ICM Capital Review & How To Recover Funds Lost To Forex Scam

How To Recover Funds Lost To Forex Scam: ICM Capital is a forex trading services broker based in London. It is a subsidiary of ICM Holding SARL (Luxembourg). Operation and support offices have been opened in Dubai and Shanghai in addition to the one in the UK.

The broker is known for the varieties of products it offers: OTC Index Features, Cash CFDs, OTC Energy Futures, OTC Precious Metals, OTC US Stocks, OTC Spot Foreign Exchange. 

Various international awards have recognised ICM Capital as a leading financial broker institution within the United Kingdom and MENA region(the Middle East & North Africa).

ICM Capital Review & How To Recover Funds Lost To Forex Scam

Is ICM Capital a scam? The major factor determining whether a broker is a scam is whether it is licensed or not. ICM Capital is a reliable regulated broker with a top-tier license from the Financial Conduct Authority (FCA) in the United Kingdom for forex trading with low risk.

The Finacial Conduct Authority (FCA) regulates the financial services sector in the United Kingdom to protect the consumers and ensure the industry’s stability. The FCA is a respected and serious regulatory body within the Financial Industry. The FCA provides clients with the security of funds covering up to £50,000 if ICM Capital becomes insolvent. This security is under the Financial Services Compensation Schemes (FSCS).

ICM Capital Review & How To Recover Funds Lost To Forex Scam

Traders Opinion

The first step to saving yourself from an online brokerage scam is to do thorough due diligence on the companies and entities you plan to send the funds to. In all probability, other users have already fallen victim to the forex broker scam and have voiced their dissatisfaction and how they were scammed online on various forex forums.

After researching various social media platforms (Facebook, Twitter, Instagram) and online trading forums, it appears that ICM Capital is a trustworthy broker. However, some posts in forex forums inform about bad practices related to poor customer support, negative slippage, re-quotes, and unreasonable refusals to withdraw funds.

Many brokers are operating under fake business names or have other fraudulent operations. A little bit of research can go a long way in protecting you and your finances.

Note: ICM Broker is different from ICM Capital. ICM Broker is an offshore and unregulated broker recognised as a scam on various online forums. ICM Broker is an example of a broker that uses a fake name to scam forex traders. ICM Broker uses tricks victims to believe that they are ICM Capital and defraud their money.

How to recover funds lost to forex scam

If you were scammed on a forex brokerage platform like ICM Broker and are looking for ways to recover your money, this article segment is meant for you.

If you have lost money to a forex scam, don’t panic. You are not the first, and you likely won’t be the last. Mistakes can happen even with the most cautious of investors and should be used as a learning opportunity.

Your first line of action is to inform the appropriate authority, the Police or the Financial regulatory authority in your region( this will only prove helpful if the broker that scammed you is licensed). Reporting to the Police helps create awareness of the scam in the community because there is little to nothing the Police can do in the case of a broker scam. On the other hand, reporting to the Financial Authority can be helpful if the broker is registered under the platform. But let face the truth, the probability of you being scammed by a registered broker is small. Most forex broker scams are from unregistered and unlicensed brokers.

The best shot you have in recovering your funds is to hire a Funds Recovery Expert. A Fund Recovery expert can file a Chargeback or Wire Recall for your case. A chargeback is a reversal of a credit card transaction. You have to structure a report to convince your financial provider that you were scammed.

A Fund Recovery expert comprises lawyers, data recovery experts, and financial advisers, so a Fund recovery personnel is trusted to put down a well-structured report to file for a chargeback that your financial service provider will accept.

You can hire a Fund recovery expert from Duolabs. Duolabs is a trusted platform where you can hire different recovery experts such as Funds, Data, Cryptocurrency Wallet, Bitcoin, etc. With over 500+ satisfied customers, Duolabs can be trusted to recover your lost funds from a forex scam.

Some evidence is needed to file for a chargeback.

  • Photo evidence of the product or service
  • Product description or advertisements
  • Copy of all communications with the merchant
  • Documents relating to transaction history
  • Terms and conditions or contracts

The list above is only a partial list, and a Fund Recovery Expert may deem it fit for you to submit some additional document not mentioned above. Resist the urge to file for a chargeback yourself and hire a Fund Recovery expert on Duolabs.

ICM Capital Review & How To Recover Funds Lost To Forex Scam

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