IKOfx Review – is IKOfx scam or good forex broker?

IKOfx IS AN OFFSHORE BROKER. YOUR MONEY IS NOT SAFE.

Trading Accounts & Conditions

Like most forex brokers, offers its clients a choice of several basic account types to make sure traders of all skill level and portfolio size are well taken care of. There are two commission-free accounts with fixed spreads and an ECN one, where the spreads are floating and a commission applies.

In addition, swap-free (Islamic) services are available to clients who are not willing to earn interest for religious reasons.

Micro lots, usually appreciated by inexperienced traders who dont want to risk large amounts, are available on Mini & ECN accounts.

The minimal amount required to open an account with IKOfx is just $1, which is a reasonably low amount, considering the lack of regulation. Its fixed spreads are average, amounting to 2 pips on EUR/USD. The brokers variable spreads are tight, starting out at 0.2 pips, however there is no information about the amount of the commission fees applicable on ECN accounts.

The Company. Security of Funds

Founded in 2009, IKOfx offers trading in 26 currency pairs and precious metals on the industry‘s standard MetaTrader 4 platform. This is a brand of IKOfx LTD., a company based in New Zealand. However, it was deregistered from New Zealand’s Financial Service Providers Register in 2015 and currently operates under a registration with the Vanuatu Financial Services Commission (VFSC).

Vanuatu is an offshore tax-free destination, where registration procedure for forex and binary brokers is fast and low cost. Minimum capital requirements are very low, amounting to $2000, and registered companies are not supervised. minimum capital requirement

In our opinion, one should always be very cautious when dealing with a brokerage registered offshore, as some of them are outright scam, and traders have no protection whatsoever is something goes wrong. That is why we advise traders to avoid such companies and to select a forex broker licensed in UK, Cyprus, or Australia for instance, where traders have certain level of protection and where financial watchdogs exercise supervision over financial services providers.

Trading Platforms

IKOfx offers its services on two platforms among traders – MetaTrader 4 and IKOfx WebTrader.

The MT4 is available as desktop and mobile versionя. This professional, fully-featured software provides traders with everything they need: fast order execution, a variety of technical indicators, linear instruments advanced charting package and the ability to develop and to use Expert Advisors (EA).

IKOfx WebTrader, on the other hand, is a web-based trading platform which enables traders to login with their IKOfx MT4 username and password without any installation required. This is in fact its only advantage.

What is more, this broker offers Copy Trading services through FX-Coliseum, a cross-brokers copy-trade platform for any MT4 trader.

Bonuses & Rebates

This broker regularly launches various promotions. At the time of writing this review IKOfx offers s Welcome on deposit bonus of 40% up to $3,000 for deposits over $100.

Methods of Payment

Clients of IKOfx are offered the following payment modes: credit/debit cards (Visa & MasterCard), bank wire transfers, and Perfect Money.

Conclusion

IKOfx is an experienced offshore broker, offering typical conditions for trading in currency pairs and precious metals on the MT4 and IKOfx WebTrader. Its main disadvantage is the lack of regulation. To sum up the above: