The FPA is sad to see that the bad behavior started under IKON has continued with MEx Group.
October 2010-October 2013: Multiple Spamming Incidents in the FPA's forums by Ikon employees.
October 2014: Ikon Fx has contacted the FPA and promises to keep employees from committing any further abusive actions.
Other websites of this company include MExExchange.com (Australia) and MExGroup.co.uk (Europe)
- Not guilty0
|Case ID||Filed||Case name||Verdict|
|2011-062||2011-08-11||Mike$ vs. IkonFx||resolved|
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100% Not a scam broker.
I have red all these reviews about Mexexchange in Australia. What I have is personal experience. I was skeptical like a lot of people especially with the IKON reviews. That's why I flew to meet Jacobus and Courtney who are in charge of Mex Group. I met them twice, once in Hawaii, and once in their office in Sydney. I have been around Forex a long time, and I can tell you horror stories about a lot of brokers, who people support as A plus brokers. I can also tell you that Jacobus and Courtney weren't apart of IKON and all those issues. They are working essentially hard to clean up the image and do things the right way. I have found them to be warm inviting, and honest. They are gracious people, who want to do good things in this industry. Yes they have some growing pains because of the sins of IKon past but that's not the present or the future. Not a single broker out there is perfect. I put extreme value in character of the people running the operation. They have it in spades. What they need is for people to give them an honest chance and to decide on that merit alone. Anyone can get on here and post any random thing they want, and it doesn't make it true. I have personally met them and looked into their eyes, I have ate with them, and met Jacobus's family. This is as honest of a review as there is on here. They aren't perfect, but they never said they were. I have referred personal friends and colleges in FX. Everyone is free to make up thier own mind and choose any broker they like. IKon deserves the poor ratings they got by a wide margin. However that doesn't mean you can carry over those issues to the new administration and say they are the same. That is very short sided, and not remotely fair. With any new broker there are some growing pains, I don't know too many operations where I can call the CEO directly, and skip all the middle guys, go down to their office, go to lunch, talk about family, and life events, out of genuine care and concern. You can say a lot of things about them, but I will challenge anyone on the topic that this new MexGroup in Australia is carrying the same IKon banner, or that they are a scam. If you think that you shouldn't even be allowed to post because you don't have credible information.
Run away from this bucket shop
Mex Group is a total scam! They claim to be FCA regulated but it is not true! Run away from them! Probably one of the worse customer service I ever encounter.
Was a client, now not one
I don't understand these positive reviews.
Execution speed, slow.
Support, slow and sometimes lacking the basic ability to speak english
I transferred out and it took 2 weeks to get my money back. Not to mention a number of unanswered emails.
I think these guys need to get off their high horse with fake reviews and start doing their job.
My honest opinion. Apparently 5,000 words long.
I am the CEO of The Forex Army and am constantly on the look out for stellar brokers to establish long term partnerships with. There are many brokers in this industry but only a few would really stand out head and shoulders above the rest. I believe this forex space is too small to have a bad reputation which is why I tend to steer away from offers from brokers such as IronFX and such.
I was introduced to MEX Exchange (not to be confused with MEX Group as I am referring to a specific office in Sydney here) a few months ago. I went by their website and read the usual details. They seem to have everything one expects of a brokerage - good spread, fast execution, well regulated. Their website design was not superb but it was quite decent enough in communicating the information across. They do offer a wider range of products which caught my eye though. I mean, forex, metals and CFDs on indices is expected in this day and age, but these guys offered commodities, bonds and stocks. I know how much it takes for a broker to offer these so I was fairly impressed by their wide range of offerings.
Now, so far I can say I was impressed but not blown away. Many brokers out there offer these products afterall. So I do more due diligence and see if they have any branches. Turns out they do have offices in London (pending FCA I think), Hong Kong, UAE, BVI, Poland, Cyprus, Portugal?!, Vietnam, Malaysia, Indonesia. I mean what the hell that's quite a big company. One thing I've learnt to avoid are bucket shop brokers, small little brokers who have a license in some country and would close at the first sign of trouble. Big presence is good.
Up to this point, I'd say I am a little bit more than impressed. Not something that would blow me away as I've seen other brokers which can do all these too. I asked to be introduced to the CEO Jacobus by a mutual friend so I can get a feel on how this broker is like. He links me to him via skype and if there is anything that has impressed me more than anything else, it was my conversations with him. This guy, Jacobus, is so down to earth it is unbelievable. I mean for a CEO, you'd expect them to be a bit more.. prideful? But man, this guy is fantastic. One thing I look out for in conversations with CEOs are what questions they ask, especially from potential IBs. Most of them usually revolve around the questions of "How many clients do you have"? , "How much volume do you generate?" , "Can you bring these clients over? And if yes, how long will you take?".
I hate these questions. I really do. I don't know about you, but these questions stink of people seeing their IB's beloved clients as just "numbers to a bottom line".
Jacobus, though, stuns me with questions like "Tell me brother, what kind of spreads do you need so that your clients can trade even more profitably? (I use a scalping strategy so tight spreads and executions are important)." , "Don't bring your clients over, I wouldn't want any IB to do the same to me so it's not right that I wish that upon others." , "How can my team here support your operations better?"
I mean, hand to heart, this is the first time I heard these questions from a CEO. If there are other brokers out there who do this, please contact me lol (kidding).
So anyway, I decided to test how serious he was. I told him I wanted a custom price feed (not easy for many brokers) even though I had a big fat zero "0" clients with him. He says okay and within 2 days, he set it up. Whaaat?! I make some adjustments just to see if it was some existing package and he made the adjustments to the t for me. Honestly, good stuff.
