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Your online trading experience can depend on a number of factors, but none are as important as the brokerage you choose. Choosing an online broker at random may seem like a shortcut because it means you can start trading right away and not have to deal with any delays. But, you have to understand that this comes at a cost. There is no guarantee that the company you choose will be a good one, so you could end up on a mediocre platform, or become a scam victim. Unless you are willing to take that risk, it is better to check this IcorpSecurities review.
Yes, going through reviews and researching brokers is going to take time and effort. After all, there are hundreds of companies that you will find when you run a search and it is not possible for you to go through every single one of them. Plus, new platforms are also popping up each day and you will not be able to keep up. Therefore, it is best to find the most appealing choices and look at them closely to ensure they are capable of fulfilling your needs. In addition, you also need to ensure that they are who they claim to be.
The number of scammers disguising themselves as legitimate platforms has gone up significantly and you do not want to fall for any such broker because they could end up stealing your sensitive data, as well as your investment. This can be avoided when you are thorough and don’t get blown away by the attractive offerings of a broker. This is also applicable to IcorpSecurities that comes off as a promising new brokerage at first glance. It boasts to be one of the leading financial institutions in the world that specializes in forex and CFD trading.
But, you have to give it a closer look to find out if IcorpSecurities is really what it portrays itself, or is only leading you on. Want to find out? Read on to know more:
No license and completely anonymous
Signing up with an online broker is a big commitment, so you should know details about the company you will be dealing with. This means checking the corporate background of the company that owns and operates the broker, along with their regulation and licensing. Once you know who you are dealing with, you can rest assured that you can reach out to them in case of a problem. Unfortunately, you will not be able to do any of this in the case of IcorpSecurities because their website appears to be completely anonymous.
You can go through the entire presentation available on the IcorpSecurities website and not find any corporate background, or contact address for that matter. In fact, their website does not seem to have a contact section at all, which is worrying because it means you will have no way to reach them in case of any issue. Likewise, there is no mention of any kind of licensing and regulation either, which is also worrisome.
A licensed and regulated broker can offer you a great deal of protections, which you cannot get when you opt for an anonymous brokerage like IcorpSecurities. Since they have not mentioned where they are based, there is no way for you to check if they have a license or not. It is best not to choose a broker you know nothing about.
Conflict of interest
Some of the attractive offerings that you will come across on the IcorpSecurities website is the fact that they are willing to ‘manage your investment’. Plus, they have also claimed that making money with them is a piece of cake. What seems to be wrong here? This sounds like a really great offer and newbies can take advantage of it to make money.
The problem is that brokers by their very definition are market makers, which means that whenever their clients lose, they make profits. So, it does not make sense for IcorpSecurities to offer to make profits on your behalf because doing so would mean losses for them. This automatically creates a conflict of interest, which means that the broker is more likely to mismanage your entire investment in order to ensure their own profitability.
No terms and conditions
One of the most important things you need to check when you are signing up with a broker is their Terms and Conditions because these are like the contract you sign with the company. They dictate the terms you will follow, such as the fees and costs you will be charged, along with the policies that will be applicable.
Suffice it to say, they are of the utmost importance because they tell you want to expect. Therefore, it is shocking to find out that IcorpSecurities does not have any legal documentation available on their website. You will not find any Terms and Conditions, or Client Agreement at all, which is a concern. You will still be expected to agree to them when you sign up, but have no idea what you are agreeing to, leaving you vulnerable to exploitation.
Lack of trading software
The trading software that an online broker offers is one of their most important features because this is how you execute your trades. It helps you in connecting to the financial markets and then you execute your transactions. It has the tools and technology that are necessary for the process. IcorpSecurities promises its clients a number of trading platforms, which also include the industry standard MetaTrader 4.
This is undoubtedly impressive because it is known as the top trading platform in the market. Unfortunately, as it turns out that this is nothing but a lie because IcorpSecurities seems to have a funny looking web trading platform that is nowhere close to what they have promised. The platform only gives you the option to deposit and not to trade, which makes it worthless.
All of these problems with IcorpSecurities indicate that you should not choose this brokerage at all.