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IKOFX

IKOFX

About company:

 

IKOfx offers 26 currency pairs and precious metals trading on the industry standard MetaTrader 4 platform.

 

Founded in 2009, the IKOfx LTD trademark belongs to a company based in New Zealand. However, the broker was deregistered in the New Zealand Financial Service Provider Register in 2015 and is currently operating under the registration of the Vanuatu Financial Services Commission (VFSC).

 

Fund security

Vanuatu is an offshore tax-free territory where the registration procedure for Forex and binary brokers is fast and inexpensive.

 

In our opinion, you should always be very careful when dealing with brokerage companies registered in offshores, as some of them are real scammers, and traders have no financial protection in the event of fraud by the company or bankruptcy.

 

That is why we advise traders to avoid such companies and choose Forex brokers licensed in Cyprus or Australia.

 

Trading conditions

The broker offers 3 types of live trading accounts: Mini, Standard and ECN. It is allowed to trade without swaps on mini and standard accounts, but only at the request of the trader. Alternatively, you can open a free training account (demo account).

 

Minimum deposit

The minimum deposit starts from $ 1 on a mini-account. The highest deposit on a standard account is $ 2000.

 

Spreads and commissions

The fixed spreads average 2 pips on the EUR / USD pair. The broker's variable spreads are tight, starting at 0.2 pips, however, there is no information on the amount of fees applied on ECN accounts.

 

Leverage

On a mini-account, the leverage is 1: 1000, on a standard account - up to 1: 500, on ECN - 1: 200.

 

Trading platforms

IKOfx offers its services on two platforms - MetaTrader4 and IKOfx WebTrader.

 

MT4 is available for both desktop and mobile versions. This professional, fully featured software gives traders everything they need: fast order execution, a variety of technical indicators, an advanced charting package for line tools, and the ability to design and use Expert Advisors (EA).

 

IKOfx WebTrader is a web-based trading platform that allows traders to log in with their IKOfx MT4 username and password without any installation. And in fact, this is its only advantage.

 

Significant services

The broker has a Forexpedia, where he explains in articles the principles of working in the international currency market.

 

Support service

The broker provides a single UK phone number as the contact method. Alternatively, you can send an email or live chat.

 

The broker is active on the social networks Blog.IKOFX.com, Twitter, Facebook, LinkedIn. In any social network, you can follow the company's updates, also on the main website.

 

Ways of payment

The following payment methods are offered to IKOfx customers: credit / debit cards (Visa & MasterCard), bank transfers and Perfect Money.

 

Criticism of traders

IKOfx is an experienced offshore broker offering typical trading conditions for currency pairs and precious metals on MT4 and IKOfx WebTrader. Mostly brokers complain about a trader draining their money.

 

Pros:

 

low deposit; MT4; ECN environment; bonuses.

 

Minuses:

 

offshore broker; does not update the analytics section; no indices and CFDs on stocks.

 

 

IKOFX is a brokerage company whose task is to provide intermediary services to traders. Brokers provide access to currency trading in the first place. Many of them also provide an opportunity to transact with company stocks, bonds, commodities, precious metals, indices, cryptocurrencies and other assets. A private person can make transactions with all these instruments only on the trading platform, which the broker provides access to.

In addition, thanks to the brokerage company, an individual can operate on the market with amounts that significantly exceed the size of their own funds. This is called providing leverage. For example, having a deposit of 1,000 USD with a 1: 400 leverage, a trader can make deals for 400,000 USD.

The broker also opens access to analytics, auxiliary tools, and trading signals. Modern trading is impossible without all this.

What is the benefit of a broker?  

 

The broker IKOFX makes profit from traders' transactions, as a rule, in two main ways.

The first is the most common. Using spreads. This word refers to the difference between the best prices for buying and selling a particular asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between a broker and users of the Forex market - another. The mediator takes the difference for himself.

The second way is easier to understand. This is the collection of a commission for each transaction performed. Most often it has a standard value, but it can be measured as a percentage.

Thus, the brokerage company is interested in attracting as many clients as possible and for them to conduct active trading.

 

Ways to cheat customers  

 

We have found out how honest brokers should work and how they work. Now let's look at how scammers operate, they are also called the kitchen.

The most common way to cheat is to tweak quotes. The broker provides the trader with quotes that differ from the real market ones. Data substitution occurs in order to make operations unprofitable. The deposit is reduced, and then completely zeroed out. At the same time, the trader thinks that his operations were carried out in the market, but in fact - only on the site of scammers.

Bonuses are traps. They are generously distributed for anything: for registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money, mixed with bonus money, it will be necessary to fulfill a number of virtually impossible conditions. For example, conduct trading operations for an amount tens of times greater than the size of the deposit.

In the User Agreement, a clause can also be disguised that allows the broker to manage the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.

 

Where are brokerage companies registered?

 

One of the key points is the place of registration and regulation of the company's activities.

Let's talk about registration first. As a rule, brokers from either their own country or from an economically developed country, for example, a member of the European Union, are more credible to traders. Of course, compliance with UK legislation is reassuring, and compliance with the legislation of an unknown island in the Indian Ocean does not mean anything to most.

However, most brokerage companies are registered offshore. And it's not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are offshore zones popular among brokers. By registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.

If a trader has any claims against such a company, then it is likely that he will have to deal with it in accordance with the legislation of that very conditional Belize. It is possible to be physically present there at the court sessions. And this is extremely expensive and difficult.

But is it worth running like fire from just the word "offshore"? As an answer, we will give the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes through offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.

And here we come to the second important point - this is the regulation of the broker's activities. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokerage activities. So, in Russia it is the Central Bank of the Russian Federation. A trader can find permissive documentation on the websites of such bodies. But there are also supranational structures. For example, the International Financial Commission (The Financial Commission), which is an independent self-regulatory organization,   considering disputes between its members - brokers and their clients.

If the broker's website does not contain information about the regulation of its activities, then these are almost certainly scammers. Or the site contains information about a certain license issued to him, but this information is not confirmed anywhere else. Most likely, these are also scammers.

 

What else to pay attention to?

 

When choosing a brokerage company, study its history. Check out the links to her experts. If one of the leading TV channels in economic news for 5 years in a row refers to the opinion of the analyst of the broker in question, this is good. If a broker claims to have been working for 15 years, but there is no information about him on the Internet at all, this is bad.

It's important to pay attention to company reviews. And read them not only on the website of the broker itself. In the kitchen, they will probably only be laudatory. It is best to browse as many sites as possible.

Pay attention exclusively to the specifics in the offers on the brokers' websites. Honest companies openly write about interest, spread size, minimum deposit, etc. Fraudsters lure with loud, streamlined phrases about a rich tomorrow, stable income, misleading with incomprehensible terms about multi-sites, super functions, and so on.

Find out the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers sometimes hold social promotions. Fraudsters will definitely not do this.

Thus, the process of choosing a broker is complex. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich all over the world.

FAQ - broker questions

  • 1. Do the trader reviews impact on a rating of IKOFX ?

    Any feedback can raise or lower the rating company. To read reviews, go into the rating and select your broker.

  • 2. How to leave a comment about IKOFX on the website 4ex.review ?

    In order to leave a review about the broker, go down page, enter a valid email and Your review with an overall score. Reviews are moderated and tracked by the number of comments from the same IP or email. Tech support may request the actual documents that prove that the user was or is a customer of the broker. This rule applies to negative and positive reviews. We want our portal to be honest and independent.

  • 3. Can we assume the broker IKOFX decent?

    Before any trade and choosing a broker You must always read reviews on this site and on other sites. Brokers who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the broker. IKOFX received a score of 1 of 5 on our resource.

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