IKOFX Broker Review

Is IKOFX Safe?

IKOFX is an STP (Straight Through Processing) brokerage, and its main client base is in the Asian market. It is regulated by the Republic of Vanuatu Finance Service Commission, under license number 14547.

Client funds are kept in segregated accounts.  However, Forex Malaysia does NOT recommend IKOFX due to insufficient regulation. We suggest you continue your search using our approved brokers list.

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Account Types

IKOFX offers trading on a limited selection of instruments, including 26 FX pairs and 2 commodities.  It has three account types, including an ECN account.  The STP accounts have Islamic swap-free options.  Accounts are only denominated in USD, minimum deposits start at 1 USD, leverage is up to 1000:1, and minimum transactions start at 0.01 lots.  Spreads are wider than most brokers, starting at 2.00 pips on the EUR/USD.  Furthermore, it is not clear how the accounts differ from one another – as spreads are not tighter on accounts with increasing deposit requirements.  See below for account options:

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Broker

Trading Conditions

Base Currencies

EURUSD (Standard)

Trading Cost (Standard)

EURUSD (Best)

GBPUSD (Best)

USDJPY (Best)

Commission

IKOFX

3.5/ 5

2.00 pips

USD 20

0.86 pips

1.84 pips

0.97 pips

USD 0

HYCM

4.5/ 5

EUR, GBP, USD, AED, RUB

1.20 pips

USD 12

0.10 pips

0.40 pips

0.20 pips

USD 0

Oanda

4/ 5

USD, EUR, SGD, HKD

1.00 pips

USD 10

0.20 pips

0.20 pips

0.20 pips

USD 0

Mini Account

The Mini Account is an STP commission-free account with a minimum deposit of 1 USD, leverage up to 1000:1, and spreads starting at 2.00 pips pips on the EUR/USD. The Mini Account is also available as a swap-free account.

Standard Account

Like the Mini Account, spreads start at 2.00 pips pips on the EUR/USD.  However, the minimum deposit is on this account is 2,000 USD, but leverage is only up to 500:1.  This account also allows for swap-free trading.

ECN Account

The minimum deposit on the ECN Account is 1,000 USD, leverage is up to 200:1, but IKOFX does not publish what commissions are charged on this account, nor what spreads are available.  Furthermore, there are no swap-free options available on this account. 

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Demo Account

A free demo account is available for all traders, and all accounts offer traders tools and interactive charts needed for trading.

Trading Platforms

IKOFX has made some proprietary modifications to the normal MetaTrader4 platform and called it MetaTrader IKOFX. Clients can operate through IKOFX iPhone Trader, iPad, Android Trader, and the Web Trader. There is also a Meta Multi-terminal platform.

The company allows automated trading by expert advisors on their MetaTrader4 platform.  If you are interested in this option, please bring that up with your account manager.

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Broker

Platform Choice

Copy Trading

Platforms

IKOFX

4/ 5

No

MT5

IKOFX

HYCM

4.5/ 5

Yes

MT4

MT5

Oanda

4.5/ 5

No

MT4

MT5

Deposit & Withdrawal

Standard deposit and withdrawal systems are available with IKOFX such as bank wire, credit cards, and Liberty Reserve money transfers.

IKOFX for Beginners

Free Forex education is provided for traders in its training and education section where you can learn all about trading, technical analysis, and analyze past samples of trading. It also offers free Forex seminars.

Customer Support

Clients can contact IKOFX representatives via live chat or email.   Note that customer service is not available in Malay.

For the purposes of this review, we found the customer service completely non-responsive.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the IKOFX product offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Conclusion

IKOFX is a poorly-regulated STP broker offering trading on a limited number of assets, including 26 Forex pairs and two commodities (gold and silver).  While it offers three different account options, the benefits of each account are unclear, and spreads are extremely wide, starting at 2.0 pips. 

Furthermore, its educational and market analysis materials are lacking, and its customer support is unresponsive.  One benefit for Malaysian traders is that it offers Islamic swap-free accounts.  

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts.  She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.