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Contract reading

What IKON MENKUL legally published, but does not want you to read

Every clause below is published by IKON MENKUL itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: IKON Menkul Değerler A.Ş.

hidden feesole discretionno noticeclaims waiverdeemed acceptancewithdrawalsblank tariffdormancyinconsistent disclosuremargin

IKON Menkul Değerler A.Ş. is licensed in Turkey and publishes more real numbers than most brokers. The contract it asks you to sign is harsher. At 23:30 every trading day it tops your margin back to 100% of the opening requirement, without telling you. It can refuse an instruction without giving a reason, and clause 11 assigns your salary to it as security.

Back to IKON MENKUL

Contract risk

Money at risk
7.2/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
8
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
25
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
20
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
4

How the 25 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical8
Warning14
Notice3

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

3 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical100%Account limit. Jump to the clause this comes from.Margin reset to 100% at 23:30 every night without noticeCritical$200000Withdrawal limit. Jump to the clause this comes from.Any withdrawal instruction can be refused with no reason givenCritical30%In the contract. Jump to the clause this comes from.Three different margin levels decide when positions close$250Fee you were not shown. Jump to the clause this comes from.Getting your own share sale money early costs from 250 TL

What the documents say

25 clauses worth knowing about, worst first, each quoted from IKON MENKUL's own files

01

Every trading day at 23:30 IKON Menkul checks your margin. If it sits below 100% of the opening requirement, the firm trades your account back up to 100% on its own, with no message to you. The declaration you sign also lets it close positions without a margin call first.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

You can go to bed with open positions and wake up to find some of them closed at prices you never saw. No warning is owed to you, and the loss is yours.

Exhibit 1CriticalRarely seen100%

Müşteri her işlem gününün sonunda kalan teminatını %100 oranındaki "başlangıç" teminatına yükseltmekle yükümlüdür. Saat 23:30 itibariyle, teminat oranının %100'ün altında kalması halinde, Müşteri'ye herhangi bir bildirim yapılmaksızın iKON Menkul teminat oranını %100'e yükseltecek işlemleri otomatik olarak gerçekleştirir.
Clause Kaldıraçlı Alım Satım İşlemleri Müşteri Risk Bildirim Beyannamesi ve Sorumluluk Taahhütnamesi, m in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.38
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must tell a retail client when margin is running out and must give negative balance protection. This contract says IKON Menkul closes positions without a margin call and does not guarantee the level will hold.

IKON MENKUL is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 4The nightly reset runs to a 100% figure that no public page states, while the only stop out level the site does publish is a different number.
02

Clause 11 of the securities agreement has you assign to IKON Menkul your salary, bonus, dividends and severance pay, and every other claim your employer owes you. The same clause authorises the firm to demand and collect those sums from your employer, and to sell your holdings at current prices with no notice at all.

Why this matters

A debt on your trading account can reach your wages. You sign that over at account opening, before you have placed a single trade.

Exhibit 2CriticalRarely seen

işvereninden doğmuş ve doğacak olan maaş, ikramiye, temettü, kıdem tazminatı ile her ne nam altında olursa olsun tarafına ödenmesi gereken hak ve alacaklarının tamamını Aracı Kurum'a temlik ettiğini, temlik ettiği alacakları işvereninden talep, tahsil ve ahzu kabza Aracı Kurum'un yetkili olduğunu kayıtsız şartsız kabul ve beyan eder.
Clause Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Madde 11 in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.12
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 10The pledge secures a debt that the same contract grows daily at a punitive rate with no default notice.
03

IKON Menkul reserves the right to refuse an instruction you send over the internet, and a separate form reserves the same right for instructions sent by fax. Both say it may decide at its own discretion without putting forward any reason. Forex payouts above 200,000 TL cannot be done online at all, so a signed fax is the only route.

Why this matters

Every channel you can use to ask for your money carries the same get-out. A large payout has to travel by the one route the firm can turn down without explaining itself.

