Overview of ILA International Review
ILA International is a financial services offering broker, based out of China, precisely LKF Tower, Level 22n 55 D’Aguilar St, Central, Hong Kong, China. While this is known about them, they do try to keep the legitimacy of their business under the covers. And that is precisely what we will be checking in this review. Read full ILA International review here. The fact is that ILA International is an offshore broker. For people who are new to trading, you need to understand that – While being an offshore trader doesn’t make you a scammer by default, it is noteworthy that the reason businesses are set up offshore is to avoid regulation. Basically companies can sail past most regulations without anybody looking over their shoulder. While this could be important for some really new business, legitimate long term business wouldn’t do this.
About ILA International
ILA International is based in Hong Kong, so the first thing to check would be whether it is allowed to even operate in Hong Kong. China has a financial regulator that goes by the name of SFC, Securities and Finances Commission. Checking up with the SFC, you realize that the business isn’t even allowed to offer financial services in Hong Kong. Now this is really concerning, as the offshore thing on itself wasn’t bad enough. Now we know that one financial regulator doesn’t endorse it, but things get much worse for ILA International. A deeper dive with the other financial regulators of the world reveals more interesting information. The Belgian financial regulator issued a warning in September 2020, after it was seen that the business was targeting Belgian people. The financial regulator, FSMA (Financial Services and Markets Authority) posted a warning on its website against dealing with ILA International as it was neither based out of Belgium, and neither it had the license to offer any financial services to the Belgian people. Matter of fact, the Belgian regulator didn’t just tell us about this warning, it also told us that the Portuguese Regulator also had similar feelings about ILA International. And rightly so, on the CMVM’s website (Portuguese Securities Market Commission) you find another warning against ILA International, telling the people that it is an illegitimate business and people should report it if they reach out to them.
While we started off knowing that this is an offshore broker, we didn’t immediately brush it off as a scam. But given the fact that it is also an unregulated broker that has been warned against by various regulators, it is safe to say that you should avoid them.