IkonGM.com Review

The Prodigy platform used to be good but then they changed it to only market orders allowed. Well surprise surprise - you can't execute at any of the quoted prices. You always get 0.5 or 1 pip slipped. The FCA needs to take a look at these guys. The NFA already fined them for manipulating fills to their advantage.

Have half a mind to report them.

Have been waiting now for more than a month for Ikon UK to release my funds that they are holding after deleting a trade as well and removing profits.
I am hearing this has happened to others as well.
This is a dirty broker and their FCA registration will go away as they can't even keep a compliance officer in house. Their compliance officers keep quitting after a few weeks on the job.

Have been with Ikon GM, and their other countries offices such and their Ikon NZD and Ikon UK. Opened the account with Ikon NZD and traded for a year, then left the account IDLE for about 2 years.

Unfortunately they have a inferior policy that not openly communicated that you can't leave your account IDLE. There were suppose to be charges monthly.

No charges were observed and suddenly after 2 years, I saw the fx account being debited a total of USD$1357.97 as maintenance fee and account balance became $0!

If charges were informed and done monthly, of $10 montly. We are aware and take action early to withdraw our account.

Contacting their customer service by chat/ email, they are ignoring. Appear like they deserve the money.

I would rate this broker as SCAM, do not trade and open any account with them. They didn't adhere to their policy well. I only heard some broker even give u interest holding account with them, such as Oanda. IKON , please stay away, far far away!

I started with about $23000 and dealing with a gentlemen called Coz-who assured me of his many years of successful trading we traded currency options a few of times under my close scrutiny and agreement-and within a month the value was almost $50000. I then told him I wanted to stand back...not trade further .and review the market--.but he said he had already authorized and placed trades utilizing all but $4000 of the funds-on some ridiculous sterling rate expectation which of course proved impossible . I was told I could do nothing about this a the contract between us gave them the trading authorization. They sent me back the $4000.

Ikon FX - SCAM! I can not get back $15000 from my account almost 3 weeks!!! Ikon FX ignoring my emails and chat support saying "we can not help you, we have no any information from financial department and so on." WATCH OUT THIS SCAM!

I believe that I was cheated systematically by this broker in the following way. I believe that if it could be established that their accounting system creates margin calls by "marking to market" open option positions on a daily basis and raiding the account as if a draw down had occurred. In Dec. of 2007 I began with $20,000 equity which was mostly tied up in a Dec. 21st expiration. Since I sensed a margin difficulty in the offing I began to hedge the position on the spot fx to keep the position delta neutral. Every trade would take a minimum of 24 hours to process through the accounting system which until the processing was registered it would reflect a worse result than before even when the transaction contributed to an easing of margin problems. The eventual margin call was to me an insult to my intelligence but I realized that unless I were to invest a great deal more time in filing a complaint with the NFA that I would never see the end of it. I still have my account records and know the difference between open interest and closed trades. Their system implies that there is no difference and allows them to preemptively do margin calls when there is no basis. My positions if held to maturity were likely to have doubled the account. I believe that they made their decisions based on their own profit criteria and not on strict observance of margin requirements or NFA requirements.

IKON just got whacked by the NFA! They were using "virtual dealer" software on their mt4 platforms causing slippage that was "excessive" AGAINST the customer. So all the people writing about freeze-ups, etc... were being scammed.

Review Moderation Team Note: The FPA asked Pharaoh to look into this and he has confirmed it.

http://www.forexpeacearmy.com/forex-forum/forex-articles/12385-ikon-gm-nailed-nfa-using-virtual-dealer-plugin.html

Bruce, thank you for reporting this to the FPA.

i saw they offer ECN trading platform, however after talking with their Rep online, it seems they do not:

» 6:06 PM - (Support) We do not offer an ECN platform for retail customers. Ikon will serve as the counterparty for all customer transactions.
» 6:07 PM - (You) Right. So you mean that IKOn is acting as the counterpart in name only, but passing the order through to banks or other ECN clients?
» 6:09 PM - (Support) When a trade is initiated, IKON will be the seller to all buyers and a buyer to all sellers. How we handle that exposure is a fucntion of our risk management.

Further in the conversation, if you do want to trade ECN (at least with MT4) then:

» 6:30 PM - (You) for non-retail accounts (i.e. 100% ECN) what are the mins?
» 6:35 PM - (Support) $1.000,000 initial deposit. At least 5000 round turns per month.

Anyway, I have never used them so this is just an FYI to save time if you would like to try their ECN platform.

What a rip-off. They bugged me for months about investing and claimed it would be great cash flow. It has taken them less than 3 months to lose my investment and they took over a third of my investment in fees

1. VERY SLOW TO ACCEPT ORDERS AT TIME - LOTS OF SLIPPAGE.
2. HIGH PREMIUM (PIPS) CHARGES AT TIMES 3-9 PIPS!!
3. PROGRAM "FREEZES" AND I CANNOT DO ANYTHING WITH IT. CUSTOMER SERVICE SAYS THEIR PLATFORM "WORKS PERFECTLY ALL THE TIME"
4. ONE TIME, 34 TRYS COULD NOT EXIT (CLOSE) A TRADE AND I HAD A MAJOR LOSS. THEN, IKON-ROYAL CUSTOMER SERVICE SAID "YOU COMPUTER DOES NOT WORK PROPERLY" AND "OUR PLATFORM WORKS PERFECTLY AND NO OTHER CUSTOMERS HAVE COMPLAINED"