According to the founders, Icx-Trade is a platform worthy of market professionals. However, traders do not agree with this too much. There are many contradictions in the reviews about it. Some users are satisfied with the quality of services, while others write that this broker is a real scam. We will find out what this company is.
- Icx-Trade General Information
- Registration and Client Portal Review
- Icx-Trade Trading Conditions
- Account Types Review
- Trading Platform
- Icx-Trade — Deposit and Withdrawal of Funds
- Additional Options
- Is Icx-Trade a Scam?
- Legal Information and License
- Icx-trade.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Icx-Trade General Information
|Address||85 Great Portland Street, London, UK, W1W 7LT|
Registration and Client Portal Review
When we first get acquainted with the Icx-Trade website, we get the impression that it is not finished. Some important sections in the menu are simply missing. Meanwhile, in other sections, there is too little important information. However, even on such a poor content site, the broker did not miss the opportunity to advertise its services. By the way, literally, nothing important has been said about the Icx-Trade management company. The addresses are very strange. There is a real problem with the contact details. In general, this is exactly not what a reliable company’s website should look like.
It is not difficult to open a trading account. To do this, you need to enter personal data in a special form:
- First and last name
- Country of residence
- Phone number
- Email address.
In the end, you should come up with a strong password that will serve as an entrance to the platform. It can be changed or restored using email.
At the same time, there is no multi-factor authentication on the Icx-Trade site. Your account is not protected by anything other than a password.
The Personal Area is combined with a trading terminal. There you can deposit your account, contact a member of the support service, view the history of trading operations, and make a withdrawal request.
Icx-Trade Trading Conditions
Icx-Trade says that it provides opportunities for successful CFD trading for beginners and experienced users. According to legend, the broker uses STP technology. Additionally, it boasts of high order execution speed, low spreads, and direct access to liquidity providers.
Account Types Review
Novice traders can practice their skills on a demo account. There are 10 thousand dollars in virtual currency on the balance, which cannot be withdrawn. The client can use this money to perfect trading skills.
More experienced users can immediately open a real account. Icx-Trade does not have a division into accounts, like most brokers. At the same time, the minimum deposit is not described. The broker only reports that it provides leverage of 1:500. The rest of the trading conditions are not specified here. It is completely unclear what spreads you will have on the platform. There is no information about commissions and other important parameters too. At least, Icx-Trade says that it provides an Islamic account. However, everything is not so simple with it either.
Traders who observe Sharia law may not pay for the transfer of the transaction to the next day. For them, the Islamic type of swap-free account is provided. However, in documents, Icx-Trade says that it can disable trading without a swap at any time. To prevent this from happening, the client must open and close positions within 5 days. Otherwise, the commission will be charged automatically.
There is nothing special about the trading platform. It is not the company’s development. It is a standard WebTrader that dozens of brokers use. Icx-Trade does not have a downloadable app on a PC or smartphone. The platform itself is not very convenient. You will have to tinker with the reconfiguration of the indicators since some are installed by default in the interface.
Icx-Trade — Deposit and Withdrawal of Funds
You can deposit funds in one of the following ways:
- Electronic payment system
- Credit card
- Wire transfer.
At least that’s what Icx-Trade says. In fact, it turns out in the personal account, that the payment systems are not yet active. It seems that this broker started working quite recently.
Icx-Trade requires clients to pass verification. To do this, you will need to provide copies of several documents. It is necessary to confirm the identity, place of residence, and legality of the source of funds. Therefore, you will need to upload:
- Copies of the ID card or passport
- A utility bill
- A photo of the card, or a bank statement.
How long the document check will take is not specified.
You can use copy trading on the platform. In this case, you can choose an expert among the regular clients of Icx-Trade and follow his/her concept. The company promises to make maximum efforts for transparent and convenient use of that web service. At the same time, the risk of losing your funds remains high. The company is not responsible for the actions of its traders.
Icx-Trade has an affiliate program that provides for receiving rewards for new participants. Clients get marketing materials, the opportunity to consult with a manager, and a quick withdrawal of funds. VIP support is also available. The broker calls this program the most dynamic in the world but didn’t even bother to provide any specific conditions for it. It is not clear how much you will be paid for a referral, how many levels are in this program, etc.
Is Icx-Trade a Scam?
Trading conditions are not the only drawbacks of this broker. We found some more disturbing facts.
Legal Information and License
The broker’s official address is in the UK. It is completely unclear why Indonesia is still indicated in the footer. In any case, having an office in the UK implies that the company is registered there. We checked the registry, but we didn’t find any information about Icx-Trade. The owners of the project have not even registered a legal entity, but they already promise reliable and safe trading. What nonsense.
The affiliate program, high leverage, and distribution of bonuses and discounts suggest that Icx-Trade works without a license. Really, we did not find such an organization on the lists of the FCA. However, that is not surprising. If the company is not even registered, there can be no thoughts of any license.
Icx-trade.com Domain Info
According to the founders, Icx-Trade appeared 5 years ago. As we can see, they cannot confirm their work experience. We can find the exact age of the site using the Whois service. After checking the platform in it, we realized why there are few reviews about this company. The project has been running for only a couple of months. The domain was registered on September 5, 2022. For a couple of months of work, the broker did not have time to attract customers.
There is only an email address on the Icx-Trade website. Do not hope for a dialog with the manager. No one responds to requests. Links to social networks are not clickable, and the founders did not provide a phone number. At the same time, they keep reminding of “qualified assistance” and VIP support. It will also not be possible to meet personally with the company’s managers. There is no office in England, and nothing is specified in Indonesia except the city. Where to go is completely unclear.
Pros and Cons
- There is a copy trading service.
- Fake data about the company.
- Fake contact details.
- No official registration.
- No license.
- Negative reviews.
- A short period of work.
- Trading conditions are not described
Frequently Asked Questions (FAQ)
The broker offers CFD trading, copy trading, education, and participation in the affiliate program.
Unfortunately, it is, apparently, a secret. The broker does not provide this information on the site. To find out the exact answer to this question, you need to try to contact the managers.
No, not at all. This project is a scam. The company it calls itself doesn’t even exist. There is also no license for brokerage services here. So your funds will be in danger.