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IX Securities Is it scam or safe?

IX Securities Review - is ixsecurities.com scam or good forex broker?

RATING: 1.1 / 1 REVIEWS ForexBrokerz IX Securities
IX Securities is an offshore broker. Your money is not safe.

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Trading accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread 
Standard  N/A  1:500 1.2 pips

 

Offshore forex broker IX Securities appears to offer a single account type and access to the MetaTrader4 platform. Here are our impressions of this broker, after we made a thorough research on the company and tested their platform. Make sure you read it prior to investing with them.

 

 

IX Securities Advantages

 

MT4 available

IX Securities offers its services on the good old Metatrader 4 platform. We consider the availability of MT4 as an advantage, as this platform has stood the test of time and is attractive to both rookie and pro users. The MT4 is highly praised for its advanced charting package, numerous technical analysis indicators, automated strategies and customization options. Besides, the platform is available in all forms and shapes – as a desktop download, web-based version, and mobile apps.

 

 

>> Find a better MT4 broker << 

 

 

Seemingly attractive trading conditions

 

 

Click on the image to zoom in.

 

Furthermore, when we tested the broker’s MT4, we found the spread on EUR/USD fixed at 1.2 pips, which is quite low and attractive. Most fixed-spread brokers offer 2 pips spread for this pair. For further information and comparison on spreads, check out the below link.

 

 

>> Compare the spreads of top forex brokers <<

 

 

Besides, the leverage provided to demo account holders turned out to be even higher than the announced, reaching 1:500. Leverage is an integral part of forex trading, however most beginners tempted to use high ratios quickly lose their entire investments. So, we advise our readers to be cautious with it.

 

 

IX Securities Disadvantages:

 

Registered offshore

IX Securities carries itself like a legitimate broker. It claims to be authorised and regulated by the Securities Commission of the Bahamas (SCB). First of all, the Bahamas is an offshore zone, and we generally don’t think highly of any such “regulation” and don’t recommend brokers registered in such areas. Second, going on the online registries of the SCB we find no mention of the company’s name which leads us to conclude that the information presented on the website is faulty and that IX Securities is not even licensed offshore.

 

Unfavorable clauses in the Client Agreement

Reading through the Client Agreement of the brokerage we discern that the broker reserves the right to deny withdrawals, and that clients may incur additional fees.

 

 

Click on the image to view larger.

 

We consider these clauses rather unfavorable and not in line with the common practice in the forex brokerage business.

 

 

Click on the image to view larger.

 

Demo trading conditions differ from announced ones

On the broker’s website we read that IX Securities offers spread starting from 0 pips on EUR/USD, and there is also some “ultra-low commission” the amount of which is not specified. However, as we mentioned in the Advantage section, the demo spread for this pair is fixed at 1.2 pips and no commission applies.

 

Initial deposit not announced

Furthermore, IX Securities has not disclosed the initial deposit amount required for live trading. This is not a major flaw, yet potential clients have the right to know what their trading costs would be in advance.

 

 

Conclusion

 

The lack of adequate regulation, as well as the other negatives we listed above, lead us to the conclusion that there are far better trading options for clients in forex trading.

 

The forex market is unfortunately plagued with con-artists seeking to swindle naive traders on every turn. This is why regulation is so crucial as it is the best trust-creator in the business, and we urge our readers to invest only in properly licensed brokers. For example, if you trade with a broker licensed by UK’s Financial Conduct Authority (FCA), your capital will be protected for up to 85 000 GBP, even if the brokerage files for bankruptcy.

 

 

>> Looking for a FCA-licensed Forex Broker? <<

 

 

Here are, once again, the strong and weak sides of IX Securities

 

Pros Cons
MT4 supported Not regulated

Seemingly attractive trading conditions

Unfavorable clauses in the Client Agreement
  Demo trading conditions differ from announced ones
  Initial deposit not announced

 

Latest news about IX Securities
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Traders` reviews for IX Securities

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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