IFPMarkets – Can You Trust This Broker?

Website URL: https://ifpmarkets.com/

Founded: 2014 – 2020

Regulations: Not Regulated

Languages: English, Arabic, Chinese, Dutch, German, French, Italian, Russian, Portuguese

Deposit Methods: Bank Transfer, MasterCard, Visa

Minimum Deposit: $250

Free Demo Account: No Demo Account

Number of Assets: 5000+

Types of Assets: Forex and CFDs on Stocks, Indices, Commodities and Cryptocurrencies.

Trading Accounts and Conditions

Here are the trading accounts offered by IFPMarkets:

• Mini Account: The minimum deposit requirement for a Mini Account is $250, and the spreads offered are 3.3 pips.
• Gold Account: To trade on the Gold Account, you first need to deposit at least $1,000. The spreads you get for this type of account are at 2.2 pips.
• ECN Account: For the ECN Account, the minimum deposit you need to make is $3,500. Spreads are not mentioned.
• Platinum Account: To trade on the Platinum Account, you need to first make a minimum deposit of $10,000. Once again, the spreads are not mentioned for this type of an account.

IFPMarkets offers a maximum leverage ratio of 1:400 for all its account types.

IFPMarkets – Advantages

Here are the advantages of trading with IFPMarkets:

• Range of Trading Instruments

IFPMarkets claims to offer more than 5000 different assets for trading on its platform. This includes foreign currency pairs, as well as CFDs on stocks, indices, commodities and cryptocurrencies. Cryptocurrencies that are available are Bitcoin, Ethereum, Ripple, Bitcoin Cash, Tether, EOS, Litecoin, Tezos and Binance.

• High Leverage Ratios

IFPMarkets offers a maximum leverage ratio of 1:400, but traders also have the option of increasing that level to 1:500. These are very high leverage levels offered by the broker, which means that even traders with high-risk strategies will be able to contract with this broker.

IFPMarkets – Disadvantages

It is best to read through the disadvantages of trading with IFPMarkets before you sign up with them. Here is the list:

• Anonymous Broker

The first warning sign of this broker being a scammer is the fact that it is completely anonymous. IFPMarkets has omitted to provide the name of the company that owns and operates them or even where it has been incorporated.

Legitimate brokers provide all corporate information clearly so that you can check for yourselves if they are above-board or not.

The fact that IFPMarkets has chosen not to provide such basic information indicates that it should not be trusted and that your funds will be at risk if you contract with them.

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• False Claims of Regulation

Next, IFPMarkets claims that it is licensed by the ASIC (Australian Securities and Investments Commission), and that this license also gives them the right to offer their financial services in the United Kingdom.

However, this is a bare-faced lie. To operate in Australia, a broker needs to be regulated by the ASIC. But to also operate in the UK, that broker also needs a license from the FCA (Financial Conduct Authority), or from one of the European Union’s member states’ financial authority (until Brexit is finalized).

We checked the online register of the ASIC to check on this broker’s claims of being regulated. However, we did not find any trace of this brokerage listed there. To make sure, we also checked the FCA’s online register and were not surprised to find that this brokerage wasn’t listed there either.

What this means is that this broker is unregulated by any financial authority and that it is offering its financial services illegally.

• No Demo Account

This broker doesn’t offer its clients any demo account where they can check the trading conditions for themselves and test the trading platform offered by the broker.

This is another black mark against this broker, since a demo account offers traders transparency.

• Lies about Trading Platform

The red flags continue to appear! This broker claims that it offers its clients 3 different trading platforms – the MetaTrader 4, the MetaTrader 5 and the Expatrader, which is an unknown web-based platform.

Since there is not demo account available, we decided to register for a real account to test the trading conditions and the 3 platforms offered by this broker.

However, when we logged in, we found that there wasn’t any functional trading platform available at all! All we saw was a weird-looking dashboard which could not be downloaded, and there was no facility to actually make any trades. The only thing you can do on this platform is deposit money!

• No Client Agreement

The Client Agreement, also called the Terms and Conditions, is a legal document that every broker must have. It details the terms of service that the broker is providing to its customers.

IFPMarkets does not have a Client Agreement in place, which means that if you decide to contract with this broker, you basically have no idea what you have agreed to and this broker can then take you for a ride.

• Very High Spreads

This broker offers its clients spreads that are extremely high at 3.3 pips, and therefore not profitable for traders. This is three times higher than the industry average.

• Trading Bonuses Offered

Trading bonuses have been banned by most financial authorities because they carry provisos where traders need to meet minimum trading turnovers before they are allowed to withdraw their funds.

Scammers like IFPMarkets use this tactic to set impossible trading turnover targets, which means that traders never get their money back!

Conclusion

Everything we have seen about this broker shows us clearly that IFPMarkets cannot be trusted. We would strongly recommend to all traders that they look for another broker to contract with – one that is strongly regulated by reputed financial authorities and that is also transparent about its conditions of service.

IFPMarkets

2.7

User Experience

3.4/10

Payment Options

2.6/10

Security

2.4/10

Support

2.5/10

Reputation

2.4/10

Pros

• Range of Trading Instruments
• High Leverage Ratios

Cons

• Anonymous Broker
• False Claims of Regulation
• No Demo Account
• Lies about Trading Platform
• No Client Agreement