Does the broker offer accounts that do not carry forex interest on positions held over night? If so, which one?
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The primary restriction enforced by the CFTC is the maximum cap on leverage, where traders can only use a maximum leverage of 1: Other CFTC rules on FX trading prevent traders from hedging on the same currency pair, scalping the Forex 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 be 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.
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.
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 are paid directly to 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 more 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.
In reality, we do not recommend non-regulated Forex brokers, due to the obvious reasons such as safety of funds and the overall trading experience. All information on ForexBrokerz. We do not present any guarantees for the accuracy and reliability of this information. All textual content on ForexBrokerz. You may not reproduce, distribute, publish or broadcast any piece of the website without indicating us as a source.
United States Regulated by: Currently, the broker's website claims it only accepts applications for futures accounts from retail investors, however given its lack of FCM license, you should be cautious should you decide to open an account with IKON GM.
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