ITG Market – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
ITG Market - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
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://itgmarket.net
Founded: 2022
Regulations: None
Languages: English, Swedish, Norwegian, Spanish
Deposit Methods: Not Mentioned
Minimum Deposit: €5,000
Free Demo Account: No
Number of Assets: Unspecified
Types of Assets: Crypto, Stocks, Commodities
Trading Accounts and Conditions
ITG Market offers their clients the following trading accounts:
- Classic: The minimum deposit is €5,000.
- Gold: The minimum deposit is €25,000. Prices are up to 15% lower.
- Platinum: The minimum deposit is €100,000. Prices are up to 15% lower and you get higher leverage options.
- VIP: The minimum deposit is €250,000. You get all the Platinum account bonuses as well as a maximum leverage of up to 1:500.
There is no mention of spreads, fees, commissions, order execution methods and other trading conditions.
ITG Market – Advantages
There are no advantages to trading with ITG Market.
ITG Market – Disadvantages
Listed below are all the red flags that tell us that we are dealing with a scammer in ITG Market:
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Issues with Regulation Status
ITG Market claims to be owned by Dev Global LLC, a company that is registered in St. Vincent and the Grenadines (SVG). The broker also provides us with a UK-based telephone number is their Contact Us page and there is a generic email address given in case we need to connect with someone from this brokerage.
Based on the fact that this broker offers 4 language options (English, Norwegian, Swedish and Spanish) and provides a UK phone number, we can safely say that ITG Market is targeting customers in the UK and the European Union.
The red flag is this: SVG’s FSA (Financial Services Authority) has a big announcement on their website that states that they do not regulated forex and binary options brokers. Which means that ITG Market being registered in SVG means nothing – from a regulation perspective. And this broker has not provided us any other regulation information, which means that they are not regulated at all.
Just to be sure, we also checked the UK’s FCA’s database, which confirmed our suspicions; ITG Market is not regulated by any agency in the UK or even in the EU.
This means that this broker is operating without a license – illegally. And that means that ITG Market is a scammer.
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.
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Weak Trading Platform
The trading platform is a broker’s prime offering. So, legitimate brokers offer their clients top-notch trading platforms – such as the MetaTrader 5 software. This software is the best trading platform in the market today, with an overwhelming 80% of traders and brokers using it. It is designed in such a way that novice traders won’t struggle to understand and use it, and pro traders will love the massive range of tools at their disposal.
With ITG Market, we get offered a very basic, poorly designed, web-based trading platform. One that we can say is just about functional. This is another red flag – no legitimate broker would offer such a weak trading platform to their clients.
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Extremely High Minimum Deposit
We are mentioning the minimum deposit separate from other trading conditions because of the sheer ridiculousness of this broker’s demand. ITG Markets demands a minimum deposit of €5,000.
This is a ridiculous amount when you realize that the market average ranges from $100 to $250! Added to that, there are a growing number of really high class brokers that will allow you to open an account with them for less than $50.
So, the kind of minimum deposit this broker is asking for is a clear red flag that they are out to scam traders.
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Other Trading Conditions
The minimum deposit is not the only issue we have with this broker’s trading conditions.
The leverage ratio of a maximum of 1:500 is too high. This kind of leverage is not only too risky for most traders, but it is also illegal in both the UK as well as the EU. In these two jurisdictions, the maximum allowed leverage is 1:30. Another signal that we are dealing with a scammer.
There is also no mention of spreads anywhere on ITG Market’s website. However, when we checked their trading platform, we found out that the spreads for the EURUSD started at 5 pips. A figure as bad as the minimum deposit amount! Market averages are from 0.5 pips to 1.5 pips, so a 5-pip spread is an exorbitant cost of trade! Just so things are put in perspective, a 5-pip spread means that you would be paying $50 per trading lot! This is not an advantageous spread at all!
Of course, the fact that none of the trading conditions are clearly spelled out on this broker’s website, which is a clear indicator of a scam.
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Issues with Payments
ITG Market does not mention any kind of payment option on their website. And even their payments portal had nothing to offer. When we tried to make a deposit to see what options were provided, this broker’s website malfunctioned. This meant that we could not find out anything about their payment methods.
This is a tactic that is used by many scammers. When your deposit attempt fails, you are required to get in touch with the broker. They then call you back and then help you make your deposit. This way, they are able to get your personal information – along with your money.
So, if a broker’s payment portal is not working, especially when all the other red flags have been highlighted, then it is best to not do business with that broker at all. The chances of you being scammed are much too high.
Added to this, we also do not know what this broker’s payment policy is; if there are any fees for withdrawals and deposits, and if there are any processing conditions and so on.
Conclusion
ITG Market is not a broker you can trust – they are a scam. It is best to avoid them.
ITG Market
Pros
- Decent Trading Software
Cons
- Issues with Regulation Status
- Weak Trading Platform
- Extremely High Minimum Deposit
- Other Trading Conditions
- Issues with Payments
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.
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