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IkonFX Review

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About it

IkonFX is 10 years old, originally set up in New York, but now it is headquartered in Hong Kong. The company maintains a presence in 95 countries assisting 270,00 clients to trade 55 financial instrument in Forex, metals, futures, CFDs and options markets.

Besides its incorporation in Hong Kong, IkonFX also complies with financial authorities around the world. The company is regulated by the UK’s Financial Conduct Authority (FCA) and in Dubai by Dubai international financial center (DIFC). The company is a holder of Australian financial services license and its office in China has an exclusive partnership with the Chinese Financial Government.

Review Overview

Compliance to Different Authorities
Speed and Ease of Procedures
Platform Execution
Technology and Facilities
Client Support and Offers

OK

Its product has excellent trading conditions. Education is absent and client support is average.

How does it help me learn?

The answer seems to be that it doesn’t. The whole raison d’etre of IkonFX is that it apparently offers only advanced facilities to traders who have their own resources. The website has no explanations on how to trade, no glossary, not even any help on using the range of platforms it offers. It basically has no information regarding any thing other than the company itself. The website is very old fashioned and it seems that the only possible assistance to come from the website is a gatekeeper called ‘Chat Now’, which is a facility that practically asks what you want as soon as the website opens.

How is the client support service in general?

The chat now facility is very quick and offers multilingual support almost instantly. IkonFX also offers a “Callback Request” service and a video call as well, both of which responded within minutes. Emails usually receive a response within 24 hours. Of course, clients in 95 countries can contact the company’s local office by phone and get connected to a representative who can help them in seconds.

What does the industry say?

For a company with IkonFX market share, it is normal to have some negative comments from the online Forex trading community. However, in IkonFX case, most of these comments were made in response to the company’s procedures being in place and refraining the client from fulfilling his request if he hasn’t followed the procedure, such as withdrawal requests without completely providing documents required by the company. Regarding awards, IkonFX received a number of them, but not as many as it should given the size and age of the company. Those awards include Best Forex Broker, Best ECN Broker and Best Forex Trading Platform.

How safe is my money?

IkonFX has a paid up capital of $322m and is regulated in 4 continents. It has fully segregated accounts for the company and its clients funds, which are held with top-tier international banks.

What platforms does IkonFX offer?

IkonFX offers Pure ECN Pro, which maintains the Non-Dealing-Desk (NDD) status to enable traders and execute orders in Straight Through Processing (STP) environment and within Electronic Communication Networks (ECN). The minimum deposit to open an account on the Pure ECN Pro platform is $25,000.
In addition to Pure ECN Pro, the company offers MetaTrader4, the industry standard, which is available for desktop and mobiles, and in both trading conditions, ECN and dealing desk. The website has a comparison of all accounts types and the differences between them to help clients choose the most appropriate for themselves.

What about its trading conditions?

Leverage is up to 1:500 for all account types except ones on the Pure ECN Pro platform where leverage is 1:100 only. The margin call and stop out are 100% and 50% on the Pure ECN Pro whereas they are 100% and 10% on the rest of the platforms. IkonFX platforms accept Expert Advisors hosting and the company offers Swap free or Islamic accounts, but most importantly is that the website indicates that stop loss and take profit orders are always honored in the light of its super-fast cutting edge trading platforms, on top of its ability to offer ECN.
What’s worth mentioning here is for traders who has intentions to scalp, IkonFX also offers them scalping accounts, which allows clients to execute scalping orders which are opened and closed within 120 seconds seemingly and. However, If the client was scalping without the company’s permission, then IkonFX is entitled, at its sole discretion, to deduct any profit generated from the scalping trades. The fact that it labels scalpers accounts from others means that IkonFX has some sort of a system to profile clients, which is never good.

How much will it cost me?

IkonFX offers both fixed and variable spreads, depending on the platform used. On the Pure ECN Pro platform, the spread for the major pairs is variable and it ranges between 0.2 to 0.4. On the Multibank platform, the spread is variable also and it is between 0.8 and 1 pip on the majors, where as on the Maximus MT4 the spread can be either fixed or variable depending of the client’s request, and it varies between 1.4 to 1.6 pips for the majors. Finally, on the Ikon Turbo Meta the spread is fixed 2 pips for the majors. The company declares that spreads mentioned in its website serve under normal trading conditions only.
IkonFX accepts deposit of funds into trading accounts in several currency options. It also has the choice of using bank transfer, different e-wallets as well as credit and debit card deposits. Withdrawal requests can be made through the client area called MyIkon or via email and are processed during normal business hours on the same day and as possible.

Any special deals?

IkonFX has 3 bonus schemes, new account bonus, top up bonus and transfer bonus. The amount of bonus depends on the amount of the deposit but it has to be above $2,000. The bonus is rebate generated, which means that it is not an additional margin or cash, it is rather a rebate which clients have to trade in order to generate the bonus amount, which then will be added to the account as they are generated. Of course, the bonus is not paid until the client completes trading a specified number of lots.

The bottom line

Despite not being as competitive as it can be, IkonFX seems to find a set up that works for it. The company’s size to the length of time it has been operating, the types of account and platforms it offers as well as its offices and number of regulatory authorities it complies with form an excellent product which definitely confirms the company’s ability to serve its clients to their exact preferences, however, IkonFX has a few unexpected drawbacks when it comes to educating new clients and providing the necessary tools advanced traders need, which in fact is prohibiting the company from reaching its full potential.

Do you like this broker?

If you like this broker and want to open a live account, send us a request by filling the form below and we will reimburse you the full rebate generated from your trading.

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About Razi Hammoudeh

Razi’s professional experience was gained over the course of more than a decade working with leading Forex market makers in the Middle East, Asia and Europe where he learned about trading, financial instruments and global markets. Being exposed to the wide range of skills he acquired along the years, he continued to develop his trading strategies and further improving his track record in Forex trading. He used innovative business development strategies to find FXLORDS, helping it to rapidly become a major provider of education and trading tools to the successful trader. He is an enthusiastic individual, motivated by challenge and renowned for pushing the limits, always looking to gain some more experience and help as much as possible along the way.

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