IC Finance (Ic-finance.net) is a CFDs and Forex broker scam to hit the lucrative Forex trading world. Claims of having over 200 instruments are just a few lies ICFinance is using to scam users. Madison Ivy is one investor who lost all her entire savings with ICFINANCE. This is why we decided to conduct a thorough and detailed review of IC Finance. Here’s the brutal truth on the tricks used.
As we always say in almost all of our reviews, it pays to read what experts are saying about a broker. These reviews are simply meant to open the eyes of investors so that they don’t fall prey to scams. Note that almost all Forex scams have a certain pattern that they follow. ICFinance is not different as we immediately noted some of the tricks that they use. Read this entire review to find out the truth.
Claims and promises are one of the key factors that scammers use to trap victims. Want to sign up as many people as possible? Offer them insane promises as well as unimaginable claims. IC Finance is no different as we can see that they claim to have fastest market execution rate. They also claim to offer risk control in all their transactions. Folks, if this was the case, how then did Madison loose over $5000?
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According to the disclaimer at the bottom of the homepage, IC Finance is owned by International IC Finance Limited. They claim that this broker has executive rights to use in Vanuatu. What this literally means is that we are dealing with an offshore broker. Worse still, they have listed a fake registration number at the footer of the homepage. Registration number 14771 is their supposed registration number.
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Folks, don’t be enticed by a random number into believing that IC Finance is real. Vanuatu Financial Securities Commission does not follow this algorithm to register brokers. This is clear evidence that IC Finance is practicing Forex brokerage with a false identity. As we always say, offshore brokers are notoriously known for flaunting industry rules and regulations. And now you know better than to sign up with an offshore broker.
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Offshore brokers are NEVER LICENSED or REGULATED by any relevant financial authority. This means that we are dealing with a broker who is not authorized to transact any Forex business. Anyone who signs up with this broker is bound to lose their money. Madison lost all her funds simply because she couldn’t reclaim it. And how could she do so with an unlicensed broker?
There are no registration details to prove legitimacy of this brokerage firm. What these brokers need to have done is post registration details. Sadly, they have none since they are an offshore package deal. As we always say in our reviews, it pays to have brokers that are fully licensed.
Another red flag that we must point out is that this broker uses a rigged demo account. These brokers have rigged the demo account in your favor. This might sound not fair to users, but let’s explain further. What these scammers have done is ensure that demo account has over 90%-win trades.
Once they get users to sign up with a real account, then all hell breaks loose. A real account is different as users deposit their own money. And this is what these scammers want at the end of the day. Your hard-earned money to be deposited directly into their bank accounts. Why would anyone sign up with them after reading? Stay safe by simply ignoring to sign up with this broker who is a disgrace.
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IC Finance offers users three types of accounts. These accounts range from Standard, Gold, and Bitcoin account. Standard account holders must make a minimum required deposit of $250. This account comes with floating spread which starts form 0.3 points. Theirs is also a claim of negative balance protection. Gold account holders must make a minimum required deposit of $250.
Only difference is the fact that there’s no commission with Gold account. This means that the gold account has no notable advantage over the standard account. Bitcoin account is for traders who are interested in dealing with crypto currency. This account has the same perks as gold account only that deposit is 0.01 BTC.
Funds are never safe with an offshore broker, always keep this in mind. How can funds be safe when Madison lost all her entire savings? This is a sure way we are dealing with a rogue scam broker. Also, we are sure that ICFinance does not participate in segregation of accounts.
This broker does not participate in a compensatory scheme. What this means is that members will never be compensated by this broker. This makes it a problem for us to trust a broker that does not follow simple rules. And this is why we are receiving so many complaints since this broker is not compensating members.
Another disturbing detail with this broker is that there’s no Live chat support. Anyone would expect a real broker to have alive chat support in case of queries from members. IC Finance does an exceptional job in remaining anonymous. Why would anyone want to sign up with a broker who asks users to use emails? Worse still, they never respond to these emails as promptly as expected.
All details point out that we are dealing with a rogue broker who is out to steal money. From the level of anonymity to fake credentials, IC Finance is surely a Forex scam. Best thing to do here is to stay clear from all their promotional material. Mark all their emails as Spam and never click on any links sent by their email marketing team.
Only option left for us is to blacklist this broker for the scam they are. Madison is a good example of why not to trust offshore brokers. And now, she regrets signing up with ICFinance. Now you know better than to sign up with rogue Forex brokers who only want you to sign up.
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Wish you all the best in your future trading experience with vetted brokers and products.
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