IKOFX is an offshore online forex trading provider based in Vanuatu. Founded in 2008, the broker promises to help investors succeed in Forex trading. Our IKOFX Review aims to reveal more details about this dubious platform.
Is the ikofx cabinet a reliable trading tool and can you truly profit in Forex trading? Those are the questions that the following sections will answer.
IKOFX is an offshore broker based in Vanuatu. IKO Limited, the company behind the brokerage, was also once active in New Zealand. However, it was deregistered from New Zealand’s Financial Service Providers Register in 2015 and currently operates in Vanuatu.
Top-tier regulators such as the FCA (UK), CFTC (US), ASIC (Australia), CySEC (Cyprus), BaFin (Germany), etc. require brokerage companies to possess a substantial minimum operating capital (i.g. 730,000 EUR or 1,000,000 AUD), offer clients negative balance protection, a segregated account, and even a compensation scheme (i.g. up to 20,000 EUR).
These traders indicate that withdrawal issues are inevitable with IKOFX. Please heed these warnings and think twice before investing in this platform.
Yes, recently this broker has had problems with execution. Stop did not close for an hour! Don’t come in, don’t go out! Just awful!
I completely arranged their demo account and how long did I spit from real money in ikofx. In general, heaven and earth! I don’t understand how you can lie to customers so much! Sooner or later, you will still be taken out to clean water!
It seems that the ikofx mt4 platform is malfunctioning pretty often. Traders expressed their frustrations with strange occurrences on the platform. All the while, the shady broker tries to get unsuspecting traders to invest as much money as possible.
Once the platform freezes, the funds could be up in the air. The next morning, you will suddenly realize that everything is gone and that the broker is not responding to your complaints. This is a more sophisticated way to run a scheme but sooner or later, someone will figure it out.
If you fell victim to the ikofx scam, you can book a free consultation with us. We’ll help you recover your funds.
The company was founded in 2009. Since then, IKOFX has been offering unregulated Forex trading services mainly to traders who reside in the following countries:
According to the website, IKOFX offers three desktop trading platforms plus two mobile platforms. First, we have the ikofx metatrader 5 software, which is the obvious choice of most traders. The second would be the ikonfx mt4 platform, MT5’s predecessor.
Both MT platforms are professional, fully-featured software that provides traders with everything they need – automated & algorithmic trading, fast order execution, a variety of technical indicators, an advanced charting package, and the ability to develop and use Expert Advisors (EA).
The web platform, on the other hand, is an online trading terminal with limited features and tools. It’s definitely not up to par with the aforementioned MT software. It can be accessed via the ikofx login page.
Yes, ikofx offers mobile trading apps. It has three versions and can be used on both Android and iOS system phones (iPad Trader, iPhone Trader & Android Trader). This mobile app comes in handy when you need to trade on the go and also offers neat flexibility.
However, we do not recommend you trade on an unregulated mobile platform because you could end up getting scammed. Pick a licensed platform instead.
The IKOFX platform offers just two classes of popular trading instruments:
Let’s make an overview of the ikofx account type selection:
The offer here is pretty fair. IKOFX basically included a free Mini account but with extremely high leverage. The other two account types are more expensive but offer better trading conditions, i.e. tighter and more competitive spreads.
A demo account allows a trader to test out the trading platform, new strategies or the servers without risking real money. It’s good that IKOFX included a free demo account.
Traders can choose to use the demo account as a Mini or Standard account and can select leverage between 1:1 and 1:500 and capital between 1,000 and 500,000. However, the issues may appear once you deposit real funds.
Should you experience any withdrawal issues with ikofx, please contact us for help.
ikofx offers clients maximum leverage of 1:1000 for Forex trading. Extremely high leverage is a double-edged sword that can tilt toward big profits but more often results in huge losses. For comparison, the legal leverage cap for retail clients in Europe is 1:30 and in North America 1:50.
As for the spreads, There are two commission-free accounts with fixed spreads and an ECN one, where the spreads are floating and a commission applies.
The information that we do have has the spreads starting from around 2 pips for the EUR/USD pair, while other pairs are starting higher. This spread level is simply not competitive considering that the industry’s average for that instrument is 1.5 pips. On the other hand, the ECN account features tighter spreads (around 0.2 pips) but the commissions weren’t disclosed.
IKOFX regularly awards various bonuses. Currently, the website advertises a deposit bonus of 40% up to 3,000 USD for deposits over 100 USD. This is a clever trick to get clients to invest more money. You should know that brokers are banned from issuing bonuses in Europe and Australia so be careful.
Mainly because shady offshore providers include a bonus clause that requires traders to reach an insane trading volume before enabling them to request a withdrawal.
When it comes to different payment methods, IKOFX accepts deposits via the following:
As for the deposit and withdrawal fees, wire deposits cost 12-50 USD, cards cost 5.2% and PerfectMoney is free. On the other hand, withdrawal fees are 25 USD for wires, 10 USD for cards and no charges for PerfectMoney.
The good thing here if you notice something fishy is that these payments can be reversed. For instance, credit/debit card transactions can be reversed via a chargeback, which can be requested at the issuing bank within 540 days of the transaction.
IKOFX is an offshore broker that offers unlicensed Forex trading services mainly to Asian traders. If you’re experiencing issues with IKOFX and are unable to withdraw your funds, you can book a free consultation with Global Fraud Protection.
Book your free consultation today and start the chargeback process.
IKOFX is not regulated, which is a huge red flag in our eyes. Please stay away from unregulated offshore brokers.
IKOFX is run by an offshore company called IKO Global Limited, based in Vanuatu.
IKOFX offers two desktop platforms (MT4 & MT5), a web-based platform, and three mobile platforms (iPad Trader, iPhone Trader & Android Trader).
No, this broker is not regulated. If you already deposited funds and are having issues with IKOFX, contact us for help.
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