IGF Investment is supposed to be owned by Maginito Services Limited. The website of the company is igfinvestment.com/.
Turbulence over Existence
The company claims to be in the industry from some years before, but the domain has been registered at the end of the year 2018.
Maginito Services Limited, the owner Company of the IGF Investment, is supposed to be a UK based company. It is registered in the year 2019 only.
Two contradictory statements are going on here. If the Maginito Services was incorporated in the year 2019, how can the IGF Investment come into existence in 2018? Moreover, the company has mentioned over the website about its long existence in the brokerage industry. It has not completed even a year and it is befooling the traders about its trading experience. An adulterated invite to the traders to invest in IGF Investment and get fooled by the company’s representatives.
Not regulated by the FCA
IGF Investment review has found the company, despite its claimed origin in the UK; the company is not registered with the reputed UK’s Financial Conduct Authority (FCA). The FCA is the regulating body of the financial services provider operating from the UK region. The non-regulation of the IGF Investment came as a no surprise as the FCA follows strict rules and regulations while providing a license to any company. It has high minimum investment limits and strict audit guidelines to be followed. IGF Investment thus refrains from the strict vigil of the FCA. It can be verified at register.fca.org.uk/shpo_nosearchresultpage?mainsearchString=igf+investment&search=IGF+Investment
The Comision Nacional del Mercado de (CNMV) or the National Securities Market Commission is a Spain based government agency. It is responsible for the functioning of the securities market in Spain. The CNMV has issued a warning against the IGF Investment Limited in the year 2019. It is believed to be an offshore broker who is rendering its services in Spain without any registration of regulation with the CNMV. The company is stated to be run by Granit Oak Worldwide Limited. There are no details of Granit Oak Worldwide Limited over the website and now, the company is believed to be owned by the Maginito Services. The statement of the CNMV can be verified at the link www.cnmv.es/Portal/verDoc.axd?t=%7Bf9e5a6d9-0db9-43c2-bdf5-58e22c664307%7D
Warning by CONSOB
The Commissione Nazionale per le Societa e la Borsa (CONSOB) is an Italian government agency. It is responsible for the regulation of the securities market operating in Italy. The CONSOB has issued a warning in the year 2019 about the illegal operation of the IGF Investment, which was told to be operating under the Granit Oak Worldwide Limited company in Italy. It can be checked at the link www.consob.it/web/consob-and-its-activities/warnings?viewId=ultime_com_tutela
Governance of laws of Marshall Lands
IGF investment review has thoroughly checked the terms and conditions of the company and has found that the company has stated to be governed by the laws of Marshall Lands. The company is supposed to be operated form the UK, then there must not be any link with the Marshall Lands. It deepens the perplexity over the company’s operations.
Blacklisting by the two reputed regulating agencies, the CNMV and the CONSOB have already uncovered the false claims of the company about its working and its regulation. The UK’s FCA has no administration over the operations of the company. IGF Investment has tried to soil the traders with its fake origin and fake regulation details, The company origin is still unclear and it is not regulated by any of the regulatory agencies. It is an offshore unregulated broker. No details about the owners, the origin and the governing authority are provided by the company. The hidden information is an indicator of the lack of professionalism and the development of the scam activities in the company.
Weak Services and Trading Accounts
There is no provision of the demo account by the company. It is into forex, commodities, indices, cryptocurrencies, etc. The types of trading accounts offered by the company are:
- Mini Account: It starts with the minimum initial investment of $500. It is almost 10 times higher than the industry’s average of $50. The spread and leverage ratios are kept secretive.
- Classic Account: It is the second account provided by the company, which can be opened by shedding a whopping $5,000 as the minimum initial investment. There is hardly any noticeable difference from the services of a mini account and the classic account.
- Premium Account: It requires an initial investment of $20,000. The company claims to associate their trading experts to you, and online trading signals as well. The trading platform has the facility of robots, so technically, there is no need for special trading signals from the company side. Less can be drawn about the experience of the sai technical experts of the company.
The absence of a demo account is a major disadvantage of trading with IGF Investment. No details about the trading conditions like the spread and the leverage ratio are provided to the traders. Trading accounts of the company looks more like the money-fetching techniques of the company.
The provision of Meta Trader 4 as the trading platform is a no new Wonder. All brokers and traders are satisfied with the services of the crisp platform. It has all of the analytical services and automated trading services for its traders. It is compatible with desktop and mobile applications.
Limited Payment Channels with Hidden Fees
The traders gripe over the topical payment channels with high response time provided by the company. The company accepts the funds through credit/debit cards and the bank wire transfer. The omission of the popular E-wallets like the Skrill can be best understood with the “Anti-scam policy” of the payment provider. Skrill does not provide its services to the offshore traders due to the risks involved in trading with them and the cuprous operational techniques of the company.
The following are the three phrases from the terms and conditions policy of the company.
First of all is the high dormant fee charged by the company. The company has mentioned that it will charge an inactivity fee of $36 only after a month of inactivity. This is astonishing as the brokers charge a dormant fee after a minimum of 3 months and that too never goes beyond $5 or up to $10 in very specific cases. But IGF Investment charges the same amount after a month. This is irrespective of the type of account you are using.
Then come the extra charges of $15 at any type of transfer. If you are depositing the funds or you are withdrawing the funds, IGF Investment has the right to deduct money from your account, without any other thing being specified to you. There are no more details provided about the type of fee, the nature of the transaction, etc.
The third concern is the time required to withdraw the money from the account. IGF Investment has an annoying delayed withdrawal request processing. It has stated that it will take 5 days to transfer your funds. It is too high as compared to the other competitors, which hardly takes a day. The volatility and high traffic of the trading market invites a timid response to the deposit and withdrawal requests made by the traders.
Bootless Customer Support and Weak Social Media Presence
There is no availability of phone numbers for the traders. One support mail id is provided over the website, which itself has a response time of 5-6 working days. The sign up for free option over the website leads to nothing but reflects a technical error.
This mail id is also not available around the clock. It is available only from Monday to Friday and that too for 11.5 hours.
This is the poor quality service they provide to the trader. There is no mention of the Skype account or any other means of contacting the support team. Email id with limited timings and limited working days is all that IGF Investment offers to its customers at the name of their so-called customer support. If the trader has no means to connect to the company, it indicates the laxity of the company to maintain healthy trade relations with its customers. Their only concern is to grab money from the customers.
Besides, the company doesn’t have any active social media presence. I didn’t find any accounts on Facebook, Twitter. IGF Investment has failed to understand the caliber of social media in the brand framework. Or maybe they want to stay away from interacting with customers because they are aware of their maliciousness.
IGF Investment has scored a 0.5 rating over the 5 point rating scale. The origin, the owners and the location of the company are on thin ice. The services of the company are full of malicious charges and cause vexation to the traders. IGF Investment is an offshore broker that has tried hard to shroud its paling image with misleading claims.