IKOFX your simple and well-regulated broker. With simple account options, one-click trade execution, and optional swap-free Islamic accounts, this broker makes it to our list of favorites. Intermediate and advanced traders will enjoy the updates to the MetaTrader 4 platform that IKOFX have built by themselves and can take advantage of hedging and scalping which is not offered by all brokers as standard. Fast execution and minimal slippage on the ECN account is just another example of features that really complete the offering for a strong broker.
IKOFX is an STP (Straight Through Processing) brokerage, and their main client base is in the Asian market. Client funds are kept in segregated accounts making account security strong and reliable.
Three main account types are available to traders, with two of the accounts having an Islamic swap-free option. All accounts offer clients the opportunity to trade 26 different pairs. IKOFX offers a 40% bonus on every deposit over $100, even after the initial deposit. The main components of the account are:
- Mini Account: This account requires only $1 to get started, and offers a huge leverage of up to 1:1000.
- Standard Account: This account, which is more for the serious trader, requires a $2000 deposit to open the account and offers leverage of up to 1:500.
- ECN Account: This account does not offer the swap-free option, but does have a $1000 deposit requirement and max leverage of 1:500
A free demo account is available for all traders, and all accounts offer traders tools and interactive charts needed for trading.
IKOFX Trading Platforms & Automation
IKOFX has made some proprietary modifications to the normal Metatrader4 platform and called it Metatrader IKOFX. Clients can operate through IKOFX iPhone Trader, iPad, Android Trader and the Web Trader. There is also a Meta Multi-terminal platform.
The company allows automated trading by expert advisors on their Metatrader4 platform. If you are interested in this option, please bring that up with your account manager.
Standard deposit and withdrawal systems are available with IKOFX such as bank wire, credit cards, and Liberty Reserve money transfers.
Company & Regulation
IKOFX was founded in 2009 with their head office in New Zealand and another in the Virgin Islands. It is regulated by the FSP of New Zealand and has a good rating for fund security and reliability of deposited funds.
The support team is highly rated. Clients can contact IKOFX representatives via live chat or email. Free Forex education is provided for traders with its training and knowledge base section where you can learn all about trading, technical analysis and analyze past samples of trading. There are also Forex seminars from which you can learn.
IKOFX is a popular, professional and reasonably experienced brokerage that is moving up the ladder of being a bigger player in the global market. With simple account options, freedom to run your account as you wish, and an Asian focus, IKOFX could be a great new broker for you.