Ixxen is a Canadian brokerage firm that provides access to a modern platform covering all client needs. The office address is listed in Canada, but no licenses from the Canadian Financial Commission are observed on the site. Overall, the official website does not mention anything about regulation. Can such a platform be safe? Reviews on the internet are written in various languages, with more than 100 of them found, but it is not recommended to take them at face value. We will try to determine whether the broker is a scam or not, as well as what trading conditions are offered to users.
Table of Contents
Highlights
| 🏛️ Country | Canada |
| ⚠️ Regulation | – |
| 🖥️ Website | https://ixxen.com/ |
| 🎲 Demo Account | No |
| ⏳ Start Time | 2023 |
| 💲 Minimum Deposit | $500 |
| ⚖️ Minimum and Maximum Leverage | 1:400 |
| ⚙️ Trading Platform | WebTrader |
| customercare@ixxen.com | |
| 📞 Phone | +18007924699 |
First Impression of Ixxen.com
Thanks to the official website, traders can learn about the conditions prepared for them by Ixxen, as well as study legal documents, such as the AML & KYC policy, user agreement, privacy policy, and others. Besides, the advantages and opportunities offered to clients are described. However, the firm reveals little about itself. The “About” section, which should contain detailed information about the organization’s activities, reveals nothing interesting or important. Meaningless epithets like “Transparent pricing”, “Safe and secure”, “excellent conditions”, and the like are used. However, this is of no use to users.
The design is executed in black-and-white tones with elements of red shade. It looks quite interesting, and this is perhaps the only thing for which the broker can be commended. Also, the site is translated only into Portuguese, so it’s not hard to guess the target audience for Ixxen. Moreover, in some places, instead of English, phrases are in Portuguese, so in terms of translation, the resource is poorly made.
Overall, the official website can be rated as unsatisfactory because there is no transparency or openness. Important data about the firm’s activities remain a mystery to us, although this is exactly what should be disclosed in the first place. All these pompous expressions and advantages without evidence are meaningless.
Partnership and Bonuses
The conditions for the affiliate program are not described on the site, it’s not even mentioned. However, Ixxen offers such an opportunity. How did we find out? Looking ahead, at the moment of registration, users are offered to enter a referral code. This signals the presence of a referral program for traders. However, how beneficial it is, what its purpose is, and what the conditions are, remain unknown.
Nothing is said about bonuses, but they are mentioned in the user agreement. There, one can find a separate section dedicated to bonus promotions. Ixxen imposes standard requirements on traders who want to receive bonuses. To withdraw these funds, including profits, a certain volume of trade must be conducted, but it is not specified. Such is the nature of this non-transparency firm.
Account Opening on Ixxen.com
To start trading, one must first register an account. Ixxen requires standard information from users: name, contact details, addresses, and other information.
Unfortunately, it was not possible to register an account. After successfully entering all this numerous information, it was expected that the personal account would open. However, instead, an error message appeared, kindly suggesting that we contact Ixxen’s technical support.
It’s not possible to access the platform through a demo account because Ixxen does not offer such an option.
Verification
The broker follows the AML & KYC policy, so all clients are required to undergo identity verification. Ixxen requires three types of documents:
- Identity verification. For example, a passport or driver’s license.
- Proof of residency. Utility bill or bank statement.
- Bank card. Photo/scan of the card, but it is necessary to obscure part of the numbers on the card and the CVV code.
Overall, nothing special. The verification procedure is the same as in many other organizations. However, document processing times and the convenience of uploading documents are unknown.
- None.
- Ixxen requires a photo of a bank card.
- No timeframe for processing the documents is specified.
Trading Software
Due to the inability to register an account, we cannot see for ourselves what the trading terminal looks like. Yes, one can read the description on Ixxen’s website, but it’s hard to trust it. Brokerage firms often exaggerate the capabilities of their platform, calling it the best and most advanced. As practice shows, the description of the terminal is far from the truth, and more often than not, the terminal is much worse. However, we have no other choice but to take into account what is available.
Ixxen claims that the terminal supports several operating systems: Windows, Mac, and Linux. Additionally, Android/iOS owners can download apps to their smartphones. However, links are only available to registered users, so we cannot say for sure whether the software is available as desktop and mobile versions.
Moreover, the platform supports limit orders, including stop-losses and take-profits, side-by-side charts, and fast market execution. Other features are not described. Where are auto-trading, uploading custom indicators, order book, and other options?
| Features | Ixxen | Luxtious | Manfreditrade |
|---|---|---|---|
| Demo Account | ❌ | ❌ | ❌ |
| Mobile App | ✔️ | ✔️ | ❌ |
| Own Development | ❌ | ❌ | ❌ |
How Can I Trade With Ixxen?
The broker provides access to over 900 CFDs. The platform features currency pairs, metals, indices, commodities, cryptocurrencies, and stocks. As stated on the website, the minimum amount to start trading with Ixxen is $500, but the description of account types contains different information. Let’s now look at the tariff plans.
All Info About Accounts
Ixxen offers six different account types:
- Beginner. The minimum deposit is $2,500. Basic access to trading instruments, one-click trading enabled, no extra fees, free educational tools, daily market analysis, and an economic calendar.
- Standard. From $5,000. Differs from Beginner by having the option of swap-free.
- Intermediate. From $25,000. Additionally includes financial markets coverage.
- Advanced. Not less than $50,000. Additionally, exclusive updates.
- Integral. $100,000 and more. Private account management, key market SMS & Push alerts.
- VIP. From $250,000. Added real-time priority support, and exclusive events and promotions.
