Important Update – IkkoTrader is CLOSED (2/2/2015)
Editor’s Note – Why does IkkoTrader Suck in 50 Words
As a veteran French Binary Options broker, IkkoTrader provide some of the most amazing bonuses and promotions in the binary options industry. The question asked is whether these bonuses are so good for the average trader, I’d say – NO. Read this IkkoTrader review for more information.
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Why IkkoTrader doesn’t Suck?
Being one of the veteran brokers in the French and worldwide Binary Options industry adds to the reliability of this broker. For sure they are one of the pioneers of Binary online trading and have withstood the test of time. After all, if they managed to survive this long, they must be doing something right.
IkkoTrader Full Review – Do the French like promotions?
IkkoTrader, launched around 2009, is among the binary options pioneers. IkkoTrader entered the the global market quite some time before the binary options rush gained popularity within Europe in general and France in particular. IkkoTrader’s trading platform is based on the well known and user-friendly SpotOption trading technology, hence they are 100% web based with no need for any software to be downloaded. As a leading binary options broker, IkkoTrader offers their customers some great promotions and bonuses, which in my opinion are above the average for the industry and therefore quite inviting, especially for new traders; One could invest up to 250$ and trade with an extra 25% added to their original investment and the percentages can go up to a full 100% if your initial deposit is equal or higher than 1000 euro.
Other than those great promotions, trading at IkkoTrader is a fun experience and extra friendly to handle. Thanks to the great SpotOption technology, traders can enjoy more trading options and tools for better results. The Options Builder, 60 seconds options and the Open Platform are just some of these efficient tools which together with the Roll Over and Double Up features make IkkoTrader a nice and modern broker and prove us that you can teach new tricks to an old dog. A downside of trading with IkkoTrader is the below average returns which can only go up to 75% for In the Money trades while the Out of the Money refund ranges between 5% – 10%. Ignoring this slight disadvantage, IkkoTrader is a fine and inviting broker. So why does IkkoTrader Suck? Well, for the same reason it did when we first reviewed them: because of the crazy promotions. In case this is the first article you’ve read on Binary Options That Suck, go back after reading this IkkoTrader updated review and check our articles section for more information about binary options bonuses and the dangers related to a very high bonus. Promotions and bonuses are good and welcomed always, but the larger they become, the bigger the problem. I was looking at the promotions offered by IkkoTrader, reading slowly to make sure I understand how is it even possible to deposit around 250euro/month and trade for around 9500euro. The thing is the trader has to commit to deposit a total of 5000euro during the course of 18 months (a specific amount for each month) and as a result IkkoTrader will credit the account with a total of 9500euro. To be honest, understanding the way this bonus works is harder than learning the mechanics of opening a binary trade, but if I try to make it simple and remove all the fluff, we are left with this: the trader deposits 5000euro and IkkoTrader adds another 4500euro but the advantage is he doesn’t have to deposit all the money at once. This kind of bonus is called the Golden Pack and it’s the lowest. The most expensive one is the Infinity pack and the trader will be required to deposit a total of 75K during the course of 18 months. They have other crazy promotions like giving away 30% for a Facebook like or 100$ for an e-pin but I’m more used to brokers who offer a classic bonus that goes up if I invest more. Anyway, IkkoTrader also has that kind of bonus so I guess the trader can just go for that one and avoid the headaches.
Finally, I would like to refer my readers to two major downsides: 1. I don’t like the way the returns are figured- instead of writing 70% return (like most brokers figure the return) at IkkoTrader the returns are figured as 170%. They mean the same but 170% seems much more and that’s a bit misleading. 2. Don’t know why, but every time I click at different tab the language becomes French. I don’t speak French and frustrating to change it every time from French to English. In conclusion- IkkoTrader is just not my cup of tea.
Is IkkoTrader a Scam?
Although some may believe IkkoTrader is a scam because of the high Bonuses, this is not the case. A lot of brokers offer all kind of crazy or weird bonuses but that doesn’t make them scammers. Overall they are transparent and provide us with all the necessary information about their headquarter location and the owning company. They clearly state they are not regulated by the FSA and hence they cannot accept UK traders and this kind of honest behavior is not characteristic to a scammer. However, we recommend you to conduct your own assessment before trusting any broker with your money. Please read the Terms and Conditions.
