iCoinLimited – Is this Broker Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
iCoinLimited - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2020
The only thing we know about the trading conditions offered by iCoinLimited is that the minimum deposit requirement is $250. There is no information given about the types of accounts this broker offers, or trading conditions such as leverage ratios, spreads or other trading costs.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://www.icoinlimited.co.nz/
Founded: 2017 – 2020
Regulations: Not Regulated
Languages: English
Deposit Methods: Visa, Bank Wire, MasterCard
Minimum Deposit: $250
Free Demo Account: None
Number of Assets: N/A
Types of Assets: CFDs on Cryptocurrencies
Trading Accounts and Conditions
The only thing we know about the trading conditions offered by iCoinLimited is that the minimum deposit requirement is $250. There is no information given about the types of accounts this broker offers, or trading conditions such as leverage ratios, spreads or other trading costs.
iCoinLimited – Advantages
There is only one reason why traders may want to contract with this broker – its selection of assets. iCoinLimited offers its customers 24 different currency pairs to trade with, many of which are minor or exotic, CFDs on cryptocurrencies such as Bitcoin, Ethereum, NEM, Dash, Tether and Banker.
iCoinLimited – Disadvantages
Here are the many disadvantages that iCoinLimited has because of which we would strongly recommend that all traders avoid this broker.
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Misrepresentation of Services
iCoinLimited claims to be a cryptocurrency exchange that offers its customers Bitcoin wallets, prepaid cards that can be used in any ATM anywhere in the world, and as well as trading in foreign currency pairs and CFDs on gold.
However, after we checked iCoinLimited’s website, we realized that this was no cryptocurrency exchange. In reality this is a broker that offers CFDs on cryptocurrencies.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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False Claims of Regulation
This broker claims to be owned and operated by a company by the name of iCoin Limited, which is incorporated in New Zealand. Companies offering financial services in this country are regulated by the FMA (Financial Markets Authority).
However, when we checked up on this claim on the FMA’s online registry, we found that this broker is lying. The company iCoin Limited is, in fact, regulated by the FMA, but it has NO connection whatsoever with the broker iCoinLimited.
iCoinLimited has simply taken advantage of the company’s name to pass it off as its own to trick customers into believing that they are regulated, when they are actually carrying out illegal operations. Such entities are called clone websites, and that is what iCoinLimited is.
It is because of scammers like iCoinLimited that we recommend to all our traders that they check a new broker’s regulatory status for themselves before they contract with them. All regulators have online registers where you can check whether the broker you wish to trade with is registered or not.
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Blacklisted by NZ FMA
Because iCoinLimited is a clone website, the FMA in New Zealand has blacklisted them, and issued a public warning against them. The warning clearly states that this broker is a scammer and that it is in not way connected to the company iCoin Limited that is legally registered with them.
We always recommend that traders only work with brokers that are legally regulated. This gives them protection against scammers and frauds. Authorities such as the FCA in the UK or even the ASIC in Australia have strict regulations that brokers need to follow to be licensed. They have to segregate their clients’ funds from their own, and there is also insurance against fraud that is provided to traders.
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No Terms and Conditions Offered
This is another red flag that marks this broker as a scammer. There are no terms and conditions on iCoinLimited’s website. The terms and conditions are a critical legal document that details the terms of the services offered by a broker.
When you sign up with a broker, there is a tick box you need to click on which states that you have read and have agreed to the terms and conditions laid out by that broker.
With iCoinLimited, while that check box is present, it doesn’t go anywhere. There is no terms and conditions page that open up if you click on that link. It is simply missing.
What this means is that if you blindly click on the I Agree button, then you are agreeing to whatever this broker wishes to do with your money and your information.
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Trading Platform Doesn’t Work
Whether it’s a crypto exchange or a forex broker, traders are offered a trading platform through which they can carry out their trades. Such platforms can be downloaded or web-based.
The most popular trading platform today is the MetaTrader 4 (MT4) trading platform, which is so easy to use that even novice trading can carry out trades on it easily. Plus, this platform also offers added features that make trading much easier – charting options, technical indicators and trading robots for automatic trading.
This broker offers none of this. With iCoinLimited, we could not download their platform, nor were we able to use it online. It is just a simplistic web-based trading platform that doesn’t actually work! The only thing that worked on their so-called platform was the deposit function.
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No Demo Account Available
iCoinLimited doesn’t offer its customers any demo account, which is not surprising considering they don’t have a functional trading platform – something they don’t want their customers to know beforehand!
Demo accounts are important features on a broker’s website since it allows customers to check the trading conditions the broker is offering for themselves. It also allows customers to test the trading platform supported by the broker.
Not offering a demo account is yet another indication that this broker is not to be trusted and that it is a scammer.
Conclusion
Everything about iCoinLimited points to a scam. They are anonymous, are clone websites, have been blacklisted by the FMA in New Zealand, have no terms and conditions and don’t even have a working trading platform.
We would strongly advise all traders to stay far away from iCoinLimited.
iCoinLimited
Pros
- Selection of Assets
Cons
- Misrepresentation of Services
- False Claims of Regulation
- Blacklisted by NZ FMA
- No Terms and Conditions Offered
- Trading Platform Doesn’t Work
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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