Beware! IcOptionTrade 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.
At first sight, IcOptionTrade seems decent enough, with a plain but functioning website, and some normal albeit vague trading conditions. However, the illusion is soon shattered completely, and we find the real reason IcOptionTrade exists. It’s not too hard to guess what it is. All we can say for now, is for users not to let the looks fool them. There is a completely different side to IcOptionTrade, and it tries to hide this side behind its looks, which aren’t that good, to begin with. Read the review for the truth.
It took us some 10 seconds to create an account, that is how easy it is to cross the barrier between being an observer to becoming a potential investor in this suspicious broker. The leading user area was, for a lack of better words, useless, at least where FX trading is concerned.
The reason for this is quite simple. There is no real trading software on which users can use all the promoted trading conditions. In other words, to IcOptionTrade none of the spreads, trading assets, or leverages apply. This leads us to seriously question the nature of IcOptionTrade, for without it being able to offer trading conditions we cannot label it as a broker. It more of a website lying to be a broker, and with a hidden agenda. You all might have guessed what its true purpose is.
The website of the broker can be accessed exclusively in English.
ICOPTIONTRADE REGULATION AND SAFETY OF FUNDS
The main thing that is claimed by the company is that it is registered in Saint Vincent and the Grenadines. We do not see why IcOptionTrade is so open about this. The Caribbean nation does not have its own FX regulator, which has not stopped the flood of fraudulent brokers from overcrowding its gates.
The most crucial thing to know is that IcOptionTrade is not regulated in Saint Vincent and the Grenadines. Seeing that there is no other information on a license or otherwise, we have no choice but to staple this broker UNREGULATED, and a risk to all investments!
To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
ICOPTIONTRADE TRADING SOFTWARE
As we said, users cannot trade with this broker. Below we have given the reasons why that does not happen. And we have attached a snip of the dashboard area, which is also the so-called trading area.
From the snip, you notice two different graphs, both useless. The first one is a copy-trading platform, but with this broker it is completely out of place, making it 100% irrelevant. The one on the right is a TradingView chart, making it even more futile than the other one. Third party charts are a common feature added by scammer brokers to fool their users.
We found the option to purchase Bitcoin, which might be the big purpose of the broker. It goes without saying that crypto purchases made from unlicensed sources are untraceable and thus lost forever!
ICOPTIONTRADE DEPOSIT/WITHDRAW METHODS AND FEES
As per the user area, the minimum deposit is said to be, well nothing, There is no minimum deposit requirement. Users can start with as low as $1. The payment options are Skrill, a Bitcoin wallet, and a wire transfer.
The only thing that the withdrawal area reveals is that the payment methods are the same as the aforementioned ones plus the addition of PayPal.
According to the terms and conditions, withdrawals are processed in 3 to 10 days. There are fees, some are accounted for and others not so much, so we think that there are also payment fees.
Overall IcOptionTrade is a very common FX fraud. Its entire purpose centers around its effort to scam users out of their money by pushing for Bitcoin purchases! Do not fall for its lies!
How does the scam work?
The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.
Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.
In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.
The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.
Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.
The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!
What to do if scammed?
The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.
Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.
As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!
And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!