Beware! IKON CFD is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
If you are looking for a reliable broker to invest your money with, beware that IKON CFD is certainly not a good choice. Unfortunately this firm is one of the worst types of brokers you can stumble across, as it carries all signs of fraud possible. Not only that IKON CFD falsely claims to be globally regulated, but it also turns out that there’s an official warning set against it. The local regulator of Italy has blacklisted this broker as a scam firm that offers its services illegally.
On top of that IKON CFD doesn’t really provide anything exceptional – just a random WebTrader, suspicious payment methods and uncertain trading conditions. For this reason staying away from it would be your best decision ever. For more details keep reading the full review.
IKON CFD Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
IKON CFD claims its registered address to be in Australia and also adds that it’s authorized and regulated by multiple regulators around the globe without actually mentioning who they are. If you take a closer look at the website, you’ll see that this broker lists only two watchdogs – ASIC and IFSC of Belize. Being registered in Australia means that this firm must be licensed by the local Australian Securities and Investments Commission (ASIC). IKON CFD however is not present on its registers, so obviously this firm is not only unregulated, but it posts a fake address as well. In addition, there’s no data about this firm in the registers of IFSC as well, so apparently IKON CFD has made up the whole story.
But the “cherry on top” happens to be the recent warning set by the local regulator of Italy – CONSOB. This authority has posted a press release stating that there are several scam “abusive websites” that are offering financial services illegally. IKON CFD is one of the blacklisted sites – you can see the same brand name and domain. Take a look:
And if that’s not bad enough, bear in mind that there is no company name across this website, nor any legal documentation. So in short, this broker happens to be practically anonymous and fraught with danger.
We strongly advise you to keep away from this shady firm. The possibility of getting scammed overnight is huge, but it will take months to recover from the financial depression and regrets.
IKON CFD Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|IKON CFD platform||✅||❌||❌||❌|
|cTrader||40+ indicators||✅||✅||Android and iOS|
IKON CFD claims to offer the well-established MetaTrader 4. This however is just a trumped-up story. This broker is not even close to providing any advanced piece of software and this is obvious from its WebTrader.
Right after we registered we were granted access to a simple WebTrader containing just a small range of tools and indicators. Take a look:
As you see, this platform has nothing to do with MT4. It won’t impress any trader who has even the slightest experience in the field – its mediocrity is that obvious. What’s more, these random features certainly can’t help you to level-up your game nor to learn the basics of forex trading.
As for the download links for MT4 things get even worse. It turned out that what you can download is actually a distribution of MetaTrader 4, but offered by another broker – Cfidex to be precise. As you see, IKON CFD is capable of anything in order to mislead its customers.
IKON CFD Trading instruments
On its website IKON CFD claims to offer a small range of trading instruments – Forex, stocks and futures. This doesn’t sound good either. A lot of the reputable brokers tend to offer a variety of assets including shares, commodities, cryptocurrencies and more.
IKON CFD Spreads and cost of trading
One more thing that exposes this firm as a total sham is the fact that there is no data about the trading conditions it offers. This broker doesn’t even specify what account types it provides and that’s not a good sign. Remember that legitimate brokers explain in detail all the aspects of their trading conditions so that you are prepared beforehand.
After we opened the trading software of IKON CFD, there was a spread of 0 pips for EURUSD, however this can’t simply be the case as well. Beware that some commissions may eventually occur and you won’t be happy with their amount. In addition, scammers tend to manipulate their platforms, so you can never trust what you see.
IKON CFD Maximum leverage
|IKON CFD broker||No information||No information||No information||No information||No information|
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
The leverage this broker offers is not specified. Note however that the leverage levels in Australia are limited to 1:30 because of the associated risks of failure. We certainly don’t advise you to invest with any amount higher than that especially if you are a retail trader. Still, if you want to give it a try and trade with higher leverage, the best way to do so is to choose a reputable firm – for example some of the offshore subsidiaries of legitimate international brokers would do the job.
IKON CFD Deposit and withdrawal methods
|Deposit time||Withdrawal time||Fee|
|Bank transfer||24 hours||24 hours||No information|
|Credit card||24 hours||24 hours||No information|
On its website IKON CFD claims to accept a variety of payment methods including bank transfer, credit cards and crypto payments with Bitcoin. Here’s the full list of deposit/withdrawal methods and some more details about them:
The first thing that catches the eye is the presence of mainly Turkish funding methods. The currencies are also quite curious – USD and Indonesian Rupiah (IDR), which doesn’t make much sense. The processing time on the other hand varies from instant/1 hour to up to 24 hours.
The data about any additional commissions is also pretty suspicious – Papara payment method is said to be commission free, however the rest of the options lack any information. For this reason be prepared to face some fees that may not be advantageous at least to say.
After we registered there were three types of payments – bank transfer, credit cards and crypto payments that were not exactly specified.
IKON CFD Minimum deposit
The minimum deposit is not specified. After we created our account there was no data as well, so we don’t have a clue what amount may be required. Just keep in mind that reputable brokers usually ask for around 250 USD for regular accounts and for around 10 USD for micro accounts.
And no matter what IKON CFD offers, investing here is certainly not advisable, as this broker is totally unlawful.
IKON CFD Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|IKON CFD||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
As for the withdrawal requirements there is no data as well. As we mentioned above, this website lacks any type of legal documents like Terms and Conditions or a Withdrawal Policy. This is definitely a caution that warns of imminent risk.
Beware that scammers tend to ask for quite unfavorable withdrawal fees which may exceed 15 or even 20%. For this reason it would be for your own good to give this broker a miss and turn to a reputable one instead.