On-line since:
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Regulation:
Payment options:
Minimum account size:
Minimum lot size:
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IKOFX was registered and licensed in the British Virgin Islands in 2009. The company offers its clients access to trading currency pairs and precious metals.
Notably, IKOfx LTD trademark belongs to the company based in New Zealand. However, since 2015, the broker has been operating under the regulation of the Vanuatu Financial Services Commission (VFSC).
Trading conditions
The broker provides its services on the following trading platforms: MetaTrader 4 and IKOfx WebTrader. Traders can also take advantage of the Expert Advisor service.
Account types:
- Mini account: minimum deposit – $1, maximum leverage – 1:1000, minimum trade size – 0.01 lot; a swap-free account is available
- Standard account: minimum deposit – $2,000, maximum leverage – 1:500, minimum trade size – 1 lot; a swap-free account is available
- ECN account: minimum deposit - $1,000, maximum leverage – 1:200, minimum trade size – 0.01 lot; a swap-free account is not available
Each account type has the same set of trading instruments consisting of 26 currency pairs, gold, and silver. USD is the base account currency. All accounts are available on MetaTrader4. Traders can also open a free demo account.
The company offers its clients the following ways of money deposit and withdrawal:
- wire transfer (transaction takes from 3 to 5 working days)
- local depositary (funds are deposited within 24 hours, and withdrawals take 48 hours)
- e-payment (instant deposit of funds; withdrawal takes 24 hours).
The company is planning to extend the ways of payment and will provide clients with more transaction options. The minimum deposit is $50, and there is a 5% commission per each transaction.
Fixed spreads on EUR/USD are usually 2 pips. Variable spreads are narrow and start from 0.2 pips. There is no information available about the commissions for the ECN account type.
Payment methods:
- credit/debit cards (Visa & MasterCard)
- wire transfer
- Perfect Money
Customer support
Customers can contact the support team by calling a single phone number. This phone call will be redirected to the office in London. In addition, clients can send their queries through a live chat or email . All up-to-date news is available on social networks such as Twitter, Facebook, and LinkedIn and on Blog.IKOFX.com.
Traders’ feedback
Traders usually complain about suspicious technical failures on the platforms right at the time of conducting transactions. This leads to high spreads and loss of funds, and there is no guarantee that clients’ funds are safe. There are almost no positive reviews found.
Pros and cons
Pros:
- affordable minimum deposit
- ECN accounts available
- bonus programs
Cons:
- offshore broker
- no CFDs on shares and indices available
- outdated section with analytics
