IH Global Markets Review
Even if you haven’t had any trading experience, you are still aware that scams happen over the internet and not all brokerages offering online trading services are legitimate. Everyone has come across stories of people who lost their money to these scammers, so you are probably familiar with the concept. However, you realize just how easy it is to get ripped off when you start looking for a broker. The sheer number is enough to overwhelm just about anyone and then to top it off, each of the companies you come across makes some big promises. This IH Global Markets review can help you make some sense of its offerings.
It is easy for anyone to get confused when they are going through a broker’s offerings because they appear to be quite reasonable and attractive. It is the same in the case of IH Global Markets as it is advertised as a high quality, industry-leading foreign exchange broker that has been operating in the market for 13 years. Of course, this experience is undoubtedly impressive, as is the claim of the broker to be operating in some of the most prominent markets, such as Southeast Asia, Taiwan, Hong Kong, the United States, Europe and Macao.
To add to it, you will find that IH Global Markets claims to be highly regulated, as it appears to be licensed and authorized in both Australia and the United States, which are two of the most regulated jurisdictions in the world. All of this undoubtedly sounds fantastic, only if it was really true. If you are wondering what to make of this broker, you can check out the review below to learn the truth:
Regulation and licensing
It is best to start with regulation and licensing because it is the most impressive feature about IH Global Markets and once you do, their story falls apart. The licensing and authorization in Australia would come from the Australian Securities and Investment Commission (ASIC) and for the US, they would need to be a member of the National Futures Association (NFA) and be licensed by the local Commodity and Futures Trading Commission (CFTC).
You can check the online registers of these entities and not find IH Global Markets mentioned anywhere. Hence, it is obvious that the brokerage is lying to its clients. Most importantly, when you scour through their website, you will discover that it is practically anonymous because they do not provide any corporate background, no details of the license, no company address, no contact details and there is not even an email address or phone number given. All of this clearly indicates you are dealing with a scam and not a regulated broker.
One of the most relevant pieces of information to have about a broker is the minimum deposit they expect you to make for opening an account. Therefore, it is definitely concerning that when you go through the IH Global Markets’ website, you will not find this information anywhere. They have not mentioned how much money they expect you to deposit in order to start trading, which means they can ask for any amount. No trustworthy or professional brokerage would ever do so.
A very essential offering of a broker is the leverage they offer because this trading condition has an impact on your trading flexibility. You will come to know that IH Global Markets is offering leverage as high as 1:400. This might be appealing to many because it means you can make bigger trades, even with a limited capital. However, it is important to note that this kind of leverage comes with very high risks as well.
But, the biggest problem is that it is not possible for IH Global Markets to offer such a leverage if it is a regulated and licensed broker. The leverage ratio is proof that the brokerage is not licensed and authorized in the US and Australia because both of these jurisdictions are heavily regulated where brokers are not permitted to offer such excessive amounts of leverage due to the risk involved.
One of the most crucial features that a brokerage offers to its clients is the trading platform. This is the software that’s used for connecting to the financial markets and executing trades and provides the tools and technology necessary for it. Thus, you cannot choose a broker without taking a look at their trading platform. A quick glance at the IH Global Markets website shows that they are promising their clients the MetaTrader5 platform.
Even if you don’t have a lot of knowledge and experience where the financial markets are concerned, you would be aware that the MT5 is the top trading solution in the market. The problem is that there is no way to verify if the platform is indeed available at IH Global Markets until you create an account. This should trigger an alarm because a legitimate brokerage would be transparent about its offerings and have no problem in letting you check it.
Another glaring issue that you will come across when you go through the IH Global Markets website is the lack of any details about the payment methods they have available. This is an important aspect because you want to be sure that the methods they support are quick, convenient and secure. You want to be able to use debit and credit cards, as this option comes with a chargeback in case something goes wrong. Other methods, such as wire transfers and cryptocurrencies are unreliable in this case because they are permanent and you will not be able to get your funds back in case there is a problem.
When you put all of these issues and problems of the broker together, it becomes apparent that IH Global Markets is not one that you can trust and they are outright lying about their offerings. They have all the hallmarks of a scam and you should avoid signing up on their platform.