When opening a trading account, you want to confirm that the broker you are considering is legit. This is why we would like you to read our Infinox broker review because we’ve reviewed everything for you.
|Regulated by: FCA, SCB, FSC|
|Headquarters Country: United Kingdom|
|Foundation year: 2009|
|Platforms: MT4, MT5|
|Instruments: FX, equities, commodities, indicies, futures|
Infinox Regulation and Security
Infinox is a broker regulated by FCA, SCB, and FSC. The company has an entity based in the UK under the name INFINOX Capital Ltd and an offshore entity based in the Bahamas under the name IX Capital Group Limited. The offshore entity has regulations of Bahamas (SCB) and Mauritius (FSC).
The funds are held in segregated accounts as per ESMA rules.
However, not everything is bright when it comes to Infinox broker. The Securities Commission of Malaysia listed Infinox as a scam broker notifying Malaysians that the company has no authority to provide its services. Even though the broker has two offshore regulations, it can operate only in the countries where it complies with the trading regime. It seems that Malaysia is not one of them. Malaysian regulatory body blacklisted Infinox broker after many complaints against its activities.
Similar complaints we found coming from the UK as well. Be aware of the Infinox scam.
What can you trade with an Infinox broker?
The broker is offering trading with currency pairs, commodities, equities, indicies, and futures.
There are four account types available, and the main difference is in the minimum deposit and the level of education provided.
The broker is offering MT4 and MT5 platforms, and the access depends on the country you are coming from. We find this restrictive since certain traders may want to trade with a specific platform, and there is no reason to be discriminated against. An offshore entity also offers its traders IX social trading platform designed by the broker itself where clients can copy trades by professional traders.
Deposit and Withdrawal Methods
The deposit with Infinox broker can be made using debit/credit cards, Skrill, Neteller, or wire transfer. The minimum deposit is 1 GBP or equivalent in USD, EUR, and AUD. When it comes to withdrawals, the company claims to be able to make a withdrawal to cards only if you have deposited from this same card recently. Basically, if you haven’t used your card or you’ve changed your card in the meantime, withdrawals are possible only to your bank account. However, there are no fees or commissions listed explicitly for any of those transfers. The time necessary for funds to be processed is also missing. So, if the funds are not in your bank after 3, 5, or 10 days, you cannot complain because there is no deadline.
Conclusion about Infinox
Infinox is a broker based in the UK with FCA regulation. The broker also has an offshore entity with regulations of Bahamas and Mauritius. Despite all those regulations, a regulatory body of Malaysia issued a warning against Infinox broker. Also, people from the UK reported that this broker had scammed them. For now, FCA regulation is in function, but we are not sure for how long.
The broker offers MT4 and MT5 but makes discrimination among users based on the country they are coming from. The leverage goes up to 1:500, which is pretty high for the minimum deposit of 1 GBP. Clients’ funds are at tremendous risk.
When it comes to costs of trading with Infinox, they are not listed anywhere.
Be aware of Infinox broker. Make sure to verify to which entity you belong. And in case you have been scammed, do not hesitate to ask for help!