Beware! ICMG.io 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.
The predominantly green colour of money on ICMG’s website evokes the dream of riches. Would you become rich trading cryptocurrencies with this broker? We are about to find out.
ICMG.io Regulation and safety of funds
The company’s website ICMG.io is owned and operated by Eaglecrown Inc. with an address in Belize. What you need to know about this offshore zone is that to get a license with the International Financial Services Commission in this country, forex brokers must have paid a minimum capital of $500,000. This sum is enough to keep scammers away. However, is fulfilling this requirement enough to guarantee that clients’ funds will be safe? Unfortunately, it is not. Traders need a lot of other measures to be in place to have a guarantee for the safety of their funds. Let us give you an example.
In the well-established jurisdictions of the EU and the UK, it is not enough for forex brokers to have a minimum capital of 730,000 EUR. In addition to that, they also must contribute to a compensation fund or scheme from which, in case of bankruptcy, the traders will be compensated. If the forex broker is regulated by FCA in the UK, then its clients can get compensation of up to 85,000 GBP per person if the broker contributes to the local Financial Services Compensation Scheme. If the broker is regulated by CySec, then its clients will be compensated by up to 20,000 EUR per person in case of bankruptcy if the broker contributes to the local Investor Compensation Fund. We hope that you can see the differences and the benefits for the traders who choose a forex broker from those jurisdictions. Why not research the brokers using the links we provided to select a reliable one that can guarantee you a peace of mind for your hard-earned money?
ICMG.io Trading software
From the image below, you can get the idea about the trading software offered by ICMG.io. This is a web trader for cryptocurrencies. On the left, you have the menu with the cryptocurrencies pairs and in the middle of the screen is the display with the chart of BTC/USDT pair and the price fluctuation in the given timeframe. The trader can set the parameters for opening or closing a position to buy or sell. On the far left-hand side of the screen, there is the menu from which traders have access to a calculator that calculates a given cryptocurrency against other currencies or major forex currencies and from the product option, they can invest in different mining transactions.
We want to mention that although trading in cryptocurrencies has its advantages, i.e., secure store-of-value, low fees and universal accessibility, there are also some risks which involve the high volatility of the cryptocurrencies market (prices can go up and down in a blink of an eye), the fact that you need to put sizeable chunks of your funds on the line and the difficulty to accurately forecast crypto prices. Also, if you read carefully our motto “Do not put all your eggs in one basket”, you will understand that your trading options are limited to only one type of trade. With other forex brokers, you have a better choice between forex, shares, stocks, etc.
The web trader offered by ICMG.io is relatively basic software that does not offer many trading options or tools and instruments. On the other hand, there are trading platforms that are far more superior in what they can do for the trader. We are talking about the two best trading platforms in the forex trade – MetaTrader 4 and MetaTrader 5. Both platforms come with a demo account, auto trading option, an app market, a financial calendar, code base with customs scripts, trading signals, etc. The charting package which has analytical indicators that help the trader make predictions in the direction of the exchange rates is out of this world!
We always encourage our readers to select a licensed broker that offers either of these platforms which will enhance traders experience in the forex trade.
ICMG.io Deposit/Withdrawal methods and fees
There are no separate trading account types and the traders can simply register, open a trading account and start trading right away. As you can see from the screenshot below, payment methods are entirely in cryptocurrency – Coinbase, Luno, Coingate, Coinmama, Gemini, etc., which requires that you have/open an account for cryptocurrency.
We want to ask you to read carefully the last section of this review, where you’ll see that using only cryptocurrencies as payment options may have implications in the future and may affect your chargeback options.
How does scam work?
If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers’ schemes. What you probably do not know is that your hard-earned money goes as commission to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for a chargeback.
What to do if scammed?
If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.