Beware! ICB Capital is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Warning! ICB Capital is a Forex broker, which should be avoided regardless of the favourable trading conditions and the bonuses offered! In fact, ICB Capital is a confirmed scam as the British financial authority FCA issued an official warning against this fraudulent broker. The warning aside, there are countless red flags and scam signs that we were able to detect and discover, find out everything you need to know about this Forex broker in the full ICB Capital review.
ICB Capital REGULATION AND SAFETY OF FUNDS
As already noted, ICB Capital was officially blacklisted by FCA on 22 October 2020, confirming it’s a scam Forex broker which aims to defraud you:
ICB Capital is a trading name of Coinbank Dooel Import Export, a company registered in Skopje, North Macedonia. There is, in fact, such a company in existence. Still, it’s not authorized to sell financial products and services in the UK, and also in the EU, because North Macedonia is not part of ESMA- the central EU financial authority. ICB Capital, respectively Coinbank, is a letterbox company that is registered in the Skopje Airport, North Macedonia, very similar to the offshore companies headquartered at SVG or Dominica!
Your funds are in danger if you deposit with ICB Capital, it’s an unlicensed, unauthorized and unregulated scam Forex broker, which was blacklisted in Britain! The people behind this so-called broker are trying to steal your money, and you should immediately report if someone from ICB Capital or Coinbank Dooel contact you!
ICB Capital includes a variety of scam clauses in its Terms and Conditions, and we are going to show you why it’s important to avoid offshore, anonymous or blacklisted Forex brokers.
First of all, ICB Capital is not going to treat your money carefully, and solely on their own discretion they can transfer your money anywhere in the world, not taking any responsibility for their actions, leaving you vulnerable and unprotected:
They can also send your money to an offshore bank if they want to:
ICB Capital might decide that you are conducting illicit activities, while trading and in such a case they will delete your trading account taking all the funds, and you have nothing to do against that. They will make that decision if they want to and whenever they want to:
It would be best if you avoided ICB Capital, it is a must, not an advice, and choose a European Forex broker instead- CySEC(Cyprus) or FCA(Britain) regulated, as these locations host the leaders in the retail FX industry. Europe created the safest financial environment in the world by implementing a very robust regulatory framework, consisting of many strict rules and requirements Forex brokers have to meet. The last one that was agreed came out of UK, FCA imposed a ban on Crypto derivatives retail trading, which will come in effect in January 2021, meaning that you will no longer be able to trade BTC/USD with your British broker. The digital coins are known to be prone to price manipulation, incredibly unpredictable and highly volatile, posing a substantial threat to the funds of the traders. The most important customer protection feature, however, is the compensation schemes for clients of authorized financial service companies.
The Investor Compensation Fund(ICF) operates in Cyprus, while in Britain, a similar fund is called Financial Services Compensation Schemes(FSCS). In Cyprus, you are allowed to claim up to 20 000 EUR per client, while in the UK you are guaranteed of even up to 85 000 GBP per client. If you trade with an offshore broker you are entitled to nothing, it might cease to exist tomorrow, and you are going to lose all of your investments!
ICB Capital TRADING SOFTWARE
ICB Capital offers Metatrader5 accounts to the traders; Metatrader4 is not available. The EUR/USD spread is around 1 pip most of the time. The leverage level, however, is fixed at 1:200, and you are not allowed to adjust it to your own preferences! It is a major red flag and a scam sign. Demo trading is available, but we do not recommend even a tryout with ICB Capital!
ICB Capital DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit is not specified. There are various funding methods, however, including Crypto Payments, Credit/Debit cards, Papara and MenaPay. In fact, ICB Capital lists Skrill and Neteller as payment providers, but these are not available in reality, which is a scam sign! Both of them take care of the customer protection and will not easily let the scammers use their services, imposing many security and authorization requirements.
The minimum withdrawal is said to be $100. One withdrawal per week is free, while the subsequent ones will cost you $20. Also, you will have to pay an additional $35 if 5 lots of trading volume are not executed. Have a look at these scam clauses yourself:
No dormant account policy and no fees for inactivity specified, which is a red flag, too.
ICB Capital offers a variety of bonuses, but we were unable to understand anything about these. The translate engines didn’t help either!
The bonus clauses are freezing the funds in the trader’s account, making it impossible to withdraw unless a minimum trading volume(20% of the bonus) is executed. The bonuses are final, and a cancellation is not allowed. It is a scam clause, confirming once again that ICB Capital is a fraudulent Forex creature which should be brought down!
No partnership programs introduced by IBC Capital.
HOW DOES THE SCAM WORK
The Forex scam is a financial crime and involves the illegal sale of financial products and services without proper authorization. Being involved in a scam and consequently getting ripped off might be a life-changing event with intense, long-lasting effects. Learn how to recognize the warning signals; the knowledge will hopefully help you remain safe. Have a look at five of the common scam signs:
- Scammers are usually anonymous and offshore.
- Scammers will present investment opportunities or trading conditions that are too good to be true.
- Scammers will make falsely risk free offers, reassuring that there is no danger for your funds, unlike the true Forex brokers who will always warn you about the loss potential in the FX trading.
- Scammers will present pieces of conflicting information, for example, on their Main Page, they will claim to offer a leverage of 1:100. In reality, upon registration, you will find out that the ratio might be up to 1:500.
- Scammers will accept only Cryptos or will use some fishy payment systems, generally unknown to the broad public.
WHAT TO DO WHEN SCAMMED
No one is immune to scam; anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience; it is important to protect others, as well. Be responsible!