Illuminati Markets is a scam, and the broker swindles funds by blocking withdrawals. Our illuminatimakets.com review will help expose the red flags found on the platform. These are brokers taking advantage of naïve investors and traders.
From what we can see, illuminati Markets even claims a partnership with a Brazilian Soccer star. We know for sure Oscar doesn’t have 20 years of trading experience. Here’s our clear ILLUMINATI REVIEW.
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There are no advantages to investing and trading with the platform. Those who have are ruing the decision after the platform blocked withdrawals. The platform is using the same scam tactics as other illicit liquidity providers.
We must expose the cons of illumunatimarkets.com before anyone falls for them. The name seems to lure investors into earning over-the-moon profit margins. These are false claims by people wanting to take advantage.
Here are the facts about the platform every trader needs to know;
The platform claims to provide traders with the best possible markets. We have a platform boasting cutting-edge trading terminals. More on that later, as their trading platforms are abysmal at best.
We have a broker claiming to offer over 12,000 trading assets. The broker claims to be present in over 150 countries. Also, the broker claims to have over 120 Billion in trading volume. If that’s the case, the broker would be well-known by now.
Scammers will do or say anything to get naïve traders to sign up. These include having a fabricated background and history. Despite their claims of glory, no one in the crypto and forex world has heard of the broker.
The broker has a poor rating from the trading conditions set to customer service. The results of trading and unhappy traders give the platform a 1/10 user rating. And that’s the poorest since the broker fails to offer accountability and transparency.
We have a broker who doesn’t have what it takes to offer fair trading conditions. The broker claims to have three licenses from governing bodies. There’s no proof of that anywhere on the platform.
The customer service at illuminatiMarkets is poor at best. The platform fails to offer direct means of communication. You would expect a platform claiming to have over 150 offices to provide live chat.
Instead, members can only reach out via emails, which takes time to respond to. The platform is limiting communication to written form. Any direct lines of communication don’t go through. We have a broker not interested in communicating with clients.
Depositing funds with the platform is super-fast. There are several depository channels open, including bank and wire transfers. The platform is also keen on introducing crypto payments. Don’t you dare invest or open an account with the broker.
Withdrawing funds has been the biggest hurdle facing members on the platform. Those who have invested with the platform are ruing the decision. Avoid the platform, as you won’t get a penny from your trading activities.
There are two account types to choose from with the broker. Each of these accounts targets a different demographic of investors and traders. The accounts also have a different set of features. Let’s take a look at the two accounts;
Edge
Members must make a minimum deposit of $100 to get started. EAs and Scalping are possible with this account. Members get a $3.5 commission per lot on a $7.0 round turn. The maximum leverage is 1:500 with a swap-free Islamic account available.
Classic
You must also deposit $100 with the classic account with leverage set at 1:500. There are no commissions earned with the classic account. News and scalping are possible with the classic account. Stop out level is 40 percent on both accounts.
There are two issues we must highlight with the platform. These include commissions and set leverage. The commissions return to bite members as the broker will demand a fee for them. It would be best if you also covered the commission for trades above $500.
The leverage set by the broker is not sensible. For example, we have a broker who claims to offer leverage of 1:500. All regulators have agreed to a common acceptable maximum leverage of 1:100. Any broker offering higher leverage puts your trading position at risk.
Most experts claim the broker is up to no good with the harsh trading conditions. The broker earns more thanks to the commissions set. The hidden charges when members attempt to withdraw are also another challenge.
Experts will recommend you stay away from unregulated platforms. Furthermore, the platform is anonymous and uses a celebrity's name to lure naïve investors. Such platforms should not see the light of day.
Your funds are far from safe with the platform. The broker fails to deposit the minimum required amount with regulators. Regulators use the funds to protect members from bankruptcy or insolvency.
Here, no member will get any compensation once the broker goes under. The platform also lacks DDoS protection and SSL encryption. We must point out these issues to ensure no one signs up.
Despite the broker claiming to have a license from North America, it doesn’t offer services to Americans. Instead, the broker claims to restrict its services to three countries, Japan, North Korea, and the United States.
These are clear signs the broker wants to avoid strict regulatory rules. Most brokers will prefer jurisdictions with leaner restrictions. The problem is that there’s no proper legal framework to protect members.
The broker fails to offer any license documents from the said regulator. Canada’s FINTRAC does provide license certificates for members. Brokers should upload the documents for members to confirm with the regulator/
We only have a statement claiming the broker gets their license from FINTRAC. After checking with the regulator, there’s no broker licensed under the above name. We are dealing with an unregulated broker.
Make sure to confirm with regulators whether the broker of choice is compliant. Some of the reputable regulators in the industry include ASIC, CySEC, and the FCA. Others include BaFIN, CNMV, CONSOB, FINRA, NFA, and the SEC.
As we mentioned earlier, the conditions are abysmal. The speed of executing trades is also wanting. With a custom-made trading platform, stability is an issue. The platform is slow at executing trades.
There’s also the issue of the accuracy of the signals provided. These signals are way off, and it seems copied from another trader. We don’t recommend the platform as it fails to offer a demo account.
Members deposit funds thinking the broker is a genuine liquidity provider. After trading, the platform will later delete your account balance. Attempts to reach out will hit a wall.
Please stay away from the broker.
NB: Choose industry-backed investment options that guarantee safety.
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