Exhibit 3CriticalHarder than usual$200000

Ancak, ARACI KURUM MÜŞTERİ'ye derhal bildirimde bulunmak kaydıyla, herhangi bir neden ileri sürmeksizin kendi takdirine göre İnternet ile iletilen talimatı yerine getirmeyi reddetme hakkını saklı tutar.
Clause İnternet İşlemleri Sözleşmesi, 9 in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.25
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must handle a retail withdrawal request promptly and must give reasons when they decline. These clauses reserve the opposite: a refusal with no reason stated.

IKON MENKUL is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Limited by Exhibit 22Clause 32 still fixes an outer limit of 2 business days to pay a leveraged account balance in full and in cash.
04

The page IKON Menkul titles Stop Out offers a 10% rate as a privilege for certain account groups, and never says what applies to everybody else. The general risk notice in the signing pack puts that level at 30%. The leveraged trading agreement sets maintenance margin at 10% of the opening margin, and the signed declaration demands 100% by 23:30.

Why this matters

The one number that decides when your trades are closed appears four times in IKON Menkul's own papers and reads differently each time. You cannot work out from them when your positions are at risk.

Exhibit 4CriticalHarder than usual30%

Belirli hesap gruplarımıza özel %10 Stop Out (Otomatik Pozisyon Kapama) oranı ile çalışma imkanı IKON Menkul ayrıcalığı ile sizlerle.
Quoted in Stop Out
Read from the broker's site on Open the reference
  • Same clause as Exhibit 1The nightly 100% top-up and the stop out level are the same mechanism described with two different thresholds.
05

The fee annex IKON Menkul asks you to sign lists CFDs, CFD overnight financing, foreign futures and foreign exchange options, and leaves the rate for each of them empty. The agreement then says you owe whatever spread, fee and commission is published on the website and the trading platform. We found no published commission table for those products.

Why this matters

You sign up to pay a price that is not written down anywhere you can point to. The contract also makes checking the website your duty, and says IKON Menkul is not liable if you miss a change.

Exhibit 5CriticalHarder than usual

Fark kontratlarında gecelik finansman maliyeti
Clause Komisyon ve Masraf Tarifesi in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.46
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client the costs and charges of a product before they trade it. This annex leaves the commission lines for CFDs and foreign futures blank.

IKON MENKUL is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 15The same annex leaves the annual account fee as an amount to be announced, and the only published figure sits on a stock trading page.
  • Worse together with Exhibit 14Where the website is the stated source of a price, the overnight cost table it publishes is months old and expressly not binding.
06

A share sale pays out two business days later. If you want that cash on the day of the sale or the day after, IKON Menkul charges between 250 TL and 500 TL on a sale of 10,000 TL to 100,000 TL, rising to 12,000 TL on the largest band. The page you are sent to for withdrawals does not mention this charge at all.

Why this matters

On a small sale the fee eats a large slice of what you sold. You only find it on the stock trading conditions page, not on the deposit and withdrawal page.

Exhibit 6WarningHarder than usual$250

Hisse (Pay) Satışından Gelecek Nakdin T veya T+1 Gününde Talep Edilmesi
Quoted in BIST | İşlem Koşulları ve Komisyon, İşlem Ücretleri ve Komisyonlar
Read from the broker's site on Open the reference
Our own capture of ikonmenkul.com.tr, taken on Oct 9, 2026Getting your own share sale money early costs from 250 TLVisit this page on the broker's siteDownload the full size image file

At 23:30 the broker trades your account back to full margin

At 23:30 every trading day IKON Menkul restores your margin to 100% of the opening requirement, with no notification to you. Clause 25 lets it rewrite any term, with 7 days of silence counting as agreement and an objection ending the contract. Clause 21 caps leverage at 10:1 and then deems it 100:1 unless you say otherwise.

Nightly intervention3 clauses flagged

IKON Menkul can change any term of the agreement whenever it likes, and the change applies from the date it sends the notice. You have 7 days from that date to object in writing, and silence counts as agreement. Clause 25 then says an objection terminates the contract seven days later.

Why this matters

Your only alternative to accepting a worse term is losing the account. The clock also runs from the day IKON Menkul posted or sent the notice, not from the day you read it.

