IB Platform is a scam broker.
In this IB Platform scam broker review, we will show you the aspects why we are calling this a scam broker. Here are the red flags that indicate it is a fraudulent platform:
- Unlicensed and Unregulated: IB Platform claims to be regulated but is not licensed by any reputable financial authority.
- Misleading Information: The company falsely claims ties with CMC Markets, an FCA-authorized broker, which is completely fabricated.
- Fake Reviews and Testimonials: IB Platform uses paid reviews to falsely boost its reputation.
- Withdrawals Are Problematic: Many traders report difficulties in withdrawing their funds.
- Lack of Demo Accounts: There’s no free demo account for new traders to practice trading before using real money.
Company Overview
Aspect | Information |
Company Name | IB Platform |
Website | |
Registered Country | United Kingdom |
Regulation | Unregulated |
Operating Since | May 29, 2023 |
Trading Platforms | MT4, MT5, Web Trader |
Leverage | 1:100 |
Minimum Deposit | Not Available |
Deposit Bonus | Not Available |
Assets Traded | Forex, Crypto, Equities, Commodities |
Demo Account | Not Available |
Withdrawal Issues | Frequent Complaints |
Customer Support | Email and Phone |
Services or Products
IB Platform scam offers a wide range of financial products, including:
- Forex Trading: The platform lets you trade popular currency pairs like EUR/USD, USD/CHF, and EUR/JPY.
- Cryptocurrency: It provides access to major cryptocurrencies such as Bitcoin (BTC), Binance Coin (BNB), and others.
- Equities: Traders can invest in shares of companies like Amana, Cencosud, and more.
- Commodities: The platform offers commodities like Brent Oil, Cocoa, and Lead.
- Indices: Available indices include DAX40, FTSE, and AEX.
Trading Platform & Leverages
IB Platform advertises that it offers trading platforms like MT4, MT5, and Web Trader. However, many users report that the MT4 and MT5 platforms are not available. Instead, they are stuck with a basic, unreliable web trader.
- Leverage: The maximum leverage offered is 1:100, which is risky, especially without proper regulation.
- Trading Platform: While MT4 and MT5 are mentioned, only the basic Web Trader is accessible. This raises concerns about the reliability of the platform.
Spreads and Cost of Trading
The trading costs on IB Platform are unclear, but traders report that the spreads and commissions on certain assets, like the EUR/USD pair, are higher than what is advertised on the website. For example, the EUR/USD spread starts at 4 pips with a $7 commission per trade, which is far from competitive in the forex market.
- Commodities: Spreads vary with commodities, such as 5 pips for Cocoa and 4.2 pips for Coffee.
- Indices: Spreads for indices like the US500 start from 0.4 pips, but these rates are inconsistent.
License and Regulations
IB Platform claims to be regulated by the FCA, but this is a false claim. Upon investigation, it becomes clear that IB Platform is unregulated. This lack of regulation makes it risky for traders as there is no oversight to ensure their funds are safe or that the platform is operating transparently.
- No FCA License: IB Platform is not registered with the Financial Conduct Authority (FCA).
- Clone Scam: It falsely claims to be a branch of a legitimate FCA-regulated broker, CMC Markets.
Legal Warning Against IB Platform
Regulators such as the FCA, CIRO, and OSC have issued warnings against IB Platform, labeling it a scam. The company is known to use manipulative tactics such as fake reviews and connections to established brokers to deceive traders. If you have invested in IB Platform, you may be at risk of losing your funds.
Deposit and Withdrawal Methods
IB Platform offers several methods for depositing and withdrawing funds, including Visa, Mastercard, and PayPal. However, many traders report that they face issues when attempting to withdraw funds, and these methods often fail to process withdrawals in a timely manner.
- Deposits: Funds are credited instantly for Visa, Mastercard, and PayPal deposits.
- Withdrawals: Despite offering withdrawal methods, IB Platform has a history of making it difficult to withdraw money.
IB Platform Reviews: Pros and Cons
Pros | Cons |
Diverse Assets | Unregulated |
Multiple Funding Options | Scam Practices |
Withdrawal Issues | |
Limited Customer Support (email only, unresponsive phone line) |
Why Dealing With An Unlicensed Broker Is Risky
Dealing with an unlicensed broker like IB Platform poses serious risks, such as:
- Loss of Funds: Without regulation, there’s no guarantee that your funds are safe. Unlicensed brokers often mismanage client money.
- No Legal Protection: In the case of disputes or issues with withdrawals, traders have no legal recourse.
- Risk of Fraud: Many unregulated brokers are fraudulent and can disappear with investors’ money without facing consequences.
Client Feedback on IB Platform
Many clients have expressed concerns and frustration with IB Platform. Common complaints include:
- Difficulty withdrawing funds
- Misleading claims about the broker’s regulatory status
- Problems accessing the promised MT4 and MT5 platforms
- Higher-than-advertised trading costs
How Can “Reviewsadvice.com” Help You If You Get Scammed?
If you’ve already fallen victim to IB Platform’s scam, Reviewsadvice.com can help. They offer:
- Chargeback Assistance: Experts can assist you in initiating chargebacks to recover your funds.
- Legal Support: They provide legal consultations for victims of online trading scams.
- Fraud Reporting: Reviewsadvice.com helps you file reports with regulators and financial authorities.
Final Thought
In conclusion, IB Platform is a scam broker. It operates without regulation, misleads clients about its affiliations, and creates fake reviews to lure unsuspecting investors. If you’re thinking about trading with IB Platform, avoid it. Instead, choose a properly regulated broker with a proven track record to ensure your funds are secure. If you’ve already been scammed, seek legal assistance and report your case to protect your interests.
