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IGC Markets Broker Review
While doing our analysis of IGC Markets broker, we discovered that the firm claims to be uncontrolled yet is aiming toward European Tier1 regulation. We value honesty, but on the other hand, we’re quite worried about what this means for your money.
To learn more about the broker, read our IGC Markets review.
Broker status: Unregulated
Regulated by: Unlicensed brokerage
Blacklisted as a Scam by: FMA
Owned by: MaxxMedia LLC
Headquarters Country: Saint Vincent and the Grenadines
Foundation year: 2021
Supported Platforms: Web Trader
Minimum Deposit: N/A
Cryptocurrencies: Yes
Types of Assets: FX, commodities, indices, shares, cryptocurrencies
Maximum Leverage: 1:500
Free Demo Account: No
Accepts US clients: No
Accepts US clients: No
IGC Markets Regulations and Security
MaxxMedia LLC, based in Saint Vincent and the Grenadines, is the owner of IGC Markets. It is a brand-new brokerage that just opened this year. But since there is no authority in this offshore nation, brokers are advised to choose a license in the country where the services are provided. IGC Markets reportedly carried out the action. We discovered the broker to be on a European blacklist, thus we have a strong suspicion that there won’t be any regulation anytime soon.
Due to this, we must caution you against the IGC Markets fraud. Additionally, stay away from shady brokers like SwissGoldFX, FlexInvest, and 4x Trade.
IGC Markets Warnings From Financial Regulators
IGC Markets has been placed on a European blacklist by the Austrian FMA, as was already stated. According to reports, this fake company lures new customers with Bitcoin Loophole and Elite Trader advertisements and refuses to process any withdrawals once you file a request. In response to several complaints, FMA released a formal warning advising anybody who believes they may have fallen victim to an IGC Markets scam to file a complaint right away.
Fund Withdrawal Issues With IGC Markets
Reviews on IGC Markets indicate that withdrawal problems are a major source of complaints from customers. And given that the business is offshore and doesn’t have a formal regulator, that isn’t surprising.
The workers of the broker will be pleased to help and direct you through the process once you decide to invest. It’s possible that you’ll even start out with a modest profit—just enough for the account manager to earn your trust. But when you request a payment, the issue arises. The same account manager will unexpectedly become unavailable, and the customer service will not return your calls.
Traders About IGC Markets Scam
The broker’s website may appear upscale and reliable, but after participating in the IGC Markets fraud, traders have a completely different opinion. First of all, there is no required minimum. All you know is that you don’t need $10,000 to start. In addition, the platform is a proprietary online trader with a lot of delays, and leverage is uncontrolled and may reach 1:500.
How To Know If You Have Been Scammed Online?
We may state that the broker provides incentives on the initial deposit, which is a surefire scam indication. However, nobody from the firm would care to inform you of these incentives’ limits and limitations before it’s too late. The sentence “No withdrawals are permitted until a trading volume of 1 Lot of the bonus is reached” is the most problematic. It essentially implies you won’t be able to withdraw your money anytime you like, and you’ll have to complete the calculations to determine how much one lot of the bonus is.
Additionally, if you have trouble withdrawing money, logging in, or something similar, you have been conned.
Are you having trouble successfully requesting a withdrawal from your broker? Tell us about it and add a comment.[/vc_column_text][/vc_column][/vc_row]
