Gandalf The FX Review Of:
http://www.forexpeacearmy.com/public/review/www.ikon-royal.com

Bruce H from Van Nuys, CA Says:
     "I've used IKON-Royal for over a year. I was very happy with them until they had to implement the new NFA rules for

FIFO and no hedging. Their implementation has made the MT4 platform very cumbersome to use. If you use the MT4 TP and SL there is a chance you may be charged double spread. They recommend using pending orders (buy limit, sell limit, buy stop, sell stop) for your SL and TP which gets tedious when trading. It also means that all your position remain open until 5PM ET the next day cluttering up the chart. The MT4 reports are no longer accurate and you have to use their backoffice reports which are not very useful. They are HTML reports with no export feature and the realized trades are in the currency of the trade, so on some trades you can only see how much your profit/loss was in Japanese Yen, or Canadian Dollars and it doesn't tell you how much it was in USD. I'm going to switch brokers because they now just make you jump through too many hoops to trade MT4. Thank you NFA!"

Advice from Gandalf the FX:
     There is not much you can do to get around this problem. MT4 has its limitations and the NFA rules are terrible. The NFA has put in a FIFO rule, first in first out. This basically means that the first trade you put in has to be the first trade you take out. This rule makes it so you can not hedge. When you try to combine poor regulations with a platform that does not work well in tight situations, you are going to have problems. My advice would be to find a broker without NFA regulations.

Gandalf The FX