IconTrade: company reviews in 2022

Attention! Fraud company!

Leave a request for a refund from a scammer.

To understand how a broker actually works, it is necessary to comprehensively analyze its documentation, databases, the authenticity of the information provided, and reviews about it. We did all this while preparing the IconTrade review. Details - further.

Features and principles of the broker

The site says that IconTrade is a leading broker that allows you to trade over 1800 instruments using an award-winning web-based platform (it is not clear which ones). Judging by the reviews and the results of the check on the Whois service, it started working in March of this year. Previously, the domain was used by another company.

According to legend, the site belongs to the organization Ribova Holding Investments (PTY) LTD, registered in South Africa under the number 49213. But we did not find any documentation confirming this fact on the site. There is no information about the management team, employees, which cannot but be alarming.

In the official database of Ribova Holding Investments (year of registration - 2010) there really is, but IconTrade is not mentioned among its subsidiaries. The legal/physical addresses do not match either. Therefore, it is possible that the hero of our review has nothing to do with her.

We have discovered another interesting fact – such an organization is also mentioned in the footer of the site of the Rally Markets office caught in fraudulent activities. We compared sites and found a number of matches. Therefore, most likely, they are both run by the same crooks.

The contact details of the office are also presented for show. We were unable to reach the phone number provided, and the email address turned out to be fake.

In order to better translate their fraudulent ideas into reality, scammers use an affiliate program. They offer all registered users to invite their acquaintances to IconTrade and earn commissions from each operation performed by referrals. But there can be no question of any earnings. Judging by the reviews, some money falls to the user's account, but it is impossible to withdraw them. 

The documents 

The website footer states that the parent company is regulated by the Financial Conduct Authority (FSCA). This is true, but nothing has been proven that IconTrade has anything to do with it. But even if we assume that this statement is correct, this means that the company has the right to operate only in South Africa. And she, judging by the reviews, operates in different countries, in particular the Russian Federation.

We found out that this “kitchen” does not have a license from the Central Bank of Russia, so its work is illegal. Neither operations carried out within the platform nor the interests of customers are protected. Therefore, Russians work with IconTrade solely at their own peril and risk.

Overview of services and offers

IconTrade bills itself as a broker that makes generous offers to its clients:

• the ability to trade indices, commodities, currencies, cryptocurrencies, stocks, etc.;
• leverage up to 1:500;
• training materials, VIP-webinars;
• no commissions for transactions;
• services of a personal manager;
• direct access to the dealing table;
• the ability to open “Discover”, “Premium” or “VIP” accounts.

But even one inflated leverage is a sign that this is a scam. Legally operating financial market participants cannot afford to set such indicators. 

Reviews about IconTrade

The fact that the company is engaged in fraudulent activities is evidenced not only by the facts that we discovered while writing the review, but also by the feedback from traders. Although there are few of them, it is obvious that the swindlers first impose their services, and then pocket the client's money.

Exposing crooks: scheme and methods of deception

To attract the attention of traders, IconTrade representatives not only use the referral program, but also independently look for potential victims on the Internet. Having contacted the user, they begin to advertise the office in every way, using sky-high numbers and fictitious statistics. Basically, their target audience is beginners in the field of trading, as it is easiest for them to impose services. The crooks offer them to get trained and start real trading in a few days.

First, the user deposits $500. Trading is successful, but does not bring the expected results. Therefore, literally in 2-3 days, a personal manager offers to deposit from 2 thousand dollars and get access to an account that will open up more opportunities for him. At the same time, he emphasizes that earnings can be withdrawn only after closing at least 20 transactions.

When the user fulfills all these conditions, the representative of the office begins to persuade him not to rush with a withdrawal, but to open a VIP account (by depositing from 20 thousand dollars), which will allow him to become a millionaire, since the trading results exceed all expectations.

After conducting numerous transactions, the trader sends a request for a transaction, and the system gives him an error. The manager promises to fix the problem, but the very next day the user cannot log into the account at all. The scammers no longer pick up the phone and do not respond to messages.

Summary

There is no doubt that IconTrade is a scam. This is indicated by the fake data that the office represents, and the reviews of deceived customers, and the lack of a license. Do not mess with this sharaga under any circumstances!