Thread: Finally a REAL ECN MT4 broker?
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Old 04-05-2008, 01:31 PM
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Tokarus Tokarus is offline
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Well, I think that IKON is a bucket shop. All the e-mail communications and website content are impressive, but the "small print" attachments in the account opening section are very concering (at least to me).

Read below an extract from Online Trading Application / Risk Disclosure Statement:

"Additional disclosures and notices to traders.

6. In connection with opening an account to speculate and/or purchase and/or sell foreign exchange contracts with IKON Global Markets Trader acknowledges that Trader has been advised and understands the following factors concerning trading in leveraged foreign exchange contracts.

A. Foreign exchange contracts are not traded on a regulated exchange. IKON Global Markets acts as the counter-party to all of Trader’s foreign exchange contract transactions. ... IKON Global Markets establishes prices for all foreign exchange contracts on the trading platform and the prices established may not reflect actual market values. IKON Global Markets has the right, in its sole discretion, to cease trading in any foreign exchange contract at any time, and in such event Trader will be prevented from liquidation of an adverse position. Such actions could result in a substantial loss to Trader. ..."

Looks like marketing and legal docs are seriously out of synch.


Quote:
Originally Posted by Mr. Madruga View Post
Hello guys!
Online forex trading|Mini accounts|Forex broker|Managed accounts
I am trying the demo and I am impressed so far.
They are IBs from IKON Global Market Inc, registered with the CFTC and member of the NFA. 0-2 spread on eur/usd and no commission. Minimum account size is only $500,
I sent an e-mail yesterday and I got a response. Let's figure out if it's a real ECN or NOT...



MY QUESTIONS

Hello,
I am interested by your broker and I would like to get some answers.
Are you an ECN broker?
Do you show BB/BO in your mt4 platform?
How can you guarantee you do not manipulate the market?
Do you allow scalping?
If you show best bid and best offer, why dont you charge commissions? If charge, how much per lot traded?
What's the minimum account size?
Thank you

ANSWERS

Dear,

We offer one the top solution for forex trading at the moment.
As you know in ECN model all deals are roted to different liquidity providers.
We offer combination of internal liquidity generated by our customers ( more then 3000 traders), plus automated routing to one of our 16 liquidity providers (banks), so system is fully automated, no dealer interventon.
MT4 shows the best bid and best offer.
As you know on liqudid pairs at Currenex or Hotspot, theres is almost constant spread of half pip, we offer one pip, so commission per trade already inside of the spread.
Some times our spread my go to zero, then it means that it is internal matching of trades.

Our minimum account size is 500 usd, min lot 10000 units.
There are simialar offer in the market Ex. Mb trading, but as you know MB charges 5 usd per lot ,and effective spread is higher.

Hope you will find my answer as complete.
regards,
Support Team
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