IGFB Review: Do Not Deal With This Scam Broker
The IGFB scam is owned and operated by a company allegedly based in the Commonwealth of Dominica, a notorious offshore nation with a very lax regulatory body.
At the time of writing this IGFB Review, the website needed to be functional.
This has made reviewing much of the content difficult, but there were bits and pieces that clearly show fraudulent activity. We weren’t one little bit surprised when we came upon a number of scam warnings posted by different financial regulators around the world.
Here are the warnings in question now:
|Company||Seabreeze Partners LTD|
|Warning||FCA, CONSOB, A-TVP|
|Address||Commonwealth of Dominica|
|Bonuses||Up to 70%|
IGFB Regulation and Fund Security
We cannot stress enough how important it is to check the authorization and licenses of any broker you might wish to deal with. The company that owns IGFB, Seabreeze Partners LTD is a dangerous unregulated entity that does not have a valid license.
We have already seen that there are numerous scam warnings about this entity in particular. One of the most prominent financial regulators is the FCA from the UK, which is one of the bodies that issued a warning about IGFB.
Here is what the UK’s FCA requires from a broker prior to issuing a license:
- At least £730 000 of initial capital
- Compensation fund of £85 000
- Maximum leverage is 1:30
- Negative balance protection for clients
- Segregated bank accounts for clients
- Bonuses are forbidden
- Full transaction transparency must be ensured
We can see that IGFB breaks many of these rules, as their client accounts do not have either a negative balance protection or segregation of funds. The lack of these safeties brings the client into great peril, and at the same time means that IGFB does not have authorization.
We checked the databases of many regulators to see the scope of the damage dealt by IGFB. So far, we came across warnings from the mentioned UK FCA, as well as Italian CONSOB and Slovenian A-TVP. IGFB sure kept busy in the European region.
IGFB Trading Software Overview
The main website of IGFB is non-operational, and so is their trading floor dashboard. It was for this reason difficult to test the functionality of their trading software. The frauds did mention a modern and innovative trading platform, but that’s what they all do. We dug deep into the archives and found out that the only application IGFB offered was the Web Trader.
It does not surprise us in the slightest, however. Online swindlers like FXY Trade which we reviewed earlier, use this kind of web-based software rather extensively. It allows them to edit the trading data, and display whatever information they see fit, in an effort to better defraud the clients of their money.
When you start your online retail career, look for a broker that offers industry-standard MT4 and MT5 software. These programs are both very versatile, and each has its own advantages. MT4 has a track record that goes as far back as 2005, while the MT5 is a new-generation program that utilizes modern hardware to its full potential.
Account Types Available at IGFB
The account types at IGFB are more comparable to some MLM schemes than to that of a real brokerage. There are 3 main account types, and they don’t include either a demo or a swap-free account for Islamic traders.
Here we can see the different accounts and their costs and advantages:
- Basic – Minimum deposit of $250, up to 30% bonus
- Standard – Minimum deposit of $5 000, up to 50% bonus, 25% insurance
- Premium – Minimum deposit of $25 000, up to 70% bonus, 50% insurance
Some of the perks are grayed out on all account types. We may consider this to be an allegation of a possible “VIP” account that has not been publicly outlined. It is also possible that the scammer has changed their account strategy over time. Either way, the minimum deposit of $250 is not very cheap, nor too steep.
Deposits and Withdrawals Procedure
It’s difficult to tell which financial channels IGFB used for their business. Of course, there are mentions of Bank Cards, Wire Transfers, and E-Wallets on what remains of their website, but you know how it is with these scam brokers. Since all deposits and withdrawals are handled through the trading app which is also defunct, we couldn’t reliably verify any of this info.
The IGFB scam used pseudo-legal documentation to denote any bonuses and profits as “non-deposited funds”, which were not eligible for a withdrawal. The frauds would simply quote the fine print in the Terms and Conditions to block any withdrawal attempt from the clients or ask for pricey taxes and commissions that make the payout not worth the effort.
How Is Fraud Carried Out?
Scam brokers like IGFB offer great business deals at low costs. The flashy websites with tons of fictitious awards and positive user review instill an air of confidence. Of course, a veteran trader can see through this deception, but the novices are prone to becoming scam victims due to their lack of experience.
All the profits that a client would make on the trading platform at IGFB, much like their scamming friends at Options Trade Fx, are completely made up. The victim would receive a cold shower when they try to withdraw funds, only to be met with insane commissions and fees that undermine the perceived profits.
IGFB is an offshore scam broker that fully utilizes boiler room agents to squeeze the money out of their victims. The website is now defunct, possibly due to numerous scam warnings published by different financial regulators.
It is now understood that IGFB used contradicting terms and conditions to deny withdrawals from user accounts. Their Web Trader software was rigged to show false profits. All payouts were subject to steep taxes, which greatly diminished all invested capital.
FAQs About IGFB Broker
How Secure is the IGFB Trading Platform?
The trading platform at IGFB is a compromised Web Trader that has no embedded security whatsoever.
Does IGFB offer a Demo Account?
There is no demo account available with IGFB Broker.
Are Payouts Subject to Taxes at IGFB?
The payouts at IGFB are subject to hefty taxes and fees that greatly undermine the profits.