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IEE Markets Review - is it scam or safe?

IEE Markets Review - is iee-markets.com scam or good forex broker?

RATING: 1 / 1 REVIEWS IEE Markets
IEE Markets is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Standard  $1000 1:400 0.4 pips + $30 / lot

  

IEE Markets is a forex and CFD broker that offers a single account type with leverage up to 1:400 and variable spreads on the MetaTrader4 platform. As you can probably guess by the low rating we gave them, we don’t recommend this broker. Read on to understand why.

 

 

IEE Markets Advantages

 

MetaTrader 4 trading platform

As it already became clear, IEE Markets offers its services on the MetaTrader4 (MT4) platform, which we always see as a positive in a broker’s offer. One of the key benefits of trading with MT4 is the great charting environment. It is further reiterated by the plethora of custom technical indicators and automated trading bots available via the MQL marketplace – a broker independent online store where people can test, buy, sell or lease newly developed tools.

 

 

>> Check out the best MT4 brokers <<

 

 

Generous leverage

Clients of this broker may use leverage of up to 1:400. Currently you can find leverage as high as this only with offshore brokers like IEE Markets, or with financial services providers licensed in Australia - the last major regulatory hub where the leverage available to retail traders is not restricted.

 

All across Europe, the US, Canada and Japan leverage levels were capped in a coordinated effort to limit the investment risk for retail traders. Still, if you are tempted to trade with higher leverage, here you may check our list of brokers regulated in Australia.

 

 

>> Brokers licensed in Australia <<

 

 

IEE Markets Disadvantages

 

No financial regulation

IEE Markets a trading name of IEE Markets Global Ltd, a company allegedly registered in Belize and authorized by the International Financial Services Commission of Belize (IFSC). However, our check in the registers of IFSC revealed that the above-mentioned company is not present there.

 

Trading with unregulated brokers is very risky, as they are not bound by any government regulator and can basically do whatever they like with the trading platform and their clients’ money. This should be enough for experienced traders to avoid dealing with the broker. We would advise all our readers to do the same. 

 

High cost of trading

Although the spreads offered by IEE Markets are really low and competitive, the costs of trading with this broker turns out to be quite high. The reason for this is that the broker charges pretty salty commission fees, amounting to $30 for trading in EUR/USD.

 

 

Click to zoom-in.

 

As a result, the cost of trading for this pair amounts to around 3.4 pips per standard lot, if we add the spread of 0.4 pips.

  


>> Compare the spreads of top FX brokers <<

 

 

Excessive initial deposit required

In order to open an account with IEE Markets, traders have to invest a minimum of $1 000. Such minimum initial amount is very high, as most brokers, including authorized and reputable ones, require something ion the range of $100 - $250 as a start.

 

Limited payment methods

Payment methods available to clients of IEE Markets are quite limited, as the broker mainly accepts wire transfers for deposits and withdrawals. Popular e-wallet payment systems, such as Skrill, Neteller or Bitcoin are not supported by this broker.

 

 

Conclusion

 

IEE Markets is an unregulated forex broker whose offering isn’t very attractive for a number of reasons, which we covered above. The costs of trading with this broker are quite high, and what is worse, it is not licensed nor overseen by any governmental agency.

 

Given the number of investment scams in the trading world, regulation is the most important thing to look for in any financial services provider. That is why we would advise traders to direct themselves to better trading options to which we have linked throughout this review. 

 

For example, brokers with legit licenses from reputable institutions such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC) on the other hand are reliable because of the strict oversight they are subjected to.

 

Here is a summary of the highlights of our review on IEE Markets:

 

Pros Cons
Supports the MT4 No financial regulation
Up to 1:400 in leverage High cost of trading
  Excessive initial deposit required
  Limited payment methods

 

Latest news about IEE Markets
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Traders` reviews for IEE Markets

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Chinese Women on WeChat Promoting IEE Markets

I can confirm that an attractive Chinese woman on WeChat named Amy or Peng (WeChat ID: pxm0118) is presently chatting with me on a daily basis and promoting the IEE Markets trading platform. She claims that she is a gold trader who is making huge profits on the platform and recommends that I open an account via their website. I was immediately suspicious when I saw that the platform is apparently based in Belize. A Google search on "IEE Markets Global Ltd" produced this review webpage as well as others that give a pretty solid indication that the IEE Markets trading platform is fraudulent. I have also found a reference to the iee-markets.com domain as being registered only 6 months ago on 2018-10-30. This webpage provides further suspicious findings: https://xujia.fx110.com/falsebroker/details/3458 Amy/Peng gets valuable trading insight/advice from one of the registered owners/founders of IEE Markets, a Ms. Li Xin. I definitely warn anyone to stay away from IEE Markets, Starfinex and TradeMax!!

Steven Sterling 05/14/2019
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