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A Japanese broker scamming users, IS6FX (is6.com) is a risky trading platform. Those who have engaged with the broker know all too well the consequences. Members have been trying to withdraw funds for the past few weeks. Unfortunately, attempts to reach the broker for comment have hit a wall. Such brokers often block withdrawals and later delete the entire website. Please find out more in our detailed IS6FX REVIEW.
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The broker claims they started the liquidity service in 2017. IS6FX claims the journey was a vision to offer the best financial services to investors. And the mission was to penetrate all markets and evolve with time.
We also see that the broker was acquired by TEC World Group, an IT firm, in 2020. Whether this is true remains unknown. We haven’t heard a response yet from this IT Company. However, we believe these are false claims.
Upon visiting the TEC Group Company profile, we noticed the company link section. And yes, the IT Company does own the broker. However, the broker is an offshore-based entity and doesn’t follow trading regulations.
Also, the broker may seem attractive to some due to the set conditions. However, we must warn you that high risks conditions such as high leverage is a double-edged sword. It’s more likely you will lose your funds than double them.
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And that’s why IS6FX doesn’t comply with any regulatory body, not even in Japan. Instead, we see a broker who wants to run the market like the Wild West. The broker also limits access to the number of tradeable stocks.
Experts recommend doing due diligence before signing up with any broker. First, you must check if the broker has a valid license from a reputable regulator. Also, check the risks involved and what others say about the broker.
Pretty simple, you sign up, deposit funds, trade, and fail to withdraw your profit. The broker will also limit trade time. We see a broker who doesn’t respond to withdrawal email requests. And that points to an exit scam.
Hundreds of investors have sent emails trying to get a hold of the broker. Unfortunately, it’s becoming frustrating as some have gone for weeks without hearing from the broker. Chances are, the broker has already withdrawn funds and has a dummy setup.
Scam brokers usually have access to your account using backend logins. The broker can manipulate your account balance to show a balance when there’s nothing. Once you deposit funds, the broker immediately starts getting it all.
You trade thinking all is well and eventually believe the broker is ideal. Your first withdrawal attempt is met with a request to deposit funds before access to your balance. Those who fall for it end up losing all deposits.
The broker does try to offer reasonable trading solutions with MT4 and MT5 trading terminals. These are the best platforms to use when trading instruments. In addition, the terminals provide a wide array of advantages to experienced traders and newbies.
MT5 and MT4 offer an easy interface and a user-friendly platform that does the trick. In addition, you get loads of educational materials to help you learn how to place trades properly. Both of these platforms also offer demo versions.
You get platforms with automated trade features that are compatible with trading robots. In addition, you can customize the platforms to suit your trading style. Did we mention the platform is fast at executing trades?
Traders get 21 timeframes and advanced and technical indicators. In addition, there are over 50 technical indicators on the platform. Another advantage is the seamless ease of information and accurate trading signals.
The broker claims the five available accounts are suitable for every class of traders. These include micro, standard, pro, leverage, and ex-account. Each of these accounts has something different to offer.
Here’s a closer look at each account
Micro
It’s the smallest trading account and is suitable for beginners. You get 45 trading pairs with leverage set to 1:1000. Account opening and maintenance are free, according to the charts. However, that’s not the case when you open the actual account.
Standard
You get the same features as that on a micro account. The only difference is the account promises huge trading bonuses.
Pro
For the pro account holder, members get narrow spreads. The broker claims this is a discretionary account. Leverage is 400 times the normal set condition.
Leverage
There are only 100 limited leverage accounts on the platform. We don’t see this as true as anyone can open an account. It’s also called the 6000:1 leverage account.
Ex
It’s the most exclusive account of them all. The bonus received turns into cash, and members get managed account services. Leverage is 1,000 times with 30 available maximum lots.
The broker has gone insane with such high leverage. No expert trader can advise you to go for such. The broker is putting your trading position at risk. Despite claiming the account maintenance is free, these are false claims.
Before you make any withdrawals, the broker will require an upfront account maintenance fee. So these are some of the missing information on the platform. And that’s why we have to expose it before traders lose it all.
High leverage is the reason why we had to flag this broker. Regulators accept maximum leverage of 1:100 for forex assets. No one gets to enjoy such high leverage without facing increased risks.
The broker fails to mention the available spreads. Are these fixed or variable spreads? Such information should be made available before even one chooses an account. The broker is planning to take advantage of naïve members.
There are 45 stocks available on the platform. You also get VPS services which we believe are inaccurate signals. No one has come out heaping praise on the accuracy of the signals. There’s no record of their signals on tradeview.
You get to trade from three product categories: energies, forex, and stocks. Energies include Brent and WTI crude oil. Forex assets include three pairs, NZD/CAD, NZD/CHF, and SGD/JPY.
Stock indices are the biggest batch available, with over six index platforms. Some indices include DAX, HK50, JP225, NASDAQ, S&P 500, UK100, and US30. There’s no update on whether these are current indices on the platform.
Due to the high risk involved, you have to clear the air. The broker fails to offer much in terms of fair trading conditions. And as such, we have to rate the broker 1/10. The low rating is also a result of the broker’s withdrawal complaints.
IS6FX is not a licensed or regulated trading platform. So those who have signed up with the broker are worried about the implications. There’s no license from any regulator regarding this broker. And that means there’s no legal framework to follow for the broker.
The broker fails to hint at compliance or having applied for a license. Regulators won’t protect you from such a broker. It won’t end well for investors signed up with unregulated brokers.
Please stay away from unregulated brokers.
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