Expert Review
Jul 06, 2020

ICONOMI is a digital asset management platform. The ICONOMI platform allows its users to invest in multiple digital assets via a single interface aimed to make investment management as easy as possible. The users are offered to invest in one of the 20 available cryptocurrencies or follow one of the 30 "Crypto Strategies" in order to gain profit. The selling point of the company is that it makes investing and trading processes easier through the use of simple design and assistance from the experts verified by the company. The ease of use is enhanced with the ability to use fiat money deposits. According to the website, it's available in 218 countries (although there are only 195 countries in the world, officially).

  1. Main Features
  2. Getting Started
  3. Referral Program
  4. Is It Safe to Use ICONOMI?

Main Features

ICONOMI is not a usual cryptocurrency exchange. It’s different because it’s a platform where people can invest in Crypto Strategies. It means that they choose the types of diversified portfolios created by ICONOMI Crypto Strategies Experts. The estimated profit of investments is calculated and presented on the website so potential investors can learn what they can expect from investing in this or that Crypto Strategy. Moreover, not to deprive people of the ability to follow their own strategies, ICONOMI allows investing in any cryptocurrencies available on the platform.

Investing in crypto strategies has a number of benefits. The most obvious advantage is that such kind of investment makes the user an owner of a diversified portfolio by default. One of the top rules of trading or investing is that the portfolio should be diversified no matter how much an investor likes a single currency or stock. Diversification helps to make the portfolio sustainable to drastic market changes associated with one of the coins. It eliminates the risk of losing everything due to the unexpected downfall of the only coin that was chosen for investment. Another benefit is that users can rely not only on their own intuition and calculations, not on the opinions from forums and social media but get assistance from the responsible experts working for ICONOMI. With the help of an expert, one will find an easier way to get into the trading world with lower risks. It saves both time and money.

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The company experts are helping users to choose currencies wisely, store them in the best possible way, choose the most adequate types of orders while trading, find the best prices on the market, and so on. What's important is that the user is able to participate in any aspect of the process on her/his own, adjusting and changing the preferences applied by the platform and the experts. More than that, the experts don't have access to the user's assets meaning that they can't perform any malicious actions to this money.

ICONOMI serves as a platform for sharing custom Crypto Strategies with others. It is possible to develop a strategy using the cryptocurrencies from the list of over 70 assets available for use on ICONOMI. The creators of crypto strategies have the benefit of managing their cryptocurrencies all in one place which is much more comfortable than a common practice. They don't have to switch between the exchanges. Additionally, Crypto Strategies creators can enjoy lower trading fees. Managers of crypto strategies receive the reward of 30% of fees paid by those who invest in these strategies.

Until 2018, the main feature of ICONOMI was the ability to invest in Digital Asset Arrays (DAA). Users were free to choose DAA soon after finishing registration and funding the account. More volatile DAAs could bring bigger profits but investing in them was riskier than investing in more stable DAAs that could bring a low-paced but more stable income. In 2018 the project was temporarily closed and was inactive for quite a while. The modern version of ICONOMI doesn't mention Digital Asset Arrays. Nevertheless, it's fair to say that Crypto Strategies resembles the concept of DAA, at least to some extent.

Another significant feature is the Crypto Loans program. It allows ICONOMI users to get paid in Euros in exchange for the interest. The loans are collateralized by cryptocurrencies (BTC or ETH). The users should choose how much in fiat money they are going to loan and specify the desired cryptocurrency and its amount. The minimum of the collateral amount is set to 200% of the loan amount. The maximum is not limited by the platform and depends only on the ability of the user to present the corresponding amount of cryptocurrency. Users must provide ICONOMI with no less than 200% of collateral in crypto in order to get a loan. Only when the loan is paid off or liquidated, the remaining collateral crypto coins are returned to the user.

Getting Started

The registration is as easy as the rest of the processes on ICONOMI. The website doesn't even require repeating the password. All one has to do is provide the email address, insert the password, check in the "I'm not a robot" box and tap on "Get Started". The email address is confirmed via the standard practice of clicking on the link from the email sent by the company.

 The second step is a bit harder. The user should introduce her/himself. The requested data includes the first and the last names, date of birth, the country of residence, the address, and finally the type and the number of the document. The company warns that this data cannot be changed any later. When all the info is sent, the user is free to start working with ICONOMI.

Some of the features require certain stages of verifications. For example, to set the custom Crypto Strategy, the user is required to complete the tier 1 verification.

Referral Program

ICONOMI has a referral program. It allows those who participate in this program receiving portions of fees paid by their referrals. Once someone uses a referral link provided by the referral program participator, ICONOMI is starting to share the income from the fees with the user that provided the link. Crypto Strategy managers receive even more rewards. The rewards are paid monthly. In general, it is safe to say that ICONOMI has quite standard referral program conditions. As for the figures, the company is paying 50% of the fees collected from the invitee to the user and 30% to the strategy manager. Naturally, if the invitee invests in the strategy of the same person who provided the referral link, both rewards (50% fee reward for the new user and 30% fee reward for the management of the strategy) are paid to the user who shared the referral link. In sum, this reward reaches 80%.

Is It Safe to Use ICONOMI?

ICONOMI was accused of being an exit scam after the company warned that the tokens (ICN) will be turned to eICN, a security token. The move was explained by striving to match the regulations and follow the law. The time has passed and ICONOMI is still in operation.

In fact, the company was one of the earliest cryptocurrency platforms to successfully pass the Big Four audit. It means that ICONOMI corresponds to the high safety standard. Besides this, it means that the company is solvent.

In order to maintain the security of the users' assets, ICONOMI combines the use of hot and cold wallets. Moreover, all the transactions are secured with multi-signatures. Strategy managers don't have access to the money of users.

Considering the lack of any sound criticism online, we can conclude that ICONOMI is a legit platform doing enough in order to safeguard the assets of users and having no mean intentions. The fact that the users are required to provide their IDs makes it possible to act in a legal field if something goes wrong. On the other hand, the company is not transparent enough and provides little information about its services on the website.

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