Impressive Area is not an impressive broker, despite its name. We say this because it is an offshore company that is not controlled by any regulating body, allowing users to open trading accounts outside of its jurisdiction.
This exposes users to a great deal of risk, and legal concerns should something go wrong. Impressive Area, like all other offshore brokers, lacks regulation, uses suspicious legal documentation, and even if we could look past all of that, the broker’s business conditions are nothing particularly remarkable.
Overall, if you are considering doing business with Impressive Area, you should read this full review first.
What to do instead?
It seems that Impressive Area didn’t meet our standards. However, it’s not the only option out there. We’ve created a list of the best online brokers that are much better for beginners. Take a moment to go through it and find a platform that fits what you’re looking for.
What Is Impressive Area?
Impressive Area is a brokerage firm that offers its customers access to a wide range of commodities such as cryptocurrencies, stocks, indices, and other commodities.
The platform lets users trade with a number of different account options that range from Basic to VIP and offers a range of investments plans.
What You Should Get from Impressive Area and Why You Don’t?
The platform claims to offer users expert advice from a team of experts to help them achieve their goals. It also claims to provide education for new users and a full range of technical services.
However, apart from a few web pages, not much information or educational posts are provided. A lack of regulation makes us question the “expert advice” because without the proper regulation and registration with the appropriate authorities, how do we trust the authenticity of this platform or its expertise?
Also, educational courses are provided only to those high-paying investors or traders, rather than to beginners who need them the most, leading us to believe that the broker is after high-paying investors rather than nurturing all their traders and investors.
Another red flag is that the company does not provide any information about where it is based and who runs it. This is typical of a fraudulent website, as there is no way of knowing that the company you are dealing with even knows anything about trading commodities.
Impressive Area certainly does not provide transparency, having omitted the “About Us” page entirely, which leads us to believe that they must be hiding something.
It also isn’t very transparent about its fee structure. Under the terms and conditions, it states that it “may charge commissions during operations,” stating that commissions are often taken from the user’s account, but “can be related to other conditions.”
This makes us suspicious and leads us to believe that the company deems it acceptable to take fees from a user as it sees fit, which is worrying.
Regulations and the Safety of Your Funds
There is no evidence that Impressive Area is a regulated platform or brokerage service. Entities that regulatory bodies have regulated are required to be transparent and display their compliance with requirements on their websites.
However, with Impressive Area, we cannot find any information about where the company is from, who runs it, or who regulates it, which leads us to believe that it is not a legitimate company and therefore cannot offer you safety of funds.
The problem with trading with unregulated platforms is that it involves a high level of risk. If the company decides to close its doors and disappear without a trace, there may not be much you can do to recover your money.
That being said, it does mention some degree of safety features to keep their funds safe from third parties. These include Secure Socket Layer technology that is used to keep users’ data safe from prying eyes.
It also claims to use private data storage facilities and review its safety and privacy policies which sounds great, except you may need to be kept safe from the company itself who cannot be trusted with your money!
Impressive Area Hoax: The Software
There isn’t much information provided about the software used by this trading platform or how it can be accessed, which is another red flag.
However, because it is a brokerage tool, users can probably access it through the website, but again, the lack of information is worrying.
Why Use Brokerage Platforms?
Suppose you are a beginner, and are not familiar with trading online, or are not familiar with trading a particular asset class.
In that case, you should enlist the help of a registered broker to assist you. Brokers are trained professionals with experience in trading specific commodities and act as intermediaries between buyers and sellers.
People who often want to enjoy the benefits trading has to offer but lack time to invest in learning how to trade and monitoring the markets can benefit significantly from having a broker deal with their accounts as they can still benefit from trading online without spending hours analyzing markets and the performance of assets.
Why Work with a Legit Broker and Trading Platform?
Although auto-trading software is recommended, you could still benefit from enlisting the help of a trained and regulated broker to help you trade. Working with a broker can significantly minimize your risk exposure, especially when trading asset classes you are not familiar with.
After you have done your research and found one that is legitimate, complete the registration form on the website. You need to enter your name, phone number, and email address.
Next, the site may conduct a verification process, so follow their prompts, and upload the relevant identification documentation as requested. After successfully completing the verification process, in most cases, a broker or account manager calls you to offer you his services, which you can choose to accept or decline.
