Introduction to IronTradeFx Review:
Trading is a great way to earn money. With just the right amount of knowledge and mind put into this, anyone can earn lots of profits. However, the scams that come along cause the main problem. Scam brokers are in plenty and attacking every unsuspecting customer. To avoid getting scammed, the only solution is to be extremely cautious while trading. Before investing with a brokerage firm, you must check for any red flags with the broker. How to do that? We will help you! We publish reviews of the brokers that are a potential scam with all the red flags they pose. Read on to know more about IronTradeFx in our detailed IronTradeFx review.
Founded in 2019, IronTradeFxis relatively new. IronTradeFx claims to be owned and operated by another company by the name of Rosco Solutions which is based out of Kingstone, Saint Vincent, and the Grenadines. Since we could not find any more information regarding the address of IronTradeFx, it is clear that IronTradeFx is also based in Saint Vincent and the Grenadines, thereby posing the first red flag in this IronTradeFx review.
About the company:
IronTradeFx presents itself as a binary options platform that offers services to customers from all corners of the world. It offers to trade in a variety of tradable instruments such as commodities, currency pairs, cryptocurrencies, etc.
Breaking down the claims:
Does IronTradeFx have a license?
No, IronTradeFx is UNREGULATED. IronTradeFx is based out of Saint Vincent and the Grenadines which is an offshore zone. For those who may not be familiar with this term, offshore zones are the places where the regulation is not up to the mark. Therefore, it is not safe to trade with brokerage firms that are based out of the offshore zones. This poses yet another red flag against the IronTradeFx scam in this IronTradeFx review.
What trading platform does IronTradeFx use?
Upon entering the website, we could not see any sign of a demo account. We were restricted from trading as well. The fact that IronTradeFx does not have a demo account poses yet another red flag as all the reliable and legitimate brokers offer demo accounts to the customers. IronTradeFx claims to provide a web trader to their customers. However, we were not able to find any of that. This raises yet another red flag against IronTradeFx in their IronTradeFx review.
What is the leverage offered by IronTradeFx?
IronTradeFx offers leverage of 1:500 as compared to the average of 1:50. This is very high leverage and might prove to be a risk to the customers. Scam brokers often adopt this method of increasing the leverage in an attempt to lure the traders in and then steal all of their money.
Conclusion: Is IronTradeFx scam real?
To sum up, all the points that are drawn above, we can safely say that IronTradeFx is a potential scam. We request our readers to stay away from IronTradeFx. One must always conduct proper research before investing your hard-earned money with a broker. If you have been scammed by IronTradeFx, report it to us right now and we will help you.
To know more about scam brokers, read our latest review on Greenfield Brokers.
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