RatingFX: independent rating of Forex brokers
IKOfx offers its clients to trade more than 26 currency pairs and precious metals on the standard MetaTrader 4 platform.
The IcoFX LTD, founded in 2009, is owned by a company based in New Zealand. However, the broker was removed from the Financial Service Provider Registry of New Zealand in 2015. At the moment, it operates in accordance with the Vanuatu Financial Services Commission (VFSC).
Security of funds
Vanuatu is an offshore tax-free territory where the registration procedure is quick and inexpensive for Forex and binary brokers. Therefore, you should always be very careful when dealing with brokerage companies registered offshore as some of them are scammers. Traders have no financial protection in case of fraud or the company’s bankruptcy. This is why we highly advise traders to avoid such companies and choose licensed Forex brokers in Cyprus or in Australia.
The broker provides 3 types of a real trading account: Mini, Standard, and ECN. Traders are allowed to trade on Mini and Standard accounts without swaps, but only at the request of the traders themselves. Besides, you can open a free training account (demo account).
The minimum deposit for a Mini account is $1. The maximum deposit for a Standard account is $2000.
Spreads and commissions
Fixed spreads are usually 2 pips on the EUR/USD pair. However, there is no information on the fees applied to ECN accounts.
Leverage is 1:1000 on a Mini account, 1:500 on a Standard account, and 1:200 on ECN account.
IKOfx offers its services on two platforms – MetaTrader4 and IKOfx WebTrader. MT4 is available in 2 variations, a desktop one and a mobile one. MT4 provides plenty of tools and functions which are necessary for a trader: fast orders execution, a number of technical indicators, an extended charting package, and a wide range of expert advisers (EAs). IKOfx WebTrader is a trading web-based platform that allows traders to login with their IKOfx MT4 username and password without any setup. In fact, this is the only advantage.
The broker has a Forexpedia that explains the trading principles in the international currency market.
The broker specifies a single UK phone number as the method of communication. You can also contact the broker via sending an email or via live chat. The broker is active on social networks such as Blog.IKOFX.com, Twitter, Facebook, and LinkedIn. You can follow the updates of the company subscribing to any social network as well as to its official website.
The following payment options are offered to IKOfx customers: credit/debit cards (Visa & MasterCard), wire transfers, and Perfect Money.
IKOfx is an experienced offshore broker who provides typical conditions for trading currency pairs and precious metals on MT4 and IKOfx WebTrader. Traders mainly complain about draining their money by the broker.
IKOFx 2/10 (votes 2191)