You can then either download the exchange application or software and begin trading directly or download the broker’s application or software and begin trading with the broker. Be sure to familiarize yourself with the platform before you begin conducting any trades.
Before you begin trading, make an initial deposit into the trading account, and you are ready to start. Most trading platforms offer demo accounts that let you do mock trading to develop a trading strategy and get a feel for the markets.
We like this feature because it allows users to adjust to a new platform and familiarize themselves before risking real money. Unfortunately, we have not seen evidence that users get access to a demo account with Impressive Area, which is certainly a drawback and red flag.
Signing up with Impressive Area (NOT RECOMMENDED)
Although we do not believe that Impressive Area is a legitimate trading platform, you may want to try it anyway. We do not recommend this, but here are the steps that you can take to sign up should you still wish to do so.
To sign up, head over to the Impressive Area website and complete the registration form, where you are required to enter your name, email address, contact number, time zone, and currency.
Next, complete the verification process and choose your account type. There are several different account types that Impressive Area offers. They are Basic, Bronze, Silver, Gold, Platinum, Pro, and VIP. There are also several investment plans to choose from.
The basic plan doesn’t give you access to many features (which is what you would need as a beginner), and the minimum deposit is $250. It does provide you with account management with an introduction to the platform and basic leveraged trading.
Bronze is the next option and requires a $3,500 deposit. It grants you access to one risk-free trade, a bonus, and an introductory education course. Be careful when selecting platforms that use bonuses as incentives. They often include clauses that a user may only withdraw after reaching a certain amount, which can be subject to change.
The next option is Silver, requiring a minimum deposit of $10,000. A standard education course, and company financing.
A Gold membership, requiring a deposit of $25,000, gives you eight insured, and advanced leveraged trading, while a Platinum account, requiring a deposit of $50,000, gives you more features.
These include participation in a mutual funds investment program, order execution notifications, a premium financial and investment plan, and 16 insured, risk-free trades.
The Pro plan requires an investment of a whopping $100,000 for benefits like premium company financing, premium customer care, an advanced bonus, access to market events, and completed chart pattern updates.
VIP accounts require a deposit of at least $250,000! Your package is personalized and tailor-made with this package.
As you can see, It provides little to no help for beginners, which indicates that it is not legit that focuses on reeling in big investors rather than providing solutions to nurture all kinds of traders, which is what legitimate platforms do.
Signing up with Other Brokers
Again, we do not recommend using brokers, but rather legitimate auto-trading robots like 1K Daily Profit to help you trade without requiring any third party.
Nevertheless, if you choose to sign up with a legitimate broker (and not Impressive Area), the process is similar to signing up with Impressive Area and other platforms.
Simply visit the broker’s website, complete the registration form and the verification process, fund your trading account and begin trading via your broker.
Impressive Area is an offshore broker that conducts its business with no transparency and security. The company does not provide any information about itself, simply listing a few phone numbers if a user needs customer service.
Do not lose heart, though, because there are other legitimate options for those hoping to trade online. Online Brokers like eToro and Plus500 (CFD broker) are tried and trusted brokers that are both regulated and secured by SSL.
Frequently Asked Questions
Is Impressive Area Legit?
No, there is no doubt that Impressive Area is a hoax because it is not licensed by any regulatory body to provide its services. If a broker is not registered with a regulatory body, there is no other way to know whether they are legitimate or not.
Can I use Impressive Area with a smartphone?
While we do not recommend this, the platform only appears to be accessible through a browser. Whether this includes a mobile browser is unclear as no information is provided regarding this on the Impressive Area website.
Should I go to a broker’s website directly?
Yes, you can go directly to a broker’s website to sign up. Still, we recommend using automated software to trade instead, as it is more efficient and provides greater accuracy at a lower cost.
How does Impressive Area’s fee structure work?
There isn’t much concrete information regarding the fee structure provided on the website, but fees seem to be taken from a trader’s account, which is worrying.
WeInvests is a financial portal-based research agency. We do our utmost best to offer reliable and unbiased information about crypto, finance, trading and stocks. However, we do not offer financial advice and users should always carry out their own research.Read More