Put all of these issues together and you will not have any problem in deciding that this is not a broker you can rely on for your trading journey. They are misleading their customers and are a clone scam, as they are using the data of a legitimate company to appear authentic.