IEE Markets

IEE Markets almost had us fooled… almost. This seemingly stable and well designed broker offers many a splendid options for traders, yet it cannot hide it’s true identity from us. What is the actual IEE Markets? Find out below.

IEE Markets is said to be regulated by the IFSC in Belize. In order for a broker to be registered and authorized there it must hold a minimum capital of $500 000. After searching the company name in the IFSC register we got zero results. Furthermore, in the Terms and Conditions, there is mention of the National Futures Association which is one of the top regulators in the world and is based in the US. For a broker to operate in the US it must be a member of the National Futures Association (NFA) and has to be registered as a Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC). The NFA registry shows zero results for a IEE Markets Global Ltd. In conclusion, IEE Markets is UNLICENSED.

We strongly advise traders to trade only with regulated brokers that hold a proper license that binds them to the law. The FCA or CySEC in Europe and the aforementioned NFA/CFTC are a traders best chances.

We couldn’t find a trace of info on the actual leverage offered, yet the broker has pages upon pages of information about margin.

The EUR/USD spread as shown on the website is 1.8 pips.

English is the only language that has been made available.

IEE MARKETS LOGIN

IEE Markets have surprisingly included the most popular platform as their trader: MT4.

METATRADER 4

This ubiquitous terminal is abundant in trading option specifically designed to give traders an edge. Expert Advisors are a staple by now, while one click trading, multiple pending orders, superior chart management and customizable trading indicators (and many more) open so many possibilities for traders.

Yet with all that it offers, we couldn't test it ourselves for we were unable to register an account with IEE Markets. For this reason we cannot give you a precise read on the spread. As for the leverage, its value remains unknown.

The MT4 terminal is available for desktop and mobile devices. There is no inclusion of a web trader.

IEE MARKETS MINIMUM DEPOSIT

After checking the extensive documents for a minimum deposit amount, we are bound to conclude that there is no limit.

The only deposit method is through Debit Cards. At least it’s what we got from the T/C.

However, on the Deposits and Withdrawal page it says that the broker mainly accepts Wire Transfers:

Whatever the case is, these contradictions are exemplary of fraudulent brokers.

Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. Plus, they offer clear instructions on deposit methods. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

IEE MARKETS WITHDRAWAL TIME AND FEES

There is no hint of a minimum withdrawal amount. Considering the fact that this broker will probably not return you funds, it’s logical that they haven’t included this information.

Withdrawal usually take up top 5 days to be processed by the broker. At least that is what they flatter us with, but by now we are aware of their actual intentions.

ADDITIONAL FEES AND TAXES

IEE Markets has by far the most fees of any broker we’ve seen. They are literally trying to squeeze every cent from those that fall under their spell. Once you request a withdrawal you will most probably be denied. The most popular excuses being that the broker found loopholes in the T/C, or they ask for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

The fees are extremely confusing to grasp, so we will try our best to unwrap them.

There is a commission when one initiates and closes a “commission transaction” whatever that means:

It’s our guess that they are talking about spread commissions, even when saying that they aren’t. The following paragraph does our argument some justice:

This is what we got from the Product Disclosure Information page (Product Details):

In addition the broker want clients to reimburse them for taxes that can be applied to said transactions:

We are left puzzled, and ask ourselves if the broker even knows the definition of commission.

The broker also charges a handling fee, but has not included the amount:

However, in the Product Disclosure Information it’s priced at $250, which is completely irrelevant:

If the listed fees are not paid within the before the due date IEE Markets will charge an interest rate, which will be credited every day:

Never before have we seen such a ludicrous requirement. This is total overkill.

ACCOUNT VERIFICATION

We strictly advise against giving away an ID and proof address to unregulated brokers. Be assured that once your suspicions start to affirm and you file for a charge back, they will use your details against you case.

By now we can 100% say that this so called broker will not return your funds; the evidence we have laid out before you is more than enough. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless.

BOTTOM LINE

IEE Markets is one of the most arrogant scammers we have stumbled upon. The fees are seemingly unlimited, and the more so confusing. Not to mention that they are UNREGULATED. Be sure to stay back from this one.