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ICONOMI Review and Tutorial 2021

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Country: United Kingdom
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.

Our Score
Functionality 4 / 5
Ease of use 4 / 5
Support 4 / 5
Price 4 / 5
Technology 4 / 5
Our Score
4.0 / 5

pros

Intuitive interface

Strong security

Numerous ways of earning

cons

The oblige transfer of ICN into eICN

Not much info about the protection measures

Not many supported cryptocurrencies

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User reviews
Wiel Cédric 1 April, 8:01 PM
1.0

J'ai fais une vérification d'identité à travers une vidéo ou je devais donner mon nom et prénom ainsi que de faire basculer ma carte d identité de bas en haut. Ce soir, je reçois un mail qui me dis que ma carte est suspecte. Je suis très en colère car je ne peux plus aller sur le compte alors que j'ai mis de l argent dessus et personne ne répond à mon mail. Les personnes qui vérifie ne semble pas sérieux du tout, je viens de perdre 150 €

Michael 6 December 2020, 8:10 PM
5.0

Iconomi makes your crypto experience simple. One platform to rule all exchanges with benefit of fallowing crypto experts. Crypto experts manage their money and you can follow their steps with simply coping it. If you prefer another expert you simple change it or follow more then one. I would love coming feature for automatic rebalance.

Anon 6 December 2020, 10:34 AM
5.0

Easy to use, platform is trustworthy (audited).
Rebalancing is imo the best way to grow wealth and iconomi offers an intuitive interface to make this possible with 3 clicks.
Can deposit and withdraw with your bank account which is super useful.

s9 6 December 2020, 7:27 AM
4.0

Top application but still lacks some advanced features (Threshold rebalancing, automated rebalancing - 1h, 1d, 1m ..., auto remove funds when the portfolio reaches a certain %, ...)

Frank 5 December 2020, 9:13 PM
4.0

The platform is perfect for beginners not wanting to waste their time with chasing the next pump & dump coin, but spread risks among multiple cryptocurrencies. By doing this, you minimize the risk of total loss and participate the general market growth. You can either set up your own "Crypto-ETF" or follow experienced managers. Interface is clean, rebalancing easy and FIAT-ramp available.

I only would like the management to be more engaged with the community.

Jeroen 5 December 2020, 8:22 PM
5.0

Been around since 2017 and management has had their communicational issues - but things are progressing and they delivered a very professional platform. Just check it yourself on their website, it is clean and fast and they are one of the few companies that want to be in a legal framework in crypto in Europe - That is why they moved several time jurisdiction. Since 2018 things are working out well for the platform and they hold a lot of potential... they needed some time to find their way but are now the best way to easily invest in crypto indexes and mixed portfolio's.

Vesa 5 December 2020, 6:28 PM
4.0

Great platform to manage portfolio and swap fast to other assets.

Everything is taken care of with a few clicks.

Alexander 5 December 2020, 3:58 PM
5.0

Using the platform since a couple of years. Especially since the last feature releases ICONOMI is probably one of the best solutions in the market to manage crypto assets. Easy for beginners to get started, great for more experienced traders to manage crypto funds (especially rules is a nice feature).

Mark 5 December 2020, 2:44 PM
5.0

Great platform!

Jojo Rabbit 5 December 2020, 2:30 PM
2.0

Product looks interesting, but the company is not regulated, moves jurisdictions every year and has no asset insurance. With a history of losing company assets (tens of millions in ETH, ATOM, etc) I would not trust them with any larger amounts.

Jeroen
5 December 2020, 8:30 PM
They made very good investments with the ICO money that even to date is being returned to initial investors. The lost assets are very bitter and they are definitely to blame for a large part of it, but crypto problems arise everywhere and I would actually opt that such things only made the team more aware on the issues. Alternative crypto platforms are not per se more trustworthy because they were not involved in the Parity or had a trade for Atom not passing (they got their investment returned in ETH so there is no loss of company assets). I dare to say that Iconomi is pioneering by moving forward in looking for new assets management solution in crypto space. If they were not trustworthy they would have never reached the platform and stage the company is in at this moment.
Menno Pietersen 5 December 2020, 2:29 PM
5.0

As manager of CARUS-AR, one of the first 12 ICONOMI Crypto Strategies (started October 2017, called DAA back then), I can say that the ICONOMI platform has had amazing progress and development.

With now over 600 followers of my strategy and 1.5 million EURO Assets Following Strategy, the platform has provided many a easy way to invest in Crypto. The feedback I get from users is very positive, the platform and app is very easy to use and support from ICONOMI team is great.

With new features and updates coming constantly I am very excited what the platform will bring in the future!

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Дима 1 December 2020, 7:31 PM
4.0

Неплохой сервис, всем советую

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Country: United Kingdom
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ICONOMI Review and Tutorial 2021
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