Scammed by Inmarket FX Broker?
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IS Inmarket FX a scam broker?
InMarketFX is a Forex broker owned and operated by Integrated Markets Ltd and claims to be registered in Port Vila, Vanuatu. If there is one destination that springs up some immediate doubts in our mind when it comes to scam brokers operating with fake licenses in the forex market, it is Vanuatu. Yes, it is a popular destination like the Marshall Islands for scam brokers. Most of the forex brokers that operate from these offshore islands seem to be unregulated and risky for business.
The first look at the official website of InMarketFX reveals that the site is available in the Spanish language by default. It literally means that this forex broker has been started to lure Spanish residents. But when you scroll to the bottom of the screen, there are options provided to change the language into various other languages including English, Chinese, Japanese, Italian, Dutch and Portuguese.
Even though there is a license number provided on their official website, we still don’t know what this number means or who is the licensing authority. It casts a significant doubt in our mind to ask whether this brokerage firm is indeed legitimate. Still, we continued our research and we cannot find any such license number existing in the official VFSC (Vanuatu Financial Services Commission Database).
InMarketFX offers its customers various trading instruments including stocks, commodities, CFDs, indices, and crypto trading. In our research, we could see that the forex broker has been issued a warning by the Spanish financial regulatory authority Comisión Nacional del Mercado de Valores (CNMV) for luring Spanish traders without any license or authorization.
The company claims to offer several trading platforms in MetaTrader4, CurrenEx, and cTrader. We tried opening a demo account, and it started downloading some IntegratedMarkets.exe, which seems to be fishy. The page for creating the demo account seems to be submitting forever. We couldn’t even get a success message that your demo account is created.
Is InMarketFX Legit or Scam
Even though the website of this forex broker provides various details about its policies, accounts and software, every page starts loading in Spanish and you have to translate it to English to see what’s in there. Moreover, many things seem to be fishy like the demo account creation failure, their licensing number without a licensing authority name along with the fact that it is operating from an offshore island.
Hence, we can say that this forex broker is a potential scam broker, and stay away from this broker for your own good.