Beware! i-Want.Broker is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Our first impression of i-Want.Broker website is that it looks very professional. We are impressed with the many logos of well-reputed companies displayed on the interface. It instils a sense of confidence and trustworthiness. However, the question is: Is this display genuine or is it there to dupe the naive and inexperienced?
i-Want.Broker Regulation and safety of funds
i-Want.Broker is a forex company trading in forex, stocks, futures and metals. From the information provided on its website, we find out that ICAPITALS LIMITED with address in St. Vincent and the Grenadines (SVG) is the owner of this website. If you are asking yourself whether it is safe to trade with a forex broker from an offshore zone, such as St. Vincent and the Grenadines, our answer is “no”!
For your information, a year ago, the Financial Services Authority in St. Vincent and the Grenadines issued an official warning that it does not regulate forex and CFDs brokers. The implications are that this broker is not reliable to trade with as there is no guarantee for the safety of your funds. What do you think will happen to your money if this broker decides to up and go or suddenly shuts down the website? They will be gone down the drain for sure!
If you are a potential forex trader looking for a reliable and licensed forex broker, we advise you to search the brokers in the well-reputed jurisdictions, such as the US, Australia, the EU and the UK. Only in these jurisdictions, brokers can provide some guarantee for the safety of your funds and that you won’t be scammed. How is it done? First of all, the regulatory bodies in these jurisdictions have very high requirements for the licensing of forex brokers. They must have initial capital that sometimes is so huge it’s hard to imagine – in the US, brokers must have an initial capital of $20 million! As in the US, there aren’t any compensation schemes, brokers must be well-capitalised to be able to protect their clients from unfavourable events, aka, bankruptcy. In Australia, the initial capital is also very high amounting to no less than 1 million AUD.
In the EU and the UK, the set up is a bit different. There the forex brokers must have only 730,000 EUR in the form of an initial capital but they must contribute to a local compensation fund or a scheme from which traders get compensated. The clients of forex brokers regulated by CySec will be compensated by up to 20,000 EUR per client if their broker contributes to the local Investor Compensation Fund. The UK is the only jurisdiction where the clients can get better compensation which can amount to 85,000 GBP per client if the broker regulated by FCA contributes to the local Financial Compensation Scheme.
As you can see, there are ways to protect forex traders’ funds and you will be well-advised to use the links we provided above and to select a licensed broker that suits your trading needs. As you do your research, do not forget to look at the ratings for each forex broker.
i-Want.Broker Trading software
The trading software offered by i-Want.Broker to its clients is MetaTrader 4. We must say that this is an excellent choice as MT4 is one of the well-reputed trading platforms and still very popular among forex brokers despite the fact that it was launched 15 years ago. The excellent package of trading tools and instruments that the platform offers helps enhance traders’ experience. Among the many technical tools and instruments this platform is equipped with, we can mention the code base with customs scripts, the trading signals that traders can obtain for a subscription fee, the app market and last but not least, the auto trading option. We can also say only positive things about the charting options available on this platform that come with a plethora of technical analysis indicators which help the trader predict the future of exchange rates and make a profit.
However, we must say that we are disappointed because we attempted several times to register an account with i-Want.Broker but due to a broken link in the system, we couldn’t, hence we couldn’t explore i-Want.Broker MT4 platform. The only information that we could find about trading with this platform is about the leverage which is given as 1:100. Some enthusiastic newbies may think that high leverage is good as it gives you a chance to win big using just a small portion of your own money. However, we must say that such a mindset is wrong. First of all, you must be aware that statistically, around 70% of traders experience financial loss in transactions. And high leverage amplifies the chances of losing in a big way. It’s not by chance that in the EU and the US there is a cap on leverage and it cannot exceed 1:30 and 1:50 respectively. The cap on leverage for these jurisdictions serves as a measure to prevent reckless forex traders taking chances with their funds. The good news is that Australia will follow suit shortly in March 2021 and will also impose a leverage cap of 1:30 for major forex currency trade.
i-Want.Broker Deposit/Withdrawal methods and fees
i-Want.Broker has an abundance of account type – 6 altogether – Micro, Minim, Standard, Master, Expert and VIP. The minimum initial deposit for the Micro account is $250. The other accounts start at $1,000, $5,000, $ 10,000, $25,000 and $100,000 respectively.
The payment methods, as shown in the footer of the company’s website consist of VISA, MasterCard, Yandex Money, QIWI Wallet and Mir.
The minimum withdrawal amount is $20 with withdrawal processing time between 3 and 5 business days. The withdrawal payment methods are the same as the deposit payment methods.
On the company’s website, we did not find any information regarding fees on deposit/withdrawal, dormant accounts, etc.
In the Terms and Conditions document, we find the bonus policy which stipulates that if a client accepts a bonus, he/she can withdraw the bonus after executing a minimum trading volume of $10,000 per $1 bonus. Although the trader can withdraw from his/her funds before fulfilling the bonus requirements, the company reserves its right to cancel the bonus. As you can see, fulfilling bonus requirements is not an easy undertaking and you’ve got a lot to lose if you fail to meet them. In addition to that, we want to point out that offering bonuses is something that serves to distinguish non-legit brokers and scammers from licensed brokers. Please be aware that licensed brokers, as a rule, do not offer any bonuses or other forms of incentives. Only non-legit brokers and scammers do!
How does scam work?
If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers’ schemes. What you probably do not know is that your hard-earned money goes as commission to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for a chargeback.
What to do if scammed?
If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.
Rich Snippet Data