IG Canada Review: Ig-canada.com Risky Offshore Firm
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IG Canada Review
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Regulation
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Fund Safety
Summary
The broker has given contact details of Geneva Switzerland, a phone number and email address. However, all these do not make them legit. The details are too scanty and unreliable. For example, the broker has not given specific details about their location.
IG Canada mantra seems to be seems to suggest that they’re poised to secure your financial future. One can be therefore tempted to trust this shady broker. As a rule, you must conduct proper research before investing with any forex broker in the market. Often, there are many reviews available. However, some can be biased and hence the need to verify all the data first.
In forex trading, there are many scam traders. However, all is not lost because there are also many honest and transparent brokers. These are regulated by the financial watchdogs which make sure that they adhere to the rules of forex trading. These rules are geared towards protecting forex traders from conniving brokers.
About Ig-canada.com
From their website, the IG-Canada platform facilitates trading in currencies, commodities, and digital assets. Depending on the customer preferences the broker purports to ensure that you make informed decisions. The broker offers six different accounts each with its unique characteristics. There’s also an exclusive account called the “Millionaires Club,” which is for members only.
Although the broker does not give an inception date, we established from whois.com that they registered their domain on 23rd January 2024. Thus, they had been operating for a short time by the time of publishing this review. We noticed that the broker offers trading signals. Many brokers desist from this practice because the signals can be inaccurate and traders can rely too much on them.
Founders and Team
Every business has to start somewhere. A list of the establishment’s founders and its mission statement must be included. Many businesses provide a list of the employees along with pictures of them. However, this broker has left out this crucial detail.
The organization leaders represent its values and philosophies. That’s why it is critical to disclose who they are. These scammers are however anonymous so that when the business fails in the future, people may not identify them as con artists. Additionally, it’s possible that they run several con companies under various names.
Contact Details
The broker has given contact details of Geneva Switzerland, a phone number and email address. However, all these do not make them legit. The details are too scanty and unreliable. For example, the broker has not given specific details about their location. They ought to include a house number. Also, they should have a social media page for better correspondence.
IG Canada Regulation Status
In forex trading, finding a reputable and regulated broker is crucial to ensure the safety of your investments. Unregulated brokers, on the other hand, can pose significant risks to traders.
One of the most prominent red flags we noticed about IG-Canada is the absence of a regulatory license. A lack of regulation means that the broker is not bound by the rules and standards set by these regulatory bodies. We checked the regulatory bodies in Switzerland but did not find the name IG-Canada.
Unregulated brokers are also known for offering unrealistic trading conditions and bonuses. They may promise high leverage, low spreads, and generous bonuses to attract traders. These offers however often come with hidden terms and conditions that can be detrimental to traders. Regulated brokers, on the other hand, are required to adhere to strict guidelines regarding trading conditions and bonuses.
Furthermore, unregulated brokers may engage in unethical practices such as price manipulation and stop hunting.
IG Canada Trading Conditions
One of the things we noticed was the minimum deposit which is at a staggering $5,000 for the “Test Drive” account. For a beginner, this would be financially unhealthy. A forex trader cannot invest realistically with this kind of money. We didn’t find any information about the spread but leverage is from 1:100.
Deposit and Withdrawal Methods
To deposit, you can use VISA, Neteller or Amex. However, most scam brokers such as this one demand that you use cryptocurrencies because their transactions are irreversible and untraceable.
Final Verdict
IG-Canada has so many red flags that it’s hard to trust their authenticity. The broker does not have an operating license, which a red flag. As trader, you should be wary of such scammers and instead, trade only with licensed, honest and trustworthy forex brokers. This way, you will be sure that your money will be safe.
