Read our Indicate Fx review to see if this broker is a scam or legit. Just to clear doubts, this is a indicatefx.com review.
Indicate Fx Review
Who hasn’t heard of the financial markets? There are stories of people who have made their fortunes from this space, so it is understandable that everyone is interested and excited to try their luck here. Don’t you want to make a fortune? It has become easier than ever to access these markets because there are brokers that are offering their services online. This means that you can trade from anywhere and avail the opportunities, as long as you open an account with a good and dependable broker. However, this is a big challenge because not every company is reliable, as you will learn from this Indicate Fx review.
Sure, there are lots of authentic brokers that are offering their services to traders in the financial markets, but as there is a lot of money involved, it has attracted the wrong kind of attention as well. The internet has seen its fair share of impostors and scams and they have made their way to the trading space as well. You can find lots of stories of people who have lost their funds to these bogus platforms and have nothing to show for it. Obviously, no one wants to end up as another victim of scammers and this means you have to be very cautious.
When you start looking for brokers, you will be blown away by their offerings. Every single platform you check out will be making tall promises about the kind of services you can enjoy and this can often tempt people into signing up with the first platform that appeals to them. But, you need to remember that this is just how these fraudsters work. They deliberately create an offerings to lure you in and by the time you realize it, their work is done.
Therefore, you have to resist their offerings and find the truth about them to ensure they are really authentic and not just pretending to be. This is what you need to do with Indicate Fx that advertises itself as a legitimate ECN-STP brokerage. It claims to offer its clients leverage that goes as high as 1:1000, deep pool liquidity as well as excellent trading conditions. The offer comes off as very attractive when you come across it, but you have to look under the surface to know if it really is what it seems.
As it turns out, Indicate FX is definitely not what it has presented itself as and some of the problems you will uncover are:
Lack of license and regulation
Dealing with a licensed and regulated brokerage is the best decision you can make because these platforms can offer you security and quality that you cannot expect from unlicensed ones. They comply with laws and regulations and ensure transparency and can also be held accountable in case there is a problem. This is because they are overseen by the regulatory authority that grants you the license. Hence, you need to check out the license and regulation of Indicate Fx before taking things forward.
When you look into its background, you will find that Indicate Fx is owned and operated by a company named Barrons Asset Management Ltd. According to the details, it is based in the British Virgin Islands. Even if it is true, the fact is that this means the broker is operating from an offshore jurisdiction. This does not help its credibility in any way because you are dealing with a company that does not have a license. It can offer you no protections whatsoever.
Problems with Terms and Conditions
Going over the Terms and Conditions of an online broker is of the utmost importance because these tell you what you can expect when you sign up with them. The fees, policies and other things are outlined in these legal documents, so you need to check them. You have to do this with Indicate Fx as well and when you do so, you will come to know that they are offering lucrative trading bonuses.
These have been banned in most regulated jurisdictions because they come with strings attached that are meant to exploit the traders. This usually means there is a minimum trading volume requirement to be met before you can make a withdrawal. The problem with Indicate Fx is that they even have a minimum trading volume requirement to be fulfilled without a trading bonus.
In addition, you will find that they also have 25% inactivity fee, which is excessive. No genuine brokers will have such a high fee. The withdrawal policy of Indicate Fx poses another problem because they have clearly stated that they are not committed to any time frame when it comes to processing your withdrawals. This means they can take as long as they want and in such scenarios, they do not approve your request at all.
The fact that you are offered leverage levels as high as 1:1000 should be considered a problem and not an appealing feature. These leverage ratios may seem lucrative because they give you more flexibility, but you have to remember that they also come with risks. Therefore, regulatory authorities in different regions have imposed a cap on leverage that can be offered to retail traders and Indicate Fx seems to be doing the complete opposite. Genuine companies are not likely to do that.
Only bitcoin supported
Another problem that you will find at Indicate Fx is with their payment methods. When you see how you can make your deposit, you will notice that they only allow you to use bitcoins for this purpose and this is a warning sign. There are no conventional payment methods available, such as credit cards like VISA and MasterCard, which means there can be no chargeback. Bitcoin payments are final and cannot be reversed, so you will not be able to get a refund.
All of these signs point to one thing; Indicate Fx is not the kind of broker you want to use when you wish to trade in the financial markets.