Ixxen Review: What We Know About This Trading Platform
Ixxen Ltd is allegedly a securities dealer based at 9850 King George Blvd, Surrey, British Colombia, Canada. We say allegedly because different companies and entities are located at that address.
Right off the bat, the broker tried to fool us but in vain. This made us investigate even further. Our findings are alarming so keep reading the Ixxen Review to learn more about this dubious broker.
|Is This Company Safe?
|Have Warnings from:
|WebTrader, desktop platform, mobile platform
|Forex, Indices, Commodities, Stocks, Crypto
|Free Demo Account:
|No, only live trading accounts
|How to Withdraw from This Company?
|Since this company is unlikely to return your money – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds.
Legal Info: Is Ixxen Legit or a Scam
Ixxen Ltd claims to be a legit Canadian company that offers Forex trading services. The address was most likely a lie but nevertheless, the trading license is what interests us. In Canada, all dealers must be regulated by the Investment Industry Regulatory Organization of Canada (IIROC).
Known for being a Tier 1 regulator, IIROC has strict requirements that brokers must meet in order to obtain a license. Canadian brokers must segregate clients’ funds, impose a safe leverage cap (1:50), and a compensation scheme worth 1,000,000 CAD.
Trading with an unregulated broker is not recommended. We advise you to stay away from unlicensed providers such as Ixxen and Neo Omatic. Instead, you should find companies that legally operate under reputable jurisdictions.
Top-tier regulators such as the FCA (UK), CFTC (US), ASIC (Australia), CySEC (Cyprus), CNMV (Spain), etc. require brokerage companies to possess a substantial minimum operating capital (i.g. 730,000 EUR or 1,000,000 AUD), offer clients negative balance protection, a segregated account, and even a compensation scheme (i.g. up to 20,000 EUR).
Who Are Ixxen’s Targets?
According to godaddy.com/whois, the Ixxen website domain was created on June 3, 2020. Since then, the unregulated broker has mainly been offering Forex trading services to traders residing in the following countries:
The company has been operating for three years and still hasn’t obtained an official trading license. We noticed that French speakers constitute the vast majority of Ixxen’s client base. If you’re still interested in this platform, although we are against it, you must be careful.
On trustpilot.com, Ixxen received only positive feedback. There are no complaints that would indicate that a scam is in progress. However, it’s a bit odd that the website was created three years ago but the earliest review was written in February 2023.
Most of the reviews are in French. The wikifx.com forum also features some positive reviews. Nevertheless, we still advise caution because Ixxen is not regulated.
If you lost money to this broker, please contact us for help. We can assist you in recovering your funds.
Leverage, Commissions, Spreads, Fees and Taxes
It is important to understand that high leverage increases both potential profits but also losses, making it a double-edged sword. The maximum leverage cap enabled by Ixxen is 1:400, which is not compliant with the regulations in Canada (1:50).
While leverage can multiple profits, it can also lead to significant losses if the market moves against the trader’s expectations.
As for the spreads, traders have pointed out that Ixxen offers lucrative spreads close to zero pips. The broker also provides trading conditions with no extra fees on transactions for certain account types. We will stress once again that competitive trading conditions cannot compensate for the lack of a trading license.
Trading Platforms Available
Ixxen offers a custom trading platform. This software is supposed to be a combination of accessibility and advanced features. Ixxen’s platform may be decent but it is certainly not up to par with proven and credible third-party trading software such as MT4, MT5, or cTrader, which are traders’ first choices in the industry.
The broker also offers a web-based trading platform but it lacks efficient and advanced tools such as an automated trading option, live market reports, etc.
Having withdrawal issues? We can help you recover your hard-earned funds.
Mobile Trading App
The Ixxen mobile app is available on Android and iOS phone systems. Mobile trading offers numerous benefits.
Traders can utilize neat features, enjoy flexibility, and trade on the go as they wish. It is an extremely useful tool but trading on an unregulated and fraudulent platform is a terrible idea. We would avoid Ixxen and OrbiTrade if we were you
Available Trading Assets
As far as the Ixxen trading asset selection goes, the broker offers the following instruments:
- Forex currency pairs – EUR/USD, AUD/CAD, GBP/JPY…
- Indices – S&P 500, NASDAQ 100, DOW 30…
- Commodities – gold, corn, crude oil, natural gas…
- Stocks – Apple, Disney, Tesla…
- Crypto – BTC, ETH, LTC…
Ixxen offers traders seven different live account types:
- Beginner – 2,500 USD;
- Standard – 5,000 USD;
- Intermediate – 25,500 USD;
- Advanced – 50,000 USD;
- Integral – 100,000 USD;
- VIP – 250,000 USD.
Each higher tier offers more and more benefits and perks such as trading signals, tighter spreads, webinars, etc. Although the Beignner account requires a minimum of 2,500 USD, Ixxen states that the minimum deposit is 500 USD in the FAQ section.
The lowest account tier is pretty expensive considering that there are many regulated brokers that offer similar trading conditions for far less money. To make matters worse, Ixxen doesn’t offer a risk-free demo account.
It’s a big red flag in our eyes. Legitimate brokers always include a demo account so you could try things out with virtual funds instead of risking real money right away.
If you lost money to the Ixxen Scam, book a free consultation with us and we will go through your case.
Ixxen Withdrawal Process
Ixxen’s FAQ section says that there are three available payment methods for deposit and withdrawal of funds:
- Credit/debit cards;
- Wire transfers;
The minimum deposit is 500 USD. Depositing funds via these methods can be reversed via a chargeback or recall process. For instance, a credit/debit card payment can be refunded at the issuing bank within 540 days.
Wire transfers, on the other hand, require a recall but this procedure can only work if the transaction has not yet gone through.
Ixxen offers multiple methods to clients who seek support and assistance – email, phone, and live chat. Clients can reach out to Ixxen’s team via email, which is the best method for more detailed questions.
Live chats are great for short and generic questions while direct phone calls are the best option for urgent matters and issues. Still, unregulated brokers may not always be there to assist you.
Key Information To Consider About Ixxen
To sum up, Ixxen is a Canadian trading platform. Active since June 2020, the unlicensed broker has mainly been offering Forex trading services to users from France, Germany, Tunisia, and Cyprus.
We don’t recommend you trade on this platform simply because it’s unregulated. If you lost money to Ixxen, book a free consultation with our team and we will explain how the chargeback works and guide you through the process.
If you were scammed by Ixxen, let us know.
What Is Ixxen?
Ixxen is a Canadian Forex trading platform that offers a custom-made platform and high leverage.
What Are The Products Offered by Ixxen?
According to Ixxen’s website, the broker offers Forex currency pairs, indices, commodities, stocks, and cryptocurrencies.
Is Ixxen Regulated?
Ixxen is not regulated, which is a huge issue. If you have problems with this broker, contact us for professional help.