Ikon Finance (formerly Ikon Capital) refuse withdrawal!

Meran Mahmoud

Recruit
Messages
3
Hello

I had a trading account with Ikon Finance (ikonfinance.com) when it was named Ikon Capital 4 years ago, I did some trading and made some profits and left the account idle for few years, now when I try to make withdrawal they tell me that they cancelled all my profits (more than 40,000 USD!!) and they can only refund my initial deposit. When I told them I will open a case with FOS since they are FCA regulated, they stopped responding and even don't want to make my withdrawal for the deposit I made when I opened the account, I am currently filing a complaint against them with the FOS.

I have attached a screenshot for my account when they started cancelling my profits.

Be careful of these scammers!!! I hope anybody can help me return my money here.

Thank you
 

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Pharaoh

Colonel
Messages
19,929
Go ahead and contact the UK FOS.

Also, email them a link to this thread. Invite them to come and explain why they are not refunding your profit and are withholding your initial deposit.
 

Floriano

Recruit
Messages
70
Pretty typical broker excuse. Demand they explain it and go to their regulator if they have one but it's going to be hard...
Stop using that broker asap... All you can do is demand they come on FPA, contact them everyday demanding explanation, go to their regulator, call your CC company, etc

Good luck
 

Meran Mahmoud

Recruit
Messages
3
thanks everybody for reply, I have invited them to join the thread.

their explanation to why they cancel profit is all brokers' typical lame excuse, "the trades are off quoted". Meaning all my trades are off quoted by 100% of their profits, really?!!
 

Ralph Benitez

Recruit
Messages
8
Can you provide a longer statement? From the two trades I see you are using some sort of latency arbitrage system. Its strange though that they won't pay out the initial capital.
 

Meran Mahmoud

Recruit
Messages
3
Can you provide a longer statement? From the two trades I see you are using some sort of latency arbitrage system. Its strange though that they won't pay out the initial capital.

Unfortunately I can't generate longer statement because my account is disabled because of inactivity since I stopped trading on it for long time. I don't understand what do you mean by latency system, but anyways in worst imaginable scenario they should allow me to withdraw capital.

They have sent me an email after I filed the complaint with FOS saying that they will look into the issue again, this was after they stopped replying to my emails at all! let's wait and see what they will say. I will keep you updated guys, thanks alot for your interest.
 
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