IFP Markets

IFP Markets should be revealed for what it is, and not what it seems to be. Read this review to find out all there is to it.

The only indicative piece of information that can pin point a location for IFP Markets is located in the Contact Us page. There the given address is in the UK, where the FCA reigns supreme. However, it does not indicate that IFP Markets is actually regulated there. We assure readers that IFP Markets is UNLICENSED, and is therefore a risk to any investment made in it!

We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimised clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

We opened an account, and we presented with virtually no trading platform. This can mean that any trading condition the broker claims to be offering, are non-applicable because there is not platform to apply them to.

The language bar operates with Google Translate, a move that is common with illicit brokers.

IFP MARKETS LOGIN

As previously mentioned, there is no trading platform. Once at the client dashboard, users will notice a graph with flashing numbers and assets. While these numbers are indicative of current market trends, what's important is that this chart comes from a third party provider that specialises in similar charts.
In other words, IFP Markets seems to have no trading platform, even though the main site of the company claims to offer an MT4 and a proprietary web based trader.
Yet, we have to mention that the client area requires ID documents that verify the user's identity, meaning that should one be approved, he or she might be eligible to access a trading terminal. What ever the case is, a demo account would have been nice, or at least some evidence of an existing trading terminal.

We noticed a commission on spread clause in the Terms and Conditions:

This amounts to 1 extra pip to the asset's spread in question. For instance, should the EUR/USD spread is 1.2 pips, with the added commission   the spread will actually be 2.2 pips.

IFP MARKETS MINIMUM DEPOSIT

Without a verification of documents, a user cannot deposit… in fact he or she cannot do anything really. This is because all further activity is blocked by the fact that we had not provided identification documents. This type of blocking is in fact a good thing, and is practised by most legitimate brokers.

The only information we gathered was from the Terms and Conditions which has mentioned many times the possibility of depositing via bank. There is no other deposit info on the website.

Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

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

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

IFP MARKETS WITHDRAWAL TIME AND FEES

Given the insignificant amount of deposit information, is it a surprise that there is close to no withdrawal info. The only thing we got is that withdrawals are processed within 3 days.

ADDITIONAL FEES AND TAXES

The following clause makes no sense, but there is a semi-hidden fee in there. IFP Markets forces the user to pay some undisclosed fee “from time to time” because the “world organisation” does not approve it… Apparently the 20% fee will be deducted from the withdrawal amount.

This following clause is, arguably, as perplexing, if not more so, than the previous one. It states that the broker will deduct a fee from the bank account of a user, but also deposit in it (?). Please read it, and make your own conclusion.

The last ludicrous clause essentially gives the broker the right to claim all interest accumulated in a bank account to cover administration and maintenance costs.

Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking 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.

ACCOUNT VERIFICATION

We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. 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 charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defence 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

IFP Markets is nothing but a scam that will take your money no matter what. Do not deposit here!