iMod Trade – Can You Trust Them?

Website URL: https://imodtrade.ltd

Founded: 2022

Regulations: Not Regulated

Languages: English

Deposit Methods: Crypto

Minimum Deposit: $199

Free Demo Account: Not Available

Number of Assets: 1500+

Types of Assets: Crypto, Indexes, Energy, Commodities, FX

Trading Accounts and Conditions

Clients are offered investment plans called trading Investment Package Allocation. However, the broker also claims to offer various types of trading accounts, but does not give us any information about them. iMod Trade does give us details about the Investment Plans. There are four types of investment plans to choose from: Active Investment Plan, Passive Investment Plan, Co-operative Investment Plan, and Elite-Team Mining Investment Plan. Within each of those plans are further investment packages.

The smallest amount to invest is $199. The operation period is 7 days, after which you are guaranteed a Return on Investment of 2.75% every day. You are also promised a 10% bonus. There are numerous plans like this listed on the broker’s website.

There is no mention of trading condition in any of these plans. All that the broker states on their home page is that the leverage is 1:500, commissions start from 0.08%, dividends are paid in cash, traders are free from UK stamp duty, and that clients are given access to more than 1,500 international shares as well as crypto assets. Other trading conditions such as spreads, order execution methods and so on are completely omitted.

iMod Trade – Advantages

There are no advantages to trading with iMod Trade. This broker is a scammer.

iMod Trade – Disadvantages

Given below are all the issues that tell us that iMod Trade is a scammer:

• No Regulation

This broker claims to be operated by iMod Trade & Investment Company Ltd. This broker claims to have a Swiss banking license, a Capital Markets Services license from Singapore. The broker provides us with addresses in Singapore and Switzerland. This information is given in small print on their Regulatory Disclosure Requirements link. The license certificate that the broker shows is issued by the Swiss Financial Conduct Authority (SFCA). The contact numbers given are US numbers, UK numbers and a Canadian number. There is no number for Switzerland or Singapore.

All of these claims make iMod Trade look very legitimate. Until you actually investigate them. And that is when you see that all these claims are lies.

To operate in Switzerland, a broker needs to be authorized by the FINMA – the Swiss Financial Markets Supervisory Authority. There is no body called the SFCA that authorizes brokers in that country. We checked the FINMA’s online records to see if this broker was registered with them. iMod Trade is not authorized by the FINMA at all! They are operating in this country illegally.

To operate in Singapore, a broker needs to be regulated by the MAS – Monetary Authority of Singapore. There is no such organization named Capital Markets Services that gives brokers licenses to operate in this nation. Therefore, this is another lie this broker has told about being regulated in Singapore.

The contact numbers from all over the world, but they don’t really mean anything.

Everything this broker has stated about their corporate identity and their regulation status is a lie. This broker is operating anonymously and illegally. Which means that this broker is a scammer.

Plus500

$100

Minimum Deposit

Start Trading

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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.

 

AvaTrade

$100

Minimum Deposit

Start Trading

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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.

• Poor Trading Platform

There are two key offerings from a broker – their trading platform and their trading conditions.

Let us talk about the trading platform first. This is the software that traders use to carry out their trades. Brokers that are legitimate offer their clients the use of the best platforms in the world, such as the MetaTrader 4 or MetaTrader 5 platforms. Such brokers also advertise their trading platform clearly on their websites and even offer free demo accounts so that prospective clients can test their trading platform before investing with them.

With iMod Trade, they do not even mention what trading platform they offer. And when we registered, we found out that this broker offers a very basic, almost non-functional web-based trading platform. Basically, a platform in name only. This is not a platform that any broker worth their salt would offer.

The lack of a good platform is another sign of a scam.

• Issues with Trading Conditions

As we mentioned earlier, this broker has not offered much information on trading conditions. Since the platform and trading conditions are the two key offerings a broker has, it is a huge red flag when these aspects of a broker’s business are missing.

The leverage is illegal, the spreads are missing, and there is no clear indication of what the minimum deposit is.

• Returns Promised

iMod Trade promises their customers returns on their investments.

First is the issue of investment plans. No broker offers investments plans. Brokers offer trading platforms and trading conditions – a space for traders to carry out their trades. Investment plans are not a part of the forex marketspace. This is the first red flag that tells us that iMod Trade is not a real forex broker.

And then there is the issue of promised returns. There is no broker that can promise returns. The market is so volatile that losses are much more common than profits. In fact, regulated brokers must – by law – specify what percentage of their clients have lost money while speculating on the market. This figure usually ranges from 75% to 85% – a huge number. Therefore, promising or guaranteeing returns is just another way to scam people, especially novice traders who do not know anything about the market.

• Issues with Payments

The only way that you can make payments is via cryptocurrencies – a clear sign that we are dealing with a scammer. Regulated brokers will offer multiple payment methods, but scammers usually offer only one (cryptos). Crypto payments are a favorite with scammers because such transactions are anonymous and irreversible. 

Conclusion

iMod Trade is a scammer and investing with them would be a bad idea.

iMod Trade

2.4

User Experience

2.0/10

Payment Options

2.5/10

Security

2.5/10

Support

2.2/10

Reputation

2.6/10

Pros

• None

Cons

• No Regulation
• Poor Trading Platform
• Issues with Trading Conditions
• Returns Promised
• Issues with Payments