IFCMarkets is the broker that has been working in the financial market as a broker since 2006. However, you cannot find the brokerage company’s address as there are several options it opines about. And that creates a doubt in the minds of traders. They question the physical existence of the broker. IFC Markets review 2021 tries to find out legalities, principles, features and plethora of other things that matter in the bazaar of uncertainties.
IFC Markets Scam or Legit?
The question rings in traders when they board the website for the first time. Most of the investors search to ensure whether the broker is suitable or conducive for them to trade or not. Looking at the bonus advertisement flashing on the home page, you feel like landing on a fraud website. These days; brokers abstain from using such terms because it is believed not good for their reputation and image.
Any legitimate broker would not resort to such marketing gimmick. Instead, it would offer better features that glue the trader. So, in the first stance, IFC Markets appears to be a scam broker. However, it may not be the one, but the first impression lasts longer than a mark on stones.
Moreover, it is offering a Tesla car, which looks like a misleading advertisement. So, it stamps the belief that something is not right with the broker.
User interface not good
The interface of a broker website matters a lot because it sets in a trader’s motive and mood for transaction in the financial market. But IFCM misses it a big time. It fails to impress through the user interface. It is all white in colour, and some of the tabs stay hidden. You have to spy on everything. Honestly, it is not very reassuring and takes on your nerves.
When you click on each tab, there are myriad sub-categories, and more importantly, they do not help a trader. So, it represents show off more than fulfilling a meatier requirement.
IFC should understand that highlighting unnecessary tabs does not mean it will draw clients. Instead, it can even turn people off if they have no usage.
An essential option like Account Types should be segregated. But here, you find it included in the category of sub-categories. So, it seems that the broker has not thought it out well.
Also, the practice in no way assist a trader and creates a time lag. So, it is ambiguous and not approachable at all in that sense.
Contact us option is not sufficient
First of all, the contact us option should be there at the top of the website. But here, the broker offers it somewhere in the middle, hidden among other tabs. So, it appears that the broker does not want you to get in touch with customer care executives.
Either the services are not up to the mark, or the broker is naive to understand the need of its clients.
After trying the live chat option, there was not anyone warranting the answer. So, it goes out of the question that the broker is banking on quality. They are like an elephant’s teeth.
IFC Markets Review 2021:Instruments
Assets and instruments are souls for a broker and equally for a trader. They are a vehicle through which both parties make money. But IFCM does not pay heed to mention them. Even after searching and going through the entire website, all that you receive is hopelessness.
The explanation about the assets is not up to the mark. Firstly, it is not mentioned on the top, but down somewhere in the tab. The symmetry is out of understanding for a newbie trader.
The tactic discourages beginner traders from investing because there is no one on IFCM who can make them understand instruments and how to use them.
IFC Markets Review: CFDs for assets
The contract for differences is one of the most dangerous trading forms, and the broker offers it unabashedly. The chances of losing money here are higher than any other way of trading.
Also, the option of direct trading is far lesser. So, while walking on the CFD or any other derivative way, a trader or investor lands on the double-edged sword. Hence, there is no escape route.
However, the broker has not mentioned any disclaimer about it. So, traders are up to them; you cannot expect any assistance or help from IFCM. That’s a letdown, which investors do not expect from a brokerage company.
IFC Review 2021:Tall claims but fails delivery
The broker says that it has 165,000 clients, but does not show where. How can someone believe a mere figure or number? It should be substantiated by some fact or evidence else it all looks like bogus work. The thin line gets blurred between the truth and false claims. So, to win the trust, a broker company should produce evidence about its clients.
If they are actually working, there must be some proof that would interest others in joining in. But here, there is a doubt. It all seems a marketing gimmick initiated by IFCMarkets to draw attention. These shortcuts may work for a short while but not forever. It deflates, and traders do not board again on the website. Plus word of mouth is negative.
Also, the 80 countries and 600+ instruments for trading do not seem right as well. The number of countries would automatically mean millions of clients, but it contradicts reality. Again, you cannot put your faith and begin trading.
IFC Markets Review: Two different registrations
A broker does not need to have multiple registrations in today’s time because it looks like the firm is hiding something substantial or evading taxes. That deepens the doubt among investors, and they may not turn up on the website with a fear to lose their money.
There are cases that suggest how brokers camouflage the identity and loot funds and get away to a safer island where no one can catch them. So, with that possibility in mind, people would not like to join the broker for trading.
IFC Markets Review: Types of accounts
There are only two types of accounts, Standard-Fixed & Floating and Beginner-Fixed & Floating. So, a trader does not have choices to make. The less number of options do not entertain many people. Hence, you have to look around what is feasible for your trading skills.
The stop out here is ten percent, which is like peanuts. Also, the beginner trader can indulge in only 100 units at a time for trading. Such a bar is not helping anyone. When the limit is up, there’s no option for the leverage left. Suppose the market is falling, and you want to recover losses through hedging, but your limit is up, then nothing can happen.
In that condition, the broker will have to remain content with the loss of funds in the financial market. Moreover, you cannot get that back. It is exhausting. Furthermore, for every platform, the plans differ from the broker’s end. So, there is more confusion to it, that works as salt to wounds. The untidy processing and explanation on the website are not good.
Besides, the broker fails to offer clarity. The entire table looks messed up, and you have to put all your attention to grasp a little. Also, the micro-fixed, micro floating, and other types of accounts for different platforms in all likelihood do not help. There should not be so much disparity that keeps investors longing for better options.
Education material not sufficing
Knowledge is power, but the IFCMarkets broker does not think so. And that’s why you cannot avail services like webinars. Moreover, you cannot find any section offering vital information regarding stocks, indices, cryptocurrencies and other assets and instruments.
The broker’s entire focus rests on rendering forex currencies and trading to investors. So, it does nothing that can help those interested in different instruments and assets other than foreign exchange currencies.
So, without getting updated, how can you grow or begin to invest more in any market?
Brokers like 101investing, TradedWell, HFTrading, Global Trade ATF, Oinvest, IGM FX, and others have better options for education. They keep you updated regarding the movements and trends of the market and help you increase the wealth.
Conclusion: IFC Markets Review 2021 decodes the mystery of the broker as to how it lacks some of the quintessential services that can become reasons for your losses later on. So, it is up to the discretion of traders whether they want to invest with the IFCMarkets broker or not. The reasons above clarify that investors may have a tough time dealing with several deficiencies that the broker has to offer.
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