Exhibit 7CriticalHarder than usual7 days

Müşteri, bildirimin postaya veya faksa verildiği veya elektronik ortamda gönderildiği tarihi izleyen 7 (yedi) gün içinde bu değişikliklere herhangi bir itirazı bulunmadığı taktirde değişiklikleri kabul etmiş sayılacaktır. İtiraz halinde ise Sözleşme, itirazı izleyen 7 (yedi) günün sonunda feshedilmiş sayılacaktır.
Clause Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Madde 25 in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.16
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client reasonable advance notice of a term change that works against them. Here the change takes effect on the notice date and the only way to refuse it is to close the relationship.

IKON MENKUL is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Clause 21 opens by saying the highest leverage that can be applied may not exceed 10:1, as Turkish rules require. Two lines later the same clause says that unless you state otherwise, your leverage is taken to be 100:1. The firm also reserves the right to change the ratio.

Why this matters

You sign a clause that sets your default exposure at ten times the maximum printed just above it. Nothing in the pack tells you which number your account actually runs on.

Exhibit 16WarningRarely seen100

MÜŞTERİ tarafından aksi belirtilmedikçe kaldıraç oranı 100:1 olarak kabul edilir.
Clause KAS 21.b in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.31
Downloaded from the broker's site on Open the reference

Clause 8 gives IKON Menkul the right to refuse your orders in part or in full without having to show any reason. Clause 53 of the leveraged trading agreement adds that you need not sign every page, and that the terms hold even where earlier pages are unsigned. Clause 50 lets you leave only once the firm has collected everything it says you owe.

Why this matters

The pack asks for 34 signatures and then tells you the pages you did not initial still bind you. Getting out depends on IKON Menkul being paid first.

Exhibit 24WarningHarder than usual

Aracı Kurum hiçbir gerekçe göstermek zorunda olmaksızın Müşteri emirlerini kısmen veya tamamen kabul etmeme hakkına sahiptir.
Clause Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Madde 8 in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.12
Downloaded from the broker's site on Open the reference

The broker supplies the evidence and starts from a presumption of care

Clause 23 makes IKON Menkul's own books, receipts and recordings conclusive evidence in every dispute. The password form in the signing pack waives your right to claim and to sue over a line drop or a platform failure, and the foreign derivatives agreement presumes the firm showed all due care. You have 60 days to reach the industry panel, counted from the date of IKON Menkul's reply, and only for business done away from the exchange.

Evidence and access2 clauses flagged

Clause 23 makes IKON Menkul's own books, receipts and audio and video recordings conclusive evidence in every dispute. The password form in the signing pack has you waive your right to claim and to sue over a line drop, a service break or a platform failure. The foreign derivatives agreement presumes that the firm and its staff showed all due care.

Why this matters

If you dispute a trade, the firm supplies the evidence and starts from a presumption that it did nothing wrong. If it sues you, clause 28 makes you pay its lawyer at the maximum tariff plus anything more it chose to pay.

Exhibit 9CriticalRarely seen

Taraflar arasında tüm uyuşmazlıklarda ve uygulamalarda Müşteri mutabakatını içeren, Aracı Kurum'un defter kayıtları, dekont ve belgeleri, ile ses ve/veya görüntü kayıtları, kesin delil oluşturacaktır.
Clause Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Madde 23 in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.16
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC cannot contract out of a retail client's right to complain and to go to an independent scheme. These clauses collect an advance waiver of the right to sue and make the firm's own records conclusive.

IKON MENKUL is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

To take a dispute to the industry arbitration panel you must first complain to IKON Menkul and get a written reply. You then have 60 days from the date of that reply. IKON Menkul's own description limits the route to capital market activity other than exchange transactions.

Why this matters

The clock starts on the day IKON Menkul answers, not the day you receive the answer. If your dispute concerns a share or a futures trade on the exchange, this route does not cover it.

