We are reviewing IPCForex, a broker refusing to disclose its headquarter address but at the same time claiming to be incorporated in the UK and regulated by the local FCA and other regulators, too. Actually, the so-called broker claims to hold various licenses, but that’s all too good to be true, as you’ll see in the following text. This is a dangerous entity, and we are going to show you why in the full IPCForex review.
IPCForex REGULATION AND SAFETY OF FUNDS
As already noted, IPCForex claims to be regulated literally everywhere, but that’s not true. It’s presented as a brand of INTERNATIONAL PACIFIC CAPITAL LIMITED, but they fail to reveal anything about the company. In fact, it’s merely an anonymous broker that’s not licensed anywhere at all. We checked the British FCA register first, and nothing appeared, as expected actually. IPCForex is unlicensed, so your funds won’t be safe if you deposit. Moreover, we firmly believe it’s a scam scheme due to the fraudulent claims they make, and we are going to show more evidence of a scam later in the review.
Well, what does the absence of a license means and why it’s so important for traders? First of all, the license guarantees that the broker is transparent, abiding by the law and treating its customers fairly. If a regulated company does something stupid, it will bear the consequences for its actions, and the punishment can be severe. Still, we have to remark that we are talking about solid jurisdictions with powerful regulators and substantial financial legislation. On the other hand, some countries labelled as tax havens started regulating their markets recently but are still considered unsafe because the customer protection measures are missing, and the financial legislation as a whole is still lagging. Even worse, though, anonymous entities like IPCForex are illegal, able to steal your money if you deposit, and they can get away with it.
Recently, we came across another FX creature run by the same scammers, so make sure to see it by following the link provided- INPC Capital review.
Avoid the fraudulent IPCForex, and better see the high-rated EU brokers and British brokers on both lists. The European companies are adequately regulated, but most importantly, participating in deposit insurance funds created to protect investors’ money if things go wrong. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP. The deposit funds guarantee extra customer protection, and if you can open accounts with European companies, you’d be safe.
IPCForex TRADING SOFTWARE
We found no functional trading software whatsoever. On the website, there are links redirecting to the MetaQuotes website where traders can get the generic MetaTrader4, but it’s useless in this case because we know nothing about the brokers’ servers, if there are any at all. The bottom line is that IPCForex doesn’t have a platform, and you can find out more info on the screenshot below. The absence of trading software is solid evidence of a scam and once again reveals how fraudulent IPCForex is. The pretended broker claims to be among the best in the world but can’t even deliver a platform.
That being said, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists, which surely deliver the best Forex platforms. The MTs are packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which happens to be an unrivalled advantage. In fact, MT5 lately surpassed MT4 in the number of companies offering it but still lacks in volumes. Both platforms dominate the market, and you’d be much better off with adequately regulated MetaTrader brokers.
As a result, we can’t show real-time spreads or leverage levels. Nevertheless, we’ll shortly outline some restrictions about the latter because it’s utterly risky. In fact, leverage is so dangerous that it’s now part of the regulatory framework in various jurisdictions. Namely, due to regulations, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are reliable but not leverage restrained, so risk-tolerant traders eligible to open an account in Switzerland can safely go for it. Leverage is risky, and you’d better use it wisely.
IPCForex DEPOSIT/WITHDRAW METHODS AND FEES
IPCForex is ignorant. Those people share no information about deposits, withdrawals, fees, inactivity procedures, or anything else considered valuable. In fact, on the account type page, we found them prattling nonsense about trading tools and opportunities, but nothing specific. The funding methods are also unknown, and we couldn’t test their deposit system because it was broken at the time. That’s a scam!
Speaking of deposits, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
Overall, IPCForex is a scam scheme we exposed, and you should avoid it.
HOW DOES THE SCAM WORK
Fraudulent brokers and fishy websites come forth every single day. Nevertheless, most new scam projects represent a modification of common fraud that’s similar from country to country.
Nowadays, scammers are stalking victims mainly on the Internet and social media. Their offers look legit and present exciting opportunities to put your money in the Forex market. To get enticed, people will be reassured the broker can secure high returns and risk-free trading guaranteed by seasoned financial professionals. The scammers intentionally make people believe Forex is harmless, but precisely the opposite is true- you can lose everything if not careful enough.
In the usual scenario, scammers just pocket victims’ deposits and won’t send a dollar back. Sometime after the deposit, clients would ask for a withdrawal or a refund, but the con artists would delay or downright refuse to pay back. Make no mistake, scammers would find excuses to deny withdrawals and would even shamelessly ask for more money to let clients get their money. In the end, when fraud becomes evident, the scammers would simply cut the communication, leaving the victims defrauded. Then, sooner or later, the fraudulent brokers’ website will be abandoned, and another one will appear in its place. Scammers are professionals and will carry on forging crooked schemes, so you need to stay alert and always double-check.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your bank card immediately and contact your bank and ask for advice.
Then, report what happened to you, file a complaint, contact the authorities, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
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