IM Markets Review – Bad Approach to Legitimacy

A premium looking website is not exactly a guarantee that the company you’re dealing with is a legitimate entity. This broker may have ramped up the site aesthetics, but they fail to provide any verifiable legal information.

As expected, trading on the platform turned out to be utterly fictitious, with the company itself turning out to be a major money pit. Don’t fall for the scam – read our IM Markets review!

Fake Licenses Explained

As a SVG-based entity, the IM Markets broker, according to SVGFSA, was legally incorporated in 2023. The website openly claims to also be strictly regulated by entities like NFA and FINTRAC. 

The first mentioned regulator clarifies that the business is not a member, and therefore, not licensed. FINTRAC, on the other hand, doesn’t regulate brokers in Canada – CIRO does now, and the company doesn’t appear in their register.

Since SVG registration means nothing as FSA there doesn’t regulate brokers, we can openly call this conduct unlicensed. Because of their proneness to lies, you can’t expect them to follow any legal directive and offer you compensation options and negative balance insurance. 

We’d also like to share our concerns about another similarly-operating brokerage – MALDO FX, that also conducts their business completely illicit.

How Does The Scam Function?

The immarkets.com domain was first introduced in April 2023, which you can check in the WhoIs register. Our advanced tools have determined the main focus of the scammers to be these nations:

• Malaysia
• France
• United States
• Italy

This broker is a completely unknown entity on the web, with not even any IM Markets reviews to speak of. It is basically a fraud call center, with employees known as boiler room agents constantly being on the phone, harassing their marks.

To make the offer seem lucrative, they introduce themselves as finance experts, and seek for deposits. In the end, the deposits only end up lining the swindlers’ pockets, and become exceedingly difficult to recover. Should you need assistance with recovery, contact our legal experts.

Why Transparency Matters

The single piece of information found on the site pertaining to trading parameters is the available leverage being 1:1000. Quite high for strict regulatory standards of Tier 1 authorities, this parameter is characteristic for offshore and unregulated online trading companies. 

Besides spreads, which we saw were labeled as tight, starting from 0.1 pips, none other costs and fees are revealed. Even what is known is questionable to say the least, as there’s no license to back any of these claims.

Hidden Bonus Withdrawal Terms

The firm offers various cash rebates and bonus incentives on deposits:

• $100 on first-time deposits
• 250% up to $1.000 one-time credit bonus
• 25% cumulative bonus
• 2% cash-back up to $250

No particularities on how these work are given anywhere. What’s even more concerning is that it only says that terms and conditions apply, but legal documents do not include any information about these offers.

Lousy Features Won’t Help You Earn

Besides being secret, badly designed, poorly thought-through, all of the elements of the offer are questionable in their functionality and purpose. From an underperforming web trader to mysterious account types, we were also not pleased to learn about support ignoring user inquiries. Here’s our impressions explained.

Shabby Web Software

The IM Markets app is only available in a web trader version. Although the site does provide links for Google store downloads, they do not work. 

Sporting only several basic customization tools and order placing actions, nothing else is available. What is typical with such software solutions is that they’re usually heavily manipulated by swindlers in order to show falsified data. 

Rudimentary Asset Groups Offered

Although the portal says that there’s more than 700 available assets to buy and sell, that claim is not verifiable. As for the web presentation, it only has these several instrument groups listed, with accent on shady and unclarified IM Markets crypto trading conditions:

• Forex – EUR/USD, EUR/CHF, EUR/GBP
• Indices – DAX, DOW, CAC
• Crypto – BTC, ETH, XRP
• Commodities – Coffee, Sugar, Gold

“Rich” Offer of Two Account Types

The fake online trading services provider boasts about having various packages. There’s no separate web page elaborating on this. 

However, during the registration process for an IM Markets login, you can apparently choose between a STP and an ECN account type. Don’t expect to be notified about the featured options and tools or the IM Markets deposit requirements.

Surprise! Demo Account Works

In order to conceal their devious tracks, illicit brokerage portals often do not provide access to the trial version of the accounts or software. This one does, however, and even equips you with $10.000 of virtual cash for trading.

Be careful, though, as the trading environment is purely artificial, and will show alluring profits just to force you into investing. 

Hidden Withdrawal Policy

The IM Markets scam accepts payments through several distinct channels. These include the traditional bank cards, but also some suspicious e-wallet services, as fishy as the broker itself.

Without access to the actual live trading account and deposit/withdrawal page, there’s no telling what you’ll be in store for. To resolve issues with payouts from this company, contact our legal experts.

Nobody Answers Support Tickets

Unlike legit companies like StormGain for instance, the customer support here is quite shabby. The live chat option will see you redirected to another site, and placed on hold indefinitely. There aren’t any other support options available, making sure that you rely on your boiler room agent for virtually everything.

Lost Money On a Scam? Contact Our Experts!

The only thing that gives a good impression about this group is their website, which itself lacks any meaningful functionality. Any licenses reported on the site itself are counterfeit, and the platform itself doubles as a phishing scam.

Investing with unlicensed companies holds significantly more risk than doing business through a regulated entity. Your funds are not safe with unlicensed brokers – contact our legal experts for help with asset recovery!

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