IXSecurities

Regulation

The brokerage is regulated by the Securities Commission of the Bahamas, we learn this fact through the website. Here we remind readers that the financial regulator of the Bahamas – the SCB – cannot compare with prestigious regulatory agencies in Europe, most importantly because it does not provide participation in a financial mechanism by which client’s losses may be recovered in case of bankruptcy or fraud. There is also no assurance for the segregation of accounts which exposes the clients to the possibility of commingling – combining the broker’s finances with that of the client. Furthermore, the agency requires a starting capital of the meager $50 000 while CySEC requires at least $730 000.

If traders choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency, they needn’t have to worry themselves with such risk. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

Website features

Deposit/ withdrawal methods and fees

Potential clients may withdraw or deposit through the standard Visa and MasterCard, or they can use bank transfer and e-wallets Neteller, Skrill and UnionPay.

In the terms and conditions the brokerage openly states that there are handling fees.

The handling fees have many options: for credit cards there is a 3.5 percent fees for deposits under $5000, for FasaPay it is 0,5 percent, for UnionPay 1.40 percent, for WebMoney 4 percent, for QIWI 7.5 percent and for Yandex 8 percent.

Such provisions deeply trouble us as they are excessive and posited in such a way as to drain money from the initial deposit of the trader. This is why we remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

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