IKON CFD – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
IKON CFD- DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://ikoncfd.com
Founded: 2022
Regulations: Not Regulated
Languages: English
Deposit Methods: Bank Transfer, Credit Cards, Cryptocurrencies
Minimum Deposit: Not Specified
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Currencies, Stocks, Indices, Precious Metals, Commodities
Trading Accounts and Conditions
IKON CFD does not specify the types of trading accounts they have. The information about the trading conditions is scarce. We only know that the spreads for the EURUSD, GBPUSD and USDJPY are 0 pips, 0.5 pips and 0.5 pips respectively. We do not know what the leverage ratios offered by this broker are. The broker claims to charge no commissions. There is no more information about other trading conditions such as order execution methods, lot sizes, margin calls and so on.
IKON CFD – Advantages
There are no advantages to trading with IKON CFD.
IKON CFD – Disadvantages
Listed below are all the indicators that tell us that IKON CFD is a scammer:
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Unregulated Broker
IKON CFD is an unregulated broker. Here is how we know.
The broker has given an Australia address on their home page. There is no telephone number provided. The only way to contact this broker is via an email address. The broker also has not provided the name of their parent company.
As for their regulation status, in their Licenses section, IKON CFD claims to be regulated by multiple regulators across the globe. However, they do not give any further information such as the names of the regulators or even their license and registration numbers. We checked another section of their website and found that this broker provides the names of two regulators – the ASIC of Australia and the IFSC of Belize.
We checked the online registers of both the ASIC as well as the IFSC to see if IKON CFD’s claims were true. They were not. There is no broker – or even company – with this listed with either the Australian Securities and Investments Commission or with the International Financial Services Commission of Belize.
Our investigation has revealed that we are actually dealing with an unregulated broker that is operating anonymously. This means that IKON CFD is a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by CONSOB
While checking for this broker’s regulatory status, we found out that IKON CFD has actually been blacklisted by the Commissione Nazionale per le Societa e la Borsa, which is the Italian financial regulator.
According to the press release issued by the CONSOB, IKON CFD has been blacklisted for being one of the scams and abusive financial services. The regulator has announced that these brokers have been providing illegal financial services in their jurisdiction.
There can be no greater proof that IKON CFD is a scammer.
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No Legal Documents
Another piece of evidence that tells us that IKON CFD is a scam is the complete lack of legal documents on their website.
Regulated brokers are required to present their legal documents clearly on their websites – in a location that is easily accessible to all visitors to their website. These legal documents need to be detailed – spelling out every trading condition, policy and term of service the broker offers.
With IKON CFD, there are no legal documents present anywhere on their website. We even checked their registration page. When you click on the Terms and Conditions link, you get an error message – page not found.
Scammers rely on the tendency that most of us have to blindly click on the I Agree button without actually checking the terms and conditions. And once you have clicked on that button without checking the legal documents – then the broker can scam you and there is no government authority that will be able to help you.
It is for this reason that we urge all traders to read the legal document before signing up with a new broker.
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Issues with Trading Platform
IKON CFD claims that they offer their clients the popular MetaTrader 4 trading software. This is unfortunately another lie this broker has told in order to attract more customers.
To verify if this broker actually had the MT4 software, we registered for an account with them. We found out that it wasn’t even close to the famed MT4 platform.
The MT4 platform offers their users a fantastic trading experience – a software that is simple enough for novices to use and leading with added features so that pro traders can have a complete trading experience.
Instead, what IKON CFD gives us is a simplified WebTrader, one that has only a few trading tools and a limited number of market indicators. This is the kind of software that only novice traders would ever use. And this is the kind of software that we have seen scammers repeatedly use.
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Issues with Trading Conditions
The trickle of information that IKON CFD provides us about their trading conditions is another dead giveaway of their scam.
Regulated brokers ensure that their trading conditions are clearly and precisely spelled out on their websites.
Here is what we get from IKON CFD. There is no information about their minimum deposit requirement. We also do not know if there is any leverage ratio offered. Spreads are suspiciously low at 0 pips – especially when you consider that there are no commissions being charged. Other trading conditions are all missing.
All of this tells us that this broker is not honest – a scammer.
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Issues with Payments
On their website, IKON CFD claims to offer numerous payment options – Turkiye Bankasi, Garanti, QNB Finansbank, AKBANK, Papara, Bitcoin, Bank Transfer, Credit Cards and Cryptocurrencies.
The currencies for transactions are strange – USD, Turkish Dinar, and the Indonesian Rupiah. When we registered and checked their payments section, we found out that there were only 3 payment methods – credit cards, bank transfer and cryptocurrencies.
Withdrawal policies are not given, which is also another red flag.
Conclusion
IKON CFD is a scammer and is therefore not to be trusted.
IKON CFD
Cons
- Unregulated Broker
- Blacklisted by CONSOB
- Issues with Trading Platform
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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