Intera Brokers is a forex and CFDs trading company. It is owned by the Intera Financial Group. The company is based out of Suite 305 of Griffith Corporate Centre which is in the Beachmont Kingstown of Saint Vincent and the Grenadines.
While writing this Intera Brokers review, I found that the address provided by the company is associated with 2-3 more companies.
All these companies are operating from the single address of Suite 305, Griffith Corporate Centre, Beachmont Kingstown. It is not practically possible and thus hints at the weak registration procedures of the island country. The authenticity of the address provided by the company is not established.
Not regulated by SVG FSA
The Financial Services Authority of Saint Vincent and the Grenadines does not have any details about the operations of Intera Brokers. The FSA is the authority responsible for the regulation and supervision of the financial service providers of the region. The absence of Intera Brokers from the list of the Financial Services Authority of the SVG region can be verified at the link http://svgfsa.com/?s=intera+broker
Lies About Marshall Islands Laws
Intera Brokers has mentioned in its terms and conditions that the company is governed by the laws of the Marshall Lands. The company, on one side claims to be based out of Saint Vincent and the Grenadines region and on the other side, claims to be under the jurisdiction of the Marshall Islands laws. It is not possible as the SVG islands and the Marshall Islands are too far from each other. The link to the terms and conditions of the company is https://www.interabrokers.com/en/terms-and-conditions
Not registered in the Marshall Islands
It is shocking to learn that Intera Brokers is not registered with the Global Financial Services Authority (GLOFSA). It is the non-government international organization which is responsible for the regulation of the financial system of the region. The non-association of the company with GLOFSA can be verified at https://www.glofsa.org/?s=Intera+Brokers
Intera Brokers tries to convince its customers about the registration in St. Vincent and the Grenadines region with a shady address. It has no link with the Financial Service Authority of the region. There is a mention of the Marshall Islands which has no association with the company. My Intera Brokers review finds that the company is not under the supervision of the regional Financial Service Authority of the Marshall Islands.
Intera Broker is an offshore unregulated broker. The address details of the company are not genuine. There are no details about the team behind the company as well. It is not regulated by any of the top financial supervisory bodies in the world. It is not advised to deal with scam companies like the Intera Brokers as there is no security of funds from the practices of the company. There is no compensation given to the traders, in case Intera Brokers went bankrupt. The traders are not covered under any supervision and are left to gripe on the services of the Intera Brokers.
Unknown Trading Conditions
Intera Brokers is offering services that are prohibited by law. It claims to be in forex and CFDs trading. There is no facility for scalping in trading. The accounts of Intera Brokers are not ECN/STP accounts. The company is controlling the so-called market it offers to the traders.
There are no details about the leverage ratios and the spreads associated with the trading. The hidden trading conditions are not ideal for traders and the non-disclosure of the trading conditions by the Intera Brokers is a hint of the money-laundering practices of the company.
No Demo Account
Intera Brokers does not provide demo trading accounts. There is no facility of trading without risking the actual money. The absent details of the trading conditions along with no facility for a demo account are an alarming sign of the money extorting policies of the company. A demo account helps the trader to practice trades without worrying about losing real money.
High charging trading accounts
Intera Brokers once again disappoints the traders by asking for high minimum deposits for its trading accounts. The various live trading accounts provided by the company are
- Bronze Account: The bronze account of the company is the most basic live trading account. It requires the minimum initial investment of 1,000 Euros. It is 20 times higher than the average minimum initial investment required by regulated brokers. Only simple services like live chat and customer support are included in this account. These services are the basic trading help provided by the broker to all the traders. It cannot be charged with a high investment amount.
- Silver Account: The silver account of Intera Brokers requires 5,000 Euros as a minimum initial investment. It is 5 times higher than the bronze account of the company. Services like video analysis, advanced research are provided. Intera Brokers cannot be trusted for the analysis or research services as it is not possible to establish the skill set and the trading experience of the advisors.
- Gold Account: The gold account of the company invites a gigantic minimum initial investment of 25,000 Euros. The services provided in the gold account are bonuses, account representatives, research and analysis, services, trading academy access etc. The sum of 25,000 Euros is within the range of a high-volume trader only. All these services are non-essential to other professional traders. It is a mirage created by the broker to attract money from the traders.
- Intera Account: There is a rise of 10 times in the initial minimum investment than a gold account to open an Intera account with the company. It is hard to believe that any broker can set 250,000 Euros as a minimum amount. It doesn’t meet the ideal industry standards for premium accounts. Moreover, no helpful services are provided to traders.
The noticeable thing in the high charging accounts of the Intera Brokers is the absence of the spreads and the leverage ratio associated with the accounts. There is no provision of useful services to the traders. The accounts are differentiated according to the minimum initial deposits only. The bonuses offered by the company are too good to be true and cannot be withdrawn. It does not reflect any professionalism of the company in providing top-class quality trading accounts to its traders.
Intera Brokers’ Trading Platform
Intera Brokers provides the much-trusted MT4 as a trading platform to its traders through a third party company. Meta Trader is the best trading platform for desktop and mobile applications. It is an all-in-one platform with the best facilities of algorithmic trading, easy trading charts, and automated trading signals.
They Charge Hidden Fee
Intera Brokers accept funds from credit/debit cards, bank wire transfer, UpayCard, and Moneynet only. There is no facility for the popular e-wallet Skrill. It is due to the “anti-scam” policy of Skrill that it has stopped working with fraudulent and unregulated brokers.
The company takes 5-7 day’s time to reflect the funds. There is an auto-trading software fee charged by the company. This fee is set to $100.
The dormant fee of Intera brokers starts after inactivity of one month. It is as high as $100 per month. This is not fair as all regulated brokers charge the dormant fee after completion of 6 months.
There are no details about the conditions like minimum withdrawal limits, the withdrawal fee for various payment channels, etc. Intera Brokers fails to provide a transparent trading environment to its customers. This allows them to levy hidden fees and charge whatever they wish. You’ll be put at a disadvantage and might end up losing a hefty amount to their hidden charges
Online Presence of Intera Brokers
The website of the company is https://www.interabrokers.com/
The elements of the website are gaudy, the response time of the website is lethargic, and the quality of the content provided by Intera Brokers is vague. It is not useful to the traders.
Intera Brokers is not present on any of the leading social media platforms like Facebook or Twitter. The company has failed to understand the importance of remaining connected to its customers. The social media absence of the company is the result of the faulty operational strategies adopted by the company.
No Customer Support
Intera Brokers fails to mention any details of the technical customer support it offers to its traders. There is no availability of regional contact numbers or Skype numbers. There is no availability of dedicated email-ids to the traders. A UK based number is provided for all types of sales, technical support, and account-related inquiries. The company rejects its commitment to providing high-end services to the traders. There is no facility for live chats as well.
Intera Brokers is rated as 0.5 on a 5 point rating scale. Starting from the ownership to the address details, it fails to provide any piece of correct information to the traders. There is no clearance over the trading conditions. The live accounts of the company are full of vague services without any real value for money. The trading platform is provided by a third party company and there is no means to contact the technical support team of the company. Intera Broker is an offshore, unreliable, fraudulent, and unregulated broker. You should stay away from them.