Beware! I-Want.Broker is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
To say that is I-Want.Broker worth it is a very misleading statement. This broker proved to us on multiple occasions that it is definitely not worth the risk. But by far the biggest primary tell that reveals it for a scam is its laughable name. Never in a million years would a legit broker chose such a ridiculous name for itself. It’s not self promotion, but self pity almost. But this is just the beginning of a whole array of issues. We have outlined the main ones in the review that you are about to read.
We tried to register, but alas, our attempt was unsuccessful. The reason for this is that the broker requires a certain promo code that we just have no way of acquiring. So I-Want.Broker is one of those soliciting brokers that have to contact the user, lure him or her into its schemes, and only then provide this code. We assert that I-Want.Broker is one of those brokers that choses its onw client base, based on how susceptible one is to the scheme.
Anyway, we have no other choice but to quote the website of a fraudulent broker with all the trading conditions. Just be warned not to trust it. Everything is laid out in order to attract and retain.
Without further ado, the alleged tradeable assets are forex currency pairs, futures, crypto assets, stocks, and metals. The EUR/USD cost of trade is indicated as being 0.8 pips on average, although we have no way to confirm this. There also might be commissions attached to certain spreads.
The leverage information is rather ambiguous, but we did find that the most common talk of leverage centered around the 1:200 value.
The website is available in English, Russian, German, French, and Spanish.
I-WANT.BROKER REGULATION AND SAFETY OF FUNDS
First we learn that the broker is registered in Saint Vincent and the Grenadines. It matters not if the compnay is registered there, for it certainly is not licensed there since the Caribbean country has no FX regulator. Thus I-Want.Broker may be registered there (or not), but it is not licensed there.
Next, we are told that the broker is licensed by the Financial Services Regulation Scheme (FSRS). If we have to be honest, this is the first time we have heard of the FSRS, and it’s because the FSRS does not exist. It is not a regulatory body, and is in fact a made up name and agency. Thus the info given about is completely useless.
However, the operational address given is in the UK. This suggest that the broker is actually regulated by the FCA, which is not even close to the truth.
The truth is that I-Want.Broker is completely UNLICENSED, and full of lies. It’s also a risk to all investments.
Always go for FCA or CySEC regulated entities when you have the chance. On the other side of the spectrum, never invest in unregulated brokers, for they will take all your money and never return it. License issuers employ an array of rules and restrictions to keep all their brokers docile. Moreover, overseers are capable of penalizing brokers by applying a plethora of different fines. Moreover, some regulators, most notably the FCA and CySEC, offer compensation schemes applicable to users whose regulated brokers cannot pay them back. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
I-WANT.BROKER TRADING SOFTWARE
We wont be long here, for there is nothing to work with. The brokerage doe snot provide any proof that is comes with a trading software.
This leads us to believe that broker either offers some sloppy web trader, or no trading software at all.
Whatever the case is, there is no recommending I-Want.Broker.
I-WANT.BROKER DEPOSIT/WITHDRAW METHODS AND FEES
According to the website, the minimum deposit requirement is $250. Yandex, Qiwi, credit cards, and debit cards are the alleged available payment methods.
We find no concrete withdrawal information anywhere on the website of the brokerage, which is very concerning indeed. We cannot even be sure that clients can withdraw their money. Seeing that the broker is unlicensed, it’s possible that withdrawals really are absolute.
The only verdict that I-Want.Broker deserves is that it is s scammer broker, a risk to all investors, and completely unlicnesed. Do not waste your breath on it!
How does the scam work?
The ironic thing about the scam is that it is very simple to deconstruct.
It all starts with users being persuaded by fake ads that lead to either a scammer broker site or an intermediary website.
Either source will require a phone number or email address by means of which the scammer will contact the user.
The other side of the line will be a representative of the unregulated broker/investment scam asking for a preliminary deposit, one that will open the user up for more investments in the future.
If the client deposits this first sum, then she has fallen into the trap, and will never see her money back.
What follows, is a second wave of much more persuasive scammers whose job is to charm their way through the users’ funds by asking for more deposits. They will promise you huge returns, and probably have proof of the client accumulating profit, but they will never encourage withdrawals.
Once the user wishes to withdraw the reps of the scam will do everything in their power not to allow the user to do so. The excuse/tactics are many: shutting the website, closing down the account, stalling, not answering the client, etc…
It’s only then that you will realize you have fallen victim to an investment scam.
What to do if scammed?
File for a chargeback! Unfortunately, this only applies to cases where a user has deposited via a credit or debit card. Do note that MasterCard and VISA have a chargeback period of 540 days.
If money was invested, and lost, through a wire transfer, then the user should change her user name and password on her bank account. Then the defrauded client should contact the bank and try to find a solution together to the problem.
As for funds lost through cryptocurrency-related deposits, well, they cannot be brought back, unless the scammers themselves decide to.
There remains another threat in the form of the so-called recovery agents who promise to return all lost funds in exchange for a service fee. This commission is, of course, non-refundable, and once it is paid, the user will never hear from these second-hand scammers ever again.