Ikon Finance Review 2024
Website: www.ikonfinance.com
Min. Deposit: US$ 200
Leverage: 1:30
Trading Platforms: MT4, Ikon Prodigy
Regulation: FCA
Headquarters: UK
Founded: 1999
Regulatory Licenses:
- IKON Finance Limited - authorized by FCA (UK) registration no. 525113 - not active
Updated on February 21, 2024
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In our comprehensive review process, we meticulously evaluate forex brokers by comparing them against a set of stringent criteria. This involves analyzing the broker's regulatory status, trading platforms, account types, customer support, and educational resources, among other aspects. Our assessments are based on direct testing, a thorough market comparison involving over 1000 brokers, and feedback from active users. This rigorous methodology ensures our reviews are unbiased and provide valuable insights into the broker's services and offerings.
Is Ikon Finance safe or a scam? ▲
Ikon Finance Limited holds authorization and is regulated by the Financial Conduct Authority, given that the company operates from London, UK. To legally operate, it is mandated by law to obtain full licensing from the FCA. Consequently, the broker adheres to several FCA regulations, which are recognized as among the most rigorous operational standards. This compliance includes various cross-registrations and regulations throughout the European Economic Area (EEA) zone. The significance of such regulation lies in the assurance it provides that clients are always treated with fairness and that traders’ funds are maintained in segregated accounts. This segregation ensures that the assets of traders are kept distinct from the broker's assets at all times.
In addition to this critical rule that ensures security and protection of funds, every client of Ikon Finance is safeguarded by the Investor Compensation Fund in the unlikely event of financial discrepancies. Moreover, Ikon Finance consistently oversees its operations to provide comprehensive security for all online transactions or activities across the range of platforms it offers.
Leverage in forex trading is a powerful tool that allows traders to control larger positions with a relatively small amount of capital. It's a significant advantage for retail traders, offering the potential for substantial profits. However, it's crucial to understand the risks associated with leverage, as it can also amplify losses. Regulatory bodies in the UK and Europe have recognized these risks and have imposed restrictions on the levels of leverage available to traders. Specifically, leverage is capped at 1:30 for major currency pairs and 1:20 for minor pairs for all UK regulated brokers, including Ikon Finance. This regulatory measure aims to protect traders from the potential pitfalls of excessive leverage.
Ikon Finance structures its fees around the spreads, which are the differences between the buying and selling prices of currency pairs. The broker offers competitive spreads that start from 0.3 pips for higher grade accounts, aiming to provide cost-effective trading opportunities. Trading costs are included in the Ikon Finance Spread for standard account offerings, ensuring transparency and straightforwardness in pricing. Additionally, for traders seeking specific requirements such as swap-free or Islamic accounts, Ikon Finance accommodates these needs, offering tailored solutions to meet diverse trading strategies and preferences.
Ikon Finance caters to a wide range of traders by offering four distinct account types: Ikon Classic MT4 Account, Icon Plus MT4, Prodigy Classic, and Ikon Pro Accounts. Each account type is designed to suit different trading styles and requirements, whether it's a preference for lower costs, specific platforms, or trading strategies. The broker's approach to trading costs is to incorporate all expenses into the Ikon Finance Spread for the standard account, while higher grade accounts benefit from more favorable pricing, such as spreads starting from 0.3 pips. Furthermore, Ikon Finance welcomes traders requiring swap-free or Islamic accounts, providing specified conditions to accommodate these needs.
Pros
Competitive spreads starting from 0.3 pips for higher grade accounts
A range of account types to suit various trading strategies and requirements
Regulatory compliance with UK and European authorities, ensuring trader protection
Offers swapfree or Islamic accounts for traders with specific requirements
Cons
Leverage is restricted to 1:30 for major currency pairs and 1:20 for minor pairs, limiting potential profits
The focus on spreads might not suit all traders, especially those looking for fixed commissionbased trading
Ikon Finance presents a comprehensive forex trading solution with its competitive spreads, diverse account offerings, and adherence to regulatory standards. While the leverage restrictions may limit trading opportunities for some, they also serve as a protective measure against the risks of high leverage. The broker's provision for swap-free or Islamic accounts further highlights its commitment to accommodating a wide range of trader needs. Whether you're a novice or an experienced trader, Ikon Finance offers a tailored trading environment designed to optimize your trading strategy and potential profits.
Spread is a critical factor for forex traders when selecting a broker, as it directly impacts the cost of trading. Ikon Finance offers competitive spreads across a range of trading instruments. For the standard account, the spread for popular pairs and commodities is as follows:
EUR/USD: 1.3
Crude Oil WTI: 30 cents
Gold: Not specified
When comparing Ikon Finance's fees with other brokers, it's evident that their offering is competitive. For instance, the spread for EUR/USD is 1.3, which is on the lower end when compared to the industry average. Additionally, it's beneficial to compare Ikon Finance's fees with another well-regarded brokerage, HotForex, to gauge its cost-effectiveness in the market.
Ikon Finance facilitates client payments through various efficient and reliable methods, including Card Payments, Bank Transfers, and e-wallets like Skrill. This diversity in payment options caters to the preferences of a wide range of traders.
Minimum deposit
The required minimum balance to open an account with Ikon Finance is $200, making it an accessible option for traders at different levels. When compared to the $500 minimum deposit required by most other brokers, Ikon Finance's lower entry barrier is an attractive feature.
Withdrawals
Ikon Finance supports a broad array of withdrawal options, including Bank Transfers, Cards, and e-wallets. Although transaction costs may apply, and are typically the trader's responsibility, Ikon Finance aims to minimize these fees, with some transactions being performed at no cost to the trader.
Ikon Finance offers the industry-standard MetaTrader4 platform, renowned for its support of Expert Advisors (EAs) and the integration of trade algorithms or signals. This platform is well-suited for both automated and manual trading strategies.
Desktop platform
Traders also have the option to use the Ikon Prodigy platform, which is designed based on feedback from both institutional and retail customers worldwide. It offers advanced trading features for high-speed and stable transactions.
Mobile trading
Ikon Finance ensures that traders can access their accounts and manage trades from mobile devices, providing flexibility and convenience for trading on the go. Both the MetaTrader4 and Ikon Prodigy platforms are available to demo and live account users, allowing traders to choose the most suitable software based on their trading needs and strategies.
Ikon Finance caters to both experienced traders and newcomers to the forex market. New traders can benefit from a risk-free demo account and a wealth of educational materials, ensuring they can build their trading skills confidently. Support is readily available through various channels, offering assistance whenever needed.
In conclusion, Ikon Finance is a reputable, previously FCA-regulated company based in the UK. It provides diverse trading options across multiple markets and platforms, catering to a wide range of traders. While the broker’s STP execution model and advanced trading features appeal to experienced traders, newcomers can benefit from educational resources and support. However, it's important to note that Ikon Finance is no longer active and its FCA license is not confirmed. Traders are advised to conduct their own research and stay informed about their choices in the forex market.
