Scam Brokers

IcorpSecurities – Are They Safe?

Chainbits Staff | Publish date: 03/23/2022 (Last updated: April 05, 2022 04:44 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

IcorpSecurities - DO NOT TRADE WITH THIS PROVIDER

2.7/10

$100

Minimum Deposit

updated 2022

Try other platforms

The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker

Plus500CY Ltdauthorized & regulated by CySEC

try this broker

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://icorpsecurities.com

Founded: 2022

Regulations: None

Languages: English

Deposit Methods: Credit/Debit Card, Cryptocurrencies via Jubite

Minimum Deposit: $200

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Cryptocurrencies, Stock Indices, Shares, Commodities, Metals

Trading Accounts and Conditions

On their website, Icorp Securities offers their customers the following trading account types:

Micro Account: The minimum deposit is $200.
Standart Account: The minimum deposit is $2,500.
Premium Account: The minimum deposit is $50,000.

For the Standart and Premium accounts, the broker offers a Welcome Bonus of up to 25%. Leverages are only mentioned as floating and there is no spread provided.

The issue we faced was that when we tried to register for an account with Icorp Securities, a completely different set of account types were provided. None of these account types are mentioned anywhere else in the broker’s website.

Icorp Securities – Advantages

We could not find anything positive to say about Icorp Securities. This broker is a scammer that is best left alone.

Icorp Securities – Disadvantages

Unregulated, Anonymous Broker

The first thing that raised a concern with us was the fact that there was no company information provided anywhere on Icorp Securities’ website. It was only after we registered for an account and accessed the client area that we were able to find a company name – IcorpSecurities LIMITED. However, we still did not find any contact information about this company. There is a vague email address provided, but that’s it. There is no physical address or phone number given anywhere. Thus, in essence, we are dealing with an anonymous broker.

Furthermore, since this broker has not provided any information about its licensing or regulation status, we can safely say that Icorp Securities is unregulated. These pieces of information clearly indicate that we are dealing with yet another unscrupulous scammer.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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.

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

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.

No Legal Documents Available

There is a tab on Icorp Securities’ main page called Company. Under this there are various tabs such as About Us, Privacy Policy, Terms and Conditions, CFD – Leverage and Risk, Deposit and Withdrawal Policy, KYC, Aml Policy and Risk Disclaimer. These same links are also shown at the footer of the website’s home page. The problem is that when you click on any of the links related to the legal documents – the Terms and Conditions, Privacy Policy, KYC, etc., you are shown an error message – page not found.

This means that this broker has not even bothered to provide actual legal documents – another sign of a scam. It is imperative for brokers to provide all the requisite legal documents since these are what form the contract between the trader and the broker. Without these documents you do not know the conditions under which you will carry out trades. You will not know the fees or commissions charged by the broker, the policies under which the broker operates, etc. And if you sign up with a broker without first reading the terms and conditions, then you are basically allowing the broker to do whatever they want with your money and maybe even personal information. You will be putting your money and yourself at great risk.

Poor Trading Platform

On their website, this broker boasts of offer multiple trading platforms – the Activ8, WebTrader and even the MetaTrader 4 software. The broker also states that these platforms are available as apps for traders’ mobile devices. These claims, of course, are all lies. When we registered for an account with Icorp Securities, the only thing we saw was a very basic, poorly designed web-based trading platform that had very limited functionalities.

With the trading platform offered by this broker, you can place orders, customize a limited number of charts, and use a few technical indicators. That’s it. It doesn’t even come close of offering the range of functions offered by the MetaTrader 4 platform, which the broker lies about offering.

This type of poor trading platform is something we have often seen with other scam brokers.

No Trading Conditions

As we mentioned earlier, there are no trading conditions provided by Icorp Securities. Despite checking their entire website and also their client area, we could not get any information on their trading conditions. Therefore, we do not know what spreads are being offered or the leverage ratios being provided. There is also no information on the asset classes or even the execution method for the orders. This is also another tactic typically employed by scammers.

Bonuses Offered

Icorp Securities offers its clients bonuses, which is a huge red flag. Bonuses come with rather unfair conditions, which are usually almost impossible to achieve. Since this broker has not bothered to provide its Terms and Conditions, we do not know how unfair these terms of use may be.

Limited and Suspicious Payment Options

Once again, this broker claims to offer multiple payment methods – Skrill, Neteller, AstroPay, WebMoney and YandexMoney. However, when we checked Icorp Securities’ deposit menu, there were only two options provided – Bank Cards (debit and credit cards) and crypto payments via Jubite. The fact that there are only two options – one of which is a crypto payment option is another indicator of a scam.

And another thing we noticed was that the minimum deposit amount was actually higher than what was mentioned in the broker’s website. The broker claims that its minimum deposit amount is $200, however, when we checked the payment portal, that amount was actually 250 Euros.

Conclusion

Icorp Securities is just like any other scam broker – it is operating anonymously, without any semblance of regulation, has a poor web-based trading platform, has no trading conditions, and suspicious payment methods. This is not a broker that you should be dealing with at any time.