Iconatek Review: 8% to 10% a month “forex trading” Ponzi
Iconatek fails to provide ownership or executive information on its website.
Iconatek’s website domain (“iconatek.io”), was privately registered on April 27th, 2023.
If we take a look at Iconatek’s website source-code, we find a references to iVicsant Technologies.
iVicsant Technologies is a software developer catering to Spanish-speaking clientele.
The company doesn’t appear to exist outside of a WhatsApp contact number.
Regardless, from this we learn the admin of Iconatek likely speaks Spanish. We also can’t rule out whoever is running iVicsant Technologies is also running Iconatek.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
Iconatek has no retailable products or services.
Affiliates are only able to market Iconatek affiliate membership itself.
Iconatek’s Compensation Plan
Iconatek affiliates invest cryptocurrency on the promise of a passive return.
In an Iconatek marketing video uploaded to YouTube on May 19th, 2023, Jeremy Barnett states;
Welcome to Iconatek. I’m super excited to be using their software and their trading AI.
I’m getting us around eight to ten percent a month. Very consistent. Very solid.
Iconatek pays referral commissions on invested cryptocurrency down two levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 10%
- level 2 – 5%
Iconatek affiliate membership is free.
Full participation in the attached income opportunity requires an investment in cryptocurrency.
Iconatek solicits investment in various cryptocurrencies.
Iconatek represents it generates external revenue via forex trading.
Iconatek is a distinguished online forex and commodities brokerage, providing its users with the opportunity to engage in trading activities in Forex, commodities, securities, and stocks independently.
This requires registration with financial regulators, which Iconatek fails to provide evidence of.
Ditto audited financial reports, which is the only way to verify Iconatek is actually paying withdrawals with purported forex trading revenue.
If we take Iconatek promoter Jeremy Barnett as an example, he’s based out of Florida in the US.
Neither Iconatek or Jeremy Barnett are registered with the CFTC or SEC. This means that at a minimum, Iconatek and Barnett are committing commodities and securities fraud.
As it stands the only verifiable source of revenue entering Iconatek is new investment.
Using new investment to fund withdrawals would make Iconatek a Ponzi scheme.
As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will new investment.
This will starve Iconatek of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.