Kirjoittaja Aihe: IUX Market review – Is iuxmarket.com scam or good forex broker? (Luettu 1443 kertaa)

upamfva · 04.02.23 - 05:34

IUX Market review – Is iuxmarket.com scam or good forex broker?

IUX Market is, without a shadow of a doubt, up to no good. Despite its promises of ridiculous leverages up to 1:1000 and the seemingly generous bonuses it provides, the broker has too many shady things going on to even count. To get more news about iux markets review, you can visit wikifx.com official website.

Their website is one, being so badly translated into English making out what they wanted to say was a real challenge at times. Entire sections of it were in Thailand’s tongue. Our account confirmation email looked like this Definitely not. This much is evident from the fact that it lies about its regulation – it claims to be a subsidiary of some Charlgate Global LTD operating from Cyprus:

We didn’t get any results for IUX Market nor for Charlgate Global LTD. What this means is that the company is deliberately trying to pass as a licensed entity while it is not one. There are many benefits to trading with brokers that undergo CySEC supervision – for example they are required to participate in guarantee funds that restore losses in the case of the broker going bankrupt. The recuperated funds can be as much as 20 000 euro per affected trader.
Of course, there are other restrictions that the regulator imposes – for example there is the minimum capital requirement of 730 000 euro to even start offering people such services. This ensures that only viable firms participate on the markets. To further secure the financial state of investors and eliminate foul play, the CySEC has every licensed broker report daily on their activities as well.

The point we are trying to make is that there are a lot of risks in Forex trade, even without the scammers. The markets are extremely volatile and losses are a reality of the process. It is best to eliminate the risk of the broker trying to scam you altogether by trading with a company under CySEC or a similar body’s juricition. This is why you might want to invest with a licensed broker from our list here.
The answer is a resounding no. This is because the broker is certainly up to no good with its lies about being regulated we discussed above. Additionally, the terms and conditions are written in what is an impressively bad attempt at English and several key policies are left unclear.

For example, the broker claims to be offering a bonus up to $500 for traders who have just signed and another up to $3000 based on a percentage of the deposited amount. All accounts also get a $30 bonus upon creation. Now, money credited to your account in this way is explicitly unavailable to be withdrawn. However, profits based on it can be, but with some restrictions worded in an incredibly unhelpful and unclear way
A scam broker an a seemingly good bonus policy are two inseparable things – often times bonuses will be applied to accounts with no means of giving them up. To withdraw them a trader would have to execute a ridiculous trading volume within a very short amount of time. Sometimes even profits based on bonuses are required to reach this volume with no clear way of distinguishing them from profits derived from your deposit amount. This clause seems to be stipulating a similar thing – we assume credits to mean credited funds, aka bonuses and balance to mean your deposit – if you have more credited funds than you have deposited in your account you will be eligible to withdraw them. However, this is simply not possible, as bonuses are based on a percentage of the deposited amount, as we have stated. The following clause explains what happens in such a hypothesis:

To us this clause means that if your deposit amount is higher than your bonus amount you lose bonus funds equal to the amount of withdrawn ones and withdraw deposited ones instead. It is unclear where profits exist in this scenario – if they are Credit or Balance. It is troubling that we cannot know either, since the Terms do not make a mention of it.

On the website we can see that the broker boasts the ridiculous leverage of 1:1000. Of course, higher leverages entail higher risks as well. Every trader has to decide for themselves if the potential for profit outweighs the one for loss. But you have to keep in mind that the broker is not licensed, so even if it is not a scammer the chances of it going bankrupt with these leverages are pretty high. If you are feeling like doing some risky trading you are better off with sticking to one of the brokers in the following list that offer leverages of 1:500.

The trading platform the broker uses is Metatrader 4 – this is an advantage since the platform is widely regarded as the most advanced, yet user friendly one out there. It boasts hundreds of useful features like charting tools – indicators and Fibonacci levels to name some, as well as a surprisingly robust community that has developed around creating and distributing the so-called Expert Advisers – automated trading algorithms that Metatrader users create and distrubute on the platform’s marketplace. For more information on MT4 check out our list of brokers that provide it.