We recently received requests via our social media handles to investigate Intelligence Prime Capital (https://www.iprimecapital.com). What follows are our findings.
On the “Why IPCAPITAL” page of their website, we have this description of the company:
We consider ourselves a pioneering broker. We were founded in 2006, which is considered a lifetime in the online trading industry. In fact, we were one of the very first Forex trading platforms to be made available to retail traders, just like you. In that time, we have built a solid reputation for ourselves, and we believe it is incumbent upon us to protect that reputation and the strong relationship we have with our clients.
We decided to start the investigation with Intelligence Prime Capital’s claim that it was founded in 2006. A quick trip to open corporates revealed two entries for the same company, one in Canada and another in the US, both opened in June 2021.
Also, the WHOIS information for the domain reveals that the domain iprimecapital.com was registered in June 2021.
From this we can deduce that Intelligence Prime Capital is less than a Year old. So where did the date of 2006 come from? To unravel this puzzle, we decided to analyze the contents of the website, specifically looking at the source code. There we found code that had been hidden from displaying, pointing to another domain avatrade.com
A search on the internet revealed Avatrade has been in existence since 2006. From this we can deduce that those behind Intelligence Prime Capital copied the content on their website from Avatrade.
The next thing we looked to verify was if Intelligence Prime Capital had a physical office presence. On their website, the address listed is in Canada.
A search revealed five other organizations using the address, this might mean that this is a virtual office address.
The final thing we investigated was the company’s management team. This is important because having competent people at the helm of affairs means the company would do well and meet its obligations. Likewise, fraudulent companies find it hard to recruit top industry professionals who have worked with recognized firms as such individuals would not want to spoil their reputations. Intelligence Prime Capital does not list any of its management team members on its website. The only person we could find was their supposed Chief Marketing Officer via their YouTube channel.
Outside of a sketchy LinkedIn profile, there is nothing else about Dr. VAL NG SH. While researching more about the company we found that the Central Bank of Russia had released a warning about Intelligence Prime Capital. They said it shows “Signs of an illegal professional participant in the securities market.”
Putting it all together, Intelligence Prime Capital is less than a year old, stole content from another forex broker’s website for its own website, is likely operating from a virtual address and is showing Signs of being an illegal professional participant in the securities market. Our advice is that you stay clear of Intelligence Prime Capital, it has all the telltale signs of a fraudulent offering.