July 2012: The FPA's forums were spammed by someone promoting Obox.com.pk, an IB for IkoFx. A second account was created from the same location spamming for UmoFx.com. The FPA reported this incident to IkoFx and UmoFx and has recieved no response from the management of either company. The FPA is forced to conclude that the managers of UmoFx and IkoFx think that spamming forums is acceptable.
The FPA advises a very high level of caution dealing with these companies.
|Minimum Trade Size:||0.01|
|Minimum to Open Live:||$1|
|Address:||Vantu House, 133 Santina Parade, Elluk, Port Vila, Efate, Vanuatu|
|Contact:||firstname.lastname@example.org, +4420 8133 4588|
|Web Trading:||✅ Yes|
|Mobile Trading:||✅ Yes|
|CFD:||(2) Gold, Silver|
|Deposit Methods:||Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Local Bank Deposits, PerfectMoney|
|Withdrawal Methods:||Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Local Bank Deposits, PerfectMoney|
Recent User Reviews of IKOFX.com
Therefore, one loses a very effective dispute resolution option and I do advise against sending them ANY money.
Everything goes well.
Instant depo via LR and withdrawal within one day
It always pay my withdrawal at any amount within one working day.
I got an email invited by ikofx to join thiers seminar and will joining them indeed.... huh what a good brokers it is while others brokers that assuming a good brokers by traders did not offer this in Malaysia - hahahaha...
THINK BEFORE CONDEMN OTHERS THAT NOT SUIT TO YOU OK.
2012-04-10 4 stars I've already using this Brokers for more 12 months. It good and very fast withdrawal. The daily open is at 08.00 am Malaysia Clock and is very suitable to me and my technic. Keep it up a good service ikofx. This week-end they will give us dinner in Malaysia. Bulls*** for all the bad reports for ikofx.
1st case - all profit money deleted with sculping arbitrage reasons and trade less than 2 minutes.
2st case - We make all trade more then 2 minit... all profit money deleted with same reason arbitarge sculping, even though it trades more than 2 minutes. SO ???? HOW TO TRADE HERE ?
Spread the currency pair is also increased without notice. Without realizing it also occurs pips shading.
Thanks for your e-mail.
Regret to inform that we are unable to meet your request. Every broker high, low and current price was directly feed from their liquidity provider. When there are 2 brokers using 2 different liquidity provider, then may result in different price high/low.
Thank you for contacting us."
I haven't found out anything with IKOFX since I am still new if IKOFX but I saw so many negative reviews here in this forum.
I doubt with the broker in Malaysia who deposit my money for the rate of 3.7 and withdraw for the rate of 3.5 (current rate is 1USD to 3.12RM. It is normal for the different for the rate of 0.58?). I am currently deposited 270USD. I am wondering if I have 1000USD in my account and want to withdraw 1000USD then my broker will loss 277RM. [(730USDX3.5) - (730USDX3.12)] X [(270USD X 3.7 - 270USDX3.12)] rounded.
Is this forex company a SCAM? How can I ask FPA for help to investigate this company?
Review Moderation Team Note: That does seem like a very steep spread for a Forex Brokerage to charge clients. We recommend that you contact them to verify it.
If you can't get reasonable answers, leave a followup review here and start a thread in the FPA's Scam Alerts Folder.