Ikon gm forex
Forex broker formally introduced its services to the Forex trading ikon back inand up until recently, the broker was regulated by forex NFA and the CFTC of the US. The National Futures Association NFA and the Commodities and Futures Trading Commission CFTC are two of the well-recognized regulatory agencies in the US that act ikon on creating different rules and regulatory framework for maintaining a safe and sound financial market.
The NFA is the primary authority responsible for regulating and supervising all Forex brokers and allied non-banking financial firms in the country, whose operational guidelines are also stipulated by the CFTC. After the severe recession and economic meltdown ofthe CFTC and the NFA ikon working on a number ikon different regulatory policies that are aimed to reduce the risk to US investors.
Most new regulatory policies are intended to reduce the risk to a trader, which are witnessed by the new CFTC rules that restrict the amount of freedom that Forex traders forex utilize in the Forex market. The primary restriction enforced by the CFTC is the maximum cap on leverage, where traders can only use a ikon leverage of 1: Other CFTC rules on FX trading prevent traders from hedging on the same currency pair, scalping the Ikon markets, or enjoying the freedom to open and close trades according to their preferences.
Forex brokers regulated in the US are expected to incorporate FIFO First In First Out rules into their platforms, which essentially means that traders will have to close their positions in the order they were opened.
FIFO rules also state that orders must forex stacked together for trades initiated on a single currency pair at multiple intervals, thereby averaging out trades according to the market conditions. However, as of recent past, IKON Global Markets seems to have lost its regulatory license from the NFA, as the broker clearly states on their official website that they do not entertain clients from the US as of now.
It is also not clear whether the company has suspended its Forex trading activities for global FX traders, but it is safe to assume that IKON Global Markets, or IKONGM, is no longer a regulated entity.
Therefore, there is a significant threat of losing your money with the broker, especially if you are not careful about choosing a regulated Forex brokerage. IKON Global Markets offers different types of trading accounts, including a diverse range of market maker and ECN accounts to suit different trader requirements.
It is worth understanding that the tough CFTC rules do require brokers to specify larger minimum capital requirements, and it is usually difficult to find Forex broker in the US that offers a smaller account option.
As per the CFTC and NFA guidelines, it is illegal for Ikon citizens to trade with any overseas broker, thereby ikon their options to choose their preferred brokers in the US. Therefore, it is paramount for traders to be aware of all the Forex trading conditions imposed by the NFA and the CFTC before investing their money in a US-based Forex trading firm. IKON Global Markets offers different market access protocols, including market maker and ECN accounts, which brings IKON Global Markets spreads to a competitive range.
Expect ECN accounts to offer spreads as low as 0 pips, while Micro and Standard accounts can quote spreads starting from 0. Of course, ECN accounts also have additional commissions per trade, which ikon paid directly forex the broker for compensating for the tight trading spreads. IKON Global Markets only supports credit card payments and bank wire transfers as acceptable forms for deposits and withdrawals.
The company does not offer any other payment methods, and this is indeed a problem for traders that wish to use online payment processors or e-wallets that are forex convenient than traditional forms of payments. Modern traders highly prefer e-wallets due to their ease of use and the speed of online payments, and we do feel that IKON Global Markets could have added these options to their payments list.
IKON Global Markets also provides access to FX options, futures, commodities, spot metals, and equities along with the regular Forex currency pairs. All of these financial products are offered through proprietary IKON Global Markets trading platforms such forex the IKON Prodigy and the IKON Futures platforms.
In forex, we do not recommend non-regulated Forex brokers, due to the obvious reasons such as safety of funds and the overall trading experience. Most new traders expect their Forex brokers to offer the best trading platforms for desktop and mobile trading, which is not available at IKON Global Markets. The lacks of any incentives or other standout trading features also contribute significantly to our recommendation of avoiding the company if possible.
Instead, we do have other Forex brokers that offer far better Forex brokerage services according to the requirements of our readers. Some of these recommended brokers also provide custom-tailored services to US traders according to the regulations prescribed by the NFA and the CFTC. Your email address will not be published.
Experience with this broker Months. Risk Forex - Your capital is at risk. Trade with caution, these products might not be suitable for everyone so make sure you understand the risks involved! IKON Global Markets Review — Does This US Forex Broker Still Accept Clients? Bonus No Regulation NFA Mobile Yes Instruments Forex, Precious Metals, Equity Indices, Energies Websites www. Was the information useful?
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