We hope you’ve come across the InsiderMark Review before investing to trade with this fraudulent broker. You’ve read that right, InsiderMark is an unregulated trading scam.
But it wouldn’t be right to just leave it at that. Thus, we present to you a detailed analysis of this phony broker that will expose the underlying scam.
Absolutely not. First of all, InsiderMark is anonymous, i.e. the bogus website of the broker didn’t disclose the name of the company that’s supposed to run this brokerage.
InsiderMark’s regulation is thus left in the dark. However, we dug through the Terms and Conditions and found something shady. InsiderMark is seemingly an offshore broker from Saint Vincent and the Grenadines (SVG).
That’s bad news since SVG is basically an unregulated domain when it comes to Forex trading. SVG’s Financial Services Authority (FSA) does not issue Forex trading licenses. To make matters worse, there’s no InsiderMark in the FSA’s database.
Our advice is that you ditch offshore scammers such as InsiderMark and SGT Markets and instead find a legit broker, regulated by Tier 1 authorities such as the FCA, ASIC, BaFin, IIROC, CFTC, etc.
One of the best regulations in the world comes from the European Securities and Markets Authority (ESMA). Make sure your broker is authorized by ESMA.
InsiderMark is an online trading scam from Saint Vincent and the Grenadines with no official trading license. This fraudulent platform has mainly targeted unsuspecting traders from Germany, Austria and Switzerland.
From our research, we found out that InsiderMark mainly targets German speakers. You have probably guessed by now which countries are on the list:
As we already mentioned, InsiderMark is not authorized by ESMA to operate in the EEA zone. These three domains all fall under ESMA’s jurisdiction. Therefore, InsiderMark is a trespasser.
There aren’t many reviews of InsiderMark, which is bad for the broker’s reputation. Nevertheless, we did find this one complaint against the broker on Trustpilot.
InsiderMark unsurprisingly gave this poor trader withdrawal issues. Please avoid Insider Mark and similar scammers such as Thunder Markets.
Had the most painful experience trading with insider. I wasn’t permitted to withdraw my funds both capital and profits…
InsiderMark advertises MetaTrader 4, a renowned and cutting-edge trading platform, to appear legitimate. However, it turned out that InsiderMark doesn’t actually provide MT4, i.e. it’s a hoax.
The truth is that the only available trading platform is recycled WebTrader, a rudimental browser-based trading terminal with limited features. If you want to be stuck with basic charts and graphs, that’s fine but we don’t recommend it.
The unscrupulous broker doesn’t support valid third-party platforms such as MT4, MT5 or cTrader. On top of that, InsiderMark doesn’t have a trading license, which makes this whole offshore trap even more dangerous.
According to InsiderMark’s website, the broker offers the following trading instruments:
InsiderMark’s spreads seem tasty. Namely, the broker offers 1 pip for EUR/USD, 1.2 pips for GBP/USD and 1.1 pip for USD/JPY.
But, the commissions weren’t disclosed and we believe that InsiderMark does charge them. Shady to say the least.
The leverage cap is 1:400, which is considerably high and risky. Aside from InsiderMark, the offshore NordFX also offers extremely high leverage.
In terms of different trading accounts, InsiderMark included four types plus three managed account options:
As for the managed accounts, InsiderMark charges from 75,000 $ to 150,000 $ to 250,000 $ plus an annual advisory fee depending on the type and ranging from 0.5% to 2.5%.
Despite InsiderMark posting 500 $ as the minimal deposit, the broker’s FAQ section claims otherwise. There, the financial swindler says that the minimum deposit is 250 $. This discrepancy is alarming.
No, which comes as no surprise. Shady offshore brokers such as InsiderMark don’t offer free demo accounts.
They thus force potential victims to invest right away without even seeing the platform. It enables the scammer to steal clients’ funds before they realize they’ve fallen into a trap.
When it comes to payment methods, InsiderMark says that three options are accepted:
We already addressed the discrepancy regarding the minimum deposit amount, which is not unusual with these cutthroat brokers.
On the other hand, the minimum withdrawal amount is 100 $ for cards and 1,000 $ for wires. But there’s a catch – InsiderMark issues bonuses. The broker’s foul bonus policy prevents you from withdrawing funds until you reach an insane trading volume.
InsiderMark requires traders to achieve a minimum trading volume of 25 times the deposit amount plus the bonus. We hope it’s more clear now why ESMA banned EEA zone brokers from issuing bonuses.
If InsiderMark violated any terms and conditions, please let us know. You can also warn fellow traders by writing a complaint on one of the forums.
As for your stolen money, Global Fraud Protection can assist you with the bank chargeback or recall. If you’ve deposited via crypto, our experts can track down your transaction using CipherTrace.
If this broker steals your money, contact us for help. The fastest and easiest way to book a free consultation with our team is via Online Chat.
No. InsiderMark is an offshore broker without a valid trading license. Please do not invest in the cyber trading scam.
No. That’s bad news because you’re not allowed to see the platform for free.
No. InsiderMark’s only available platform is web-based so it doesn’t require a mobile app.
Absolutely not. InsiderMark is not a regulated broker and will surely embezzle your funds.
No. InsiderMark is an offshore broker without a valid trading license. Please do not invest in the cyber trading scam.
No. That’s bad news because you’re not allowed to see the platform for free.
No. InsiderMark’s only available platform is web-based so it doesn’t require a mobile app.
Absolutely not. InsiderMark is not a regulated broker and will surely embezzle your funds.
The post InsiderMark Review – Read the InsiderMark Review To Avoid Falling Into This Trap appeared first on Global Fraud Protection.
