If you are looking for a reliable and trustworthy online broker, you might have come across Iconic Capital. This company claims to offer a wide range of trading instruments, including forex, stocks, commodities, indices, and cryptocurrencies. But are they legit? Or are they a scam that you should avoid at all costs?
In this review, we will examine the features, pros, and cons of Iconic Capital, and help you decide whether they are worth your time and money.
What is Iconic Capital?
Iconic Capital is an online broker that was founded in 2018. According to their website, they are based in St. Vincent and the Grenadines, and are regulated by the Financial Services Authority (FSA) of that country. They also claim to have offices in London, Dubai, and Hong Kong.
Iconic Capital offers four types of trading accounts: Basic, Silver, Gold, and Platinum. Each account has different minimum deposits, spreads, leverage, and commissions. The Basic account requires a minimum deposit of $250, while the Platinum account requires a minimum deposit of $50,000. The spreads vary from 0.1 pips to 3 pips, depending on the account type and the trading instrument. The leverage ranges from 1:100 to 1:400. The commissions are either fixed or variable, depending on the account type and the trading instrument.
Iconic Capital provides access to over 200 trading instruments, including forex pairs, stocks, commodities, indices, and cryptocurrencies. They use the MetaTrader 4 (MT4) platform, which is one of the most popular and widely used trading platforms in the industry. MT4 is compatible with Windows, Mac, iOS, and Android devices. It has advanced charting tools, indicators, expert advisors, and automated trading features.
Iconic Capital also offers educational resources, such as webinars, ebooks, videos, articles, and market news. They have a dedicated customer support team that is available 24/5 via phone, email, or live chat.
What are the pros and cons of Iconic Capital?
Pros:
- They offer a wide range of trading instruments
- They use the MT4 platform
- They have educational resources
- They have customer support
Cons:
- They are not regulated by a reputable authority
- They have high minimum deposits
- They have variable spreads and commissions
- They have negative reviews online
Is Iconic Capital legit or a scam?
Based on our research, we cannot recommend Iconic Capital as a legit and trustworthy broker. There are several red flags that suggest that they are a scam or at least a very risky broker.
First of all, they are not regulated by a reputable authority. St. Vincent and the Grenadines is known as an offshore jurisdiction that has lax regulations and oversight for financial services providers. This means that Iconic Capital is not subject to strict rules and standards that protect the interests and rights of traders. If you encounter any issues or disputes with them, you will have no legal recourse or protection.
Secondly, they have high minimum deposits that are not justified by their services or features. $250 is already a high amount for a basic account, but $50,000 is outrageous for a platinum account. There are many other brokers that offer better services and features for much lower deposits.
Thirdly, they have variable spreads and commissions that can affect your profitability and trading costs. Depending on the account type and the trading instrument, you might end up paying more than you expected for each trade. Moreover, their spreads and commissions are not transparent or consistent. They can change at any time without notice or explanation.
Lastly, they have negative reviews online from many traders who have complained about their poor service quality, withdrawal issues, hidden fees, aggressive marketing tactics, and unprofessional behavior. Some traders have even accused them of being a scam that manipulates prices and trades against their clients.
Conclusion
In conclusion, we do not recommend Iconic Capital as a legit or trustworthy broker. They have too many red flags that indicate that they are a scam or at least a very risky broker. You should avoid them at all costs and look for other brokers that are regulated by reputable authorities, have reasonable deposits and fees, offer transparent and fair trading conditions, and have positive feedback from customers.
What to Do If You’ve Lost Money with Iconic Capital?
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