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INTERA Brokers Review - is it scam or safe?

INTERA Brokers review - Is interabrokers.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz INTERA Brokers
INTERA Brokers is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


INTERA Brokers offers forex pairs and CFDs with a choice of four account types, leverage as high as 1:100 and the MetaTrader4 platform. 

 

Account type Min. deposit Max. leverage Spreads/ Payout
Bronze Account 1000 EUR

1:100

3 pips
Silver Account 5000 EUR 1:100 n/a
Gold Account 25 000 EUR 1:100 n/a
Intera Account 250 000 EUR 1:100 n/a

 

Unfortunately not only the broker is not regulated, as it should be, if they legally want to target customers on regulated markets like the European Union, the UK, USA or Australia, but also their website is virtually anonymous – except for a St.Vincent and the Grenadines post box, we are not given any corporate information and basically we are not sure which is the company behind the enterprise.  So before depositing any money with INTERA Brokers better read the following review.

 

INTERA Brokers Advantages:

 

MetaTrader4 available

 

The presence of MetaTarder has always been a good sign, and yet here we should not that the platform is provided by a third party - Algo Trade Limited.

 

Otherwise MetatTrader4 comes with an excellent set of advanced charting tools, along with well over 50 integrated market indicators and trading robots, with the help of which one can easily run algorithmic trading sessions. So here you may check our list of brokers, supporting the MT4:

 

>>MT4 Brokers<<

 

INTERA Brokers Disadvantages:

 

Anonymous website, no license 

 

As we already noted the INTERA Brokers website is more or less anonymous – we can not be sure about the company behind their business. We know only that their trading platform is branded with the logo of a their party firm - Algo Trade Limited., while all payments are processed by Vcapital doo Podgorica, which is based in Montenegro.

 

On top of that INTERA Brokers is not a regulated broker, which means they have no legal right to operate on regulated markets like the EU or the UK. 

 

This is a major issue so here you may want to check our list of brokers regulated by the Financial Conduct Authority (FCA) in the UK, where your capital will even be protected by a client compensation scheme, that guarantees that you will get your money back even in the unlikely case your broker files for bankruptcy:

 

>>FCA Regulated Forex Brokers<<

 

Market maker offering managed accounts

 

INTERA Brokers offers managed accounts, with which you are supposed to benefit from the so called auto- trading software that the broker will provide for you. The problem here is that as virtually all brokers INTERA Brokers is a market maker, which basically means that they make money whenever traders lose. So you can imagine that if you leave market makers like INTERA Brokers to manage your account, with or without the so called auto trading software, they will surely have the incentive to mismanage your money and lose them in their own pockets.

 

Unusual fees and withdraw processing time

 

INTERA Brokers says they will charge you a 100 USD monthly dormant fee after just 30 days of inactivity and this, we should note, is highly unusual. 

 

Also they say it would take them 5 to 7 business days to process your withdraw request, while with legit brokers that usually takes no more than 24 hours.

 

Trading bonuses

 

INTERA Brokers says they will match any deposit with a 100% welcome bonus. And although this might seem attractive on first glance, in reality it is just a trap. Trading bonuses are one of the favorite tools scammers use as a pretext to cancel your withdraw requests. That is because trading bonuses always come with additional withdraw conditions, like some minimum trade volume requirement. 

 

And of course scammers always reserve the right to change their bonus policy on the move, so you should not be surprised if you never get a chance to request a withdraw. 

 

High spreads

 

As tested with a demo account the benchmark EURUSD spread was fixed at 3 pips, which is at least twice higher than the starting spreads traders would usually find attractive with a standard account. So here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

High minimum deposit requirement 

 

INTERA Brokers asks for a minimum deposit of no less than 1000 EUR, while with most other brokers you will be able to start trading with about 250 USD or so. What is more, with some big and popular names like FBS and IG you will be able to open a trading account with just 5 USD or even less.

 

Conclusion:

 

INTERA Brokers are not a broker we can recommend. As we already noted, there are a number of issues about their website, starting with the fact that it is virtually anonymous and lacks a license by an official financial regulator like the FCA in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission – the there most popular regulatory authorities in the industry. So our advise here is to avoid unregulated websites like INTERA Brokers altogether and trade only with properly licensed brokers.

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Traders` reviews for INTERA Brokers

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