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IKOFX vs IG - 2024 Comparison | FxScouts
AuthorAuthor: Björn MichelsUpdated: October 12, 2023

Last Updated On October 12, 2023

Björn Michels

Trading with a reputable online broker is a crucial factor for success in the international markets. At FxScouts, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

Select brokers to compare

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Broker Score
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
110.5002.62/ 5 USD 1VanuatuMarket MakerCommodities, Forex260
    • Not properly regulated
    • Expensive withdrawals
    • Limited education
    • Limited market analysis
    • Limited currency pairs
    Read Review 100001/ 5 1110.503.5/ 5 111104/ 5 100001/ 5 10.50001.5/ 5 1110.503.5/ 5 1110.503.5/ 5 01000:10.86 pips ECN, Mini, Standard MT5, IKOFXBank Transfer, Visa, MastercardFees Included in Spread
    11110.54.69/ 5 USD 0FCA Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtSwiss Financial Market Supervisory AuthorityMonetary Authority of SingaporeFinancial Markets Authority of New ZealandDubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationFinansinspektionenMarket MakerBonds, Commodities, Cryptocurrencies, Digital 100s, Stock CFDs, ETFs, Forex, Indices, Interest Rates8010
    • Well regulated
    • Tight spreads
    • Great platform choice
    • Excellent education
    • Excellent market analysis
    • High minimum deposit
    Read Review 111115/ 5 11110.54.5/ 5 11110.54.5/ 5 111115/ 5 111115/ 5 111115/ 5 111104/ 5 69%200:10.60 pips DMA, Live Account, Spread Betting MT4, L2 Dealer, ProRealTimeBank Transfer, Visa, Mastercard, PaypalFees Included in Spread

    How do IG and IKOFX stack up against each other?

    The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.

    IG

    IKOFX

    At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

    To compare IG and IKOFX, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

    Does IG or IKOFX have a better trust and regulation rating?

    Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

    In our comparison, we found that IG holds six Tier 1 and four Tier 2 licences, and IKOFX holds no Tier 1 and no Tier 2 licences.

     

    Is IG financially regulated?

    Yes IG was founded in 1974 and is regulated by ASIC, BaFin, CFTC, DFSA, FCA, FMA, FSA-Japan, Fi, FSCA, MAS and FINMA.

     

    Is IKOFX financially regulated?

    No IKOFX is not adequately regulated.

     

    Based on these findings, IG earned a higher trust rating than IKOFX.

    Does IG or IKOFX have lower costs?

    Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

    Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that IG has overall lower trading costs than IKOFX. 

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    Broker
    Trading Conditions
    Base Currencies
    EURUSD (Standard)
    Trading Cost (Standard)
    EURUSD (Best)
    GBPUSD (Best)
    USDJPY (Best)
    Commission
    IKOFX
    1110.503.5/ 5
    2.00 pips
    USD 20
    0.86 pips
    1.84 pips
    0.97 pips
    USD 0
    IG
    11110.54.5/ 5
    AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
    0.60 pips
    USD 6
    0.85 pips
    1.40 pips
    0.94 pips
    USD 0

     

    Does IG or IKOFX offer a better choice of trading platforms?

    Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

    In this case, IG offers support for and IKOFX offers support for . 

    Do the brokers offer copy trading?

    Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both IG and IKOFX offer copy trading.

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    Broker
    Platform Choice
    Copy Trading
    Platforms
    IKOFX
    111104/ 5
    IKOFX
    IG
    11110.54.5/ 5
    L2 Dealer
    ProRealTime

     

    Which broker offers a better choice of trading instruments?

    A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that IG offers a greater range and depth of instruments to trade than IKOFX. IG offers 80 Forex pairs to trade and IKOFX offers 26 Forex pairs to trade.

    Toplist Forex Pairs

    And what about Cryptocurrencies?

    In this case, IG offers 10 cryptocurrencies while IKOFX offers 0 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with IG.

    Which broker offers better deposit and withdrawal processes?

    Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

    We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that IKOFX charges a withdrawal fee and IG does not. Overall, IG has better deposit and withdrawal processes than IKOFX. 

    Which broker offers better educational support?

    We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

    IG has better educational support than IKOFX. Both IG and IKOFX offer educational support for more experienced traders.

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    Broker
    Beginner Course
    Advanced Course
    Well Structured Education
    Education Quality
    Webinars
    IKOFX
    Low
    IG
    High

     

    Which broker offers better market analysis materials?

    To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

    We found that IG offers better research analysis than IKOFX and that both IG and IKOFX offer frequent webinars.

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    Broker
    Economic Calendar
    Autochartist
    Trading Central
    Trading View
    Free VPS
    IKOFX
    IG

     

    Our overall Verdict on IG

    Founded in 1974 and FSCA-regulated since 2021, IG has a long history of satisfied clients, low trading fees, and a vast range of trading instruments.

    Our research found that IG has over 320,000 clients worldwide and has been the largest CFD broker globally by revenue for the last few years. It has two low-cost trading accounts with no minimum deposit requirements and offers trading on over 17,000 instruments, all of which can be accessed on its award-winning app and web trader platform. 

    For more traditional investors, IG also runs a fully licenced stock brokerage on the side. And in addition to a wide range of trading tools, IG has a world-class selection of educational and market analysis materials to get new traders started.

    Our overall Verdict on IKOFX

    IKOFX, also known as IKO Global Limited, is an STP broker registered in Vanuatu but unregulated. It has support for MT5 and leverage up to 1:1000 on its Mini Account.

    With simple account options, one-click trade execution, and optional swap-free Islamic accounts.  Intermediate and advanced traders will enjoy the updates to the MetaTrader 4 platform that IKOFX have built by themselves and can take advantage of hedging and scalping, and fast execution and minimal slippage on the ECN account.

     

    Which broker has the highest overall rating?

    IG has an overall rating of 4.69 and IKOFX has an overall rating of 2.62. For more detail please read our reviews of IG and IKOFX.

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