Itcoinex Review – Facts About Itcoinex.Com Broker
If you are looking for crypto brokers, you can run into the Itcoinex broker. However, this shady brokerage firm carries significant financial risk and is not recommended to anyone.
Its offerings rest on fake promises, ranging from that Itcoinex is a US-based and regulated company to that it provides advanced trading. Please proceed with our Itcoinex review to find out all the facts about the itcoinex.com broker.
The hazards of dealing with dishonest brokers, such as those described below, are the same in Brokeragea, Esperio, and Capitalcore.
|Minimum Deposit||236 USD|
Regulation and Fund Security at Itcoinex
In terms of regulation, every online financial trading company must be authorized by a respective financial market regulator to operate legally. Speaking of Itcoinex, as an allegedly registered business in the United States, it should be licensed under one of the US supervisory bodies such as NFA and CFTC.
However, checking for this company’s trading credentials and registration details hasn’t given any results, which adds up to scam allegations and complaints against this bogus brokerage firm. Being an anonymous and unlicensed broker implies that such an entity can be involved in fraudulent trading activities without consequences.
Additionally, the US market is one of the most prestigious, but it is also closely monitored by financial regulatory agencies to ensure brokers’ compliance with legislation that is in force to protect traders’ interests. For example, leverage is capped at 1:50 in the USA, whereas unauthorized Itcoinex offers 1:100 leverage.
Considering all the facts, this company is nothing more than an offshore-based broker that operates fraudulently and unethically. Even if it were a legitimate firm, its trading conditions, platforms, and services would still be a bad option, which we will discuss in the following sections.
Trading Software Available at Itcoinex
As can be expected from an untrustworthy company, Itcoinex trading software is as reliable as this broker. Thereby, you can’t enjoy successful and safe trading on its platform.
As opposed to this, genuine brokerage firms give access to cutting-edge technology like MetaTrader 4, MetaTrader 5, Sirix, and cTrader. These powerful trading programs ensure profitable trading thanks to their advanced features such as stop loss, EAs, copy trading, market analysis, and many more.
Therefore, more reasons why you should avoid investing with this investment scam.
Funding Methods at Itcoinex
Regarding deposits and withdrawals at Itcoinex, this illegal broker supports only crypto payments that are difficult to trace and revert, and as such, they are most frequently used by scam brokers.
Unlike Itcoinex, legitimate businesses—aside from crypto wallets—accept many other means of payment such as credit/debit cards, electronic wallets, and bank wire transfers, which are considered safe since you can apply for cashback.
In addition, the minimum required deposit at Itcoinex is 236 USDT/USD, which is several times more than what valid brokers demand (e.g., 10 USD).
When it comes to playoffs, this bogus broker is not transparent about its withdrawal fees and processing time. Since its illegal nature, there are no money withdrawal guarantees with Itcoinex. Moreover, your funds are at stake here.
Itcoinex Offers Bonuses and Promotions
Concerning bonuses and promotions, you should know that they are forbidden in many jurisdictions due to being used to defraud traders. Despite this, Itcoinex offers them such as the following.
- A welcome bonus for the first deposit.
- A referral bonus for bringing others to invest with Itcoinex.
Keep in mind that bonuses come with prerequisites that are hard to meet and go against your interests, which is one of the dirty tricks employed by this fraudster. But more about it, in the next heading.
How the Fraud Was Carried Out
With regard to how the Itcoinex scam is performed, this financial swindler applies various malicious tactics to deliberately con you out of money. As it goes with any online trading scam, it pretends to be a legit company offering exceptional services, ensuring funds’ protection, and adhering to the law.
By doing this, an unscrupulous broker attempts to build your trust. Also, it will try to attract your interest in its service by enticing you with fake promises of generous bonuses, lucrative opportunities, low costs, the best platforms, fast deposits, and instant withdrawals.
So, once unsuspecting victims get roped into investing, their money will vanish together with fraudsters. Anyway, if you are one of the victims of this dishonest scam broker, you should act fast. With cyber security experts, it is possible to get your money back. Likewise, you should notify the authorities and warn others (e.g., leave negative Itcoinex reviews).
The Best Forex Brokers
Instead of risking being defrauded, you can enjoy profitable trading with peace of mind with one of the following forex providers. They are most recommended by us and by other traders and have an untarnished reputation by dint of their first-rate services (e.g., beneficial terms of exchange, the latest trading programs, multilingual and constant customer support, lots of trading instruments, and plenty of educational resources).
These global trading corporations offer the security of your funds by implementing risk management tools such as negative balance protection and segregated accounts. The former means that an investor can’t lose more than initially deposited. As for the latter, it indicates that a broker holds its capital separate from yours, so in the case of its insolvency, you are not affected.
Moreover, these companies are regulated by some of the most prominent financial regulatory bodies, such as CySEC, FCA, and ASIC. That means that not only do they abide by strict regulations but they are covered by compensation schemes (e.g., FCA indemnifies up to 85,000 GBP).
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Our Itcoinex broker review has ascertained that this phony broker operates without necessary permits, breaking legislation, therefore, it can’t be trusted. Furthermore, its headquarters are unknown despite its false statements that it is a registered entity in the US.
Not only that, this unlicensed brokerage firm provides weak and manipulative trading software and only crypto assets are available for trading under inappropriate conditions. Lastly, the deposit is too high, only crypto payments are accepted, and no info on withdrawal fees and turnaround time.
Overall, you should stay clear of this fraudulent broker and always invest with credible companies like those we have suggested in this article.
FAQs About Itcoinex Broker
Is Itcoinex a Regulated Broker?
No, it is not; it is an unlicensed broker operating anonymously and illegally.
Is My Money Safe at Itcoinex?
No, it is not safe but in danger, since this broker is an investment scam.
What Is The Minimum Deposit at Itcoinex?
It is 236 USD, which is an unnecessary risk when you can start trading with proven brokers for as low as 10 USD.