The i-Coin is operational under the domain of MyCoin.io that is operational from the overseas. In total 4 trading accounts can be seen on its domain. It claims to offer a perfect platform for cryptocurrency investments. Besides, it offers trading on other trading assets as well. Higher leverages are also offered. The overall demonstration of the broker is convincing, however, it is not licensed to give brokerage services. In this i-Coin review, we will uncover the real face of this potential scam broker. Stay with us till last for comprehensive knowledge.
The brokers always try to attract their potential clients giving a lucrative offering. The four offered trading accounts are Basic, Silver, Gold, and VIP that needs funding of $10000, $10000, $25000, and $50000 respectively. The broker also claims to offer higher leverages of 1:10, 1:20, 1:30, and 1:40. We want to give you insight into the positives of this broker to make this review unbiased. Nevertheless, we could not find any positives of i-Coin.
However, many negatives can be found. Two different companies are operating from two different countries are behind the brand i-Coin. Fostira OU is situated in Estonia and Ventura Communication LTD registered in the Dominican territory. The main concern here is neither of the company is regulated by the financial regulator. And nonregulated brokers are banned in regulated markets like America and Australia.
The broker also offers high trading bonuses. The trading bonuses are highly controversial as they hinder withdrawals. It means they need higher volume trade before eligible for fund withdrawals. For the same reason, all the regulated markets have banned them altogether.
If a trader is eligible to withdraw then there is another problem it takes 10 to 15 working days to process withdrawals. Besides, a salty dormant fee is charged for the inactivity of two months. That is capped at 10% of the funds available in accounts. Furthermore, the best trading platform in the world MetaTrader is not in the broker’s offerings instead it offers some unusual web-based trading platform. Taking into account of highly volatile nature of crypto coins the leverages provided are very high and initial investments of $10000 for a basic account is humongous.
Is i-Coin scam or legit?
The above vigorous discussion and our in-depth analysis lead to the fact that the broker i-Coin is a potential Australian trading scam.