The IPGateTrade forex and CFD broker fraud is purportedly operated by IPGATE INVESTMENT GROUP LTD. The company has not been located. The Terms and Conditions specify that Poland is the applicable jurisdiction. ASF, the Romanian financial markets regulator, has cautioned against IPGateTrade. Potential victims just give cryptocurrency to the scammer. Keep your distance to protect yourself from monetary losses and improper use of data.
Is IPGateTrade a safe broker?
In summary, definitely. Not only do they lack any domestic regulations, but they also lack any Tier 1 group regulations. On the other hand, there are those like ASIC, BaFin, and FCA. In the trading industry, those are the ones that offer the highest security requirements. However, this company is not included in any of those databases. The inference is that money is not secure in this place.
Brokers should be unregulated with several warnings. Trusted trading software is not provided by IPGate Trading. They don’t provide trading for cryptocurrencies. No demo account and high leverage.
Conversely, the IPGate Trading scam offers the exact reverse. Just peril. Protection features up to the dubious trading platform with insufficient cash. harmful terms and conditions on top of that. Ultimately, they didn’t get warnings without a reason.
How do you find out if your broker is nothing but a scam
- It could be a warning sign that your broker is not acting in your best interests if they do not reply to you.
- Make sure there are no complaints, do your homework, and carefully study all the fine print on paperwork to ensure you are not being taken advantage of by a dishonest broker.
- Before attempting a withdrawal, try starting a modest account with a small balance and making trades for a month.
- Your broker might be churning if you notice purchase and sell transactions for assets that don’t align with your goals.
- Before pursuing more extreme measures, go over all of your documentation and talk through your options if you are trapped with a terrible broker.
Bottom Line
Regretfully, there aren’t many solutions available right now. Still, there are a few options available to you. Make sure your broker is genuinely at fault by first carefully going over all of the documentation. It might be your fault if you overlooked something or didn’t read the documents you signed.
Next, talk about what you will do if the broker doesn’t give you a satisfactory response to your inquiries or a withdrawal. One way to take action could be to report the broker to FINRA or the relevant national regulating agency, or you could make comments online.
Brokers are sometimes to blame for traders’ losses, even if traders sometimes hold them accountable. Before opening an account, a trader should be rigorous in their research on potential brokers. If the broker passes this scrutiny, the trader should make a small deposit, make a few trades, and then withdraw their money. If all goes according to plan, a bigger deposit may be made.
If things are already bad for you, though, you should confirm that the broker is engaging in illicit activity (like churning), make an effort to get your questions addressed, and if that doesn’t work, you should report the broker to the SEC, FINRA, or another regulatory agency that has the authority to take legal action against them.
