Oh dear...the industry seems to be besieged by all kinds of mergers and changes lately. I'm totally new to forex and looking for a reliable broker but really, it's so difficult to find one!
I have been looking at Ikon Royal because they seemed to be receiving good reviews on this site called Forex Peace Army but other than the reviews on that site, there seem to be very little reviews elsewhere on Ikon Royal. Other well capitalized brokers such as Deutsche Bank, FX Solutions, Interbank, etc, seemed to have lots of rants going against them. So frankly, I'm at a loss of who to go to.
Guess I'll just have to keep shopping. Now looking at Alpari US too. Have sent them email enquiries but so far, have not heard from them yet.
Quote:
Originally Posted by forex savior
No Mas! No Mas! Like a bloody and battered Roberto Duran the folks over at Rosenthal Collins are giving up on MT4. This weekend they dropped a bombshell on their clients:
Tradewview not part of RCG?! as of today
Anyone who spends time on the bulletin boards has gotten to know Tradeview Forex as they have spent gobs of money advertising their wares. Yet it appears they were never able to get MT4 to work proficiently and as such are simply walking away for the whole failed experiment. One Tradeview customer on the forex factory thread referenced above states:
While Tradeview should be commended for knowing when to call it quits I must take issue with this notion that Ikon has a "distinguished regulatory history."
Last fall Ikon merged with Royal Forex Trading, which had a poor regulatory record and was sanctioned by the NFA right before they gave up their FCM license due to the fact they did not have the necessary capital to stay in business.
Second, both of Ikon's principals were former principals of Coes FX. Right after they left Coes FX became the subject of numerous regulatory actions by both the NFA and CFTC resulting in a quarter million dollar fraud settlement and the closure of the firm.
CFTC Settles Foreign Currency Fraud Action Against COES FX Clearing, Inc.
Third, sources have informed me that many of the clients that Ikon will be receiving from Tradeview were formerly the clients of One World Capital. One World was the poster child for undercapitalization and blew up last year just as the $5 million capital requirement was kicking in.
In short, Ikon seems to stick its fingers in an awful lot of cookie jars and it they aren't careful they may get their pudgy little digits stuck in one soon.
Finally, they are $10 million below the $20 million capital requirement set to kick in next spring.
So to those MT4 traders out there who chose Tradeview Forex because they were well capitalized I say buyer beware. Ikon is not Rosenthal Collins. It may be time for you to shop around again... |