Your investment may be at risk.
Iron Max Group is a foreign exchange, commodities, stock, cryptocurrency, and energy brokerage firm based in the United Kingdom. It features a distinctive logo in the shape of a Fibonacci spiral, but that is perhaps the broker’s sole redeeming feature. In our thorough Iron Max Group review, we’ll explain why the Iron Max Group is unsafe.
Iron Max Group REGULATION AND FUNDS SAFETY
Iron Max Group is registered in Saint Vincent and the Grenadines under the name Iron Max Ltd. We can’t even establish that such a legal body exists, demonstrating how nebulous SVG is. It is a contentious offshore jurisdiction in which the local financial body neither licenses nor regulates Forex firms. With all of this in mind, we can conclude that depositing with Iron Max Group puts your money in danger because it is anonymous and unregulated.
Offshore brokers should be avoided by traders since they are nameless and do not obey any rules. They tend to vanish without notice, and they get away with it because of a lack of openness and regulation. Furthermore, your funds will be moved to offshore accounts, where they will simply vanish. Traders should be aware that monies transferred to an offshore account are very hard to track down.
Iron Max Group TRADING SOFTWARE
Webtrader is the only program offered, and it offers no benefits. The MetaTrader platform was also made available for download by the Iron Max Group, however, it was found to be unusable. As a result, the broker in issue is most likely attempting to profit from the most widely used Forex platform on the market. This, however, is a red flag.
Webtrader’s EUR/USD spread is 0.0-0.1 pips, which represents a huge difference between buying and selling if Iron Max Group were legal. Despite the relatively low spreads, this is a shady unregulated brokerage that you should avoid. The spread, on the other hand, is a component of trading expenses, thus the lesser it is, the better for clients. Fortunately, many licensed brokers now provide 1 pip or smaller spreads on the EUR/USD pair, making it simple to discover the greatest trading opportunities.
The leverage is 1:200, which is a level that many regulators throughout the world no longer tolerate. According to the guidelines, licensed brokers in the EU, UK, and Australia must restrict principal foreign exchange transactions to 1:30, while US brokers must limit them to 1:50. However, you should be aware that most high leverage brokers are either poorly regulated or unregulated, so you should exercise caution when dealing with them.
Iron Max Group METHODS OF DEPOSIT / WITHDRAWAL AND COMMISSIONS
Iron Max Group does not specify provisions regarding withdrawals and fees other than to mention that clients must deposit at least $200 to start trading. However, the reluctance to disclose important information about their services is a wake-up call. Funding methods are also unknown!
HOW THE FRAUD WORKS
We accuse Iron Max Group of being a fraud since it is an anonymous and unlicensed offshore broker. We discovered several red flags and strongly advise against dealing with this shady broker. We’ll show you how fraudsters normally work in the following paragraph and don’t be shocked if you see the Iron Max Group doing the same.
The scammers will contact you as soon as they have your email address and phone numbers, and, being skilled manipulators, will continue to press you to make a payment as quickly as possible. Bonuses, promos, k-free offers, bitcoin chances, and whatever else you can think of will be offered to get you in. Scammers typically claim to work for renowned companies, banks, governments, and other institutions to impress you. You might wind up depositing if you aren’t careful, and this is only the beginning of the Forex scam.
Scammers usually act as though they are managing your account and show you bogus gains too fast. You’ll undoubtedly ask for a cashout if you think you’re in the money, but they offer even better profits. If you trust them, you will raise the deposit amount, but the fraudsters will want even more. You will eventually demand your money back, and the fraudsters will vanish as soon as they discover they have cheated you out of your money. However, if you wish to withdraw money before they got lost, they would want a large sum of money. This is the most telling indicator of a con.
It is also worth noting that this is not our first review of the Iron Max Group. It’s amazing how much this company has changed over time.
Link to the first review: https://forex-reviews.net/en/overview-of-iron-max-group/
WHAT TO DO IN THE EVENT OF FRAUD
Unfortunately, no one is immune to scammers. If you’ve been scammed, the first thing you should do is safeguard yourself from additional harm. Deactivate your card right away and call your bank for assistance.
Report what occurred to you, submit a complaint, contact the financial regulator, and other government authorities involved in trade and investment, and, if necessary, call the police. Actively seek assistance!
Remember, because scam refund organizations aim to double-cross customers, it’s critical not to rush to receive your money back. They demand payment in advance, take the money, and then do nothing! Finally, share your online experiences; it’s also necessary to safeguard others. Take responsibility!