With several domain names, Icmarkets20.com is already blacklisted by CySEC. The platform operates under several other aliases such as 20icmarkets.com, icemarketss.com, and ictrademarkets.com. It’s an anonymous website for various reasons. Once you land on their homepage, there’s no address or contact. And this makes it a risky investment platform for users. Learn all the details in our clear ICMARKETS20.COM Review.
All the above website domains lead users to the primary homepage, forex-trade.net or ffoorreexx.com. With the domain, it’s clear there’s a website trying to clone a legit trading website.
Most of the cloned platforms come with different default languages. The latter above came with an Indonesian default language and the rest, English, French, and Spanish. Their motive is clear, to try and rip off investors from all regions.
Our keen eye for details made us spot the platform’s similarities. On CySEC’s list of unapproved domains, 20icmarkets.com tops the list. You can also find the above domains following close by. What are their intentions when cloning a forex investment platform?
The platforms try to mimic the legit platform to get clients to sign up. Such platforms are a high risk as they follow no regulation. In most cases, those who invest rarely take part in investing and trading.
Once you deposit funds with such a platform, it’s the last you will see or hear from it. And this is why we must expose such platforms to help naive investors. So many have lost funds to such schemes, and it’s only befitting if we expose icmarkets20.com.
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With the platform being a clone, there’s no mention of the available trading accounts. The platform only mentions the acceptable minimum deposit set at $500. Of course, the amount is double the industry-acceptable amount of $250.
The people behind IC Markets 20 plan to rip off investors. There’s no legitimacy in their claim of offering forex investment platforms. With this being a clone, investors need to be extra vigilant.
According to the platform, you can create an account using their preferred broker’s account. In this case, you are likely being redirected to an official broker’s page. The platform, it seems, is an affiliate partner to leading brokers.
Once you click on the ‘open my account’ tab, you are redirected to Exness. Exness is a reputable broker and is regulated in the United States. Unfortunately, it seems the platform is a clone that also earns via referrals.
The problem with such a platform is the security aspect when opening an account. First, you have to fill in your address, contact, and full names. What do you think happens once they get your details?
The platform likely sells your data to other third parties. As a result, you will start getting bombarded with emails from products you haven’t subscribed to. And this is because platforms such as icmarkets20.com have sold your details.
There’s also the verification aspect where the platform asks for vital documents. These documents may include a copy of your ID, bank statements, and credit card details. With such data, there’s no telling what they will do with your documents.
On the homepage, there’s a forex basic tutorial where the platform describes analytics and strategies. The platform does a good job of leaving the user curious about what their strategies are. According to ic markets 20, they use the best strategies, and investors can get them at a premium fee.
The trading strategies are developed to take into account several features. These include currency pairs, market entry and exit, and trading time intervals. In addition, you can learn the basics of trading on your own by getting free learning materials on the web.
One aspect that makes us question the credibility of this platform is the available commissions. Apparently, the platform offers commissions to investors. And this is a huge problem as no regulator in the States allows for it.
Such platforms often hold your account for ransom. You have to pay back the equivalent amount of commission earned before withdrawing funds. And this beats the reason why they would classify them as bonuses or commissions.
A bonus or commission is an amount that the member receives as a gift for participating. But, unfortunately, these platforms often change the bonus and commission into a loan. And that’s where the regulator steps in and draws a line.
There’s no mention of the depository channels available on the platform. You also don’t get to read the withdrawal transaction period. As an investor, you should know how long the withdrawal will take to reflect on your account.
These are some of the notable features that naive investors might miss. With the promise of high bonuses and commissions, investors fail to see the bigger picture. If a platform does not indulge users with withdrawal terms, stay away from it.
It’s another reason why CySEC has blacklisted markets 20. The regulator has been receiving comments from users who can’t withdraw. So Icmarkets20.com is demanding the commissions paid to members before releasing any funds.
With the platform being a clone and having similar websites, we had to check their online registry. The website has been running for 412 days as we publish this post. It was created on May 26, 2020.
The name of the registrant has been redacted, with privacy being the reason given. There’s no ranking of the website on all major search engines. In fact, the website has a low trust score from all search engines.
Icmarkets20.com is BLACKLISTED by CySEC, which makes them high financial risk. There’s no telling when the platform will shut down. Most regulators in the EU plan to follow suit and ban the use of this platform.
We hope that the SEC will put out a press statement warning investors of the cloned websites. Only a few investors will bother to ascertain the platform’s legitimacy. And this is why we insist on confirming whether a platform is regulated before opening an account.
There’s no mention of the available trading platforms. The best platforms to use are MT4, MT5, and SIRIX. And these platforms are industry-backed platforms that offer stability and security when transacting.
With the platform being a clone, the safety of funds is out of the question. The platform is already in the crosshairs of CySEC. When it comes to funding safety, the platform doesn’t segregate accounts. All funds are transferred in one account, which is risky.
In the event of bankruptcy or insolvency, no member will get any compensation. With IC MARKETS 20 being a clone, it’s best to stay away.
Here are the primary reasons why investing with the platform is a risk
These are the main reasons why you should avoid interacting with icmarkets20.com.
Find out how best to invest using transparent platforms tested by experts. It’s the only safe way to invest and earn realistic returns.
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