IPCapital, or IPC for short, is the recent cash cow trending on Nairaland and other media platforms, despite the company execs saying it is hacked.
An alleged proxy CEO, Eddie released the press, mentioning that some hackers have undermined the financial security of the platform on the backend. This was after falling out with the US authorities over security issues.
Reports have it that the company is neither registered with the US SEC nor similar authorities from other jurisdictions it operates in, leaving PRs to do the convincing.
The Nigerian individual forex trader casually meets such PR ads for IPCapital on social media platforms. As often as it is the case, the sales pitch is invariably bots doing the trade while the subscriber merely places the order. So, IPCapital offers an AIA bot, which provides signals and other crucial instruments to optimize profits.
Many people fell for it. Currently, there is a sustained nays and ayes regarding the issue. For proponents, it is enough security that IPCapital says it is regulated by FINTRAC (surprisingly not CSA or IIROC).
What really matters is the National Futures Association, which ensures that broker is propped to take liabilities.
One of the NFAs metrics is a deposit of one hundred million dollars, as insurance against bankruptcy. Canada has similar regulations in different provinces. But here, people focus on the irrelevant claims offered by IPCapital.
See why this company isn’t worth the border in the following section. Read on below for details.
IPCapital Bogus Trade Signals
An example is the shell company registration. Instead of a verifiable Canadian regulation, the company merely brandishes an irrelevant UK incorporation address. Also, IPCapital is dubbing audits and quote stats sourced from myfxbook records, as uncovered by some traders.
It also isn’t the first time an unregulated broker attempts to offer non-existent bots on the sly. Other scammers made similar claims. However, Intelligence Prime Capital dubs the stats from a reliable and legit source (myfxbook), beguiling unwitting investors to throw in with the company.
Further, you can compare the actual MT4 analytics from the UI to the replica on the so-called AIA IPCaptial bot. Apparently, the said bot is a gilded stunt passed off as real-time data from the MT4 server. Most likely, someone from the “dev team” contrived to lift every feature of the MT4 Manager.
If you need a more convincing story than these inferences, read the thread on Nairaland.
A promoter claimed to earn profits from PGI Global (Palafox’s bot gig) on Pinterest, attempting to lure people into the scam.
The same stunt happened with BNB Business, where the promoter says that profits can upscale as well as a remit to the downlines. So, members could earn from uplines and downlines. It turns out the whole thing is a gimmick, just like the bot claims from IPCapital.
IPCapital actually promised to provide Copy Trading models, relying on an AI prompt to execute transactions. But everything is a scam, as you can verify from the section below.
Crackdown: Exit Cues & Public Warnings
You can put a pattern to the MLMs pulling out of the media spotlight by their exit strategy.
Finiko scapegoated one of its execs, blaming him for the company’s bankruptcy. Watermine claimed it was hacked. Antares rebranded to a backend investment, while Skyway Capital laid off the bulk of debts accruing from unmet withdrawal requests on the site.
Some other MLMs would simply create a valueless coin, require all members to cash out using it, and then run away with the fiat deposits.
In this case, Intelligence Prime Capital claimed hack issues, offered flimsy excuses, and attempted to close down.
As it happens, the relevant Canadian and Russian authorities have already issued public notices advising people not to invest in the AIA bot or subscribe to the company’s services.
Funny enough, IPC keeps in tow with these warnings, cutting off U.S. subscribers from the back-office. Everyone in that jurisdiction is back to ground zero, compounded by the US SEC agencies hounding IPC officials out of business. Some promoters bailed themselves and fled the country.
Guess their next destination. Nigeria!
The sad thing is that lots of Nigerians are falling for the scam.
Conclusion: Is it a Scam?
Yes, the IPCapital is a scam.
It is an unregulated broker, unable to provide verifiable audits, unlike NFA-registered forex middlemen.
Don’t put your money into this scam.