Exhibit 19WarningHarder than usual60 days

TSPB tarafından başvurunuzun değerlendirilebilmesi için, başvurunuzun Kurumumuzun cevap tarihini izleyen altmış gün içerisinde yapılması gereklidir.
Quoted in Yasal Uyarılar, TSPB Müşteri Uyuşmazlıkları Hakem Heyeti
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must point a retail client to an independent scheme that covers the whole of their business, and the client normally has six months. Here the window is 60 days and the panel is described as covering off-exchange activity only.

IKON MENKUL is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

IKON Menkul is the counterparty, and you waive your claim in the same sentence

Clause 9 of the IKON Menkul leveraged trading agreement states that the firm acts as market maker, which means it is the party on the other side of your trade. The same sentence has you promise in advance not to claim compensation from it for losses on those trades. Its published permissions list leveraged trading under principal dealing only.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Both sides of the trade1 clause flagged

Clause 9 of the leveraged trading agreement says IKON Menkul acts as market maker, which means it is the party on the other side of your trade. In the same sentence you promise in advance not to ask it for any compensation for losses on those trades. Its published permissions list leveraged trading under principal dealing only.

Why this matters

The firm quoting your price profits when you lose, and you have already signed away your claim against it. None of the forex marketing pages mentions this.

Exhibit 8CriticalHarder than usual

MÜŞTERİ, iKON Menkul Değerler A.Ş. Piyasa Yapıcısı olarak faaliyet gösterdiğinden, müşteri bu işlemlerden doğacak zararlardan dolayı iKON Menkul'den herhangi bir tazmin talebinde bulunmayacağını, peşinen kabul ve taahhüt eder.
Clause KAS 9 in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.28
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must disclose that they are the counterparty and must manage that conflict in the client's interest. This clause discloses it and then collects a waiver of compensation claims in the same sentence.

IKON MENKUL is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 11The counterparty to your trade is also the party that decides whether a trade was bad faith scalping and may cancel it.

The fee table you sign for CFDs has no numbers in it

Every commission line for CFDs, CFD overnight financing, foreign futures and foreign options is blank in the IKON Menkul fee annex. The annual account charge appears as an amount to be announced, and the published figure, up to $50 a year, sits on a share trading page. That page also shows the firm keeping between 5% and 20% of the return on your idle cash, and charging from 250 TL to release your own share sale money early.

Cost disclosure5 clauses flagged

If you owe IKON Menkul anything, the contract adds 20 percentage points to the Takasbank money market daily average rate and then multiplies the total by three. That rate is charged every day the money is unpaid and debited to your account. The leveraged trading agreement applies it without any default notice.

Why this matters

A small shortfall grows fast, and nobody has to warn you first. The published stock tariff goes further: margin credit at up to five times the highest reference rate, and default interest at up to twice that.

Exhibit 10WarningHarder than usual20%

Takasbank Para Piyasası'nda oluşan günlük ağırlıklı ortalama faiz oranına 20 puan ilavesiyle bulunan rakamın 3 katı oranında günlük olarak temerrüt faizi uygulanır ve BSMV ile birlikte Müşteri'nin Yatırım Hesabına borç kaydedilir.
Clause Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Madde 10 in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.12
Downloaded from the broker's site on Open the reference

Your uninvested cash is placed overnight at the end of each day unless you instruct otherwise. The published tariff lets IKON Menkul keep between 5% and 20% of the return that cash earns. If the bank or counterparty holding it fails, clause 15 says you have no claim against IKON Menkul.

Why this matters

The money sitting in your account is lent out, you carry the risk that it does not come back, and up to a fifth of the return goes to the firm. The agreement sets the floor for this at 1,000 TL while the published tariff sets it at 10,000 TL.

Exhibit 13WarningHarder than usual20%

Getiri tutarının %5-%20 arasında komisyon tahsil edilir.
Quoted in BIST | İşlem Koşulları ve Komisyon, Repo/T-Repo Nema Komisyonu
Read from the broker's site on Open the reference
Our own capture of ikonmenkul.com.tr, taken on Oct 9, 2026The claim, on Published trading conditions and commission tariff for BIST accountsVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must keep retail client money segregated and must not pass the credit risk of a placement to the client. Clause 15 removes the client's claim where the receiving bank or counterparty fails.

