Ikon Fx has contacted the FPA and promises to keep employees from committing any further abusive actions. If you have an account with them, close it now!
I spent many months analyzing Mex Exchange analyzing the entire Group. I had the opportunity to meet the Team, after testing I see excellent professionals.
I read the negative comments here on the site, and from my experience in the market I think that someone is having bad intentions against the institution. I recommend, I'm having great experience, I'm not having stress like I've had in the past with other brokers.
Dont open an account with these scammers! All the 5 stars reviews are paid, no doubts about it! These guys should stop being scammers thinking we traders are all idiots. On top of that, I've had the worse account manager I ever encountered, Ben Gonzalez. All the operations are run from China and Jacobus in Australia is only acting as representative. Ben Gonzalez is the worst account manager in the whole history of forex. They offer nothing new! The same old B book trading model. Their Fix Api offer is simply ridiculous, they don't have any proprietary trading technology.
I have red all these reviews about Mexexchange in Australia. What I have is personal experience. I was skeptical like a lot of people especially with the IKON reviews. I met them twice, once in Hawaii, and once in their office in Sydney.
I have been around Forex a long time, and I can tell you horror stories about a lot of brokers, who people support as A plus brokers. They are working essentially hard to clean up the image and do things the right way. I have found them to be warm inviting, and honest. They are gracious people, who want to do good things in this industry. Yes they have some growing pains because of the sins of IKon past but that's not the present or the future.
Not a single broker out there is perfect. I put extreme value in character of the people running the operation. They have it in spades. What they need is for people to give them an honest chance and to decide on that merit alone. Anyone can get on here and post any random thing they want, and it doesn't make it true. I have personally met them and looked into their eyes, I have ate with them, and met Jacobus's family.
This is as honest of a review as there is on here. They aren't perfect, but they never said they were. I have referred personal friends and colleges in FX. Everyone is free to make up thier own mind and choose any broker they like.
IKon deserves the poor ratings they got by a wide margin. However that doesn't mean you can carry over those issues to the new administration and say they are the same. That is very short sided, and not remotely fair.
With any new broker there are some growing pains, I don't know too many operations where I can call the CEO directly, and skip all the middle guys, go down to their office, go to lunch, talk about family, and life events, out of genuine care and concern. You can say a lot of things about them, but I will challenge anyone on the topic that this new MexGroup in Australia is carrying the same IKon banner, or that they are a scam.
If you think that you shouldn't even be allowed to post because you don't have credible information. Mex Group is a total scam! They claim to be FCA regulated but it is not true! Run away from them!
Probably one of the worse customer service I ever encounter. I don't understand these positive reviews. Support, slow and sometimes lacking the basic ability to speak english I transferred out and it took 2 weeks to get my money back. Not to mention a number of unanswered emails. I think these guys need to get off their high horse with fake reviews and start doing their job. I am the CEO of The Forex Army and am constantly on the look out for stellar brokers to establish long term partnerships with.
There are many brokers in this industry but only a few would really stand out head and shoulders above the rest. I believe this forex space is too small to have a bad reputation which is why I tend to steer away from offers from brokers such as IronFX and such.
I went by their website and read the usual details. They seem to have everything one expects of a brokerage - good spread, fast execution, well regulated. Their website design was not superb but it was quite decent enough in communicating the information across. They do offer a wider range of products which caught my eye though. I mean, forex, metals and CFDs on indices is expected in this day and age, but these guys offered commodities, bonds and stocks.
I know how much it takes for a broker to offer these so I was fairly impressed by their wide range of offerings. Now, so far I can say I was impressed but not blown away. Many brokers out there offer these products afterall. So I do more due diligence and see if they have any branches. I mean what the hell that's quite a big company. One thing I've learnt to avoid are bucket shop brokers, small little brokers who have a license in some country and would close at the first sign of trouble.
Big presence is good. Up to this point, I'd say I am a little bit more than impressed. Not something that would blow me away as I've seen other brokers which can do all these too. I asked to be introduced to the CEO Jacobus by a mutual friend so I can get a feel on how this broker is like. He links me to him via skype and if there is anything that has impressed me more than anything else, it was my conversations with him. This guy, Jacobus, is so down to earth it is unbelievable.
I mean for a CEO, you'd expect them to be a bit more.. But man, this guy is fantastic. Most of them usually revolve around the questions of "How many clients do you have"? And if yes, how long will you take? I hate these questions. I don't know about you, but these questions stink of people seeing their IB's beloved clients as just "numbers to a bottom line".
Jacobus, though, stuns me with questions like "Tell me brother, what kind of spreads do you need so that your clients can trade even more profitably? I use a scalping strategy so tight spreads and executions are important. If there are other brokers out there who do this, please contact me lol kidding. So anyway, I decided to test how serious he was. I told him I wanted a custom price feed not easy for many brokers even though I had a big fat zero "0" clients with him.
He says okay and within 2 days, he set it up. I make some adjustments just to see if it was some existing package and he made the adjustments to the t for me. I then start referring some clients over to test his platform.
They don't have a back-office which clients can log in to and that bugs me a bit honestly. They do make up for it through their live support though. Feedback from my traders is they really love the spreads and execution. No requotes and bullshit. I was even offered ticket receipts on which LP took my trades and that's awesome. It's on a special request basis I believe. My scalping performance across a few relatively good brokers I am testing IC Markets, Pepperstone, Tradersway is best on this broker.
Probably because of the custom price feed and fast execution. I mean I have a stop loss of 4 pips most of the time lol. Moving on hell this is one long review , Jacobus flew down to Singapore to meet me. We had 2 beers for starters I am usually done by the end of 2 beers and after that we went up to the top floor of Marina Bay Sands to have dinner, where we ordered 2 more bottles of wine.
I can't hold my liqour well but apparently he can lol. Anyway, he tells me "Desmond, I am having my launch party on 15th March in Sydney, it's gonna be at a suite and it's gonna be awesome, will you be there brother? I should have consulted my fiancee first at this stage but maybe all that beer and wine caused me to forget that I hope she doesn't read this. I believe there was about 80 guests there and it was a blast the food and booze.
What surprised me was that everyone seems to lavish the same praises for Jacobus. From the retail traders to the big CEOs.More...