Beware! ICFXCapital 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.
There are thousands upon thousands of brokers out there – and unfortunately, most of them are scams. ICFXCapital appears to be one of the scam companies – and if you do not believe us that the broker is one, hopefully the following review will change your mind. Before we step into it, however, we need to make the disclaimer that we were unable to open an account with ICFXCapital. The links that lead to opening an account all showed the following page:
Still, we have more than enough information on ICFXCapital to cover it fully and be confidently able to deem it a scam. Let’s jump right into it:
ICFXCapital regulation and safety of funds
ICFXCapital is not regulated – as much as it would have you believe the opposite to be true. Here is what the broker has to say about its regulation:
We should make two things clear – the regulatory body in the UK is not the Companies House where ICFXCapital claims to be registered. That is the job of the FCA, which does not regulate ICFXCapital – something that is evident from the fact that the broker breaks crucial rules regarding the leverage that it can provide to retail clients – the levels that the UK regulator has deemed appropriate are up to 1:30, and yet ICFXCapital offers 1:1000.
Secondly, the broker is not licensed by the British Virgin Islands authority either – we checked with the regulator, and this is what it had to say about ICFXCapital:
It seems that the company has been exposed as a scam by the regulator – so if you needed more reasons to stay away from it, here is one.
ICFXCapital trading software
ICFXCapital claims to provide the Metatrader 4 platform – and this might be true, but we were unable to open an account and there was no link to download it from the broker’s website. That is a real shame, considering that Metatrader 4 is the industry standard when it comes to software – due to its sophisticated automated trading features. If you wish to learn more about the platform or perhaps trade with a company which provides it, check out these MT4 brokers.
What’s more, without the ability to download the platform we cannot see what kinds of spreads ICFXCapital offers and whether the leverage it advertises is what it actually provides.
ICFXCapital deposit/withdrawal methods and fees
ICFXCapital accepts deposits via Neteller, Skrill, PerfectMoney and Bitcoin. At least that is what the broker claims on its website – once again, we cannot verify that without an account. What is rather offputting is that the broker does not accept credit cards – certainly unusual for a company not to accept the most widely used payment method out there.
As for fees, ICFXCapital does claim it has none – but considering the broker has lied about its regulation previously, we cannot trust this to be true.
How does the scam work?
The scam ICFXCapital runs is quite familiar and rather simplistic – it depends on the victim following an ad they saw online which promises incredible returns. They are then led to a website like ICFXCapital’s own – and this is where they are prompted to leave their contact information. If they do leave a phone like the scammers demand, they will keep calling relentlessly and pressure their victim to deposit – and once it does, they will demand further and further payments. The scammers are quite skilled at manipulating people and are not to be underestimated.
Once the victim realizes they are being conned and stops depositing or demands their money, the scammers will drop them on the spot.
What to do when scammed?
There is no shame in falling for the scam – it can happen to anyone. Luckily, there are some steps you can take to limit further losses and maybe even restore some of your lost money. Here is what you will want to do:
First off, restore your privacy by removing any desktop sharing software the scammers had you install on your PC. You will also want to change any forms of ID and credit cards the scammers might have had access to.
Secondly, check with your bank – depending on the method you used to deposit, you might be eligible to file a chargeback.
And finally, if contacted by a recovery agency, beware! Should it demand upfront payment and promise to restore your lost funds, the agency is simply a scam.
