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Multibank Exchange Group (IKON Capital) Review - Is it scam or safe?

Ikon Capital, UK Review - Is it scam or safe?

RATING: 3 / 2 REVIEWS Multibank Exchange Group (IKON Capital)
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 Account types

 

Account type Minimum deposit  Minimum trade size Maximum leverage Average Spreads
Turbo $100  0.01 1:500 Fixed/Floating, 2 pips 
Maximus  $500 0.01 1:500 Fixed/Floating, 1.4 pips 
Multibank Pro $1 000 0.01 1:500 Floating, 0.8 pips 
ECN  $10 000 0.1 1:200 Floating, 0.3 pips + commission $5 per lot (roundtrip)

   
  
There are four account types available with this broker,based on the amount of the initial deposit. All of them offer trading on the robust MetTrader 4 platform in forex, stocks, Indices and metals CFDs. Turbo & Maximus account types offer a choice between market or instant execution and fixed/floating spreads, while execution on the other two accounts is solely market. All account types, except the ECN one, offer commission-free trading and micro tradable lots.


Additionally, swap-free (Islamic) accounts are offered to those clients who don’t want to earn interest for religious reasons. Traders, however, must adhere to certain conditions (minimum lot required) in order to avoid swap or similar charges.


The Company. Security of Funds


Established in California, USA in 2005, Multibank Exchange Group (formerly IKON Group) is a global brokerage operating through its units in Hong Kong, UK, Australia, China and the UAE. 

 

Multibank Exchange Group (MEX) is an ECN brokerage that offers trading in forex (over 45 currency pairs), CFDs (commodities, equity indices, currencies, metals, energy products and more), as well as precious metals.

 

Being heavily regulated by the Financial Conduct Authority (“FCA”) in the UK and the Australian Securities & Investments Commission (ASIC) in Australia, MultiBank has offices in London, Sydney, Cyprus, Kuwait City, Istanbul, Manila, Jakarta, Beijing, Tianjin and Hong Kong.


One of the most important requirements for forex brokerages  is the minimum capital requirement. UK-based brokers are obliged to hold at least €730 000 in order to operate legitimately, and Australian ones - $1 000 000. 


What is more, as a FCA regulated firm, MEX Europe Ltd. is covered by the Financial Services Compensation Scheme (FSCS). The FSCS is the UK's Governmental Statutory Fund of last resort for customers of authorized companies, covering losses up to GBP 50,000 per person. 


Trading Conditions


Minimum initial deposit
The minimum initial deposit required by MEX is $100, which is average. UK-based forex brokers, like FxPro, require $500 as an initial deposit, while others demand just $1 from traders to start with (FXopen, XM).


Spreads & Commissions
The spreads offered by this broker vaty by account type. The ones on the Turbo and Maximus account types are average (variable averaged 1.4 pips and fixed 2 pips on EUR/USD), while the typical spreads on the Multibank Pro amount to just 0.8 pips, which is a really good offer. For purposes of comparison, FxPro also offers average variable spreads amounting to 1.4 pips on EUR/USD for its commission-free accounts, and the ones on its cTrader accounts are averaged 0.4 pips on EUR/USD.

 

You may look up real-time spreads of 15 leading brokers here.


As regards CFDs, commission amounting to US$ 5.00 per standard lot applies (per side).

 

Leverage
MEX offers leverage up to 1:500, which is considered a high leverage level, yet many other brokerages, like FxPro, offer such.


Some jurisdictions set limits on leverage, in order to reduce the risks related to trading in leveraged products: 1:50 in US, 1:25 in Japan, 1:100 in Poland. Traders are attracted to high leverage because of the opportunity of multiplied profits on a small deposit, however the probability of heavy losses must not be underestimated.


Trading Platform


MEX provides several MT4 platforms customized to fit different trading strategies: Maximus, Multibank and Turbo, as well as Pure ECN Pro, providing access to the raw spreads from over 15 major international leading banks and financial institutions.

 

In addition, the broker also offers the mobile apps for the MT4 trading platforms, compatible with iPhone, iPad, iTouch, Android Mobiles, smart phones and PDA.


Here is a list of more forex brokers offering MT4 platform.

 

Bonuses and Rebates


There is a deposit bonus offered to newbies as well as rebates to existing clients, who make additional deposits.
The welcome bonus is on deposit and ranges from $100 to $4,000, depending on the deposit amount. As regards the rebates, also called “top up bonus”, they range from $70 to $2,800 and may be withdrawn upon reaching certain trading volumes.


Methods of Payment


IKON Capital’ s clients can make deposits and withdrawals from and to their accounts just via Bankwire and Skrill. There are no debit/credit card options, nor the popular e-wallet payment systems Skrill, Neteller & FasaPay.


Conclusion


MEX is an ECN brokerage, part of a global group and well-regulated. It offers its clients trading in various financial instruments under reasonable trading conditions. To sum up the above, here are the advantages and drawbacks in relation to this broker:

 

Pros  Cons
Heavily regulated No choice of trading platforms
Competitive spreads  
MT4 available  
High leverage levels  

  

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Traders` reviews for Multibank Exchange Group (IKON Capital)

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Multibank Exchange Group: Just another bucket shop

Different name but always the same scammers. You just have to quickly google ikon to understand what I am talking about. They used to be good, like last year but lately they become the same old bucket shop! Open a live account and you will see with your own eyes, requotes, slippage and obviously the most unfriendly and useless Customer services. I was contacted by a guy called Ben, lack of knowledge and rudeness are probably the best way to describe him. Stay Away!

Andrew 06/23/2017

Good Australian Broker

Again a new broker added to the bunch, hopefully MEX can get it right. So far I am happy with their service. Have opened a small account and the platform seems stable. Watch this space I will keep you updated.

Alex Lee 02/23/2017
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