Low user sympathy rating, which absolutely crosses out a lot of custom praise articles, which filled the Google search engine. Suspicion of illegal activities and lack of licenses. Untruthful information on the official website pages and poor support service. All of the above is still worth adding hidden terms, uncomfortable and low-information low-quality websites, problematic cooperation and monetary fraud. The list, alas, can go on: every day scammers come up with new scams and improve the options that have long become classics, luring into their net more new victims who want to make money on investment and trading operations.
No, these are not excerpts from a manual for beginner traders. Although this information is extremely important to pay attention
to for anyone who has decided to devote their time and money to investing in the field of trading. This is, unfortunately, a brief description of one of the many online brokers that offer their financial services to investors. It is such a company that we dedicate this objective and fact-based review to warn traders and help save money from dodgy scammers.
So, read carefully the review-warning about the so-called online broker Igm Holdings.
Types of trading accounts offered Igm Holdings
The project is intended for trading operations in different directions, the main of which are investments in cryptocurrencies.
The site is presented exclusively for English-speaking users or for those who very much want to become a member of this platform and are ready to arm themselves with the support of different types of translators.
The project provides several types of trading accounts, namely five (Basic, Silver, Gold, Platinum, VIP). For each of them special conditions and amounts of initial deposits are prepared, starting from $250 to $250,000 accordingly.
The difference in the "admission ticket" between the tariff plans differs many times. For example, to become a trader on the Basic plan is possible with a minimum deposit of $250, but the second trading account Silver already requires $10,000 as a start-up deposit, the third already requires a minimum deposit of $25,000. Each following plan specifies the minimum initial deposit twice as much as the previous one.
On the one hand, we can agree that the higher the initial deposit, the more profit can be obtained. However, this principle works only if a trader is lucky with a legal broker with a good reputation and cooperation is protected and profitable.
The minimum deposit amount of $250 is higher than the low threshold set by the legal brokers (on average, the amount of the minimum deposit is marked at the level of $100-150).
What does it mean? According to the experience of modern online brokers' reviews it is an evidence of the fact that intermediaries take part in financial operations. As a rule this fact is concealed from a trader, i.e. a broker does not advertise his shady representatives, though a client of such a brokerage organization pays for his or their services (often there is not one, but a whole chain of intermediaries), without suspecting it.
Often the investor learns about the presence of the so-called "third parties" only during the proceedings when he is informed that he has no documented confirmation of the transfer of funds to the broker with whom he signed a user agreement. The reason is that a broker often gives his client an account number for depositing his trading account which is in no way documentarily linked to him. The practice is that the broker "flips" money from one account to another several times, confusing the path of money flows that come from his clients.
As a rule, such schemes are used by swindlers who launch the brokerage projects with one purpose - to deceive and rob their clients. As a rule, the cooperation with such brokers leads to regrettable results, when the investors' money is "lost" and they have nothing to present to the broker, except for the reference to the promises and advertisements on his website.
What to do in this case? It is extremely important to choose carefully an intermediary in financial and trade operations. In other words, when choosing a broker, always remember that investing in the trading platforms of such organizations, such as Igm Holdings, is extremely risky.
Igm Holdings Trading conditions
On the pages of its official website, the so-called online brokerage project generously makes promises and describes the advantages of cooperation with it.
Offering a wide range of instruments and assets that can take part in traders' trading operations, the company emphasizes its desire to cover investors as much as possible, or rather their wallets. The broker focuses on digital currencies, offering maximum benefits in a single location.
What should a trader be aware of before agreeing to such a flattering (at first glance) offer?
For example, the broker promises "benefit from up to 1:500 leverage". It is important to understand what this information contains and what a trader should read between the lines.
In reality, the ratio of the leverage offered by the brokers depends on the jurisdiction under which the brokerage project is licensed. As a rule the regulators with high reputation forbid the brokers with the license to set the leverage ratio higher than 1:30.
If a broker offers higher figures, as we see in Igm Holdings, it can indicate that the company belongs to an offshore zone or works illegally, without authorization documents. In practice, the scammers successfully "catch" their victims with the leverage ratio of 1:500 and higher.
What are we to do with it? You must be alert when you see that the broker offers such a high leverage - this is one of the obvious "red lines", indicating the typical sign of fraud from those who stand behind the brokerage project.
For the safety of their capital, it is important for traders to understand that leverage is so dangerous that different types of financial authorities around the world have adopted a number of agreed upon rules that serve as a restriction on its use.
At the same time, there are exceptions which are suitable for risk tolerant traders. For example, Swiss brokers have a high reputation, but do not limit the leverage figures.
By the way, the hero of our review Igm Holdings refers itself exactly to such brokerage organizations. However, in financial matters it is not customary to take "our word for it". Therefore, we have to check whether Igm Holdings has a legitimate reason to be considered a reliable broker and use the privileges provided for them.
Igm Holdings Licenses
The reliability of a broker is determined not by the promotional information on the website, but, above all, by the existence of official authorization documents.
The Igm Holdings website doesn't contain any references, let alone links to licenses, certificates or other documents that could confirm the legitimacy of the company.
Specified only the office address and the contact phone number for traders from a number of countries of interest to the broker, but on this thank you, of course.
Igm Holdings assures that the central office is located in Zurich, Switzerland.
Accordingly, the company must have a license issued by the local regulator, viz: The Financial Market Supervisory Authority (FINMA). Let's turn to the official website of the organization to check the data of the broker Igm Holdings, or rather the fact of its licensing (or lack thereof).
In principle, the result is expected. The miracle did not happen. The broker offers its services to traders illegally, although it has no legal right to do so.
Let's see what the registration history of the domain name igmholdings.com, where the project Igm Holdings is located, will tell us.
As we can see, the official resource of Igm Holdings is only a few months old. Its registration date is February 1, 2021. It was during this period a lot of fraudulent brokerage projects were registered, which against the background of other facts allows you to think that Igm Holdings is one of these fraudulent one-day companies.
Igm Holdings Reviews online
Positioning itself as a reliable and experienced broker, Igm Holdings is almost not presented online. There are, of course, a few clearly promotional articles and reviews. By the way, we still managed to find references about the company on third-party profile sites "reviewers". Most of them are negative and definitely not flattering.
The investors unlucky enough to have encountered Igm Holdings in their practice, tell us how they lost their money.
Also there are a lot of complaints from ex-clients of the company about the disgusting work of the support managers who ignore the appeals of traders who encountered problems.
Scammers do everything possible to transfer clients from the Basic trading account to more expensive plans in order to swindle them out of as much money as possible.
As a result, in just a couple of months of being on the market, Igm Holdings has already accumulated a sufficient list of disgruntled clients who are trying to get their money back, but so far their attempts have been unsuccessful.
Unfortunately, this is the reality of cooperation with swindlers, which are becoming more and more sophisticated every day.
Safety and security of funds with Igm Holdings
About the safety of funds or any guarantees when working with Igm Holdings it's just not necessary. Moreover, the broker himself on his site makes it clear that all the risks associated with trading operations are on the conscience of the clients.
Before being allowed on the trading floor, the broker requires potential clients to sign a consent to such rules.
It is done so that in the case of a "showdown", to absolve themselves of all responsibility which, in fact, the illegal broker does not have.
Igm Holdings, which advertises its services on igmholdings.com, is a typical scam project. A lot of facts, low reputation in the niche and negative reviews from real traders confirm the fears that you should definitely not work with such a scammer. There will be no profit, but problems and financial losses are sure to follow.