I then start referring some clients over to test his platform. They don't have a back-office which clients can log in to and that bugs me a bit (honestly). They do make up for it through their live support though. Feedback from my traders is they really love the spreads and execution. No requotes and bullshit. I was even offered ticket receipts on which LP took my trades and that's awesome. It's on a special request basis I believe. My scalping performance across a few relatively good brokers I am testing (IC Markets, Pepperstone, Tradersway) is best on this broker. Probably because of the custom price feed and fast execution. I mean I have a stop loss of 4 pips most of the time lol. Having a 1 pip spread is like having 50% loss right off the bat.
Moving on (hell this is one long review), Jacobus flew down to Singapore to meet me. We had 2 beers for starters (I am usually done by the end of 2 beers) and after that we went up to the top floor of Marina Bay Sands to have dinner, where we ordered 2 more bottles of wine. I can't hold my liqour well but apparently he can lol. Anyway, he tells me "Desmond, I am having my launch party on 15th March in Sydney, it's gonna be at a suite and it's gonna be awesome, will you be there brother?" and I replied "Hell yeah". I should have consulted my fiancee first at this stage but maybe all that beer and wine caused me to forget that (I hope she doesn't read this).
Fast forward, 1.5 months later, I fly down to Sydney via Qantas (flight QF6) and arrived for his party. I believe there was about 80 guests there and it was a blast (the food and booze). What surprised me was that everyone seems to lavish the same praises for Jacobus. From the retail traders to the big CEOs. This is nice as I wanted to be sure he wasn't giving me preferential treatment because of my company and what I could potentially offer. I surveyed his office there the next day and really loved the setup. Everyone is down to earth and treats you like the most important person on earth. Their head of accounts Koffi even took time off and guided me to the train station when my stupid coach service forgot to pick me up. Everyone there embodies love, humility and a strong desire to do good by their clients. I hear the same shit from many brokers saying they want to put their clients first, but until I see everyone from the CEO to the admin staff doing these, I find it hard to take their word. In this sense, MEX Exchange scored full points.
Jacobus dropped me a message saying if I could give an honest review of how I felt. And it surely means something when I'm typing out a freaking 5,000 word review describing in painstaking detail why I think this is one of the best brokers around.
So here ends my review. I have some pictures as proof of my recent trip down. You can see them here :
Plane ticket : http://oi66.tinypic.com/24c75sm.jpg
Meeting picture (I'm the small asian dude) : http://oi66.tinypic.com/2eycrwn.jpg
Actions speak louder than words.
Human nature dictates that people are often motivated to leave reviews when they have a grievance to air. However, despite my own fair share of poor experiences in this industry, as a Money Manager and IB I have learned to rate brokers based on the actions & ethics of their employees.
Talk is cheap and it is very important for me to have trust in a broker and the team that operates it when introducing clients.
Last Wednesday I had the opportunity to meet the team behind Mex Exchange Australia at their launch party in Sydney and visit their offices the following day.
The new CEO is an individual whom I have followed with interest as his career has developed and knowing the team he has assembled shares his core values of honesty and integrity has given us the confidence to work with Mex as one of our preferred brokers.
I am not naïve enough to think there will not be mistakes made or issues that will arise; we are dealing with humans at the end of the day however the way this team communicates, addresses problems and supports their money managers for a long term mutually beneficial relationship has gained my trust & support.
In the interest of full disclosure; I am an existing client of Mex Exchange & have received neither request nor any benefit, financial or otherwise for the above comment.
I started with a demo account with MEX Exchange, since january i have had a live account. So far no issues i requested support to assist with loading signals the customer service was helpful. I use a couple of brokers and MEX is up with them
GOOD AUSSIE BROKER
I am happy with broker, I tested withdrawal with my credit card and received the money in 24 hours.
Best Broker in Australia
I found the customer service very helpful, they assisted me with my first deposit. The spreads and execution I found to be one of the best in Australia.
Once i made some profit i wanted to withdraw some money and it was an easy process. Very much recommend this broker.
misunderstanding about ikonfx..
please ignore about my review on ikonmarketpips.com..so here ikonmarketpips.com is not a regulated broker and a clone website for ikonfx/mexgroup...maybe i am being cheated by the scam artist who shows not his own mt4 investor account but its someone else mt4 investor acc..
Oct 23, 2016 - 1 Star Yes very very slow withdrawal I was one who opening an account for robotic trading and they ask for usd520 more for linking to bank of England..
Oct 23, 2016 - 3 Stars Hello I am wan zamzuari wan mukhtar and being introduced this broker by Amsterdam trader..he ask me to open an account for robotic trading and I'm using ikonmarketpips.com..so is ikonmarketpips.com is the same with ikonfx or mexgroup and here are some confused and they are using perfect money..if ikonmarketpips is scam I want to request to withdraw back my usd1000 and they are waiting my linking fees one time usd520 for vps and once payment the robotic account will be commenced.i am waiting the ib from mexgroup to call me and to discuss about this..am using ea from the Amsterdam trader but something weird is happening. His fb account is deactivated and I hope this would not be a scam and I heard my friend at Indonesia is waiting the trader to help his withdrawal because he said there were attorney at bank of England who helped him to manage his trading account and the process are very2 slow...so think twice to open with mexgroup..
Great service and execution
I've been trading with MexGroup for a while now, I can safely say that I never had a problem and their execution is really good. Let's be more specific, I'm a money manager and IB, I'm based in Hong Kong but most of my clients are Europeans, so the fact that they are FCA regulated for me it's very important. I trade with a MAM, spread are very good but most importantly MexGroup has a great execution. Until now I never had any problems with deposit and withdrawal (my clients never complains so I guess it's good for them too). One last thing, I really don't agree with the previous comment, Nicolo is actually also my account manager, he is great, he is always available and whenever I've a request I can consider it done. Keep the good work guys!