Ikon Finance Review
Ikon Finance offers four types of live trading accounts with different deposit requirements, spreads and leverage, in some cases. Clients of the broker can also open managed accounts or a free demo account.
Ikon Finance also has an option for a swap-free Islamic account with a spread of 1.5 pips for EURUSD and higher lot requirements. Such type of accounts usually have somewhat different conditions than the ordinary ones, but not always, and are intended for Muslims observing the Shaira law regarding usury. There are many forex brokers that are offering such type of accounts, like for example FXCM, FxPro, XM, Grand Capital, FXTM, etc.
The Company. Security of Funds
Company Country Regulation
Ikon Finance Limited UK FCA
Ikon Finance is a UK forex and CFD broker, regulated by the Financial Conduct Authority (FCA). The FCA has a reputation of a strict regulator with tight requirements for all financial services providers. For example on company capital, client funds segregation and membership in client compensation schemes like the Financial Services Compensation Scheme (FSCS) that covers up to £50,000 per client in case of the broker’s insolvency. This places the brokerages regulated by it among the most reputable and stable in the world. Other major forex brokers with an FCA license are FXCM, XM, FxPro, Forex.com, IG, CMC Markets, Plus500, etc.
Minimum initial deposit
Ikon Finance has various deposit requirements depending on the type of account. Neither of them are very modest, the lowest being $500 – for the Ikon Plus account, which appears to be an ECN account.
There are FCA-regulated forex brokers like IG and XM, which have much lower deposit requirements – $1 and $5, respectively.
Spreads and commissions
Depending on the type of account, Ikon Finance has different spreads – both fixed and floating. Overall, we could say that all are fairly tight, even those who do not carry an additional commission. The Ikon Pro account, which has spreads starting from 0.3 pips, also charges a commission, but we could not find more specific details.
Ikon Finance provides a leverage of up to 1:500 on most accounts, except the Ikon Pro account, whose max leverage is 1:100.
The 1:500 leverage is a lucrative offer for many traders, but it also carries a higher risk. There are brokers that offer even higher leverage like FXTM’s 1:1000 and Grand Capital’s 1:2000, but there are also “moderate” brokers offering 1:200, like Circle Markets.
Ikon Finance offers two trading platforms. One is the popular MetaTrader 4, both as desktop and mobile devices application.
The other one is a proprietary trading platform, called Prodigy. It struck us as not very intuitive to use. Besides, some of the windows were not translated into English, but were in Turkish instead. Despite the initial bafflement, the platform has enough features and tools, including hedging and netting, live price streaming and charting tools. Additionally, it supports ECN accounts and gives access to a wider selection of forex pairs for trading.
Ikon Finance has several types of promotions. One is the 30% power bonus of up to $5000, which is non-withdrawable. There is also a cash rebate offer of up to $3 per lot for over 500 lots traded and a friends referral program.
Methods of payment
Ikon Finance accepts client payments through debit and credit cards and bank transfers. Funding is also possible through the electronic payment systems Skrill, Neteller, eMerchantPay and Baofoo.
Ikon Finance is an FCA-regulated forex and CFD broker, which makes it stable and reliable. It can also offer its services across the entire EEA, at least until the UK leaves the European Union. But it seems that the broker Is mostly targeting Chinese-speaking clients, judging by the language versions of the site.
Overall, the trading conditions of Ikon Finance are fairly good, except the minimum deposit requirement, which strikes us as somewhat high. Otherwise, the leverage is pretty attractive, as are the spreads.
Ikon Finance Review Conclusion
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