I-coin is an untrustworthy cryptocurrency exchange based in the Caribbean. They are most likely fraudulent.
This broker has a serviceable but unremarkable website. The menu at the top provides quick access to the majority of the site’s content. However, we found that their website is full of meaningless jargon and other red flags that they are a scam. After so many such experiences, we can safely assume that I-coin is a fraud due to the abundance of meaningless copies on its website.
The fact that I-coin wouldn’t let you sign up for an account on their website is also suspicious. Multiple attempts to join up were rejected because the company does not accept traders from the applicant’s country. It’s likely that the trader selectively picks its traders to maintain its unethical business practices.
Permission to Use, and Rules for, I-Coin
A broker’s regulatory status is the single most crucial factor in determining their dependability. We determined that I-Coin is not licensed by doing a regulatory check.
The Commonwealth of Dominica is the location of their parent company’s offshore operations. Since there are no financial oversight bodies in offshore locations, it is safe to assume that I-Coin operates as an unregistered broker.
Furthermore, the user is solely responsible for verifying their eligibility to trade with this broker, as stated in the broker’s Terms & Conditions. By placing all of the legal responsibility on the client, fraudsters hope to avoid any consequences for their illegal actions.
Trading with unlicensed brokers is risky. To maintain their license, regulated brokers must adhere to stringent laws and regulations that protect their clients’ best interests. In the unfortunate event that the broker turns out to be a scammer, reputable authorities like CySEC and FCA provide insurance coverage. If a broker who is regulated by the Cyprus Securities and Exchange Commission disappears with a client’s money, the client may be entitled to up to 20,000 euros in insurance compensation.
The Market for I-Coins
You can learn a lot about a broker’s reliability by looking at its trading terms. Check out this broker’s trading terms to determine if they suit your needs.
Market Place
The I-Coin trading platform is quite standard. Nothing of significance was discovered by us. They don’t give you a lot of tools, but they make an effort to look complicated to trick inexperienced traders.
Trading with a broker that supports MetaTrader 4 or 5 is recommended. Because of all of its useful functions, Metatrader has earned a stellar reputation among traders. Because of this, more forex brokers use Metatrader than any other trading platform. Those concerns would be unnecessary if you were using Metatrader.
Lowest Acceptable Down Payment
This broker requires a minimum deposit of $250. Sadly, I was unable to confirm this allegation because I was prevented from creating an account.
Their first deposit requirement is excessively high, though. Minimum deposits typically range from $50 to as little as $10.
It is common practice for shady crypto exchanges to demand sizable first deposits from customers.
To give customers a chance to evaluate the quality of their services, regulated brokers maintain very low minimum deposits. However, untrustworthy brokers typically demand significant initial investments from their clients.
The Power of I-Coin
The greatest leverage that I-Coin promises is 1:40. This could have been successful if I-Coin were a traditional forex broker. Their proposed leverage is significantly riskier than the industry standard of 1:10 in crypto trading.
If you’re just getting started in the world of crypto trading, it’s best to steer clear of excessive leverage ratios. Financial authorities in Canada and the United States forbid forex brokers from providing leverage ratios of more than 1:50 to their clients. That’s because having a high leverage ratio makes it easy to quickly lose all your capital and incur substantial debt.
Since I-Coin’s leverage ratio is four times the average in the market, opening an account with them is not a good idea. It’s significantly riskier and can quickly drain your savings.
Costs and Options for Using I-Coin as Currency
Ways of Doing Business
Wire Transfer, credit cards, and debit cards are all acceptable methods of funding your trading account, as per their Terms and Conditions. After requesting a withdrawal, the process typically takes 10 business days. The choices for making withdrawals are identical to those for making deposits. Withdrawing $100 with a debit or credit card or $30 with a bank transfer is the bare minimum.
Fees
Withdrawal costs from I-Coin vary depending on the chosen method. If you want to withdraw between $1,000 and $4,999, you’ll have to pay a $50 withdrawal fee. I-Coin levies a $25 fee for withdrawals that are less than $250.
I-Coin levies a $25 fee if the amount of your pending withdrawal request is less than $30. We have no idea how avaricious these folks can become. I-Coin is a scam designed to separate you from your money.
Another problem is that the broker hasn’t mentioned any dormancy costs. It wouldn’t surprise me if they employed secret fees to drain your bank account, given that they’re discussing eliminating it.
Bonuses
This broker does not list any individual bonuses, but there is a page devoted to its Bonus Acceptance Policies. They provide their customers with incentives.
I wouldn’t join a Forex broker just for the bonuses they give. These incentives do not result in monetary gain. Instead, they make it difficult for you to access your money by adding limits to the terms under which you can withdraw it. This is why brokers accredited by the FCA (Financial Conduct Authority) cannot give bonuses to their customers.
Bonuses are a common way for dishonest brokers to trick inexperienced traders.
Is I-Coin a Fraud? Yes!
The foreign exchange market is home to a wide variety of con artists. Promotional offers and advertisements are common methods used by shady forex brokers to draw in new customers. They target novice investors since they are easier to fool.
When a user registers on such a site, they are agreeing to the broker’s unfair terms and conditions. The money their clients deposit is subsequently stolen by the brokers in the form of various fees.
For this and other reasons, we do not advise our clients to work with brokers located in offshore jurisdictions. There aren’t any robust financial regulators in place like CySEC or FCA in these regions. Clients of such brokers are vulnerable to several financial and privacy hazards if they are not adequately regulated. Before signing up with a forex broker, you should always do your homework.
Final Thoughts on the I-Coin
I-Coin is a dubious cryptocurrency exchange that charges excessive fees. There is zero chance that we would suggest working with this broker. If you fall for such a scam, your money could be stolen and your life could be ruined. Information theft is possible with such brokers.
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