IcFx Markets Review

A Lying Broker Using Fake Information

Reviews: 1

1 RATING
(1)

Total views: 31

Published: 19 May 2020

Posted by: Anonymous

Fake Ownership

IcFx Markets claims to be operated by Holiway Investments Limited. There are no details available about the location of the IcFx and the office address. Holiway Investments Limited is actually based out of Cyprus. Its address is 30, Tempon Street, Egkomi, Nicosia. While writing this IcFx Markets review,  I was shocked to learn that Holiway Investments Limited has only two trading brands named HWFX and 10TradeFX.

IcFx Markets is not the trading name of Holiway Investments Limited. It has falsely mentioned the name of this investment firm to deceive traders. It is an illegal act done by them to earn the advantages of a regulated firm.

No Physical Address

IcFx Markets fails to mention any actual address of the company. The headquarters and branch offices are not mentioned. It is stated that the company is working through a virtual office only and does not have any office with a team of employees working in it.

IcFx Markets is Not Regulated

The company tries to copy the registration details of Holiway Investments Limited, which is regulated by the Cyprus Securities and Exchange Commission. It should be noted that the authorized domains of the firm are 10tradefx and hwfx only. It can be verified at the link https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/40633/

IcFx Markets is an unregulated offshore broker that provides fake ownership details to attract traders. There is no association of the company with the Cyprus-based Investment Firm.

There is no regulation to IcFx Markets by any of the financial supervisory bodies. It is a brokerage firm that operates from a virtual address only. There is no guarantee of the security of your funds while dealing with IcFx Markets because they are not kept in segregated accounts and are used on illegal criminal activities. There is no giving compensation to the traders in case IcFx Markets went bankrupt.

The fake details of the ownership of the company are the first hint of the fraudulent activities of IcFx Markets. It is a broker firm, which tries to copy the details of another company to gain the status of a regulated broker. It is an eye-opener to all traders to verify the details before they start investing.

False Claims of London Laws

IcFx Markets claims that the company is under the jurisdiction of the London Laws.

IcFx Markets is not regulated by the Financial Conduct Authority (FCA) of the UK. The FCA is the concerned authority of the United Kingdom which is responsible for the regulation of the financial service providers in the country.

But as they aren’t under the regulation of FCA,  the traders of IcFx Markets are not secure under their insurance scheme as well. You can check that here: https://register.fca.org.uk/shpo_nosearchresultpage?mainsearchString=icfx+markets&search=IcFx+Markets

Unknown Trading Platform

IcFx Markets does not provide its services on any of the trusted and secure trading platforms. The company claims to provide services over its online trading platform, called bull-option.com.

While preparing this IcFx Markets review, I tried to find the platform to create a demo account. But there is not an active trading platform with the name of bull-option.com.

IcFx Markets does not provide its trading services through the much-trusted platforms like the Meta Trader. It is an all-in-one platform that is useful for both professional and newcomer traders.

The reality of the trading platform is unclear because it doesn’t exist. Important concepts like hedging and scalping cannot be mentioned as the trading platform is inaccessible. There is no assurance in the reliability and security of the trades over the non-existent online trading platform of IcFx Markets.It is hard to believe in the fake details of the trading platform provided by IcFx Markets.

No Provision of Demo Accounts

Like many other fraudulent offshore unregulated brokers, IcFx Markets does not provide a demo account to the traders. There is no surity of the trading platform and no provision of a demo account. Thus, no way is left for the trader to check the trading conditions in a simulated environment. A demo account helps execute trades without using actual money but IcFx Markets fail to provide this to its traders.

Trading Accounts on IcFx Markets

IcFx Markets provides 3 types of high charging live trading accounts.

  1. Basic Account: It is the simplest trading account you can open with the initial minimum investment of $1,000. General trading signals are provided in this account. It’s minimum deposit is 20 times higher than the industry standards.
  2. Classic Account: It requires $5,000 as a minimum initial investment and personalized trading signals are committed by the company. There are no other useful services provided to the traders against the huge amount of $5,000.
  3. Premium Account: It is no different than a classic account. The minimum initial investment is raised to $15,000 and the bonus is raised by 67%. It is an example of buying a bonus using the invested amount.

All of the three trading accounts of the company do not provide any details about the leverage ratio and the spreads. The leverage ratio should be ideally set to 1:100 and the spread should start from 0 pips for the basic EUR/USD pair. The bonuses of the company are a poor catch to lure traders. There is no provision of PAMM accounts and the absence of basic information in the trading accounts of the company is a set back to the clients.

Forced Account Upgrades

IcFx Markets has a strange condition for updating the accounts. In its terms and conditions, the broker mentions that the trader has to upgrade the current account into another account after some time.

Such upgrades should be according to the will and necessity of the trader. There are additional costs associated with the movement of accounts so it benefits the broker. It is a bizarre condition set up by IcFx Markets to steal money from its customers. It is proof of their greed and unprofessionalism.

Abnormal Payment Conditions

IcFx Markets mentions bank wire transfers and credit/debit cards as accepted payment methods. There is no availability of popular e-wallet like the Skrill. It is no new astonishment as Skrill has adopted an “anti-scam” policy under which it does not work  with fraudulent offshore brokers like IcFx Markets.

The company further mentions that it takes 5 business days for transferring funds. It is a very slow response time for fund transfers. The minimum withdrawal amount is set to 100 for any currency. There are no further details about the charges associated with the fund’s transfer process like the maintenance fee, processing fee, dormant fee, etc. The unfamiliar charges by IcFx Markets multiply the inconvenience of the traders because the broker can charge them hidden fees.

No Customer Support

IcFx Markets doesn’t give any methods to contact them. The broker does not provide any contact numbers, Skype numbers, live chat options, or email IDs to the traders. There is no mention of customer support provided to the traders.

It should be noted that IcFx Markets has its trading platform (which doesn’t exist). The traders have nowhere to go in case they face a problem. The absence of customer support provided to the traders is the reflection of their poor approach towards customer relations.

Social Media Presence and Website

The website of IcFx Markets is https://icfxmarkets.com/.

The website uses a sharp pink color. It is full of unresponsive links. The company mentions false testimonials on its website. One testimonial is believed to be of a US-based customer and the second one is of an Australia based customer.

It should be kept in mind that IcFx Markets is not allowed to offer trading services in the region of the US and Australia. These all are fake testimonials provided by the broker to gain trust.

The company mentions a list of links to social media accounts. My IcFx Markets review finds that the company is not available on any of the leading social media platforms like Facebook, Twitter, and Instagram. The company does not give importance to the basics of social media presence.

Conclusion

IcFx Markets is an unregulated offshore broker which tries to deceive the traders with fake information about its location, regulation, jurisdiction, trading platform, and customer support. All of the commitments of the company are false and cannot be trusted. It cannot be given more than 0.5 ratings over the 5 point rating scale.

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