iQuoto (Iquoto.com) is a crude Forex broker scam out to cause malice to anyone who signs up. I QUOTO is another brutal brokerage scam which is ripping off online investors. In order to get a glimpse of how this platform has destroyed people, look for posted comments. Xavier Chaubet has lost over $3,000 with this fake platform. And this is why we decided to investigate and produce this iQuoto review.
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Xavier sent as a horrific email complaint detailing how he was scammed by this broker. Asked what happened when he contacted them, he said the broker went silent. This is what has been the case with other investors who signed up with this broker. They have been swept aside by this broker with no communication whatsoever. This is why everyone should keep away from this broker as they are nothing but scam artists. Read this detailed iQuoto review and find out more.
After landing on their homepage, we could see why users fell for this broker. Their homepage is simply and easily entices the eye. Without proper knowledge of Forex trading, anyone will easily believe this platform. And this is what these scammers are after, to grab your attention immediately with this homepage. No one can notice the flaws well hidden in this platform. Thanks to our years of trading experience, we will reveal all their dirty hidden secrets.
There’s not much information we got from the website regarding who owns this platform. Disclaimer at the footer of the homepage reveals this platform is owned by Kepsworth Limited. This company is apparently based in London which we highly doubt. Checking the company’s registrar, we found no company with this name. This is a clear indication this platform is being ran by an anonymous professional outfit. The first red flag we noticed with IQUOTO.
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Why has the broker failed to mention the founding members of this platform? It’s clear we are dealing with a rotten Forex brokerage firm. Best put, iQuoto is scamming people with a pyramid scheme sort of style. There’s no way owners can be reached through communication channels. And this is another red flag we spotted with this broker. This broker is pocketing all the funds being sent to them with no shame. IQUOTO is a scam which must be exposed at once.
This brokerage firm is not licensed by the FCA to conduct any Forex transactions on behalf of third parties. How can this platform be licensed or registered when they are filled with anonymity. Sadly, we believe these are offshore brokers who try to use the FCA as their license to trade. Using the regulatory commission will not work as the FCA warns users regarding iQuoto.
Where are their licensing and registration certificates? Why has this broker failed to issue any licensing details for users to verify? A real broker will easily post copies of their registration certificates and documents for all to see. There’s a reason this broker does not follow protocol; they simply don’t have the required documents. This means iQuoto is operating under false pretense which is illegal. Stay away from any broker who fails to pass FCA regulation status.
And this is where these scammers have outdone themselves; they have rigged their demo account. With their demo account, users get over 98% successful trades which is highly unusual. Investors open a real account thinking they will make over 98% successful trades. It’s not the case.
These scammers are in league with other rogue brokers to send wrong trading signals. Investors end up using these signals to make wrong trades. This is why you should never trust results of demo accounts. A real account will require real funds to operate.
iQuoto offers two different account types for investors to choose from. These accounts are named Standard and ECN accounts. Standard accounts come with 1.3 spreads and no commissions. Leverage is 30:1 and minimum trade size is 0.01 lots. There’s no minimum deposit set for this account type. ECN account has raw spreads and minimum required trading volume is $2,000. Leverage and lots are the same as standard account holders. Note any difference?
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There’s no notable difference with these accounts which makes us question everything regarding them. Why would anyone sign up with an account which requires $2,000 and get advantages as investors who deposit less? This is a mental game where these brokers target investors with loads of money as well as newbies. Ensure to check advantages of each account before signing up with a platform.
When it comes to banking terms and conditions, this broker clearly breaks them. Why have they failed to mention their banking procedure and partners? Where do they bank money deposited by investors? These are some of the hard questions we need answers to. Stay away from this broker.
When it comes to segregation of accounts, this is not the case with this broker. This means iQuoto is pooling funds in one account which is extremely dangerous. In case this broker faces bankruptcy or worse insolvency, funds will be lost. Sadly, iQuoto does not participate in any compensatory scheme as the law requires.
According to what their website claims, this broker prefers using MT4 trading platform. In order to test how well their trading platform works, we decided to investigate by downloading it. Immediately we started the download, we noticed an anomaly. Download stalled at 38% which is bad news for any trader. This means their platform is highly unstable which leaves users vulnerable to Cyber-attacks. Make sure to stay away from this broker and their platform.
Hackers are targeting unstable platforms for data harvesting. With an unstable platform, hackers can easily steal credit card information. Note this website lacks SSL encryption which means we are dealing with a rogue Forex broker. Stay away from this platform and ensure to use industry backed Forex trading platforms. Trading with this platform will leave your bank account vulnerable to hackers.
Clearly, we are dealing with a professional scam outfit hiding behind this Forex trading platform. Ensure to stay away from brokers who share same characteristics as this platform. Mark all their emails as Spam and ignore calls from their agents. These agents are getting your contact details from your sign up details. Warn your friends and family from signing up with any of their affiliate programs. You wouldn’t want to be an accessory to online fraud.
In order to stay away from this broker, never click on any links sent by this fraudulent broker. Adding this platform to our scam blacklist will protect our readers from falling into their trap. In addition, we hope authorities will look into this platform and shut down their website.
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Lastly, we wish you all the best in your Forex trading experience.
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