The European and American Forex markets operate on different principles. For example, in Europe, the majority of regulatory agencies are tied to public state institutions, whereas in America regulatory agencies are usually private-formed completely independent institutions which work under the governmental approval. Still, in both continents, the regulators fund themselves independently from the state budget, relying on revenues from their entities of supervision. In general, all of them cherish the same principles of a transparent and fair market. Ikon Global Markets is a US broker who had its ups and downs in the Forex industry. This Ikon GM review will reveal information on the broker and its business conduct, as well as its relationship to the regulatory agency.
Forex Brokers We Recommend
Ikon Global Markets was already established in 1999, just before the wake of online trading, which means that the broker was there from the beginning of the new digital Forex era. The broker developed along technological advances in order to keep up with the modern ways of trading. The broker has worked for a long time under the American NFA license (National Futures Associations) who develop their own regulatory programs to protect traders from malversations and to guide brokers in meeting the high industry requirements. The regulator is accountable to the Commodity Futures Trading Commission (CFTC), and both organizations work tightly together. Brokers have to have $15,000 000 of capital at their disposal to prove to the NFA that they can back up their traders’ positions. Submitting regular reports, financial statements, and an adequate organizational structure is also an integral part of the NFA criteria system. Ikon GM was keeping up with the requirements and offered a secure trading environment until 2009 when the NFA was not satisfied with the broker anymore. The broker was fined with $20,000 for disregard of high standards of commercial honor which refers to a deficit account balance. Now, the broker seems to have gotten out of the mess and is back again on its feet offering improved services to its clients. We believe that such an inconsistency raises red flags, but the broker at least rectified its mistakes in contrast to many other brokers. Despite the NFA– Ikon GM issue, we will nevertheless present you the service package of this US broker.
Two platforms can be used with Ikon GM. They are:
- IKON Prodigy
- IKON Futures
The IKON Prodigy platform is suitable for Forex trading, as well as for binary options. The platform’s layout is completely customizable, including the feature to de-attach the screen. The platform is suitable for new traders and professionals since it is equipped with simple and complex features. IKON Futures is for trading futures, and the platform offers competitive commissions, friendly interface, and advanced tools. The broker is a fan of Buy before you try it motto, and offers the demo versions of both platforms so that traders can test out the platforms before they decide to buy it.
There is a Forex account and Futures account. The Forex account requires a $1,000 minimum deposit and leverage is 1:50. The new US legislation modified leverage to be as low as possible and hence the result is 1:50. This is a protection measure for traders who find it hard to resist leverage money and sink into indebtedness. Spreads are variable and start from 1 pip. Minimum lot size is 10,000. Traders can open an individual or a joint account with Ikon GM. A joint account refers to an account with two or more co-owners. The broker’s website does not give plenty of information on account types and we would recommend that the broker introduces more detailed account information on its website.
Ikon GM Bonus
This US broker offers an Ikon GM welcome deposit bonus which depends on how much you deposit. For example, if you deposit between $1,001 and $1,949 you can get $100 of bonus money which you can withdraw after trading 50 lots. The broker also runs referral promotions where the minimum referral number is 5 people. For the demo users, there is also the Demo competition bonus whereby the four best players will be rewarded with a bonus from $1,500 (for first place) to $300 (4th place). There is also the minimum trading requirement between 3 and 15 lots.
The broker does not offer a variety of payment methods, and traders can only deposit and withdraw via wire transfer and credit cards. Requests are processed within one business day, and traders have to pay the third-party commission.
The broker offers a phone line and 7 different e-mails for different questions sorted by topic. This makes the broker more efficient since replies can be expected faster than usual. The broker also offers a call-back request and the popular live chat. Contact the Ikon GM support team if you should have any questions or concerns.