EthericForce (ifcxnb.com) is a cryptocurrency trading platform with its official domain registered on August 2, 2024. Its primary investors offer trading services for a myriad of cryptocurrencies such as Bitcoin, Ethereum, Uquid Coin, Enjin Coin, Neo, and Neogas. This broker does not provide services to jurisdictions where doing so would violate local laws or regulations.
Company Registration Information and Regulatory Status
EthericForce (ifcxnb.com) claims on its official website that it is a company registered in the Republic of Estonia under Estonian law, with the registered entity being ETF Limited and the registration number 14556327. Moreover, it states that the company is authorized and regulated by the Financial Intelligence Unit of Estonia, providing virtual currency exchange services under license number FVR000604 and virtual currency wallet services under license number FRK000513. However, the “Legal Notices” page on the broker’s website indicates adherence to U.S. laws.
Upon investigation, the Financial Supervisory Authority (FSA) of Estonia does not list ETF Limited as a regulated company, nor do the license numbers FVR000604 and FRK000513 appear in their records. Similarly, the Financial Industry Regulatory Authority (FINRA) in the United States has no registration records for ETF Limited.
Thus, EthericForce (ifcxnb.com) is essentially a fraudulent broker website with no substantial corporate entity or regulatory oversight.
Account Opening Process
The steps to open an account with EthericForce are as follows:
- Visit their official website and click on the “Sign Up” button at the top right corner to access the account registration page.
- Fill in your name, email address, and login password, receive a verification code via email, and enter it into the form before submitting your account application.
- After submitting the application and passing the review, you can log in to your account to make deposits and start trading.
Trading Platform and Deposits/Withdrawals
EthericForce claims to offer a self-developed trading platform available only on web and mobile versions. However, the broker's website does not clearly specify the supported deposit/withdrawal methods, fees, or minimum deposit/withdrawal amounts.
Risk Warning
Virtual currency services are not legally regulated and are solely controlled by the service providers. All risks are borne by virtual currency users. Before deciding to invest in cryptocurrencies, consider the following:
- International Scope—Due to the decentralized nature of ICOs and virtual currency transactions, tracking such activities and placing them under specific jurisdiction is usually challenging.
- Issuer Risk—Token providers are usually startups without any prior activity or financial metrics, making it difficult for investors to evaluate their credibility. Additionally, startups have a significant risk of failure. In the worst-case scenario, the issuing company may not be registered in any official registry or it might be challenging to clearly identify the individuals associated with it.
- Speculative Investment—Token values are often non-transparent and speculative in nature, with their trading prices liable to substantial fluctuations in a short time. If the tokens become worthless, investors will lose their entire investment.
- High Return Promises—Investors should be cautious of high return promises, as the higher the returns offered by the company, the greater the associated investment risks.
- Fraud Risk—Given that transactions involving tokens are anonymous, there is a high risk of fraud, money laundering, and terrorist financing.
Conclusion
Traderknows alerts investors that EthericForce (ifcxnb.com) is actually a fraudulent cryptocurrency trading website with no corporate entity or regulatory oversight. Investors are advised to choose brokers that are transparent, strongly regulated, and reputable for their investment activities to avoid unnecessary financial losses.
Currently, this broker is marked as "Suspected Fraud" on Traderknows.
