Updated on February 13, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding IGOFX due to the issues we've identified.
Is IGOFX Scam or Legit Broker? ▲
IGOFX has been determined to be a fraudulent entity. This broker operates under registration in an offshore location, which already raises significant alarms regarding its legitimacy (similar to other scam forex brokers identified in our extensive review of over 1000 brokers). IGOFX lacks any form of reputable licensing from a recognized financial regulatory body, thus, trading with IGOFX is NOT SAFE.
It is our stance that engaging with offshore brokers exposes traders to unnecessary risks. This is because such brokers might offer what appears to be highly competitive trading conditions or environments. However, without the backing or oversight of official regulatory bodies that govern the Forex market, traders are left to rely solely on the broker's word. This setup is fraught with high risk, as there is no guarantee of the safety of traders' funds or the integrity of the trading conditions promised.
IGOFX operates as a Forex and CFDs broker, with its services provided by IGO Global Limited, which is registered in Vanuatu by the Vanuatu Financial Services Commission (VFSC). Vanuatu is known to be an offshore zone that attracts forex brokers because of its tax benefits, though it is worth noting that most brokers registered there do not possess actual regulation or licensing by any authoritative body.
Despite the terms and conditions claiming jurisdiction in England, IGOFX is not regulated in the UK. Additionally, the Monetary Authority of Singapore (MAS) issued a warning alert in March 2017, suggesting that IGO Global Limited and IGOFX might have been mistakenly perceived as being licensed or authorized by MAS. Furthermore, the Bank Negara Malaysia (BNM - Central Bank of Malaysia) placed the broker on its alert list in July 2017, stating that IGOFX has neither been authorized nor approved under the laws and regulations administered by BNM.
In conclusion, engaging with unregulated offshore companies such as IGOFX poses a significant risk due to their lack of guarantees regarding the safety of customers' funds. Our recommendation is to opt for entities that are authorized by serious and reliable authorities where regulation is stringent, such as brokers regulated by the FCA in the UK or ASIC in Australia. Dealing with such regulated entities offers traders a higher level of security and trust in their trading activities.
IGOFX Update
Our recent findings indicate that the IGOFX website is no longer active, suggesting that the broker has ceased its trading offerings and is currently not operational. Despite this, we urge traders to remain vigilant and avoid any dealings or proposals that may arise from this broker in the future.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
IGOFX Review 2024
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