IFSL Group – Are They Secure Enough to Trade With?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
IFSL Group - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2021
IFSL group is a virtually anonymous forex broker as it has not mentioned anywhere on its official website the name of its parent company or where it is based. The only thing they have mentioned in their terms and conditions section is a MiFID directive, which shows that they are operating in the UK or EU area. Whereas actually the IFSL group is allowed to offer their financial services neither in the EU nor in the UK regulated markets because the broker is listed in the FCA’s warning lists. The UK’s financial conduct authority has warned the securities market and general public that the IFSL group is an offshore Marshall Islands-registered entity, which is illegally targeting the UK’s investors and forex market.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://ifslgroup.com/
Founded: 2019
Regulations: Unregulated
Languages: English
Deposit Methods: Debit/Credit cards (Visa and Master), Maestro, Wire card Bank, Deutsche Handles Bank, and Skrill
Minimum Deposit: 5000 EUR
Free Demo Account: No any
Number of Assets: N/A
Types of Assets: Forex, Indices, Commodities, Stocks, Metals, and Cryptocurrencies
Trading Accounts and Conditions:
There are five types of trading accounts that this broker is offering to the clients:
- Green Account: With a minimum deposit of €5000, leverage 1:2, and spreads from 2.5 – 3.
- Premium Account: with a minimum deposit of €10,000, leverage 1:2, and spreads from 2 – 2.5.
- Platinum Account: with a minimum deposit of €50,000, leverage 1:2, and spreads from 1.5 – 2.
- Executive Account: with a minimum deposit of €100,000, leverage 1:2, and spreads from 1.5 – 2.
- Presidential Account: With a minimum deposit of €25000, tailored leverage, and spreads from 0.5 – 1.
IFSL Group – Advantages:
IFSL group does not offer any advantages or bonuses to the customers.
IFSL Group – Disadvantages:
-
An Unregulated Enterprise
IFSL group is a virtually anonymous forex broker as it has not mentioned anywhere on its official website the name of its parent company or where it is based. The only thing they have mentioned in their terms and conditions section is a MiFID directive, which shows that they are operating in the UK or EU area. Whereas actually the IFSL group is allowed to offer their financial services neither in the EU nor in the UK regulated markets because the broker is listed in the FCA’s warning lists. The UK’s financial conduct authority has warned the securities market and general public that the IFSL group is an offshore Marshall Islands-registered entity, which is illegally targeting the UK’s investors and forex market.
Therefore, it is an unregulated anonymous forex broker that is engaged in foul play. Hence, if you make the mistake of investing your funds with this broker, it is almost certain that you will be swindled out of your money, and even worse than that, you will not be able to file any legal action against this anonymous suspicious entity. Hence, it is always suggested that whenever choosing a forex broker, make sure to choose a transparent, trustworthy, and legitimate forex broker that abides by the strict rules of supervisory authorities. Such as the companies licensed under the UK’s FCA or the Cyprus regulatory authority CySEC because these authorities provide a safe and transparent trading environment by imposing a set of strict rules for financial services providers and overseeing their all activities with due diligence.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
-
Non-Deposited Funds Clause to deny Withdrawals and Bonus Traps
If you choose the IFSL group to make money, it is sadly informed to you that you will not be able to do that because the broker won’t allow you to withdraw a single penny. You can find the proof of this fact in the terms and conditions section of the website, where it is clearly stated that all non-deposited funds including profits are not customer’s funds. Simply put, once you deposit your funds with this broker you will end up receiving such types of non-deposited funds and as a result, you will not be able to distinguish whether your earned profits are derived from bonus amounts or your own deposited amounts. Therefore, all the spammers use these types of clauses especially the non-deposited funds clause to deny or cancel the withdrawals.
Along with that, these non-deposited funds are always subject to certain conditions such as withdrawal requests of profits or funds. Having said that, there is no bonus policy mentioned in the broker’s legal documents, nor does it mention those conditions are in the terms and conditions section. Apart from that, bonuses are not free gifts and they always come with difficult to fulfill minimum requirements attached to them. Whereas, licensed and authentic brokers never offer bonuses. It is only mistrustful brokers who use such types of traps to attract victims.
-
Contradiction in the Minimum Deposit Amount and Withdrawal Policy Information
Besides the suspicious non-deposited funds clause, there is also a contradiction in the details provided by the IFSL group. As per the broker’s deposit and withdrawal policy, firstly they claim that to feed the account client has to invest a minimum amount of 5000 EUR, while in the deposit/withdrawal policy document they have mentioned 250 EUR/USD as the minimum deposit amount. Such discrepancy in the information shows that the broker does not care about the precision of the information on its official website.
Aside from that, the withdrawal policy of IFSL group states that the minimum withdrawal amount is 3000 EUR/USD and its processing time is 5 business days plus another 10 business days to appear funds in the customer’s account.
Overall, summarizing it together, we can conclude that the deposit and withdrawal methods offered by this broker are not in the trader’s benefit. A high amount of initial deposit and withdrawal, long processing time along with contradictory information are all strong shreds of evidence of a dubious broker.
-
High Leverage Values
Although the IFSL group claims to offer clients a leverage level of 1:50, however, the real leverage levels provided on its trading platform are as high as 1:200 which is an excessive value. High leverage is nothing but an increased significant risk of loss. This is why the supervisory authorities across the globe have imposed restrictions in this regard. For example, the maximum levels allowed in the EU and the UK is 1:30 and in the USA is 1:50.
-
Dysfunctional Website
IFSL group is claiming to offer the MT4 and Sirix web trader platforms. Having said that, you will not be able to download these platforms because of the broken links on the broker’s official website. These broken links show strong evidence that there is a problem with this broker.
Conclusion
IFSL group claims to be an internationally recognized forex broker that is offering a wide variety of instruments on two types of trading platforms and promises a fair and transparent trading experience. Having said that, with fraudsters like the IFSL group, what appears on their website and their trading platform both vary differently. The most well known supervisory authorities like FCA in the UK have also issued warnings against this broker. Hence, the IFSL group is an unregulated and disreputable broker. It is better to avoid such hoaxers and choose the legit brokers with an authentic license.
IFSL Group
Pros
- None
Cons
- An unregulated enterprise
- Non-deposited funds clause to deny withdrawals and bonus traps
- Contradiction in the minimum deposit amount and withdrawal policy information
- High leverage values
- Dysfunctional website
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.