Beware! IconicCapital 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.
IconicCapital is yet another offshore broker – and that immediately sets off several alarms. An unlicensed broker like IconicCapital is rarely a compelling trading partner – and that is the case here as well, with the company’s malicious Terms and Conditions making withdrawals of profits impossible.
But before we step into taking a closer look at IconicCapital, we need to make a small disclaimer – making an account with the broker proved to be quite impossible at the time of writing. Here is the error message its website displays on any attempt to do so:
Of course, without an account, we could not really experience all that IconicCapital has to offer – but given what we have got to say about the company in the review below, we cannot help but see that as a good thing!
IconicCapital regulation and safety of funds
Here is what IconicCapital has to say about its regulation:
Dominica is a rather infamous location – it is home to hundreds of scam brokers, due to the fact it does not regulate its Forex markets in any capacity. Without any further regulation, there is no proof that IconicCapital is not one of them.
If you wish to trade safely, you should only do so with brokers that can provide you with such guarantees – licensed ones. Traders with them enjoy additional protections as well, based on the requirements of the regulatory body that has issued the license to the broker. For example, in the UK, these translate to access to Negative Balance protection, as well as guarantee funds.
We would also like to mention that this is not the first broker owned by this Ineffable Group we have covered – another one that we recently reviewed bears the name Flexcapital.cc. If you wish to learn more about that other firm, you can do so here – but, we found that Flexcapital.cc to be quite unreliable too!
IconicCapital trading software
Since we could not make an account with IconicCapital, we could not access its trading software, or compare it to industry standard Metatrader 5.
What’s more, the leverage that is available on that software is too much – IconicCapital has amounts of up to 1:100 available. Such amounts have been banned by most regulatory bodies around the world – and so, most brokers that have them available nowadays are not licensed, scammers, or both. Be careful when you see a generous leverage in the wild!
IconicCapital deposit and withdrawal methods and fees
IconicCapital supposedly accepts deposits via credit cards – but without an account, we cannot verify that. If you have managed to deposit with IconicCapital, we suggest you file a chargeback if possible – the broker will likely tax you through the nose for withdrawals otherwise. Here is what its withdrawal policy looks like:
It seems to have been translated by someone who has no grasp on the English language – but it states that withdrawals are to be charged with a certain fee that IconicCapital never defines further. Considering what the broker’s inactivity fee, seen below, looks like, we are quite certain that the withdrawal fee will be exorbitant as well!
No legitimate broker would charge as much for inactivity – but it gets worse – here is what IconicCapital has to say about its bonus policy:
Once again, the clause seems to have been written by an extraterrestrial – but we have seen ones like it hundreds of times before, and know what IconicCapital is trying to say. Funds made with bonuses the broker issues are not eligible for withdrawals. Well, there is no way to know what profit is made using what funds – and such clauses simply always lead to the brokers denying withdrawals!
How does the scam work?
IconicCapital is running a scheme we have seen hundreds of times before. It starts when someone stumbles upon its website, where they are prompted to make an account and leave a phone number in the process. Once the scammers have that, they start calling around the clock to demand deposits, only stopping when the victim runs out or realizes they are being conned – at that point, the scammers move on to further targets!
What to do when scammed?
If you have been scammed, you would need to take the following steps to make sure that you do not suffer further losses:
First off, recall what forms of ID and credit cards the scammers had access to and reissue them. Also remove any remote control software they had you install.
Secondly, contact your bank and see if you can file a chargeback – and even if you cannot, do not trust any recovery agency that demands an upfront payment for its services, as they are all scams!
Finally, consider leaving a comment in the section below – in doing so, you will be helping us raise awareness of the scam, which is the best way to combat its spread!