IGFB Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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I was unfortunately scammed out of $1000 by IGFB, an online forex trading company. Initially, I was attracted to their website which appeared professional and legitimate. However, after depositing my money, I quickly realized that their platform was not functioning properly and my account balance was showing inaccurately. When I attempted to withdraw my funds, the company stopped responding to my emails and phone calls.
In the risky world of online trading, igfb stands out as a controversial broker operating without a regulatory license. Launched in 2020, the broker has been associated with a company named Sea Breeze Partners Ltd., headquartered in the Commonwealth of Dominica—a region notorious for its lack of stringent regulation. While igfb markets itself as an accessible platform for high-risk trading, numerous warnings have highlighted its unregulated status as a serious red flag.
Targeting individuals who may be attracted by the lure of high returns despite regulatory shortcomings, igfb primarily appeals to those with a high-risk tolerance. Conversely, it should be avoided by conservative investors and trading beginners who prioritize the security of their funds. The absence of protective regulatory frameworks and alarming reports of withdrawal issues paint a worrying picture for potential clients, emphasizing the need for extreme caution when considering any investment with igfb.
Investing with unregulated brokers can pose significant risks. Here are the potential harms and steps to self-verify:
Risk Statement:igfb has been flagged as a potential scam by multiple financial authorities, including the FCA and BaFin, signaling a lack of oversight and protection for your investments.
Potential Harms:
Funds can be inaccessible due to withdrawal restrictions.
Unclear fee structures may lead to unexpected costs.
Lack of regulatory protection leaves investors vulnerable.
Self-Verification Steps:
| Rating Dimension | Score | Justification |
|---|---|---|
| Trustworthiness | 1/5 | Unregulated status with multiple scam warnings. |
| Trading Costs | 2/5 | Low commissions but high withdrawal fees reported. |
| Platforms & Tools | 2/5 | Limited proprietary platform lacking industry standards. |
| User Experience | 1/5 | Numerous complaints about fund withdrawal issues. |
| Customer Support | 1/5 | Poor feedback on responsiveness from users. |
| Account Conditions | 2/5 | High minimum deposits with no demo accounts available. |
igfb is an unregulated broker claiming to serve markets in countries such as Germany, Italy, and the UK. Established in 2020, it operates under Sea Breeze Partners Ltd., a company with no regulatory oversight based in Dominica. This unregulated position has led to significant skepticism regarding its legitimacy and operational integrity. Multiple financial authorities including the FCA (UK) and BaFin (Germany) have issued warnings about its dubious practices, underscoring the risks associated with engaging in trading through this broker.
igfb offers trading in various asset classes such as forex, commodities, indices, and stocks. However, it does not provide the standard industry platforms like MT4 or MT5. Instead, it operates on a proprietary web-based trading platform. Potential clients face challenges regarding disclosure, with critical information related to fees and leverage either hidden or absent altogether. Furthermore, igfb explicitly states it does not have a demo account option, discouraging potential clients from testing its services before committing funds.
| Detail | Description |
|---|---|
| Regulation | Unregulated |
| Minimum Deposit | $250 |
| Leverage | Not disclosed |
| Major Fees | High withdrawal fees reported |
| Trading Platforms | Proprietary web trader |
| Customer Support | Limited, with numerous complaints |
In assessing the trustworthiness of igfb, it's crucial to address the glaring lack of regulatory compliance. The absence of a proper license raises significant concerns about the broker's accountability and operational transparency.
Analysis of Regulatory Information Conflicts: The absence of regulatory oversight is compounded by conflicting claims about its registration. As noted from the FCA's warning, igfb provides services without authorization, leading to great uncertainty for any investor who considers placing funds here.
User Self-Verification Guide:
Visit the FCAs website at fca.org.uk and search for igfb in their warnings section.
Navigate to BaFins official site bafin.de and check their warnings against igfb.
Utilize the NFAs BASIC database at nfa.futures.org to confirm the broker's licensing status.
Explore other regulatory bodies warnings to gain a broader understanding of igfb's reputation.
Ensure to read customer reviews on independent platforms to gauge trends in trader satisfaction and issues.
Industry Reputation and Summary: The reception of igfb within trading communities is overwhelmingly negative, with instances of users declaring they "went through a rip-off," emphasizing a general consensus of distrust towards the broker.
"Every single person went through a rip-off." – User feedback from igfb reviews.
The cost structure offered by igfb presents a mixed bag, where low commissions on trading may initially attract new clients. However, careful scrutiny reveals a significant downside.
Advantages in Commissions: Despite offering low trading commissions, the intangible costs associated with igfb lead to questionable trade attractiveness.
The "Traps" of Non-Trading Fees: Many clients report high withdrawal fees, which can severely diminish overall profitability. For example, €30 was mentioned as a common withdrawal issue.
"Traders cant make withdrawals unless they made 50 times the trading volume after the added bonus," which is practically impossible according to user testimonials.
The analytical expectation surrounding igfbs trading platforms reveals a stark contrast between what is promoted and actual functionality.
Platform Diversity: igfbs offering is limited to a web-based platform that lacks the scalability and functionality offered by industry-standard platforms such as MT4 or MT5.
Quality of Tools and Resources: The analysis yields minimal insights into the broker's analytical tools and resources, raising concerns about the adequacy and effectiveness available for traders.
Platform Experience Summary: User feedback suggests that the platform fails to deliver adequate trading tools, which compromises the overall trading experience.
"The trading platform at igfb is a compromised web trader that has no embedded security whatsoever." – Notable user complaints.
User experience with igfb is characterized by multiple issues, predominantly around fund withdrawals and customer service responsiveness.
Breadth of Issues Reported: Many users have voiced concerns regarding their ability to withdraw funds, citing severe responsiveness issues from the customer service team.
Customer Experience Summary: The limiting support and prolonged resolution times have culminated in a negative perception among clients.
The feedback regarding customer support is clear and consistent—responses are less than satisfactory.
Quality and Responsiveness: Users have consistently rated the customer service experience negatively, indicating that support personnel fail to address queries adequately.
Customer Support Summary: Enhanced communication ability is essential for traders; thus, reported issues are a significant deterrent for potential investors.
igfb offers multiple account types, but these account conditions exacerbate the brokers overall risk profile.
Account Offerings: They provide four types of accounts with varying minimum deposit requirements and bonuses tied to the amount deposited. However, the absence of a demo account is particularly concerning, suggesting that the broker lacks confidence in allowing potential clients to trial their services.
Account Conditions Overview: The minimum deposits required are unreasonably high for the perceived value, paired with a lack of educational support or trading tools.
The IGFB trading experience is riddled with risks substantiated by numerous protective regulations. It poses potential hazards for both novice and seasoned traders. The absence of regulatory protection, substantial withdrawal issues, and a lack of transparency emphasize the need for prospective clients to conduct thorough due diligence prior to engaging with this broker. Always prioritize secure, regulated trading environments to mitigate the inherent risks associated with trading.
Invest wisely.
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