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IC Finance Review - is it scam or safe?

IC Finance Review - is ic-finance.net scam or good forex broker?

RATING: 1 / 0 REVIEWS IC Finance
IC Finance is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage Spread
Standard  $250 1:500 from 0.3 pips
Gold  $250  1:500 from 0.3 pips
Bitcoin  0.01 BTC 1:500 from 0.3 pips

 

IC Finance is one of the many offshore brokers operating on financial markets. It offers its clients the account types listed above and while the trading conditions and platform seem good, there still remains the main problem with this company: lack of reliability. We have listed both the advantages and the disadvantages of IC Finance in the present review, so that you can decide for yourselves whether it is safe to invest with it.

 

 

IC Finance Advantages

 

Seemingly good spreads and trading platform

As announced on IC Finance’s website, this broker offers pretty low spreads, starting from 0.3 pips on majors. Besides, its trading platform seems nice, with charting provided by TradingView. It is available as desktop download, web version, and mobile apps.

 

 

IC Finance’s web platform. Click for a larger view.

 

While such trading costs seem attractively low, we suspect that IC Finance applies a commission fee, but couldn’t prove it, as the broker does not offer free demo accounts.

 

Wide range of tradeable assets, high leverage available

Another plus of IC Finance is that the broker offers an array of tradeable instruments, as well as leverage levels that high that will suffice the needs of all types of traders. Its clients can deal in many currency pairs, CFDs on indices, commodities, various stocks, cryptocurrencies, as well as ETFs.

 

 

IC Finance Disadvantages

 

Not regulated

IC Finance claims to be a trading name of IC Finance Limited, a company licensed by the Vanuatu Financial Services Commission (VFSC). Although such a license does not mean a lot in the trading world, because of the lax regulations in offshore zones, it is still better than nothing. However, we could not find the company’s name in the online register of the VFSC.

 

  

This is our main concern with this IC Finance, as most unregulated brokers, especially those making false regulation claims, are usually engaged in some sort of fraudulent practices.

 

No demo, unrealistic spreads

Not offering free testing service is always a worrisome sign, as it shows lack of transparency on the part of the forex broker. Besides, the announced trading costs of IC Finance are just too good to be true. We suppose that the spreads on live accounts involve some commission fees, otherwise there’s no way for this broker to be profitable. Of course, another possible explanation is that IC Finance is simply a scam.




>> Compare the spreads of some top brokers in real time <<

 

 

MT4 not supported

Unlike most forex brokers, IC Finance does not support the popular MetaTrader 4 (MT4) as trading platform, which is preferred by most traders. The MT4 ease of use, reliable, and has great functionalities, such as the advanced charting and automated trading via EAs, the MQL marketplace, etc..

 

 

>> Check out the best Mt4 brokers <<

 

 

Unfavorable clauses in the broker’s Terms of Use

When we read the broker’s terms and conditions, we stumbled upon a clause, which seems quite unfavorable to its clients.

 

 Click to zoom in.

 

 

Conclusion

 

No matter what IC Finance’s spreads and platform seem, we have major concerns about the broker’s legitimacy – it is not regulated even offshore, despite the false claims.

 

This inclines us to suspect that London IC Finance is just one of the many con-artists on financial markets, so you’d better not risk your hard-earned money on it. As always, we would advise you to invest in financial services providers regulated by reputable governmental agencies such as UK’s Financial Conduct Authority (FCA) or Australia’s ASIC.

 

 

>> Looking for a FCA-regulated broker? <<

 

 

Here are, in a nutshell, the strong and weak sides of IC Finance we have covered in the present review:

 

Pros Cons
Seemingly good spreads and trading platform Not regulated

Wide range of tradeable assets, high leverage available

No demo, unrealistic spreads
  MT4 not supported

 

Latest news about IC Finance
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Traders` reviews for IC Finance

Spread

Pros

Cons

 

 

Slippage

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Cons

 

 

Requotes

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Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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