Beware! IcFinancials 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.
It took us some time to get to the core of IcFinancials, a broker whose website is designed to cover up any shady business if any. In all honesty, if we were a new trader, we would probably not even think about it, and go blindly into depositing an amount. However, we do not recommend this. First, read the review, and then decide for yourselves. The following text will try to dig out as much of the hidden truths of IcFinancials as possible, for we are certain that there is something uncovered here, hidden to then asked eye. Please, read on.
Opening an account is a process most irregular and very scammer like. It does not fit in with the overall aesthetic of the website. An account at IcFinancials is not opened but requested. So, users have to wait for approval, which might indicate the presence of a scammer scheme that we have detailed in the last two sections of the review.
It was expected that we would not be approved for an account, meaning that for now one to the end of the review, we must rely on the website for all the information, including trading and payment. According to a moving navigation bar on the Home page, provided by Sirix, the EUR/USD cost of trade is 0.4 pips, an excellent value, but one we cannot take seriously because this seems like the only way to get a hold of a specific spread. The trading assets are forex currency pairs, spot gold/silver, and maybe some other unknown CFDs… we are not sure.The leverage is capped at a ridiculous value of 1:7000!
Up to this point, we can easily say that our preliminary impression of the website was mistaken. The more we interact with the site, the more we realize just how bad and broken it really is!
IcFinancials is accessed only in English.
ICFINANCIALS REGULATION AND SAFETY OF FUNDS
IcFinancials joins the pile of anonymous brokers. Recently we have seen an increase in cases, which makes us think- is it that easy for these companies to get away with it?
Apparently, it is, because here we are with yet another one. IcFinancials expertly hides the truth of the matter behind useless filler text and countless half-functioning subpages.
We will be quick, for there really isn’t anything else to add. IcFinancials is most certainly UNLICENSED, and a clear risk to all invested capital.
Investing in unregulated brokers is synonymous with losing money. Never be too quick to deposit! Always check for a regulation prior to depositing. This should always be any trader’s priority! If the broker at hand has a regulation, preferably FCA or CySEC., then you are good to go. From there on it’s all a matter of taste and the offered trading grounds. These two agencies are in the top 5 list of the best regulators in the world. All brokers under their gaze abide by the strictest of rules and guidelines. Furthermore, both the FCA and CySEC have a compensation scheme covering all users of brokers that cannot pay their dues, due to insolvency or other similar reasons. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
ICFINANCIALS TRADING SOFTWARE
Since there was no way for us to register, we cannot vouch for the alleged trading software. The site suggests an MT5, which is an improvement over the MT4 in all the good ways, without compromising on what made the MT4 great!
Let us just say that to lie about having included an MT5 is shameful in and of itself, and does not bring to good a reputation.
We have proof that IcFinancials inclines towards deception. In the Platform section of the website, none of the MT5 download buttons worked!
ICFINANCIALS DEPOSIT/WITHDRAW METHODS AND FEES
It was close to impossible to locate any payment details. Aside from a minimum deposit of $100, IcFinancials again hides important information.
Just above the footer, one can notice a number of payment provider logos that may or may not be used as payment gateways by IcFinancials. These are WebMoney, VISA, China Union Pay, Skrill, Neteller, and Mastercard. We have seen this done countless times, and rarely do these coincide with the payment methods on the user area.
Things started rapidly going down for IcFinancials, and they have not stopped ever since. All the bad we have discovered culminates into the conclusion that the broker is not worth your time and money. We strongly believe that all deposits will be lost!
How does the scam work?
The scam tactics that brokers use come under a common denominator. Most of them have a similar structure, with small touches that some brokerages choose to include. When users fall for these they will sooner or later realize it!
The very first step resolves around the fake internet ad, found mainly in social media websites. These high-promising advertisements promote a care-free lifestyle where money is made with easy trading on assets like forex or/and cryptocurrencies. Clicking on one of these will redirect users to a website (usually the broker’s website, but sometimes an intermediary site) where they will be asked to provide contact details. Sooner or later, traders will start receiving calls or emails with alleged opportunities on huge profits in exchange for a minimum deposit, an amount that depends on the broker, but also on the user herself (high income vs low income).
If the user deposits her first deposit, then she has fallen into the scam, and the broker is ready to initiate the second stage of the scam. Enter the account managers (sometimes called senior managers). These will push for more deposits, while slowly taking over your account. They will be very aggressive with their solicitations, trying anything and everything within their ability.
At this point, the user has not yet withdrawn! When she attempts to do so, she will be greeted by a very unpleasant reality: her deposit(s) and profits can never be returned. The broker usually enforces one of the following: either it will block the account, it will close down the website, it will stall withdrawal requests, or delete the account!
What to do if scammed?
The first thing you can do, and the most crucial, it to file for a chargeback with your credit or debit card company ASAP! MasterCard and VISA have extended their chargeback period to 540 day.
Deposits that were initially invested through a bank, and were lost as a result of the scammer brokers, should stimulate users to CHANGE their bank account details- both username and password! Furthermore, it wouldn’t hurt them to contact the bank and check with them.
It is crucial to know to never invest in suspicious brokers through a crypto wallet. A majority of these payments are untraceable, and you are risking to lose all your money with no hope of ever seeing it!
The scammer, or other related parties, have a last card to play. Deposit/Investment recovery agents are notorious fraudsters that promise to recover all your lost capital in exchange for a fee. Once the commission is paid, these will disappear with the money, which leaves you at an even bigger loss!