IKONFX Review

The website is very old fashioned and just ugly. Most of the home page links don’t work, and besides that, it has no explanations on how to trade, no glossary, not even any help on using the range of platforms they offer. It basically has no information regarding any thing other than the company itself. After checking out their video section in the hope of finding a tutorial or explanation for their platforms or the Forex Market in general, we were surprised to see that they’re videos of events or news relating also to IKONFX as a company, but nothing “educational”.

The only possible assistance that seems to come from the website is a slightly intrusive ‘gatekeeper’ called ‘Chat Now’, which is a facility that asks what you want virtually as soon as the website opens.

Although “Chat Now” is quick, it seems that personnel are not. If emails didn’t receive a response within 24 hours, they might never will; our emails were answered within one to three hours, but a few complex questions or emails never received a reply. They also offer a “Callback Request” service with a video conference as well. Both of which responded within minutes. Of course, if you have a more urgent inquiry, you can contact them by phone and get connected to someone who can help you in seconds.

As stated above, the help needed was provided very quickly and efficiently and can be offered in many languages which proves that their customer support is a good one.

But regarding IKONFX, there is some controversy surrounding the company posting fake reviews. The website making the accusations has several comments from disgruntled IKONFX clients, some of whom seem to have resorted to litigation. The posts include parts of Chat Now communications between clients and IKONFX which seem to indicate at best ineptitude and disorganization. The website indicates that the FPA has recommended that clients don’t deal with IKONFX. Although not really convincing and problems may be isolated to a certain point, but it is up to the individual trader to decide.

However, reviews posted on other websites by traders who worked on seem to indicate that IKONFX’s promise of ECN trading on their ECN Meta platform doesn’t really and surprisingly, cannot possibly work for someone who needs a real ECN trading environment.

What was interesting is the trading conditions setup IKONFX based their services upon.

IKONFX platforms can accept EA hosting, and for traders who declare their intention to scalp, IKONFX also offers them a scalping accounts, which when used, they allow clients to execute scalping orders seemingly and directly in the market  specifically from this type of account. However, If you were scalping without their permission, then IKONFX will charge you a penalty, that is despite the statement elsewhere that there are no restrictions on scalping. Moreover, the fact that they separate scalpers accounts from others means that they have some sort of a system to profile clients, which is never good.

IKONFX offers fixed spreads on their Turbo platform, and the website indicated that stop loss and take profit points are always honored in the light of their super-fast cutting edge trading platforms, on top of their ability to offer ECN. Reviews from other traders seem to indicate that they are unable to fulfill their promise almost all the time because of the reasons mentioned above.

IKONFX offer easy deposit of funds into accounts based in several currency options. You have also the choice of using bank transfer, different e-wallets as well as credit and debit card payments . The company says that withdrawal requests can be made through the “Client Area” or via email and are processed during normal business hours on the same day where possible. Some trader on other reviews websites contest this promise and it’s probably worth being careful not to deposit a large amount before testing IKONFX first.

IKONFX is short on the deal for novice traders who have to be proactive in being educated by IKONFX whilst the severity of the negative reviews means that you should be at least careful, if not considering other brokers and platforms, given that experienced traders indicate that some of IKONFX’s claims cannot be substantiated.