It seems we’ve got a trespasser here. The presentation on the bogus website could lead one to believe that Icorp Securities is a legit UK broker.
However, nothing could be further from the truth. Speaking of the truth, it awaits you in the Icorp Securities Review.
Let’s take a look at the broker’s legal background. What’s up with the Icorp Securities regulation? Since the UK is being mentioned, the logical step would be to check the database of the local Financial Conduct Authority (FCA).
As expected, Icorp Securities is not found there. That’s a huge red flag and an indication that this isn’t a valid UK broker. It implies that the safety and security of your funds aren’t guaranteed.
The FCA, similar to the European Securities and Markets Authority (ESMA), requires brokers to possess a minimum operating capital of 730,000 GBP, provide clients with a segregated bank account, negative balance protection, a compensation scheme up to 85,000 GBP, leverage restriction (1:30) and transaction reporting.
It’s all necessary to obtain a Tier 1 license from the FCA. Icorp Securities, on the other hand, doesn’t have any license whatsoever.
In an attempt to appear legit, Icorp Securities reputation got damaged. The first sign of a scam is the lack of a physical address and no mention of the company that runs the business.
Icorp Securities is obviously not registered with the FCA. With no address to display, this is nothing but a cyber hoax.
It seems that our doubts about this being an investment fraud had grounds after all. Below, you’ll find the links to the warnings.
Icorp Securities left traces of its devious plot. We picked them up and made a list of countries where there was fraudulent activity:
A warning from Canada could imply that the fraudster was busy there too. Out of the list, only the CNMV reacted. It’s up to us to pressure the rest to issue warnings and we could use your help.
We found three honest reviews of Icorp Securities on Trustpilot. Each Icorp Securities complaint screams scam. Here’s one:
I had my own principal investment, along with $348k of profit frozen because they were demanding that I pay some sort of tax from an outside source of funding…
It’s illegal for a broker to request clients to pay taxes and fees in advance before allowing them to make withdrawals.
Google ads, Facebook, Instagram, YouTube, etc. All the online mediums can be used here. Furthermore, we wouldn’t exclude WhatsApp, Viber or Telegram private chats.
Some scammers call traders on the phone or send emails and hire boiler agents. Another possibility is online dating apps such as Tinder or Bumble.
Allegedly, traders can choose between three Icorp Securities trading platforms. These include Meta Trader 4, Active8 and WebTrader.
In reality, only the last one is available, which comes as no surprise. Icorp Securities doesn’t support a third-party trading platform.
WebTrader is pretty lackluster. It’s a pity that there’s no MT4, i. e. the best software in the game. Activ8 is solid as well but the broker doesn’t provide it.
If there were really an MT4 there, you would be able. In this case, there is none so you cannot. WebTrader is browser-based and can be accessed via mobile phone.
However, it doesn’t change much since the platform is ineffective per se. We don’t recommend this platform at all.
Here’s an overview of the available trading assets with examples for each class:
It seems that only spreads are known in terms of trading conditions. The EUR/USD pair comes with 0.3 pips, which is amazing. However, it’s great as long as the commissions are low.
In this case, we don’t know how much Icorp Securities charges. That’s a problem because it has to be transparent. Brokers make money off of commissions and fees.
Icorp Securities trading accounts differ in price and the minimum lot size as far as we know. There are three of them:
As you can see, the price jumps are pretty significant. If you decided to open a live Icorp Securities trading account, know that your funds are at risk.
No. There’s no demo account available on Icorp Securities’ website. In our eyes, that’s a huge red flag. The shady broker thus forces traders to invest right off the bat.
It makes them pretty easy targets. It doesn’t take long for the scammer to embezzle the money and disappear.
What about the Icorp Securities withdrawal process? The broker seemingly accepts the following funding methods:
The minimum deposit is 200 $. However, Icorp Securities charges enormous fees – 25 $ for credit/debit cards and e-wallets and 50 $ for wire transfers plus a 10 $ processing fee. There’s also a 10% fee if you haven’t traded up to 200 lots, which is insane.
The first signs of withdrawal issues imply that you’ve been scammed. Unfortunately, you’re not the only victim of the Icorp Securities scam.
That doesn’t mean you should give up. Give us a call and we’ll hook you up with our team of experts that specialize in chargebacks and CipherTrace methods. With your help, we can inform the relevant authorities about the scam.
If this broker steals your money, you can contact us for help. It’s best you do so using Online Chat. It’s the easiest and fastest way. Don’t forget that the consultation is free.
Icorp Securities is not a real UK broker. The fraudster presented its business as such in order to defraud unsuspecting traders from the United Kingdom, Italy, Spain, Sweden and the Netherlands.
No. A broker whose website got taken down due to complaints and warnings isn’t legit. If you’ve already invested funds, call us immediately.
No. Icorp Securities does not offer clients a free demo or trial account.
The minimum deposit that Icorp Securities requires clients to pay is 200 $.
Icorp Securities claims to provide three platforms but there’s only one – WebTrader. It’s not good.
No. A broker whose website got taken down due to complaints and warnings isn’t legit. If you’ve already invested funds, call us immediately.
No. Icorp Securities does not offer clients a free demo or trial account.
The minimum deposit that Icorp Securities requires clients to pay is 200 $.
Icorp Securities claims to provide three platforms but there’s only one – WebTrader. It’s not good.
The post Review of Icorp Securities: The Dirty Little Secrets of This Broker appeared first on Global Fraud Protection.
