Iconoptions

Iconoptions is one of those brokers that you cannot mistake for anything but a full on scam! The way it looks is as if a child had design the site, with little to no effort put into actually making it seem even slightly professional. Of course, looks aren't everything, but with shady brokers most of the times they act as the first sign that the broker is illicit, as is here. The rest of the review focuses on the services of Iconoptions. Don't expect anything different from the last review of an unregulated brokerage.

The company gives us a certificate of incorporation from the companies house UK. This is a legit organization, yet we cannot say the same for the certificate. We have seen many brokers forge these types of document sin order to seem like they have incorporated UK businesses. And even if Iconoptions was registered in the UK, it would still be unregulated there. We have proof of this in the shape of a a lack of information in the FCA register of one Iconoptions. So the firm is not regulated in the UK, meaning that if it's located there is it operating outside the law.

Next, we have an address in New York, which directly suggests that the broker is both incorporated in the US and regulated there. None of these suppositions are true. In order to be registered in the US as an FX broker one must absolutely be regulated by the notorious CFTC and NFA, both of which are considered the most demanding  regulators in the world. There is no scenario where Iconoptions is regulated by them.

Lastly, we have a complete lack of legal docs, meaning that there is no real connection between the broker and the user on any legal grounds; integrating in any way with Iconoptions is a legal liability.

And so, we came to the verdict: Iconoptions is completely unregulated and a risk to all investments.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The  registration was easy, without the need to confirm an account. Everything was over as soon as it begun, in a minute or so.

From the user area, the main thing we learn, and the most important, was that there was no trading software used by the broker. In essence, everything on site is a lie; all spread values, leverages, and tradeable assets are misleading lies! None of them apply!

ICONOPTIONS LOGIN

The user area present only third party charts that look overly complicated, but in reality aren't really too big a deal. Users cannot interact with them, but novice clients might get intrigued by them, and proceed to invest, believing that in doing so they will be able to trade with these graphs. This is the perfect scenario in the broker's mind.

ICONOPTIONS MINIMUM DEPOSIT

Depositing here is a mistake. You will lose all your funds and regret it.

The client portal reveals that WesternUnion, PayPal, BTC, MoneyGram, Ria Money Transfer, credit cards, and debit cards are used as investment means. However, users can only request for a deposit not actually proceed with one. We assume the company needs to verify an account.

According to the website, the minimum deposit is quite ridiculous. The minimum is  from 0.054 BTC to 1 full BTC, which is approximately $2060 to $38 000. How is it possible people fall for this?!

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

ICONOPTIONS WITHDRAW TIME AND FEES

The withdrawal area reveals that bank transfer and a BTC wallet are the two methods of withdrawing funds.

There are no further withdrawal details, and we don't need them in reality. The broker is a risk and not worth investing in in the first place.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Iconoptions is, for the last time, a scam and a risk. Everything you do in it will be a waste of time and money.