IC Vector Securities Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this IC Vector Review.
IC Vector Securities Review
IC Vector, which is also known as IC Securities is an unregulated forex broker. We have several issues with their offering, which we will cover in the full review to follow.
IC Vector Advantages
Low minimum deposit requirement
With a $20 investment requirement, this broker is basically open to all who are willing to delve into the world of trading.
High leverage options
The 1:500 leverage ratio, available for the smaller accounts is ideal for the more aggressive traders. The bigger traders and ECN ones are limited, which may not actually be that bad. Misusing high “gearing” is one of the main contributing factor to the downfall of new traders.
MetaTrader (allegedly) available
The platform provided by IC Vector, according to their website is the industry-leading MetaTrader 4 (MT4). This is a piece of software which probably doesn’t need introduction – the charting is supreme, with lots of customization options, the execution is usually very fast and mobile and web versions are also available. That being said, when one downloads the platform from IC Securities, he receives the basic version of MT5 (the newer version), which isn’t associated with this broker. At this point we are not certain if the company is actually in operation, which conveniently leads us to the disadvantages.
A preview of what you get at the time of writing of this review – a basic version of MT5, no associated with IC Vector
IC Vector Disadvantages
No info on the company
IC Vector or Vector Securities is not a regulated broker. Furthermore the website does not provide information on the actual base of operation of the company. Both of these are enough to cause distrust. Reputable brokers give this information and even proudly boast being regulated by a respected agency like FCA (UK) or ASIC (Australia).
Possibly not working
While the previous point is very important, a possibly even more serious issue is the fact we had trouble starting the actual platform provided by this broker. This may simply be a temporary difficulty, but still does not speak well for IC Vector
Trading conditions not fully specified
The way trading conditions are presented by this company is less than ideal. The “account types” section gives rough estimates on the spreads, which we can assume applies for EUR/USD and no specifics for the ECN spreads. There is also no list of all the supported trading instruments.
Keeping the previous negative in mind, we must mention the costs of trading at IC Vector are slightly above the current industry averages. This shouldn’t be a factor as important as the regulatory environment in which a broker operates, but is still a notable factor.
Unusual payment methods
IC Vector offers several ways of payment, namely: Bank Transfer, Credit/Debit Card, WebMoney, OKPAY, Egopay and Estropay. This seems like a decent offering, but the fact which we find slightly disturbing is the choice of e-wallets. The lack of Skrill and Neteller support basically defies the purpose of setting up such a system. Then again, this is nothing when compared to some of the points mentioned above.
IC Vector (or IC Securities) is an unregulated forex broker. There is a total lack of clarity on the team behind the project. These factors are enough to render them an untrustworthy trading partner. We will reiterate the importance of solid regulation.
The biggest risk, when trading is the fact your broker can simply not allow you to withdraw any funds. In order to prevent this, most countries have created dedicated financial regulatory agencies. A broker who is registered with a reputable watchdog will never steal your funds. The United Kingdom’s Financial Conduct Authority (FCA) is a well-regarded watchdog, which we like to use to illustrate this point.
All brokerages overseen by them must frequently report their clients’ activity as well as keep their funds separated from the operational ones. On top of that participation in the Financial Services Compensation Scheme (FSCS) is mandatory. This is a complicated mechanism, which guarantees your investment, in case the broker declares bankruptcy, up to £50,000.
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IC Vector Securities Review Conclusion
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