IKICI – The Worrisome Things to Know about the Broker

IKICI

No matter how appealing an online broker may appear and how eager you might be to open an account with them, it always pays to be cautious. It might seem like a waste of time to do your due diligence when every minute that passes by means missed opportunities to make money in the financial markets.

But, you have to remember that it is better to be careful in the beginning than have to regret your decision later, which you will if you end up getting defrauded. This is certainly not new, as this IKICI review, will reveal, and many people have suffered because of it.

You can just do a simple Google search and come across endless stories of people opening an account with scam brokerages, only to have their funds usurped and left empty-handed. Not everyone who gets scammed is naïve; the scammers are very good at what they do. They know just how to deceive people and are able to do it quite frequently. They can also take advantage of your eagerness and tempt you with features and conditions that many are unable to resist. Again, this is how they operate, so you have to take each step with a lot of caution.

Even if everything seems on the up-and-up when you first come across a brokerage, you should be diligent and verify all the promises that are made. If you discover even one worrisome detail about a company, it is better to not risk your money with it. You will find plenty in the case of IKICI that boasts a minimalistic website design that can be quite appealing to some. The company also reassures people that it is regulated almost everywhere and offers access to a horde of trading instruments, including forex pairs, precious metals, indices, stocks, commodities, cryptocurrencies and ETFs.

You will also find IKICI boasting about great trading conditions and security, not to mention all kinds of expert assistance. If it weren’t for the worrisome details that you will uncover, the broker just might have been perfect. As it is, the things you learn show that it is not even close to it. Take a look at them here:

False claims of regulation

Regulation is the one quality that often distinguishes legitimate and scam online brokers. The former will have a license to offer their services, wherever they are based, while the latter do not and cannot have one because they are not actually offering trading services. Regulated brokers can offer safety, fair and transparent services, not to mention accountability. Unregulated ones do not follow any rules and cannot be trusted. The fact that IKICI claims to be regulated in various jurisdictions is certainly an attractive detail.

It claims to have a license from the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investment Commission (ASIC), the Financial Sector Conduct Authority (FSCA) in South Africa, the Cyprus Securities and Exchange Commission (CySEC) and the International Financial Services Commission (IFSC) in Belize and the Dubai Financial Services Authority (DFSA). Had IKICI really had a license from these authorities, it would have been a dream brokerage.

Needless to say, this is all a lie and you can verify this by checking the online registers of these regulatory bodies for IKICI and not find it anywhere. In fact, you will come to know that the FCA in the UK has actually issued a warning about IKICI because it seems to be operating illegally in the country since it is offering its services without a license.

This only shows that IKICI is nothing more than a virtually anonymous broker and the purported address on its website that puts it in Germany may not be genuine.

No professional trading platform

You are probably already worried when it comes to IKICI because you have learnt that it is lying about its regulatory status and this means it has absolutely no credibility. If you are looking for more proof, you will find it without any obstacles. The next claim to focus on is about the trading platform you are promised, given that you spend most of your time using the said platform for executing your transactions.

As expected, you are promised an advanced web trading platform at IKICI because no company would ever share its own flaw. Yet, the web-based solution you do find is nowhere close to professional. It is a rudimentary and very simple platform that cannot offer much in the way of tools and functionalities and leaves a lot to be desired when you compare it with industry-leading trading platforms like MT4 and the MT5.

High leverage and minimum deposit

The fact that IKICI offers leverage ratios as high as 1:100 should worry anyone. Sure, the high ratios are appealing because they mean more flexibility, but they are also risky. Most importantly, regulatory authorities in most jurisdictions that IKICI claims to be regulated in have imposed a limit on the leverage that brokerages can offer, such as 1:30 for EU, Australia and the UK.

However, IKICI is going against the regulatory requirements and this shows that its regulatory claims are false. In addition, it asks for a minimum deposit of $1,000, which is four times higher than the standard amount. In fact, most brokers are letting people open accounts for just $10 because of the competition.

Only crypto payments supported

Last, but not the least, you definitely need to be worried about the fact that IKICI only allows you to make deposits in Bitcoins and USD Tether because these are crypto payments, which means they are not eligible for a chargeback. Once you have deposited, there is no way that you will be able to get a refund, which you can do with other methods like credit cards. Crypto payments are also anonymous, which is also helpful for frauds because they can easily hide your funds.

Bottom Line

These worrisome things that you learn about IKICI make it apparent that it is not a safe or professional broker for anyone.