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InitialRate Review: Initialrate.com Scam Forex Broker You Should Stay Away From

InitialRate Review: Initialrate.com Scam Forex Broker You Should Stay Away From

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InitialRate Review

InitialRate Detailed Review.

InitialRate (Initialrate.com) offers over 15 forex pairs not forgetting some exotic currencies. Some of the currencies InitialRate offers include Mexican Peso, South African Rand, Hungarian Forint, Russian Ruble and Turkish Lira. Other trading instruments include stocks, silver, oil, indices, gold, and CFDs. This product mainly deals with the Crypto Market.

What Crypto CFDs does InitialRate Offer?

 

Some of the Crypto CFDs this product offers include, Verge, Ripple, Monero, Tron, Ox, Zcash, and Stellar. It also deals with Litecoin, Komodo, Ethereum Classic, Bitcoin, Binance Coin, Funfair, and IOTA. Nxt, NEO, Augur, StarCoin, StartCoin, Ark and Cardano, Bitcoin Cash, Ethereum, Gas, Power Ledger, Tezoz, EOS among others.

A demo account is available on their website and we decided to conduct a test. Evidence at the time concluded that the spreads were reasonable. They had a benchmark EUR/USD spread floated in and around 0.9 pips. When we put aside trading conditions, we had issues with legitimacy of this broker. Read on to find out the trickery behind this fake product.

Regulation and Safety of Funds of InitialRate.

 

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What they claim on their contact page is that InitialRate is owned by EZ Education LTD. EZ. Education LTD is apparently registered on the Marshall Islands. One alarming fact is that this broker is not regulated anywhere on the face of the planet. It means that any trading they do on behalf of members is illegal. Markets in the US, Japan, European Union, and Australia do not condone this.

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InitialRate Scam

Is InitialRate Licensed?

 

Forex investors who trade with licensed brokers who are regulated by financial authorities is what you need. Australian Securities and Investment Commission, Cyprus Securities and Exchange Commission are trusted regulatory bodies. Financial Conduct Authority is found in the UK and is also a trusted regulatory body.

This is the only way forex investors can feel safe since these bodies ensure transparency and oversight. Following strict ethical and financial rules should be at the core of any forex broker. This ensures legitimate forex brokers are subject to vigorous oversight to ensure safety.

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Is InitialRate Regulated?

 

Regulated forex brokers have to file regular reports to allow for external audits. This ensures these brokers maintain a certain operational capital at all times. InitialRate is not regulated by any financial authority. We reached out to all financial regulatory bodies we know and non confirmed regulation status.

With most European financial regulators, operational capital must always remain above 730,000 EUR. Having an operational capital ensures funds are kept in a segregated account. A segregated account provides traders with a negative balance protection. It also helps to ensure traders funds. A trader’s insurance with a FCA broker stands at 50,000 GBP. With a CySEC broker, limit is set at 20,000 EUR.

How to Deposit and Withdraw with InitialRate.

 

This product accepts deposits of major credit cards such as MasterCard and Visa. They also accept bank wire transfers. Minimum deposit required to deposit with InitialRate is $250. InitialRate is offering members a trading bonus which will be dangerous in the end. We will explain this detail later.

According to the website, trading bonuses are linked to a certain minimum trade volume requirement. This product allows traders to trade nearly 90 times for the bonus amount. After trading for over 90 times, you are allowed to make withdrawals. It’s imperative that we let you know that this trading practice is unusual.

All regulated brokers are prohibited from offering investors trading bonuses. Why? This practice of offering bonuses has become highly controversial.

Does InitialRate have Withdrawal Fees?

 

InitialRate Fake

This product has a lot of withdrawal charges not forgetting processing and handling fees. A good example is when you’re trying to withdraw an amount of $500 using Wire Transfer. InitialRate will charge you $100 which is far from industry’s regulations. This is simply not acceptable.

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How does InitialRate Scam Work?

 

What these scammers do is entice you with eye catching videos. You are most likely to be invited to join a bot scam promoted by these scammers. Presentation videos tell you how its possible to get rich quick without any effort.

Promises such as using an innovative platform is one way scammers entice you to join their apps. Imagine having to join an investment which is risk free? Some of these promises are simply not plausible.

Once you decide to join, you’ll start seeing successful trades being made by these platforms. You should know that these results are doctored and are just manipulations.

Scammers know that when you see your cash increase, you are more likely to invest a large sum. This is the ideal time for you to receive a call to add more funds for trading.

A senior account manager is the one to make a call and urge you to join, They call it a money minting investment. Senior account manager’s role is to explain how to make real cash if you invest more. A sum of nearly $10,000 is what they will ask from you in order to make real money. Chances are, most people follow this ridiculous advise.

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Should I Invest with InitialRate?

 

Take note that immediately you take the account’s manager advise, you are headed for trouble. One, this maybe a call center employee who will take a cut once you deposit $10,000 with InitialRate.

Victims don’t have a clue they have been scammed until they want to withdraw money. All of a sudden, you receive a message that you can’t withdraw your funds. Some of the reasons they give include not attaining a minimum trade volume. Another reason they give is that you had accepted a trading bonus in the first place. This is why we earlier said bonuses are illegal in Forex trading.

Scammers will never allow you to withdraw your money, no matter the circumstances.

What do I do if Scammed by InitialRate?

 

A rational solution you should have take is file a chargeback with your credit card provider. Good thing is, both MasterCard and Visa have extended chargeback periods to about 540 days. All this is done to combat online scams such as InitialRate.

Never give these scammers your credit card information or other banking details. If you do this, cancel your card and change your online banking password.

Finally, never trust the so called recovery agencies. Recovery agencies will simply ask for an advance to recover your money. Once you send some an advance, it’s the last time you hear from them.

Is InitialRate Legit or a Scam?

 

InitialRate is a scam that will swindle all your money. Most people have been complaining of losing money immediately they deposited with this product. Readers should stay away from this fake forex and crypto currency broker at all cost.

InitialRate Final Verdict.

 

InitialRate Scam Review

Due to the concrete proof we have brought forward, we must blacklist InitialRate. Unmasking fake brokers is a way of ensuring fraudsters stay away from the Forex and Crypto world.

Instead of dealing with Fake brokers, there are better and safe alternatives. Trusted crypto trading robots will ensure you make real profits. Stay safe and trade with only the best crypto trading robots. Sign up with reputable and professional crypto trading robots for all your crypto currency trading.

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