IKON MENKUL is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Same clause as Exhibit 5The percentage is blank in the fee annex you sign and only appears on the published stock tariff.

Overnight carrying cost, which the contract calls swap, is charged to your account at 23:59 each day. Clause 35 says you can follow those rates on the website at the start of each week. The table on the site carries a timestamp of 5 August 2026 and says in its own words that the rates are not a commitment of IKON Menkul.

Why this matters

A cost taken from your balance every night has no current published figure you can rely on. The one table you are pointed to is months old and disclaims itself.

Exhibit 14WarningHarder than usual

Hesaba yansıtılacak gecelik taşıma maliyeti (swap) oranları her hafta başı İnternet sitemizden takip edilebileceği gibi anlık olarak platform üzerindeki parite özellikleri bölümünden de kontrol edilebilir.
Clause KAS 35 in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.33
Downloaded from the broker's site on Open the reference

The fee annex you sign gives the yearly account operating charge as an amount to be announced by the firm, with no figure at all. The published stock tariff caps it at the Turkish lira value of $50 a year. That figure sits on a share trading page, not in the contract and not on the deposit and withdrawal page.

Why this matters

The paper you sign does not tell you what holding the account costs. You have to find the number on a different page of the site to know.

Exhibit 15WarningHarder than usual$50

Yıllık Hesap İşletim Masrafı Kurum tarafından ilan edilecek tutar
Clause Ek:6 Komisyon ve Masraf Tarifesi in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.18
Downloaded from the broker's site on Open the reference

All balances on a leveraged account are calculated and reported in US dollars. If you want to be paid in anything other than Turkish lira, clause 32 converts the amount at the counter rates of the bank where IKON Menkul holds its accounts. The same clause has you accept in advance that you will raise no objection to the rate used.

Why this matters

A counter rate is wider than the market rate, so the gap is a cost taken out of your payout. You have already given up the right to question it.

Exhibit 23WarningHarder than usual

MÜŞTERİ'nin ödemenin TL (türk lirası) dışında farklı bir para birimi cinsinden yapılmasını talep ettiği hallerde ödenecek tutar iKON Menkul'ün hesaplarının bulunduğu bankanın gişe kurları üzerinden ilgili para birimine çevrilecektir.
Clause KAS 32 in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.32
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must show a retail client the conversion charge or the markup they apply. This clause names no rate and no margin, and removes the right to object.

IKON MENKUL is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The contract reaches past your account and into your wages

Clause 11 of the IKON Menkul securities agreement assigns your salary, bonus, dividends and severance pay to the broker, and names it as the party entitled to collect them from your employer. Clause 9 lets it book to itself any profit from closing out trades you did not pay for. The leveraged trading agreement lets it cancel trades it calls bad faith scalping, and reserves its rights over your completed order when its own hedge is undone.

Security and set-off2 clauses flagged

IKON Menkul reserves the right to cancel the trades of clients it says used scalping methods in bad faith, and it defines scalping as exploiting quotes over very short intervals. Where its own hedge with another institution is cancelled or repriced, clause 19 reserves its rights over your completed order. Where quotes diverge it may cancel pending orders, change their prices, or close your account to trading.

Why this matters

A profitable short-term trade is only final while IKON Menkul's own hedge holds. The bad faith test is not defined anywhere in the contract, and IKON Menkul applies it.

Exhibit 11WarningHarder than usual

iKON Menkul, scalping metotlarını kötü niyetli kullanan müşterilerin işlemlerini iptal etme hakkını saklı tutar.
Clause KAS 19 in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.30
Downloaded from the broker's site on Open the reference
  • Only applies after Exhibit 8The power to undo a trade matters more because the firm undoing it is the counterparty that lost on it.

If you do not pay for securities by settlement date, IKON Menkul can sell them or buy in without any notice to you. Clause 9 then says it may either pay you what is left after its costs, interest and commission, or book that profit directly to itself.

Why this matters

A close-out that ends in your favour does not have to reach you. The same clause has you promise in advance not to object and to cover any loss.

