If you’re about to start trading, you must find the right brokerage. Choosing an investment firm is vital since they keep and manage your funds. If you fall into the hands of scammers, you risk losing your entire life savings.
Thus, read this detailed IKICI review carefully to avoid being defrauded.
Additionally, we strongly advise you to avoid the fraudulent brokers Meteor Trade, CentroBanc, and Capital Markets Strategy Ltd.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FCA|
|Headquarters Country:||Germany (allegedly)|
|Minimum Deposit:||1,000 USD|
|Cryptocurrencies:||Yes – BTC, ETH, XRP|
|Types of Assets:||Forex, stocks, commodities, indices, cryptocurrencies, ETFs|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
The Truth About IKICI Regulation
Checking out the regulation section, one may think that IKICI is the best broker. According to the website, the company holds several licenses, including ASIC, FCA, CySEC, DFSA, FSCA, and IFSC. Furthermore, they’re allegedly affiliated with BlackRock Inc. and Ameriprise Financial Inc.
Knowing that Tier1 regulators have strict demands, requiring brokers to have millions in capital to ensure they don’t go bankrupt, we have to suspect everything said above. Additionally, IKICI leverage and other trading conditions don’t comply with regulatory regimes, being another red flag.
After checking the databases of the aforementioned authorities, we discovered that everything IKICI said was a blatant lie. We’re dealing with another bogus scammer, most likely based offshore.
Why Is Trading On a Licensed Broker’s Platform Preferable?
If IKICI were a licensed firm, they’d have to comply with regulatory rules. For instance, ASIC requires brokers to have minimal operational capital of 1 million AUD, while both FCA and CySEC limit leverage to 1:30.
Since all the regulations are false, IKICI can run its business from an offshore country. Thus, if an issue arises, taking legal action is nearly impossible.
Is IKICI a Legit Broker or a Scam?
IKICI is not a licensed Forex and CFD trading provider. Since providing investors with false regulations, this trading brokerage has been banned by the UK authority body, FCA.
A Warning About IKICI Broker From the FCA
Since the firm falsely says it holds an FCA license, this regulatory body has issued a warning. According to it, this trading firm is not regulated, and customers cannot be compensated from the FSCS fund.
Furthermore, victims are not entitled to assistance from the Financial Ombudsman. Hence, they need to fight for their funds alone.
IKICI’s Reputation On The Trading Market – Opinion of Traders About the Broker?
IKICI doesn’t have a good reputation. According to reviews, getting a withdrawal from this scam firm is nearly impossible as their employees cut all contact once the request is submitted. Since the firm lies about its licenses and trading terms, traders are not pleased.
If you have issues like this, make sure to file a report immediately.
What Platform Does IKICI Provide?
IKICI provides the same lackluster platform as many offshore scammers. It contains some basic features, such as pending orders, but nothing more advanced. Auto trading and social trading are not enabled.
If you want to trade sophisticatedly and with a wide array of TAs, you should find a legitimate firm providing MT4 or MT5.
IKICI Accounts Overview
IKICI has three different account types.
As you can tell, the gap between the first two accounts is rather large, putting pressure on customers to invest $25,000.
Opening a Personal PAMM Account
PAMM or Percentage Allocation Management Module implies one large account where multiple investors add their funds. Then, the pool is managed by the designated broker from the company, and they receive a percentage for their work. The profit is also split as a percentage based on initial participation in the pool.
This type of trading can be suitable when a broker is regulated and trustworthy. Offshore scams don’t have licensed account managers and cannot provide quality service.
IKICI – Countries Of Service
The brokerage mainly offers its services in Australia and Austria.
However, knowing this trading platform is unlicensed, you should withhold from investing wherever you reside. Unregulated scheme firms can vanish with your funds, and the recovery procedure might be lengthy. The best decision is to look for a locally regulated trading company.
IKICI Range of Trading Markets
If you still want to trade with an IKICI broker, you can do it with the following instruments:
- Currency pairs – EUR/USD, AUD/CAD, GBP/NOK
- Indices – DJIA, NASDAQ, DAX30
- Shares – Amazon, BMW, Apple
- Cryptocurrencies – BTC, ADA, MATIC
- Commodities – gold, natural gas, coffee
- ETFs – EEM, DIA, ISF
Despite the large offer, we advise you to stay safe and not invest.
Also, avoid the trading frauds Axiance, CFDtrades, and Finvis at all costs! Moreover, before investing, always look into the past of internet trading firms!
What Is Known About IKICI’s Trading Conditions?
Another proof that IKICI cannot be regulated is its trading conditions. The company offers leverage of up to 1:100, while the maximum cap in the US and Canada is 1:50 and even lower in other jurisdictions.
The spread is competitive, starting at 0.6 pips. It’s probably the only solid thing we’ve seen since we started this review.
IKICI Minimum Deposit, Withdrawal Terms
IKICI requires an exceptionally high minimum deposit of $1,000. That’s four times higher than average and 100x more than regulated brokers demand.
As per withdrawal terms, we don’t know much. This firm has no legal documents or any Withdrawal Policy.
Methods of Making a Deposit
If you wish to make an initial deposit, you can only do it through crypto. This firm takes BTC and USDT. Note that digital currency is the riskiest payment option due to the anonymity of the transaction processing.
If you wish to get your funds back, you’ll have to find crypto-tracing specialists.
Scammed by IKICI Broker? – Let Us Hear Your Story
If you cannot get money back from IKICI or any other scam broker, don’t be ashamed to report it. Your story can help others as well.
Our recovery specialists will book a free consultation for you, evaluate the case, and try to find the best option to get your money back. Don’t give up. Let’s fight together!