Traders are often meticulous people, and rightly so. It’s hard to risk money without being a little paranoid about the broker you’re entrusting your finances with. In this article, we’ll thoroughly and meticulously review and dissect the features, regulations, and overall safety of Immediate Momentum.
Immediate Momentum is a brokerage platform that offers trading services, primarily cryptocurrency trading. But is it a broker you can trust? Read more for our full Immediate Momentum review.
What is Immediate Momentum?
Immediate Momentum is an unregistered brokerage platform that offers trading services, focusing on cryptocurrency trading. According to the broker’s website, the platform allows traders to “start trading bitcoin and other cryptos” on a free account.
Moreover, they claim that the Immediate Momentum platform “performs technical evaluations and analyses using price charts, indicators, and historical data.”
However, it is unclear if Immediate Momentum offers trading in other instruments, such as forex, stocks, and indices.
Where is Immediate Momentum Regulated?
On Immediate Momentum’s official website, they claimed that financial regulators in the US, Europe, Africa, the Middle East, Asia, and South America are “all looking for the best ways to regulate the crypto market.”
Ironically, Immediate Momentum is not regulated by any financial authority or licensed to operate as any form of business in any jurisdiction.
On October 2023, the Austrian Financial Market Authority (FMA) issued a warning against Immediate Momentum and confirmed that the broker is not registered to carry out business.
Upon further verification, Immediate Momentum is also not regulated by the FSCA or Financial Sector Conduct Authority, the financial authority in South Africa, nor by any other regulator outside of the jurisdiction.
Read more: What Does the Financial Sector Conduct Authority Do?
The license number or regulation is not displayed on the website, nor can it be found anywhere else. This is already a red flag, as service providers are required by law to display their license and regulations to ensure transparency.
It is highly recommended that traders interested in trading in cryptocurrency conduct business with a regulated broker.
Other red flags on the website
Upon inspection, several other red flags appear on the website.
No official documentation
First, there is no Privacy Policy or Documentation readily available on the website.
In South Africa, the Protection of Personal Information Act (POPIA) requires these documents and pages to be easily accessible on the website.
Lack of information on website
The second red flag is that the website does not have subpages, only a sign-up section that requires a First Name, Last Name, Email Address, Phone Number, and Address.
Moreover, the sign-up section requires you to click on a button that states you “agree and accept the Privacy Policy and Terms & Conditions.”
However, upon clicking on the supposed links for these documents, the user is only redirected to a photo of a mobile phone.
The website seems to have no documents or conditions to protect its users and visitors.
Once the user has encoded their details, they will receive multiple emails and calls from Immediate Momentum. A representative will ask for personal information, including credit card details.
Immediate Momentum Platform Features
We have established that Immediate Momentum is an unregulated broker and that any trader who wishes to conduct business with this broker should exercise caution.
Below are some of Immediate Momentum’s features for those interested. However, the website does not offer much information about its services.
Available trading platforms
Immediate Momentum offers a web-based trading platform accessible via desktop and mobile devices. They’ve also developed the Immediate Momentum App.
According to the company, the app is beginner-friendly, and its “primary target is those who are just starting out in the crypto market.”
This platform includes basic charting tools and indicators but is not too complex.
Account Types and Minimum Deposit
The platform only offers one account type: Immediate Momentum. The minimum deposit is £250, and the broker claims deposits and withdrawals on their platform are free of charge.
Withdrawal Options
Immediate Momentum provides withdrawal options through bank transfers and cryptocurrency withdrawals.
However, many users have reported difficulties and delays in processing their withdrawals. We’ll discuss more about that later.
Customer Support
Immediate Momentum claims it offers support via email and phone. However, users have reported poor customer service, aggressive marketing tactics, or unresponsive support when withdrawal delays occur.
Educational Resources
The platform offers limited educational resources but some information on basic trading concepts. For traders looking for comprehensive educational assistance during trading, Immediate Momentum may not be the right choice.
Immediate Momentum Reviews Online
Immediate Momentum does not have the best reputation online. Even just a quick search for user-generated reviews, it’s not looking good for Immediate Momentum.
Some of the major concerns about Immediate Momentum are delayed withdrawals, unreliable customer support, and aggressive sales tactics. Users have since labeled it a “scam” and “dodgy.”
Delayed withdrawal
One single parent trader said they invested the minimum deposit of 250 euros. Meanwhile, they were promised that their investment would triple within four weeks.
Read more: The Surge of Online Scams: How Fraud Brokers Use Social Media to Target Unsuspecting Traders
While the trader was able to see their account profit money, they could not withdraw it, even after calling customer support several times.
Unreliable customer support
One user claimed that they were promised huge interest rates, and a “success manager” urged them to deposit more money into the account.
After two weeks, the success manager could no longer be contacted, and their money could no longer be accessed.
Moreover, some users also had added suspicion when they searched for Immediate Momentum but got redirected to the Banxso platform – a banker currently under investigation with the FSCA.
Aggressive sales tactics
One trader reported that representatives from Immediate Momentum harassed them on the phone nonstop, using dozens of different phone numbers.
Even when some traders have repeatedly said they were no longer interested, they would still receive phone calls from various numbers.
Other traders have had experience with “pushy” representatives, and some traders even claimed that what they thought was an investment opportunity now turned into a “harassment experience.”
Is Immediate Momentum Safe to Trade With?
Based on the available information, Immediate Momentum is considered a safe platform to trade with. However, the lack of regulation, negative user reviews, poor customer service, and withdrawal issues suggest that traders should exercise extreme caution. Moreover, traders should also consider alternative, more reputable brokers to conduct business with.
Here are a few tips to make sure that your chosen broker is trustworthy so you can take care of your investments:
- Verify your broker’s license number through their regulator’s official website.
- Study FSCA legal and regulatory frameworks.
- If other authorities regulate your broker, make sure to study up on those, too!
- Double-check fee structures and hidden charges, if there are any.
- Check other verified traders’ reviews of Immediate Momentum online. Make sure that the review platform is legit and that the traders giving the review are verified! Some platforms have manufactured reviews.
By taking these steps, you can protect your investments and make informed decisions.
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