Ico-Assets Review: All You Need to Know About Ico-Assets.com Broker
Ico-Assets Review: All You Need to Know About Ico-Assets.com Broker

Online trading has become a popular way to earn quick cash in today’s fast-paced world. However, many don’t consider how choosing the wrong broker can affect your finances.

Since we want you to enter this field prepared, we’re bringing you a detailed Ico-Assets review. It covers everything, from licenses to tradable assets.

Broker status:Unregulated Broker
Regulated by:Unlicensed Trading Scam
Scammers Websites:ico-assets.com
Blacklisted as a Scam by:N/A
Owned by:Ico-Assets Ltd
Headquarters Country:Switzerland (allegedly)
Foundation year:2023
Supported Platforms:WebTrader
Minimum Deposit:$10,000
Cryptocurrencies:Available – BTC, XRP, ETH
Types of Assets:Forex, commodities, indices, shares, cryptocurrencies
Maximum Leverage:N/A
Free Demo Account:No
Accepts US clients:No

Is Ico-Assets a Regulated Forex and CFD Broker?

You will surely be convinced if you check their main page. The company lists eight different regulations, from Tier 1 to Tier 3. So, let’s go one by one and see if they’re genuine.

The first regulation allegedly belongs to Ico-Assets Ltd, registered in Cyprus, with license number 250/14. However, once you visit the CySEC register, you will discover this is actually a regulation of Plus500CY Ltd, operating as Plus500. The same stands for the FCA license, belonging to Plus500UK Ltd, a UK branch of the same brokerage, as well as Plus500AU Pty Ltd, an Australian unit.

As you can already guess, none of the licenses, including here FMA of New Zealand, FSA Seychelles, CIMA, and South African FSCA, actually belong to Ico-Assets.com. Hence, we can conclude this company tried running on the back of a duly regulated firm, counting that nobody will bother to check through so many databases.

In addition, the firm claims that clients have insurance protection of up to 1,000,000 EUR. However, they don’t say where this insurance comes from since they’re not licensed, and the official regulatory compensation fund doesn’t apply here.

Finally, they added an address in Switzerland, but the name Ico-Assets Ltd cannot be found in the FINMA register or with any other EEA zone authority.

Ico-Assets.com Operations – Countries Of Service

Now that we’re on the same page regarding the brokers’ legitimacy, let’s see where they lurk for clients. Mainly, they advertise their illicit services in the following countries:

  • Switzerland,
  • France,
  • Germany,
  • Austria,
  • Netherlands.

All of these are EEA countries with firm financial authorities. Since the Ico-Assets scam hasn’t been exposed yet, we hope to change it with our review.

Note that the scheme is quite new, with the domain being registered in the GoDaddy WHOIS database on the 25th of January, 2023. Therefore, your report can help us pressure the regulators and urge them to ban this fraudulent site.

Ico-Assets Software Comparison

The site advertises MT5 WebTrader as available software. However, this is untrue. It’s not a distribution of any MetaTrader terminal, not MT4 and not MT5. Just like with CedarFX, once you register an account, which you must do before any platform access, you’ll be given basic browser-based software.

Scam brokers often abuse the names of good-ranking platforms for their own benefit. They believe that they’ll get you easier onboard if you believe that you’ll get desirable software. However, in most cases, MT5 comes with a Demo account, which is not the case here. Hence, the advert is nothing more than a lure for retail traders such as yourself.

Financial Instruments On Offer

You can activate your account and trade in five asset classes if you’re still interested, which we don’t advise. These are:

  • Forex pairs – EUR/USD, USD/HKD, GBP/CAD
  • Commodities – gold, silver, natural gas
  • Indices – AU200, BE20, FTSE100
  • Shares – Amazon, Bank of America, Rolex
  • Cryptocurrencies – BTC, BCH, USDT

The brokerage says that crypto CFD trading has been banned for UK customers following the FCA ban from 2021. However, since they’re not actually regulated, we wouldn’t be surprised to see them enabling crypto trading for everyone.

Leverage, Spreads, and Fees

The leverage is not specified, possibly because the company has no license, and they don’t want you to learn that their leverage doesn’t comply with ESMA and ASIC limits. The spread is advertised as 0.5 pips for EUR/USD pair, which is quite solid. However, they can promise even raw spreads, which means nothing knowing Ico-Assets’ regulatory status.

What Account Types Can I Choose?

Here is an overview of the pricey account types you’re offered:

  • Bronze – $10,000
  • Silver – $25,000
  • Gold – $50,000
  • Premium – $100,000
  • Platinum – $250,000

Each higher account brings in higher leverage, exclusive events, house-managed trades, etc. However, think if it’s really worth giving away $10,000 to an unregulated brokerage.

You should know that legitimate brokers often have Micro accounts, starting at as low as $10. It’s a much more affordable option, not to mention safer.

Ico-Assets Crypto Deposits

Ico-Assets crypto

Ico-Assets claims to offer its customers a deposit via credit/debit card and bank transfer. However, if you look a bit better, you can find links for Crypto.com, Binance, and Coinbase. All three are crypto exchanges where you can indeed use your card or bank transfer to purchase crypto coins.

Therefore, we have reason to believe that you’ll be instructed to buy crypto, then transfer it to Ico-Assets via wallet. That way, you’re not entitled to a chargeback if something goes wrong. However, don’t despair, as there are methods to track and trace your digital coins.

Is Withdrawal From Ico-Assets.com Even Possible?

According to their page about withdrawals, Ico-Assets offers an automated payment system, making the withdrawal process quick and easy. Allegedly, all you need to do is request a payout to your credit card or via bank and wait up to 5 business days.

However, many negative comments online indicate that you won’t be able to get your money back. In fact, the broker will constantly come up with reasons to delay and reject your request until your trading account is finally closed and you no longer have access to funds.

I Was Scammed by Ico-Assets; What Should I Do?

If you were scammed by Ico-Assets or a similar online trading fraud, don’t hesitate to report it. Our team of chargeback experts and CipherTrace crypto analysts can help you with this matter and assist you in finding a way to track your funds and collect legal evidence.

Book a free, non-obligatory consultation through the form below, and we’ll gladly evaluate your case in detail. It’s time to act!

What Is Ico-Assets.com?

Ico-Assets.com is an unregulated trading broker posing as a legitimate company.

Is Ico-Assets Available in the United States or the UK?

Ico-Assets is available in the UK but doesn’t provide services to US residents.

What is the Minimum Deposit with Ico-Assets Broker?

The brokerage requires a minimum deposit of $10,000, which is extremely pricey.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
However, if you're here because you suspect that your investment isn't in a safe place, know that you have the right to claim funds back!

Report a Fraud Case & Claim a Refund from Scammers

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