The Ikon CFD Review Exposes This Fraudulent Trading Scam
Despite the attractive website, the broker behind it is not reliable at all. Many key pieces of information and facts are missing.
In our Ikon CFD Review, you have all the evidence against this trading scam, so read all about it. We have analyzed the scarce content of the broker’s website to expose the fraud.
|Unregulated Scam Broker
|Blacklisted as a Scam by:
|CONSOB, CNMV, FSMA, FI (Estonia)
|Types of Assets:
|Forex, Indices, Stocks, Commodities, Futures
|Free Demo Account:
|Accepts US clients:
Is Ikon CFD a Legitimate Broker to Trade With?
Absolutely not and we will explain exactly why. First of all, Ikon CFD has no legal documentation on the website.�
The only thing license-related that Ikon CFD said was that the broker is “authorised and regulated by multiple Regulators across the globe. Trade with peace of mind knowing that IkonCFD is monitored by some of the strictest financial regulators’ bodies in the world.”
Nothing could be further from the truth. The website claims this broker’s office is Stanhope Gardens NSW 2768 Sydney, Australia, which implies that Ikon CFD operates under the jurisdiction of the Australian Securities & Investments Commission (ASIC).
And there even is a certain Ikon Finance in ASIC’s register. However, this entity has a different address – Beaumaris. There is no correlation between this company and our little fraudster.
Therefore, we conclude that Ikon CFD is not regulated. Trading with unregulated brokers such as Ikon CFD and RoiFX is extremely risky!
Keep in mind that ASIC requires brokers to possess a minimum operating capital of 1,000,000 AUD, provide clients with negative balance protection, leverage restriction (1:30) and segregate their funds. We highly doubt these scammers meet these requirements.
Aside from ASIC, other top-notch domains for trading we recommend are the CFTC (US), FCA (UK), IIROC (Canada), CONSOB (Italy), CySEC (Cyprus), etc.�
Warnings Against Ikon CFD
It seems that Ikon CFD scammed many Italian traders. This prompted the fierce Italian financial market watchdog CONSOB to react and issue an official warning against Ikon CFD, a lengthy one at that.
The warning was issued on March 22, 2023, and strongly condemns Ikon CFD for its wrongdoing. Other European regulators such as the Spanish CNMV, Belgian FSMA, and Estonian FI followed CONSOB and issued their own warnings against Ikon CFD.
Where Does the Broker Operate? – Countries of Service
Ikon CFD’s website is relatively young; it was created on March 23, 2023. Since then, the financial swindler has been targeting traders mainly from the following countries:
Especially Italy, considering the numerous complaints from Italian traders. Fortunately, CONSOB reacted to the cyber threat and issued a warning.�
Trader Reviews And Complaints
As mentioned, there are multiple negative reviews of Ikon CFD, mostly written by Italian traders. At the time of this writing, Ikon CFD had 28 reviews on Trustpilot with an average score of 1.9 (poor).
Victims of the Ikon CFD scam outlined how the scam works. Cyber con artists such as Ikon CFD and TradeCare365 are often associated with withdrawal issues.
… i was given an account manager and they also gave me a credit point, they pressured me to invest and i let it go and put in $50,000, this kept showing the profits, but everything stopped being ok when i asked to withdraw and was told that I had committed to invest $170,000…– Trustpilot user, May 24, 2023.
I lost over €18,000 trading with them. They are a bunch of scammers who press you to deposit more and more and when you want to withdraw they stop responding…– Trustpilot user, May 22, 2023.
Ikon CFD’s Investment Products
Ikon CFD listed a bunch of popular trading assets to make the whole scheme seem legit. Without a demo account, we weren’t able to confirm whether the broker actually offers these trading instruments. Nevertheless, the website listed the following:
- Forex currency pairs – EUR/USD, AUD/CAD…
- Indices – S&P500, IBEX35, DOW30…
- Commodities – gold, natural gas, wheat…
- Stocks – Apple, Google, Disney…
Supported Trading Platforms – Available Trading Software
According to the Ikon CFD website, two platforms are available. The first is a browser-based trading terminal, i.e. WebTrader.
As for the second one, Ikon CFD boldly claims to offer the famous MetaTrader 4 platform. MT4 is an amazing piece of trading software with advanced features such as automated trading, live market reports, multiple timeframes, and a user-friendly interface, among others.
However, as there is no demo account, we were unable to check either platform and we seriously doubt that Ikon CFD actually offers MT4. Even if there is an MT4 there, it still cannot compensate for the lack of a trading license.
Is Withdrawing Profits Possible?
Ikon CFD accepts payments via wire transfers (multiple Asian banks) and Bitcoin. The minimum deposit was not disclosed and there are allegedly no fees or commissions.
The withdrawal request processing time is either instant or takes up to 24 hours. A huge disadvantage is that Ikon CFD does not accept credit/debit card payments. The available two methods are more difficult to refund.
All in all, we highly doubt that withdrawals are possible. Just recall the client complaints we posted; withdrawal issues are pretty common.�
Scammed by Ikon CFD Broker? – Let Us Hear Your Story
Our verdict – stay away from Ikon CFD, this broker is a pure scammer. We would like you to avoid PrimeMarkets as well, it’s another fraudulent broker.
If you need assistance in getting your money back, book a free consultation with our team. They will explain to you how the process works. When it comes to crypto transactions, they can trace your payment using CipherTrace.
Is Ikon CFD Legit or Scam?
Ikon CFD is 100% a trading scam. This website has been blacklisted by multiple European regulators.
Does Ikon CFD Offer a Demo Account?
Although Ikon CFD promises a demo account, the link just leads you to the live account registration page.
Are my funds safe with Ikon CFD?
No. Many traders have complained about getting scammed by Ikon CFD. The broker is unregulated.