Beware! ForexIgnite is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
It takes one look at ForexIgnite’s website to see what type of a broker this is. We are sure that even non-trader and casual internet users will be appalled by the extremely poor quality of the site. It is as if the website is not only unfinished, but also broken and left for dead. These are clear signs that speak so much of the broker, that we can easily leave the review here. Yet we still urge users to read the review, to see what is wrong and how to get out of a predicament, should it occur.
The sign up procedure further expands the impaired quality of ForexIgnite’s services. We registered with hesitation, and what we were led to was a somewhat decent looking trader dashboard, nevertheless burdened by scammer elements. We cannot talk of any trading condition because, as you will soon discover, there is no real trading platform at use here. So, there are no leverages and spreads applicable, nor are there any real trading assets used to trade with.
Interestingly enough, while we were opening an account we had the ability to chose a Mining account. However, when comparing the two account types- because we actually opened one mining and one standard- there was no real difference.
The website is only in English.
FOREXIGNITE REGULATION AND SAFETY OF FUNDS
We came across a piece of alleged regulatory detail claiming that the website is regulated by the International Financial Market Relations Regulation Center (IFMRRC). As far as we can tell, IFMRRC’s website is about the same level of quality as ForexIgnite’s, and not only that but the IFMRRC is not a legitimate regulator. It is in no way tied to any official licensor, and is, in simple terms, just a website claiming to be something that it really isn’t. A broker cannot be regulated by just any source claiming to be authorizing FX brokers. It’s just not how the industry works.
And if you want more proof, all previous brokers bragging with a IFMRRC license (AvasTradeFX, DigitalTrade FX, and others) were all unregulated.
In the Terms and Conditions, the broker claims to be working with accordance to English law, which is a load of lies. To be a broker in the UK, is to hold an FCA license. There is no dodging this. Judging by ForexIgnite’s poor condition, the FCA would never allow it to offer FX services.
Without any hint of hesitation we deem ForexIgnite an UNLICESENSED entity, making it a risk to all investments.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
Before we move on, there is one important thing left to cover- the legal documents. Either out of poor judgement, or because ForexIgnite did not put the effort, the only piece of legal documents, the Terms and Conditions, is incredible unhelpful and short.
FOREXIGNITE TRADING SOFTWARE
We went into the user area expecting a trading platform, at least, but what we got was another solid proof that the ForexIgnite is here only to rid you of your money. These so called packages are nothing but lies.
The premise of the packages is very simple. The user deposits a given amount and expects to get an impossible interest percentage on top of his or her investment. Just take a look at the image. A 100% guaranteed growth? Simply impossible. If ForexIgnite was giving away money this easily, it will be out of business in a day or two.
Aside from the packages, there were two charts that many can confuse for trading platforms.
These are in no form (in shape they resemble) trading softwares. Not only are they third party widgets, but they do not allow for buying and/or selling of financial instruments.
FOREXIGNITE DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit required to open an account from which to invest in one of the packages is $1, and even less, because the only way to “fund” and account is through bitcoin. We would like to remind user that any payment to shady firms through bitcoin is unadvisable, for BTC transactions are untraceable.
The only source of withdrawal information was the withdrawal section found in the user area. There we found out that payment methods are through bitcoin and wire transfer. However, we could not get a minimum amount, nor any processing times. Usually, wire transfer requests are processed between 2 to 5 working days, while BTC transactions should happen on the spot. One thing that is puzzling is the inclusion of a wire transfer method, because it is not possible to make a deposit via bank.
As we said, there really aren’t any legal provisions. This means that we will skip the inclusion of scammer fees, and go straight to the point. And that is that without legal clauses, an illicit broker is free from any restrictions stopping it from scamming its users in, at times, very imaginative ways.
Stay away from ForexIgnite! This unlicensed broker is a scam, and will not return your investments!
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.