Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
At first sight, IcOptionTrade seems decent enough, with a plain but functioning website, and some normal albeit vague trading conditions. However, the illusion is soon shattered completely, and we find the real reason IcOptionTrade exists. It’s not too hard to guess what it is. All we can say for now, is for users not to let the looks fool them. There is a completely different side to IcOptionTrade, and it tries to hide this side behind its looks, which aren’t that good, to begin with. Read the review for the truth.
It took us some 10 seconds to create an account, that is how easy it is to cross the barrier between being an observer to becoming a potential investor in this suspicious broker. The leading user area was, for a lack of better words, useless, at least where FX trading is concerned.
The reason for this is quite simple. There is no real trading software on which users can use all the promoted trading conditions. In other words, to IcOptionTrade none of the spreads, trading assets, or leverages apply. This leads us to seriously question the nature of IcOptionTrade, for without it being able to offer trading conditions we cannot label it as a broker. It more of a website lying to be a broker, and with a hidden agenda. You all might have guessed what its true purpose is.
The website of the broker can be accessed exclusively in English.
ICOPTIONTRADE REGULATION AND SAFETY OF FUNDS
The main thing that is claimed by the company is that it is registered in Saint Vincent and the Grenadines. We do not see why IcOptionTrade is so open about this. The Caribbean nation does not have its own FX regulator, which has not stopped the flood of fraudulent brokers from overcrowding its gates.
The most crucial thing to know is that IcOptionTrade is not regulated in Saint Vincent and the Grenadines. Seeing that there is no other information on a license or otherwise, we have no choice but to staple this broker UNREGULATED, and a risk to all investments!
Investing in unregulated brokers is kissing your money goodbye. Always look for a license before investing into a brokerage, most preferably from either the FCA or CySEC, but also from other renowned agencies. These regulators have strict rules and prerequisites that all brokers must follow, or otherwise, penalties or foreclosure may follow! What’s special about the FCA and CySE said that they offer reimbursement schemes to all users of brokers that they regulate, covering their losses if the broker becomes insolvent. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
ICOPTIONTRADE TRADING SOFTWARE
As we said, users cannot trade with this broker. Below we have given the reasons why that does not happen. And we have attached a snip of the dashboard area, which is also the so-called trading area.
From the snip, you notice two different graphs, both useless. The first one is a copy-trading platform, but with this broker it is completely out of place, making it 100% irrelevant. The one on the right is a TradingView chart, making it even more futile than the other one. Third party charts are a common feature added by scammer brokers to fool their users.
We found the option to purchase Bitcoin, which might be the big purpose of the broker. It goes without saying that crypto purchases made from unlicensed sources are untraceable and thus lost forever!
ICOPTIONTRADE DEPOSIT/WITHDRAW METHODS AND FEES
As per the user area, the minimum deposit is said to be, well nothing, There is no minimum deposit requirement. Users can start with as low as $1. The payment options are Skrill, a Bitcoin wallet, and a wire transfer.
The only thing that the withdrawal area reveals is that the payment methods are the same as the aforementioned ones plus the addition of PayPal.
According to the terms and conditions, withdrawals are processed in 3 to 10 days. There are fees, some are accounted for and others not so much, so we think that there are also payment fees.
Overall IcOptionTrade is a very common FX fraud. Its entire purpose centers around its effort to scam users out of their money by pushing for Bitcoin purchases! Do not fall for its lies!
How does the scam work?
Online ads that seem extravagant, promising impossible returns, are the entry point into an investment scam.
When a user clicks on the ad, he or she will be redirected to one of the following: a scammer broker site or an intermediary website. The user will then be asked to provide a phone number or a phone number.
Giving in to these ads will lead to a deposit, initiated by the first level of fraudsters, whose skill as negotiators should not be underestimated. Once an initial deposit is made, the user has entered the scam.
The core fraudsters, a.k.a “account managers”, will try to keep users invested in the scam until the user does not realize he/she is being scammed. Usually, it takes around 2 to 3 deposits to realize something is off. The fraudsters might pay some profits, just to keep the client invested.
Once the client realizes she is being scammed, the broker would have either closed her account, shut down the entire website, or simply will not allow for a withdrawal.
What to do if scammed?
A credit or debit card scam is one in which users can most easily get their money back, through a chargeback procedure. MasterCard and VISA have a chargeback period of 540 days.
If the user has given the scammers money through a bank transfer then they must ASAP change bank account username and password and only then proceed to contact the bank, asking them for direct help.
Money invested through a crypto wallet is gone for good, because crypto transactions are untraceable!
Users might stumble upon these so-called recovery agents or agencies. They will say that they can recover lost funds in return for a hefty service fee. Needless to say, after the user falls for this, these agents will never be heard of ever again!