IGC Trades Review – What are the Problems with the Broker?

IGC Trades Review

One of the first and most important steps that a trader has to take is finding an online broker. The financial markets have always been renowned for their lucrative nature, but the traffic in this space has increased exponentially, particularly in light of the global coronavirus pandemic. There is a high demand for comprehensive and professional brokerages and while there are a ton of options, not all are authentic as they appear to be. In fact, they can be riddled with problems and this IGC Trades review can be a great example of such a broker.

Of course, you do not want to experiment with different brokerages because some are clear frauds and will steal your money and leave you high and dry. It can be devastating to find out you have been conned and you want to prevent this from happening at any cost. Can it be done? Indeed, it is possible for you to not fall into a trap, but it depends on how much effort you want to make. You will be responsible for checking the offerings of the brokerage in order to know if they are up to the mark and what you are looking for.

No brokerage will come with warning signs or will share its own shortcomings. As a matter of fact, they are more likely to go to any lengths to convince you that they are authentic and can offer you the best possible services. Whether they can do so or not is something you need to figure out and this applies in the case of IGC Trades as well. When you first check it out, it is bound to leave a good impression because it is presented as a regulated forex and CFD brokerage that is offering its clients trading services on the MT4 trading platform.

Furthermore, when you glance at the trading conditions that IGC Trades offers, they also look relatively good and it seems to provide you with what you need. But, don’t be in a hurry because if you take a closer look, you can figure out some of its problems. What are they? Here are a few:

False regulation claims

Even those with no trading experience and background are aware that opting for a licensed and regulated brokerage is the smart way to go. It is the best way for you avoid the risk of scams and ensure a seamless trading experience. No matter how tempting the offerings of an unregulated brokerage may be, opting for a regulated one gives you the best shot of achieving your goals. When you check IGC Trades, you will discover that it claims to be regulated.

But, you have to verify the details and not just take their word for it. According to IGC Trades, it is based in the United Kingdom and is regulated by the IRBEM and the Markets Financial Authority (MFA). As a matter of fact, they have even added a public license number, daring people to verify if they have any doubts. So, what is the problem?

The problem is that there are no such institutions as those mentioned by IGC Trades and they do not have any authority in the United Kingdom. These are not legitimate authorities and the regulatory body that oversees brokers in the UK is known as the Financial Conduct Authority (FCA). As a matter of fact, the FCA is quite well-known and one of the toughest regulators in the world. But, if you check its online register, you will not find IGC Trades listed. This means that the brokerage is definitely not based in the UK.

Blacklisted by the CNMV

At this point, you are already aware that IGC Trades is not regulated and is clearly lying about it. This automatically makes it an untrustworthy brokerage, but you will find that it can and does get worse because apparently the broker has also been blacklisted by the CNMV in Spain. This is the National Securities Market Commission, which is the regulatory authority for Spain.

They have issued a warning about IGC Trades because it appears that the brokerage is illegally offering its services to Spanish citizens. This has prompted the CNMV to blacklist it because it does not have a license to offer its services to European traders and has already scammed some.

Malicious Terms and Conditions

Before deciding to open an account with a broker, it is best for traders to check the Terms and Conditions of a brokerage. These can highlight the kind of policies and rules you would have to comply with and also shed light on the fees you will be charged and other relevant details. It is a good idea to do so in the case of IGC Trades because you will realize just how malicious the broker really is.

There are some disturbing clauses that you can find in the Terms and Conditions at IGC Trades and they are linked to its trading bonuses. The fact that it is offering these bonuses is already a concern because this practice is not permitted in the UK, where it claims to be based and plenty of other jurisdictions. According to the non-deposited funds clause you will find, traders cannot withdraw the profits made via their bonuses.

This sounds reasonable until you realize that it is just a means of preventing people from making withdrawals via their IGC Trades account because there is no way to physically separate the profits you generate via your own deposits and via the bonus.

Lying about payment methods

Another problem associated with IGC Trades is the lie they tell about the payment methods supported. The brokerage claims to offer bank wires, Neteller, Skrill as well as credit/debit cards. But, you will find that it only supports some crypto-based wallets, such as PayPound, ChargeMoney, AvalanchePay, Kryptova and NeoBanq, which do not offer you the option of chargeback and are permanent.

Ending Thoughts

Considering the problems with IGC Trades, it is safe to say that you need to look for a different platform for your trading journey.