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Insidermark (insidermark.net)is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! Insider Mark scam works by getting you to believe you can become rich by trading with them.
Finding the right online broker is one of the keys to unlocking the doors of success in the trading world. Just because there are thousands of them does not mean that you can choose any company and get started.
You have to bear in mind that the broker you choose has to be in accordance with your needs, requirements and preferences. But, before they can be any of these things, they have to be authentic. This is a big problem because many of the companies that present themselves as brokers are actually scammers waiting for an opportunity to pounce, as this Insidermark review highlights.
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If you are not careful enough, you will find yourself empty handed because your money will be trapped by fraudsters and there will be nothing you can do about it. Does this sound like something you want? Of course, you don’t and the best way to ensure you do not end up in such a situation is by doing your due diligence.
This means you need to take everything you are being told with a grain of salt and check the ins and outs yourself. Sure, this may take you a bit longer, but it is worth it when it helps you avoid getting scammed.
In addition, it does not mean that you have to spend days on the diligence because if the brokerage is a fraud, it will have warning signs and all you need to do is be able to identify them. Most people are unable to do that because they do not know what to look for.
They may be a bit subtle, but they are not that hard to see. You will see this firsthand in the case of Insidermarkthat claims to be a reliable and legitimate brokerage for investing your money. But, you will soon realize that it is not even close to that because of the various warning signs you will come across.
Want to know what they are? Some of them are mentioned as follows.
Absence of a license
It is always a good idea to start with checking out where an online brokerage is based and whether it has a license or not. Scam and fraudulent brokers usually operate without a license, so it will undoubtedly help you in cutting through the options available. Where does Insidermark come in? When you go through its website, you will find that it claims to be based and registered in the United Kingdom. In order to operate in the UK, a brokerage has to do more than just registering itself.
The broker has to have a license from the Financial Conduct Authority (FCA), which happens to be one of the strictest regulatory bodies in the world. However, when you check its database, you will come to know that Insidermark is nowhere to be found. This simply shows that the brokerage is not regulated in the UK, which means it has no authorization to offer its services in the country. It also means that you cannot trust it when it tells you where it is based.
As a matter of fact, it is highly likely that it is not based in the UK because not only does it not follow the FCA’s regulatory framework, but the trading conditions that Insidermark offers are also against it. Most importantly, it has not mentioned any address on its website and there are no other details available. They have just given you a bunch of email addresses. Otherwise, it is an anonymous broker that could be operating from anywhere.
No Terms and Conditions
When you are signing up with an online broker, it is the norm for them to ask you to agree with their Terms and Conditions. This is true for most online platforms and should not be surprising. In the case of online brokers, these usually contain details about the fees and other costs involved as well as information about the rules and policies that are applicable. They essentially dictate the relationship you will have with the broker.
Therefore, it is a good idea for you to go through them before you sign up, as this ensures that you know what to expect and can avoid any surprises. The problem with Insidermark is that you can go through their website and not find their Terms and Conditions anywhere.
They ask you to agree with them when you are signing up, but have conveniently not mentioned them on their website. This is a warning sign because it means that you have no idea what you are agreeing to.
It gives Insidermark the perfect opportunity to implement whatever policies they want, or charge as much fees as they want and you will not be able to do anything about it because you agreed to accept their Terms and Conditions.
Lack of trading platform
Even though the MT5, which is the industry leading trading platform in the market, is offered at Insidermark, it does not mean that you take their word for it. It is best to take a look because there should be a demo account for you to use and verify that it is indeed offered. This is when you will find another warning sign because while there is a link to the MT5 available for downloading, it takes you to the website of the developer.
From there, you can download a trial version of the MT5 to use, which does not have anything to do with Insidermark at all. This means that Insidermark does not offer you a trading platform at all, which means it offers no trading services.
The fact that Insidermark claims to be based in the UK and is offering leverage ratios that are as high as 1:300 should be enough for you to determine that it is not one to be trusted. It is a clear warning sign because the regulatory framework of the UK dictates that leverage cannot be higher than 1:30 for retail traders, but Insidermark is not following the rules.
The warning signs that you will identify at Insidermark make it evident that the broker is a sham and out to exploit you.