Unregulated forex brokers usually work in the cleverest way. They claim to maintain high standards of governance, compliance, and consistency, and also to take extreme measures to ensure the safety of clients and their funds through multiple regulations and fund segregation. Actually these conceivable promises are designed to create a false sense of security. And Ibells FX is also no exception. The scam is trying any conceivable method in order to make that happen.
Claims to be globally licensed & regulated
Ibells FX says it is a trusted forex broker, aiming to offer clients wide range of trading instruments including forex and CFDs. Besides, it also states that it is globally licensed & regulated. However, after taking a look at its website, you will know the company does not fall under any regulating agency as it shows no details about its regulation info such as the regulatory body or the license number. So Ibells FX is just another unregulated forex broker.
Operates in two offices but without licenses
Click its "Contact Us", you will see Ibells FX states to be a company registered in the St. Vincent and Grenadines(SVG) and also has office in the Abu Dhabi, United Arab Emirates. To operate financial services including forex offerings in the two places, the company needs to be both registered and regulated in financial regulators of the counties.
At first, the regulator of SVG doesn't license or regulate forex brokers, which means the companies registered here are not monitored and held responsible by no authority whatsoever.
On the other hand, to be a legit broker with its office in the Dhabi, Ibells FX needs to hold a valid license issued by the local regulator DFSA. But the research result showed it doesn't have one.
Negative clients feedback
Ibells FX is not regulated anywhere in the world. The company's existing clients provide negative feedback for its malpractices on multiple social media and digital platforms, including BrokersView. The most common one is they complain about its withdrawal issues. Here are some screenshots.
Differentiating between a legit or a scam broker can be tricky, especially for newbies. Therefore, to know a broker's regulatory status is a necessary.
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