IC Trading: a fraudulent scheme disguised as a reputable brand
Financial scammers often use other brands, organizations’ data, and website appearances to deceive individuals. IC Trading is one such example. Scammers hope that the targeted user won’t notice any deception and will fall for their tricks. Numerous reviews from deceived traders attest to the success of such schemes. Today, we will examine IC Trading, a company hiding its true nature behind a benevolent façade. In this review, you will learn about its activities and customer feedback online.
Information about IC Trading
IC Trading positions itself as a provider of Contracts for Difference (CFDs) in the Forex market. According to their claims, the company has been providing services since 2007, serving over 200,000 clients. However, recent reviews about it raise doubts.
Upon checking the registration date of the domain ictrading.com via a whois service, it was revealed that the site has been in existence since February 2010.
Surprisingly, the web archive preserved information about a platform that was previously for domain sales, and only towards the end of 2021 was the domain occupied. Considering the recent reviews, it is presumed that the scam project was launched quite recently, just a month or two ago.
Despite the claim of having professional financiers at the helm of the company, the absence of specific names indicates the project’s hidden and unreliable nature. According to real users, this is further evidence that IC Trading does not take responsibility for potential financial losses incurred by clients.
Unlike many other fraudulent schemes, IC Trading provides a range of contact details, including several email addresses and phone numbers (with Brazil, Thailand, Indonesia, Colombia, Vietnam codes). However, it turns out that all these numbers actually belong to a well-known international broker, IC Markets. Scammers from IC Trading not only copied the contact information but also the description of activities, legal information, etc.
IC Trading: licensed broker or not?
According to statements, IC Markets’ managing entity is Raw Trading Ltd, lawfully registered and regulated by the Financial Services Authority in Seychelles. On the regulator’s website, such a company does appear in their documents, but it states that Raw Trading Ltd operates under two trading brands – IC Markets Global and IC MARKETS (SC). The domain of the subsidiary platform is icmarkets.sc. Scammers seem to rely on users getting confused by the similarity in names and sites and not delving into the legal nuances.
The first accusatory reviews about the company have already appeared in the Russian segment of the internet. The sham company actively markets its services not only in Russia but also in other CIS markets (Belarus, Kazakhstan, etc.). However, there are no grounds for operating in these regions. IC Trading lacks the necessary licenses. Users who have left reviews note that disregarding official documents deprives investors of legal protection.
Operating Conditions
IC Trading assures that investors’ funds are held in individual accounts in banks such as Barclays, National Australia Bank, and others. They also claim to collaborate with leading liquidity providers and conduct regular independent audits to confirm their reliability. However, trusting anonymous scammers offering illegal services is questionable. The company can only mimic the trading process.
IC Trading starts with offering a demo account, not for training the client, but for attracting them. The results of initial deals may seem profitable. However, once the client switches to a real account, problems arise: anomalies in order execution, technical glitches, etc. Scammers attempt to nullify the client’s deposit as quickly as possible and lure in new investments. The longer the client tries to recover the losses, the deeper they sink into a financial hole.
Company Reviews
IC Trading – typical scammers betraying clients’ trust. According to reviews from real users, this is confirmed:
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Operation Principle of the Fraudulent Scheme
Developers at IC Trading understand that experienced traders will quickly recognize their tricks since they are familiar with IC Markets. Therefore, the fraud scheme is designed for newcomers who can be deceived with seductive promises. While the client trades on a demo account, they will be shown successes. However, once they switch to a real tariff, problems – unusual order execution, technical failures, and so on – begin. Scammers will do everything to quickly nullify the deposit and entice for new investments. The longer the client tries to offset the losses, the deeper they fall into a financial pit.
Conclusion
By partnering with IC Trading, you risk losing your savings and being left in the lurch. Scammers enlist professional psychologists in their team to steal your money through cunning and deceit. Stay vigilant and don’t fall into the trap!
