WikiFX Reviews Illuminati Markets In-Depth

Background:

As stated on its website, Illuminati Markets Limited is incorporated in Hong Kong under the Companies Ordinance (Chapter 622 of the Laws of Hong Kong). It is located at Room 8, 11/F, Wang Fai Industrial Building, 29 Luk Hop Street, San Po Kong, Hong Kong, with incorporation number 3170624.

Illuminati Markets offers a variety of trading instruments, including currency pairs, precious metals, global indices, energies, stocks, and cryptocurrencies.

Types of Accounts:

Illuminati Markets provides two account types: the Edge account and the Classic account.

The Edge Account, the first option, charges a commission of $3.5 per lot, with spreads starting from 0 pips. This account requires a minimum deposit of $100 and allows a minimum lot size of 0.01 with a maximum leverage of 500 times.

The Classic Account, the second option, is a commission-free account with spreads starting from 1 pip onwards. It mandates a minimum deposit of $100, permits a minimum lot size of 0.01, and offers a maximum leverage of 1000 times.

A swap-free Islamic account is also available upon request for Muslim traders.

Illuminati Markets' account holders can access a wide range of financial assets, including over 12,000 forex pairs, global indices, stocks, cryptocurrencies, energies, and precious metals.

Deposits and Withdrawals:

Illuminati Markets provides various payment options, including Bankwire, credit card, cryptocurrency, and e-wallets. The minimum requirement for both deposits and withdrawals at Illuminati Markets is $100.

Illuminati Markets does not impose any charges for depositing or withdrawing funds, allowing clients to manage their finances without incurring additional expenses. However, any third-party charges are the responsibility of the client. Illuminati Markets claims to offer swift deposits and withdrawals while keeping costs at bay. The broker claims that clients funds are held in a Tier 1 International Bank for added security.

Trading Platforms:

Illuminati Markets' trading platform, MetaTrader5 (MT5), upholds the excellent reputation of its predecessor. It enhances the trading experience by introducing more trading time options, increased order flexibility, and faster strategy testing capabilities.

MT5 is a versatile platform compatible with various devices, including Apple, Android, and Windows. It offers enhanced order flexibility through two additional pending order methods and provides traders with a broader view of the markets with its 21 distinct timeframes. The platform also features an improved strategy testing function, allowing for more effective backtesting and optimization of Expert Advisors (EAs).

Research & Education:

Illuminati Markets equips traders with three educational tools. The Trading Calendar offers real-time global market updates, the Illuminati Market Academy enhances investment strategy skills, and Traders Terminology familiarizes traders with financial market language to improve their trading proficiency. However, in comparison to its industry peers, the educational resources provided by Illuminati Markets are relatively limited.

Customer Service:

Trading clients can reach Illuminati Markets through the live chat messenger application on its official website, via email, or at +852 18 9877 108.

Please note that Illuminati Markets has limitations on providing services to residents of specific jurisdictions. Restricted countries include North Korea, Japan, the United States, and others, rendering individuals in these regions ineligible to access Illuminati Markets' services.

Conclusion:

In summary, WikiFX's final verdict:

WikiFX, a global forex broker regulatory platform, has assigned Illuminati Markets a relatively low WikiScore of 1.26 out of 10, signifying it as an unreliable broker in the forex trading industry. This is due to the broker's claim of holding a license authorized by ASIC, which WikiFX found to be revoked. Additionally, the claim of regulation by Canada FINTRAC Money Services Business (MSB) lacks supporting evidence.

As a result, this broker is now conducting its operations without regulatory oversight. It is crucial to exercise caution when dealing with an unregulated broker at all times.

Furthermore, there have been several complaints from disappointed clients who faced withdrawal issues while trading with Illuminati Markets.

Therefore, WikiFX advises users to steer clear of this broker, given the numerous red flags associated with it.