If you decided to start trading, iTradeFX is definitely not an option. Read our in-depth iTradeFX review and find out why this broker is so poorly rated and classified as a scam by its clients. We covered all, from regulation to fees and leverage.
|Supported Platforms:||Web trader|
|Types of Assets:||FX, stocks, commodities, indicies, crypto|
Regulation and Security
According to its website, iTradeFX is a brand owned by MM Capital Group Ltd. However, this company does not exist in any register. The headquarters country of the broker is unknown, since we cannot find the company owner, neither the broker exposed this information itself.
When it comes to the security of the funds, according to the pattern, there is no information.
So far, we can say shady and untrustful broker.
Warnings From Financial Regulators
If we said that information about the broker is not possible to find, warnings are definitely everywhere.
Austrian FMA issued a warning in February this year, warnings its citizens about scam activity of iTradeFX broker. After that came the same warning from the Belgium FSMA, Danish DFSA, Italian CONSOB, and Slovenian ATVP.
Seems that this broker is a rare type of scam.
In which countries does this broker work?
According to all the regulatory warnings we’ve seen seems that the favorite place for operations of this scam broker is Europe. You can see reviews from clients coming from Austria, Belgium, Netherlands, Italy, Spain, Denmark.
However, since the broker does not have any regulation, it cannot operate anywhere. If you get any offers from this scam broker, we strongly advise you to decline them.
How Online Trading Scams Work?
Online trading scams are the way for scam brokers to take money from their clients. Usually, the broker will convince you that this minimum deposit can change your future. Like in the case of iTradeFX, the broker puts some false information on the website, GDPR, SSL, AML, regulation. After you start the account, you will be asked to add more money. And if you add the money or not, the outcome will be the same. You will not be able to withdraw your funds. After several attempts, explanations, and convincing, you will understand that you have been the victim of the scam. The question is what to do in this case.
Victim of iTradeFX scam?
If you were scammed by iTradeFX, first of all, you need to understand that you are not the only one. And there is a solution. You need to file a dispute and request a chargeback.
But what is a chargeback? It’s a way for you to get your money back in case you’ve been scammed. After filing a dispute and acceptance, your card will be refunded. Do not let the scam broker go away. Contact us for help immediately!
Is iTradeFX a good broker?
No. iTradeFX is a scam broker with an unknown address and many warnings against it.
Is iTradeFX a Scam?
Yes. This broker does not give any information about the headquarters or the owner and has a very bad reputation.
Is iTradeFX regulated?
No. The broker is operating illegally with no regulation from an unknown address.
Where is iTradeFX broker based?
It is not known where the broker is based. On the website, there is no information, and the company owner cannot be found in any financial register.