Read our Imperotrade review to see if this broker is a scam or legit. Just to clear doubts, this is a imperotrade.com review.
Online trading has undoubtedly revolutionized the world of traditional trading, but there is one element that has remained unchanged; it is the role of the broker. You still need to open a trading account with a broker in order to access the financial markets and they are connected to your profitability. Suffice it to say, they play a key role in your trading journey, so you should be attentive when you are choosing a broker.
No matter how tempting it is to just run a Google search and choose just any broker, you should always evaluate a company before signing up, such as checking out this Imperotrade review.
The purpose of the evaluation is to help you understand exactly what you are getting into. You do not want to deal with any such surprises later on when you have already signed up. It can be a hassle to go back and start from scratch because you made a mistake, not to mention the losses you will incur in this process. As it is better to be safe than sorry, an evaluation can also save you from the risks of getting scammed and defrauded.
Indeed, there are numerous online brokers that claim to be genuine, but are actually fraudsters and scammers looking to get your money. These are the ones you need to be wary of the most because you will not be able to get your funds back if you fall into their trap.
Evaluating a broker and its offerings before opening an account with it can save you from this mess. It might require some effort on your part and take a little longer, but it is worth it eventually.
One of the brokerages that you should evaluate is Imperotrade that may claim to be an experienced broker, but has many red flags that show it is just another shady company operating in the market. Some of the red flags you will notice are highlighted as follows.
Lying about its licensing and regulation
If you search for ways to avoid a scam broker, you will be recommended that you choose a licensed and regulated company because these are unlikely to be scams. This is because they are answerable to a regulatory authority, which requires them to maintain high standards of service and they also have to comply with various rules and policies that protect traders.
It is because of this recommendation that many scam brokers have now taken to pretend to be regulated and licensed in order to convince people into signing up. Otherwise, people would not trust them at all. The same is the case with Imperotrade because when you check its website, you will find that the company claims to be registered in the United States. This is one of the world’s most strictly regulated jurisdictions, which is quite reassuring.
According to Imperotrade, the broker is licensed by the US Financial Services Authority (UFSA). But, these claims are nothing short of ridiculous. This is because there is no such authority that exists in the United States. The regulatory authorities for forex brokers are the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). But, you can check their online registers and not find the broker mentioned.
Secondly, in the About Us section of the Imperotrade website, you will find that it claims to be operating as a Maltese investment services provider that operates under Maltese and European guidelines. But, this is just another blatant lie because you can check the Malta Financial Services Authority (MFSA) register and not find Imperotrade.
This false information that the broker provides is a huge red flag and shows that you are not dealing with an authentic company.
Lack of trading platform
Perhaps the most vital feature of an online broker is their trading platform because there can be no trading without it. It is the software designed for trade execution and offers trading tools that are used for decision-making. You engage with it for the most part and it can also directly affect your trading performance. The fact that Imperotrade advertises the MT5 trading platform will draw the attention of many people.
After all, the MT5 is recognized as the industry standard and is preferred by most professional traders for its state-of-the-art technology and tools. However, you will find that Imperotrade is just lying about offering the MT5 because they just offer a simple user dashboard when you try to access their trading platform.
This dashboard does not have any option of trading and only allows you to make a deposit and obtain a referral link. It also has a BTC/USD chart that serves no function because you cannot trade. This is a major red flag because Imperotrade claims to be a broker, but is not offering the feature that is essential for doing the actual trading.
No trading conditions
Considering the fact that Imperotrade does not offer a trading platform, it is not surprising that there are no trading conditions available. The conditions are only relevant when you trade, such as the spreads the broker can offer, or the leverage traders can enjoy. But, all of this does not matter here because there is no platform available for trading.
Crypto payments only
The payment options that a broker offers to you are important for several reasons. You want to be able to make your deposits and withdrawals without any hassle and also ensure security during the process. Furthermore, you also want the option of getting your funds back if you want. You will not find any of this with Imperotrade because the broker only offers support for crypto payments.
The problem with crypto payments is that these are anonymous for the most part, which makes them attractive to scammers. Moreover, you cannot get a refund because they do not have a chargeback option. Thus, the fact that Imperotrade does not offer any other payment method except for crypto is a red flag.
The red flags that you identify when you evaluate Imperotrade show that you should steer clear of this company.