Is Iwai Cosmo safe and legit? Full review
Iwai Cosmo is a Japanese broker established in 2007 and regulated by the Financial Services Agency (FSA). It trades through a self-developed platform available on mobile app, PC, and web, and its software experience is rated Fair. Customer service is offered in five languages across one region through phone and social channels, though responses may take a long time. The broker's main strengths are its FSA regulation and its long operating history, while regulator disclosures and slow customer support responses are its clearest drawbacks.
Regulatory Compliance and Security
Iwai Cosmo is regulated by Japan's Financial Services Agency (FSA), the authority that oversees all financial services providers in the country and is responsible for the stability of the Japanese financial system. The broker's regulatory status is Regulated, with a safety level of 1.
The regulator has published one disclosure concerning the company: an administrative action against Iwai Cosmo Securities Co., Ltd. dated December 19, 2017. The action followed an inspection by the Securities and Exchange Surveillance Commission that identified problems, and it is categorized as a warning.
Trading software
Iwai Cosmo uses a self-developed trading platform rather than third-party software. The platform is highly customizable, available in multiple languages, and provides clear expense reports along with a good search function, but it lacks two-step login and biometric authentication. The overall software experience is rated Fair, and macOS and other application types are not supported. The platform can be accessed on Android, iOS, Windows, and the web.
Mobile Support:
Customer Service
Iwai Cosmo's customer service supports five languages and covers one service region, Japan. Users can contact the team by phone and through social and messaging channels, and most inquiries do receive an answer.
Response times may be lengthy.
Influence
Iwai Cosmo has an influence rating of B. Its influence is mainly distributed in Japan, with an average influence index of 6.83.