Warning! ImperialCFD is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
It’s always a shame when we stumble upon a fine looking broker that not only offers a pleasant website, but also appropriate trading conditions, and then we check for a license and come to the quick realization that its yet another offshore scheme. This paints the perfect picture for ImperialCFD. Read on to find out all you need to know.
The footer of the website and the legal documents claim that parent company, Maximus Global Markets LLC is registered with the Financial Services Authority FSA in St. Vincent & the Grenadines. The Financial Services Authority (FSA) of St. Vincent and the Grenadines does not regulated the forex market, as it has officially stated, and thus cannot issue licenses for brokers. This means that any broker claiming to be operating from this location is most certainly unregulated. The company may be registered there but that is of little interest to us, since a broker with a registration but without a regulation is considered a risk for all those who invest in it. Seeing as their is no mention of a regulation anywhere, we can conclude that ImperialCFD is UNREGULATED, and therefore a risk to all money invested in it.
Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.
The leverage here is capped at 1:1000 for the Standart account, while the VIP one has one maxed at 1:200. The trading platform revealed that the EUR/USD spread is 1.5 pips on average which is the industry standard cost of trade. The terminal showcased the tradeable assets: Forex Pairs, Energies, Metals, Indices, Crypto, and Stocks. Too bad the broker is unlicensed, these are very favorable trading conditions.
The broker is available only in English.
MT5 is an improvement in every way to MT4. With its increased time frames, more pending order types, the inclusion of an economic calendar, and so much more, MT5 should slowly be taking over as the number 1 trading terminal. The platform comes with all its predecessor’s features: EAs, VPS, One Click Trading, Level2 Plugin, and many more handy functions to improve the level of trading in virtually every aspect.
Please note that on numerous occasions the broker reveals that there are commissions on spreads, yet has not disclosed any specific details.
IMPERIALCFD MINIMUM DEPOSIT
The minimum deposit as per the trader dashboard is $250 with a Credit/Debit card, and $1000 if Bank Transfer is used. The only other depositing way is via bitcoin.
Due to he 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
Bithandel offers clients help by providing both TeamViewer and AnyDesk, as seen on the bottom of pages throughout the website. Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
IMPERIALCFD WITHDRAWAL TIME AND FEES
Withdrawals are said to be processed within 1 business day. As for fees, the Withdrawal Policy claims that there are no fees, except for 3rd party fees,
yet the Applicable Client Charges clause in the Terms and Conditions states otherwise,
We assume that there are withdrawal fees, so clients are advised to tread carefully.
ADDITIONAL FEES AND TAXES
The inactivity fee of $25 for 30 days of a sleeper account is pretty high.
The next clause is concerning because its absolves the broker from guilt, which is a free-get-out-of-jail card:
Unregulated brokers tend to deny any withdrawal request. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
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 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!
We would like to recommend ImperialCFD to readers, yet its unregulated status keep our hands tight. The conditions are good, and overall the broker checks the necessary boxes, but the most crucial one. Tread carefully!