The IGC Markets scam broker website is down. However, that doesn’t mean the financial swindler won’t return in the same or some other form.
From what we gathered, the scam started running on June 2, 2021. After a while, financial regulators reacted, which probably resulted in the website getting taken down. We analyzed this fraudulent scheme in the IGC Markets Review.
Not at all, simply due to the fact that there’s no IGC Markets regulation in place. The broker is run by the offshore company MaxxMedia LLC from Saint Vincent and the Grenadines (SVG).
Thus, we know for certain that IGC Markets has no Forex trading license since the SVG’s FSA does not regulate that market.
It seems that IGC Markets disregarded this fact and decided to go rogue, offering services to onshore traders without security. That’s illegal and goes against the rules of regulators such as the European Securities and Markets Authority (ESMA).
For example, ESMA imposed a leverage cap of 1:30 in the EEA zone whereas IGC Markets offers 1:500!
Instead of trusting shady offshore providers, find a broker with a reputable license, preferably Tier 1, issued by the likes of the FCA, FINMA, CySEC, ASIC, etc. Your investments will be safer.
IGC Markets is an SVG-based provider that has been blacklisted by regulators such as the FCA, FSMA, FMA and more. The scam broker defrauded traders from the UK, Germany, France, and Belgium.
The broker uses the same exact shady address as most SVG-based scammers. Be careful when you see First Floor, First St Vincent Bank Ltd Building, James Street.
That island is a notorious haven for crooked wrongdoers. Therefore, the IGC Markets reputation can’t hold a candle to that of licensed onshore brokers.
When so many regulators raise allegations, you know something’s wrong with the broker. Clearly, evidence of fraud exists.
We managed to find traces of this malevolent scheme in Europe. It seems that the financial market fiend was busy:
This scam started on June 2, 2021. Most notably, the UK’s Financial Conduct Authority (FCA) put out a stern warning against IGC Markets, which made the scammer feel the heat.
We found numerous complaints against the broker on Trustpilot – 17 of them to be precise. Also, the website stated that the broker had “received regulatory attention”, which we previously addressed.
Judging by the reviews, most of the victims are from the UK. This one nasty experience perfectly describes how the framework of the scam:
Lost £100k with these guys they robbed me blind even though my trading account has over £500k can’t withdraw my original amount put in and they just keep asking you to invest more from your own pocket.
The IGC Markets trading platform is web-based, i. e. WebTrader. The IGC Markets bogus website didn’t support any third-party platform such as MT4, MT5 or cTrader.
That’s a shame. The con artist didn’t bother buying a legitimate platform and instead chose to offer a cheap WebTrader. It just goes to show that the phony broker wasn’t trustworthy at all.
There’s no mobile app. WebTrader is browser-based so it doesn’t require downloading. While mobile trading could be convenient in some situations, we don’t recommend trading with unlicensed providers. Especially not with those that are blacklisted.
There are several ways scammers like IGC Markets go about finding victims. The most popular way is hiring agents to run online marketing campaigns or directly contact traders via phone or email.
Then, you have Google ads, Facebook & Instagram posts, YouTube content, etc. Private WhatsApp & Telegram chats are swarming with scammers.
LinkedIn, although a reputable website, is also over-flooded with fake ads. Last but not least, scammers use dating apps such as Tinder or Bumble to ‘seduce’ victims.
We don’t know which particular instruments IGC Markets used to offer, only the trading assets. Here’s the list:
The spreads were not disclosed by the scammer. On the other hand, the leverage cap is set at a whopping 1:500! That’s pretty high and will undoubtedly lead to huge losses the moment the market starts moving against you.
Commissions are also unknown. As for the fees, IGC Markets charges a 5% fee a month, a 100 $ fee for inactivity, 5% for card withdrawals and up to 25 $ for bank withdrawals.
The IGC Markets trading accounts were the following:
That’s all we found out. It seems that the shady broker didn’t disclose the required minimum deposits for each account type.
That’s a big red flag for sure. There are countless legitimate brokers that will allow you to open a micro-account for just 10 $.
No. There is no broker demo account, which is yet another sign that you’re dealing with a scammer.
Since there’s no demo account, you’re forced to invest straight away and risk losing your money. We don’t want that, now do we?
Let’s take a look at the IGC Markets withdrawal process. Namely, clients should be able to retrieve their funds via:
However, most client complaints indicated withdrawal issues. If the fraudster violated any Terms and Conditions, know that you’ve probably been scammed.
That’s pretty unfortunate. What’s even worse is that you’re not the only victim of IGC Markets scam. Global Fraud Protection has received other requests for help.
Luckily for you, that’s just what we do best – help people get their money back from vile financial swindlers. Our team of experts specializes in bank chargebacks and CipherTrace-facilitated crypto tracing.
If this broker steals your money, contact us for help. The easiest and fastest way to book a free consultation with us is via Online Chat.
Not at all. IGC Markets has been blacklisted as a scammer. Don’t invest. If you did, call us and ask for help.
No. The scam broker did not include a free demo account on its website.
No. Since IGC Markets used to offer a web-based platform, there was no need for a mobile app.
Yes. We’re not sure about the amount. Bonuses are banned in the EEA zone, the UK and Australia.
Not at all. IGC Markets has been blacklisted as a scammer. Don’t invest. If you did, call us and ask for help.
No. The scam broker did not include a free demo account on its website.
No. Since IGC Markets used to offer a web-based platform, there was no need for a mobile app.
Yes. We’re not sure about the amount. Bonuses are banned in the EEA zone, the UK and Australia.
The post IGC Markets Review – The Truth About This Offschore Broker appeared first on Global Fraud Protection.
