Review of CFD broker IsRate: conditions, reviews
We continue to update the blacklist of brokers so that you keep your finger on the pulse and do not become another victim of fraud. This time let’s talk about the CFD broker IsRate. This financial agent has been repeatedly caught deceiving traders. According to reviews, it lies with every word, drains deposits, and engages in extortion. In this review, we will objectively evaluate the terms of cooperation, the legal documents of the intermediary, and render an independent verdict.
What information is known about the company IsRate?
In preparing the review, we found that IsRate claims to have been in business for 6 years. But then why did reviews of cooperation with this company start appearing just a few months ago? Checking the domain name showed that israte.com has indeed been operating since 2014. Based on our experience in preparing reviews, we know that scammers often buy up web resources of a solid age, erase their memory, and adapt them to their needs.
A similar situation with the IsRate site, web archives provide no information about this platform. Pay attention to the date of the last update – September 2020. Most likely, this is when the scam project was launched.
At this stage of the review, it is already clear that we are dealing with another fake broker. The statistics on israte.com are fake. Take, for example, the fact that the company claims to have 7 million transactions every day. This cannot be true! The site is visited by about 60-70 users per day. It is unlikely that each of them opens 100,000 deals.
Not only the statistics turned out to be fake, but the list of awards is also fake. According to the legend, there are six awards, but there is no evidence of their authenticity. Take, for example, the Best Forex Broker award (Forex Live), which IsRate claims to have. Last year, it was awarded to 16 financial agents, but the broker from our review is not on that list! The same situation applies to other awards; the information on israte.com is untrue.
During the review of the pseudo-broker’s website, we found that it is managed by RATE LTD. According to the legend, its office is located in Singapore (105 Cecil St, #07-01, Singapore 069534), but the company itself is registered elsewhere – in the Marshall Islands (certificate No. MN96960). Even in this information, there is room for doubt, as there is no open registry of public figures in the banana republic. And the broker company Rate does not provide confirmation in the form of a scanned copy of the document.
What about the contacts?
Several communication channels are provided for the offshore scam IsRate:
- phone number: +65(31)38 40 01,
- email address: [email protected],
- call back.
In reviews, traders emphasize that the support team doesn’t care about clients’ financial problems and technical difficulties they face.
How to start cooperation with IsRate?
After studying the user agreement on israte.com, which outlines the oppressive terms of cooperation, we would never register on this platform for anything. Unfortunately, not all users carefully study the documents regulating the rights and obligations of the parties, as evidenced by the number of reviews from deceived traders. They fell for the presence of a demo account and the simplicity of registration. To create an account on israte.com, you need to fill out a form, providing:
- name,
- surname,
- email address,
- phone number,
- password,
- promo code.
To complete the registration, you must check the boxes indicating that you agree to the refund policy and the IsRate user agreement. In fact, by doing this, you are signing your own sentence.
Detailed review of IsRate trading conditions
The pseudo-broker claims to provide access to over 120 trading instruments. These include:
- cryptocurrencies,
- stocks,
- CFDs.
The scam has set an unattainable entry threshold for many traders. The minimum losses on israte.com are $5,000! Obviously, the scammers understand that the pool of negative reviews will soon suffocate their brainchild, so they hurry to fill their pockets with other people’s money.
Let’s review the accounts:
- Basic. Starting deposit – $5,000 USD. The features of this account type are as follows: leverage 1:40, floating spreads, margin call 10%, personal manager services available. As you can see, the review of this account is quite scarce. The same situation applies to other account types,
- Premium. To open such an account, you need to deposit at least $20,000 USD. Within the account, traders are promised leverage of up to 1:100, margin call 20%, and the ability to trade digital currencies,
- Elite. Starting deposit – from $50,000 USD. Features include margin call 40%, 24/7 support available, insurance, the ability to open an Islamic account,
- VIP. Minimum top-up – $100,000 USD. Different from Elite with a margin call of 50%, technical indicators, deposit protection.
During the review, we did not find information on available payment methods that users can use for deposits/withdrawals. There are no clarifications even in the user agreement. This leads to the only conclusion: IsRate has no intention of returning profits. User reviews confirm our opinion.
Review of opinions: reviews from real IsRate clients
We stumbled upon a recording of a conversation between a potential victim and scammers from IsRate on YouTube. Be sure to listen to it to avoid falling for the scammers’ bait and know how to act correctly:
This video sparked a flurry of user reviews openly mocking the scam:
Despite the short period of operation in the market, IsRate has managed to land on the blacklist of many independent sites. Reviews about it are of a negative nature:
IsRate scam scheme
The scammers from IsRate could not come up with anything new. They use a banal scheme aimed at newcomers. The fraudsters obtain the contacts of potential victims and start luring them in, promising colossal profits with minimal risks (which is nonsense in the case of CFD). They promise trading assistance to potential victims, but all recommendations are aimed solely at draining deposits. Withdrawal of funds from the platform is impossible!
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What did the IsRate review show?
IsRate originates from an offshore zone, which should already raise red flags. However, this is not the worst part. The scammers operate without a license and regulation. At most, you will get a cheap show with simulated trading and empty promises. The fraudsters will drain all your savings because extortion is their main forte. This is confirmed by the negative reviews. Avoid the scam, it belongs in our blacklist.
My experience with the CFD broker, IsRate, was incredibly disappointing. First, their platform is riddled with various technical issues. I’ve experienced numerous abrupt crashes which significantly affected my trades. Their user interface is also far from intuitive – it’s quite outdated and confusing to navigate. Additionally, the customer service team leaves a lot to be desired. On multiple occasions, I was left waiting for responses to urgent queries for ridiculously long periods. The transaction fees are also inexplicably high compared to other brokers I have used. To top it off, the educational resources they provide are poorly organized and severely lacking in depth. I would not recommend IsRate to serious investors or traders due to its unstable platform, poor customer service, and high fees. Their lack of sufficient educational resources makes them unsuitable for beginners as well. Overall, a regrettable experience.