IcFxMarkets Review – 5 things you should know about Icfxmarkets.com

IcFxMarkets Review – 5 things you should know about Icfxmarkets.com

IcFxMarkets is a CFD brokerage we believe is based in Cyprus. It provides a web-based terminal, not the MetaTrader 4 platform. The required minimum deposit is unfavorably high at $1000 and further trading conditions remain undisclosed.

IcFXMarkets regulation & safety of funds

Reading through the website of the brokerage we discover that it is owned by an Cypriot company registered with the name Holiway Investments Ltd. Ltd. We remind readers that Cyprus is a member-state of the European Union and online Forex trading is duly integrated within its regulatory framework which is modeled after the ESMA guidelines.

However, even though we did find the company listed with the other licenses in the online registry of the Cypriot authorities – we did not find the domain of the brokerage among the active brands of the company, thus we may safely conclude that the brokerage IcFXMarkets does not fall under any regulatory oversight whatsoever. On top of all this, it appears there is a regulatory warning against the company by the Cyprus Securities and Exchange Commission claiming it’s a clone firm copying the corporate information of a legitimate entity. Such a warning is a clear-cut sign of trouble in Forex. This leads us to conclude that trading with it may be tied with a substantial amount of risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

IcFXMarkets trading software

The brokerage does not provide the MetaTrader 4 trading platform which we always consider a huge advantage since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 percent of the traders in Forex. Instead, there is a web-based terminal and we could not register for a demo account which is a disadvantage in our books since the availability of a test-drive is perhaps the most transparent way of getting a hold of the trading conditions. We do read there is supposedly a wide range of trading options which include CFDs on commodities, stocks, indices, precious metals and crypto coins, however the trading conditions of the broker are not disclosed.

IcFXMarkets deposit/withdrawal methods and fees

Clients may deposit or withdraw via the standard Visa and MasterCard, as well as bank-wire. Going through the terms and conditions of the brokerage we did  come upon provisions which are worth noting.

There are  withdrawal conditions pertaining to accounts that have taken advantage of the bonus promotion. A trader has to achieve an undisclosed trading volume  in order to be eligible for withdrawal which is purposefully excessive in order to impede any trader from actually receiving his money. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Cashless PayGroup where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And  they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. 

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

 

Rich Snippet Data
Review Date
Reviewed Broker
IcFxMarkets
Broker Rating
1.11star1stargraygraygray

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1 Comment

  1. I experienced icfxmarkets bscam

    Pls mail me, I’ll need to share my screenshots of the platform for screenshots

    My experience is, I met someone by the name of swang2020 on telegram and told me he helps people invest in automated trading, I invested $300 in September 2019. He told me in a week I could get only $7800 with that, which was fine by me. After 2 days he had created an account with icfxmarkets.com in my name with my preferred password I gave him. Two days into the following trading week, the robot had made over $10000, I couldn’t believe my eyes. But he had said I should not withdraw in the first week so the account can grow, so I didn’t try to withdraw.
    Then 6 days after trading had commenced I got a mail from the broker saying my account has been suspended because I need a trading certificate/ license to use such a robot, I quickly informed him and he gave me two options, either I attend a course for 4-6months and get the certificate or I pay $4,500 for a no-show certificate. Not having up to $4500 I asked for a discount and he said he’ll do it for $3500. The account has been locked ever since but still trading on a weekly basis. And I have paid $2000 to this man hoping to complete my payment for the certificate soon as I’m seeing the account grow every mon-friday.

    I recently submitted a random certificate in the meantime to test if the broker would accept but they declined and I got a message from swang2020 asking if I submitted a random certificate, which tells me he either works for the broker or he is the broker. But he says his robot is linked to my account with the broker and can see all activities.

    Pls I would appreciate greatly any help at this time to retrieve funds or clarify if they are a legit company.
    Thank you
    Faith Edison.

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