Why the minimum deposit is stated as $500, while opening the first type of account requires at least $2,500 remains a mystery to us. And is it possible to trade for those who have funded their account with less than $2,500?
Interestingly, the sizes of spreads and commissions are not specified. Ixxen keeps the most crucial conditions a secret. Why? Why not disclose these parameters so traders can understand whether it is profitable for them to work here or not?
Judging by the description of the tariffs, the broker adheres to the standard approach – “want more opportunities, then invest more money”. However, such an approach is characteristic of fraudulent companies. And it’s not surprising that Ixxen adheres to this policy of dividing account types.
Regarding other conditions, there are several downsides to highlight. For example, the high leverage of 1:400 indicates a clear lack of regulation. Also, the Islamic account, which should be available to everyone, but in reality, you need to invest a minimum of $5,000 to get this option. Nothing is mentioned about ECN, and as we mentioned earlier, there is no demo account.
- Not found.
- Inadequate minimum deposit requirements.
- Spreads and commissions are not specified.
Market Analysis and Education With Ixxen.com
Additional services are described in the tariff plans, we will just repeat what is available to clients: economic calendar, market news, and exchange trading hours. Moreover, Ixxen provides expiration hours, which have little interest for a CFD trader. Also, on the homepage, you can find a table with live exchange rates, a small FAQ, and brief information about popular asset classes.
Deposit, Withdrawal, and Fees
Ixxen allows deposits via credit/debit cards, bank wire transfers, and e-wallets. Also, on the homepage, you can notice the Bitcoin logo next to the Visa/Mastercard logos, so presumably, cryptocurrency is also supported as a method of money transfer.
The processing of withdrawal requests takes no more than 1 working day unless it is a weekend or holiday. However, the broker indicates that after successful processing, funds can take from 1 to 5 working days to reach the client’s account. Ixxen does not charge fees for transactions but reserves the right to do so. What this actually means is unknown to us.
| Features | Ixxen | Quant Finance Limited | Finkea |
|---|---|---|---|
| Debit/Credit Cards | ✔️ | ✔️ | ✔️ |
| Electronic Payments | ✔️ | ❌ | ✔️ |
| Crypto Transfers | ✔️ | ✔️ | ✔️ |
| Deposit Fee | ❌ | ❌ | ❌ |
| Withdrawal Fee | ❌ | ❌ | ❌ |
How Can I Contact It?
Contact information can tell a lot about a broker. For example, Ixxen offers just one phone number and one email address. Therefore, it cannot be said that this is some large, serious, and international organization, as such companies have several emails, depending on the task – technical support, finance department, marketing, HR, and partnerships.
The broker provided links to social networks: Twitter, Instagram, Facebook, and YouTube. Judging by the number of followers, activity, and views, no one is interested in these accounts. YouTube videos have no more than 5 views, Twitter only has 7 followers, and Instagram has slightly more than 50.
Ixxen also offers to contact managers through online chat. However, they respond slowly, so you should not expect a quick solution to your problem.
- Phone and email are available.
- Online chat and social media accounts.
- Long response time on online chat.
- No followers on social media.
Is Ixxen Dangerous?
Problems with account creation hint at potential fraud, as this approach is often observed with illegal brokers. Add to this the non-customer-oriented conditions, specifically the high minimum deposit, the absence of a demo account, and hidden commissions. However, now we must ascertain the most important thing – the legitimate status and the actual duration of the operation. After this, we can definitively determine whether Ixxen is a scam or indeed a safe platform.
How Long Does The Broker Work?
Unfortunately, the firm does not answer the question of how long it has been operating. We can understand this through reviews and the domain of the official website. Many comments on the internet that we managed to find were written in 2023, not earlier. Meanwhile, the domain of Ixxen’s official site was registered on June 3, 2020, and last updated on August 2, 2023.
We sought help from the WebArchive service to see what was on the site in previous periods. Snapshots were only available in 2023, and before that in 2021. It is clear from 2021 that the domain was up for sale. Therefore, Ixxen definitely did not appear before 2021, it’s either 2022 or 2023, but we lean towards the latter option, as it is in this year that the first mentions of the company began to appear.
How Is Ixxen Regulated?
In Canada, the activity of brokerage firms is regulated by IIROC. On the official registry’s website, we could not find a company named Ixxen. The organization is absent there, meaning the operation is illegal.
| Features | Ixxen | Vortex-PRO | Lovacrypto |
|---|---|---|---|
| European Zone | ❌ | ❌ | ❌ |
| Asian Zone | ❌ | ❌ | ❌ |
| American Zone | ❌ | ❌ | ❌ |
| African Zone | ❌ | ❌ | ❌ |
| Offshore | ❌ | ❌ | ❌ |
Frequently Asked Questions (FAQ)
Kevin Berry The most important points to know include: the absence of a license, a fake legal address, a short period of operation, and a business model with a conflict of interest. These aspects give a clear understanding that Ixxen is engaged in fraud and scams for money. Additionally, the company is openly buying positive reviews. All you need to know about them: they are fake. Therefore, it is not worth trusting what is written there. Many illegal brokers can only advertise their illegal activities in such a dishonest way.
Ixxen rating
2 reviews about Ixxen
They very actively scam gullible people out of money. I almost fell for their trap myself; they tried to coax $5,000 out of me, but I realized something was off. They could not provide me with a license or insurance, so I refused.
And that saved me. As it turned out later, this is a scam broker. People, always check where you want to invest your money to avoid falling into a fraudulent trap.
At first, it seemed like a safe and legal firm, but then it became clear that Ixxen is a fraudulent organization with fake activities. So, do not even try to trade here and risk your money. What’s the point of cooperating with scammers? They will just steal your money.