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I’ve seen many complaints of frustrated traders who just lost their money and started saying that IkkoTrader is a scam; some said IkkoTrader is nothing but horrible fraud. I don’t want to join the excited crowd; I know that checking out the Terms and Conditions and withdrawal restrictions could save me from a bad broker. Falling into this big vortex of bonuses and promotions could blind your eyes and empty your pocket in the end. Trade with brokers like IkkoTrader only if you’re aware of the restrictions implied. Traders with more experience and better trading strategies could make high profits by trading with IkkoTrader. The higher the risks are, the higher the returns will be.
Bonus, Bonus, Bonus. I see too many newbies checking out bonus factors and promotions before even checking the name of the broker. Unfortunately, that’s mistake number one, a crucial mistake I might add. As I was saying before, welcome bonuses are not necessarily bad, but too much bonus could cost you too much. Checking out IkkoTrader terms and conditions could provide the average trader with some answers: withdrawing the profits is only available after trading 20 times the value of the bonus. So let’s say you’ve invested around 300$ and received bonuses in a sum of 300$ or more, you now have to trade for 300*20 in order to withdraw your profits. I know a few people who succeed doing it hence generating some great profits, but I don’t think the average trader (and that includes me…) could trade so many times and for so much money without proper experience and certain amount of luck.
The minimum withdrawal is $100 which is too high in my opinion but an even bigger issue surfaced: on the website (FAQ section) they inform the trader that Credit Card withdrawals are free of charge and wire transfers carry a $25 fee. But their Terms and Conditions clearly state that the trader has to pay a 45euro fee for any withdrawal under 1000euro and a 5% fee if the withdrawal amount is higher than 1000euro. We must warn you that when you open an account, you will have to accept the Terms and Conditions and that document is the one that will govern the collaboration between you and the service provider (the company you are doing business with). We are not sure if the different sums are an honest mistake or a deliberate one. If bad intentions are involved, we will reassess the question “Is IkkoTrader a Scam?” and will definitely change our opinion on them. Anyway, this is clearly a lack of professionalism, even if it’s an honest mistake.
User Friendly 16/20
IkkoTrader website is based on a 100% web based SpotOption platform. The website is user-friendly and trading experience is quite fun.The platform is modern and graphically attractive. IkkoTrader website is cleanly organized and it is quite easy to locate the buttons. The demo tutorial is good and helpful. The FAQ section is quite messy, switches from French to English constantly. IkkoTrader is available in 7 languages, including English, French and Spanish.
No. of Assets and Expiry time 11/20
The total number of assets is 52 which include 16 stocks, 13 currencies, 4 commodities and 21 indices. IkkoTrader offers an average selection of assets available to trade, in my opinion too little for a veteran broker. The expiry times range from between 15 minutes until the end ofday. Touch options for weekend trading are also available.
Commissions, Support and Effective return 7/20
IkkoTrader don’t charge any fees or commissions from traders when they first deposit or purchase options. Withdrawals are charged with a 30$ fee only for money wire. All withdrawals have a minimum of 100$. IkkoTrader support and live chat isn’t the best in the industry. The effective return is below average with a maximum of 75% In-The-Money. The Out-of-Money refund is also below average with an average of 3%.
Deposit, Payment and Bonus 12/20
A minimum initial deposit of $200 is required at IkkoTrader, 250$ deposit is needed to be eligible for a bonus. The deposit methods which are accepted by this trading platform are Money Bookers, Credit or Debit Card and Wire Transfer. All withdrawals have a minimum of 100$ and are generally available via the same methods. Fees apply for all methods. Withdrawal fees are the subject of a worrying matter described in our “IkkoTrader Withdrawal” section above. IkkoTrader offers many Bonuses and Promotions, certainly above average for the market.
Website Extra’s 9/20
IkkoTrader provides a nice set of trading tools and options, including Roll Over, Double Up, openOption, 60 seconds binary options and more. As a SpotOption operated platform, the trading technology provided by IkkoTrader is modern and extra user-friendly. There are also some market reviews by IkkoTrader and a live news feed bar.
IkkoTrader Rating 55/100
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