Exhibit 12WarningHarder than usual

Aracı Kurum, bunun sonucunda ortaya çıkabilecek karları, masraf, faiz ve komisyonlarını düştükten sonra Müşteri'ye ödeyebileceği gibi doğrudan kendine de kar yazabilir.
Clause Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Madde 9 in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.12
Downloaded from the broker's site on Open the reference

Foreign trades go to a London firm you agree is unrelated

IKON Menkul routes foreign derivatives orders through iKON Finance Limited in London, and the agreement has you confirm the two firms are unrelated and waive every objection to the contrary. Disputes over those trades fall under the law of the country of the exchange concerned. The same form states plainly that no international compensation fund covers them.

Offshore routing1 clause flagged

Foreign derivatives orders go to a London intermediary that the contract names as iKON Finance Limited. The agreement then has you confirm there is no shareholding or similar relationship between the two firms, and waive every objection to the contrary. Disputes over those trades fall under the law of the country of the exchange where the trade happened.

Why this matters

You accept in writing that a firm carrying the same brand is unconnected, before you have any way of checking. If something goes wrong there, you are arguing it under another country's law.

Exhibit 20WarningRarely seen

Yurtdışı Aracısı ile organik, ortaklık veya benzeri bir ilişki içerisinde olmadığını bildiğini ve dolayısıyla bu hususlara aykırı olarak ileri sürebileceği tüm def'i, çekince ve itirazlardan feragat ettiğini,
Clause Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi, Madde 5 in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.40
Downloaded from the broker's site on Open the reference

The pack comes with your refusal to give financial details already written

IKON Menkul's signing pack contains a printed declaration that you do not wish to give information about your finances or your risk and return preferences, and that the responsibility is therefore yours. Clause 2 then lets the firm act on whatever the customer form says. Keeping that form current is your job, in writing.

Suitability1 clause flagged

The signing pack contains a pre-printed declaration that you do not wish to give information about your financial situation or your risk and return preferences, and that all responsibility is therefore yours. Clause 2 then lets IKON Menkul act on whatever the customer form says, and makes updating it your job, in writing.

Why this matters

The check meant to decide whether leveraged trading suits you is set up to be waived by signature. If your circumstances change and you do not write in, IKON Menkul keeps relying on the old form.

Exhibit 21WarningHarder than usual

Müşteri, bilgi vermekten kaçınması halinde sorumluluğun kendisine ait olduğunu kabul eder. Müşteri bilgi vermeyi istememesi durumunda bilgi vermek istemediğine ilişkin yazılı bir beyan vermek zorundadır.
Clause Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Madde 2 in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.10
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must assess whether a leveraged product is appropriate for a retail client and must warn them where it is not. This pack carries the refusal as a printed declaration to sign.

IKON MENKUL is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

A quiet account can be locked, and after ten years it leaves

IKON Menkul can close your account to order entry and block your password after what the contract calls a long time without trading, with no number of days stated anywhere. The same clause applies if it cannot reach you, and the leveraged agreement puts a 24 hour contact duty on you. Ten years after your last request or instruction, anything left passes to the Investor Compensation Centre.

In plain words

Dormancy means an account left unused.

Dormancy2 clauses flagged

IKON Menkul can close your account to order entry and block your password if you have not traded for what the contract calls a long time, or if it cannot reach you at your registered contact details. The clause says it may do this even while your trades are still open. No number of days appears anywhere in it.

Why this matters

You could be locked out of open positions you cannot then close. The leveraged trading agreement puts the duty of being reachable 24 hours a day on you.

Exhibit 17WarningHarder than usual

ARACI KURUM, MÜŞTERİ'ye ait hesapta uzun süre işlem yapmaması, MÜŞTERİ'nin bu sözleşme ve diğer çerçeve sözleşmelerdeki taahhütlerine aykırı davranması, uzaktan erişim kanallarından ilettiği emirlerde mevzuat hükümlerini ihlal edecek şekilde hareket etmesi, MÜŞTERİ'ye kayıtlı irtibat bilgilerinden ulaşılamaması durumlarında işlemler devam ederken dahi MÜŞTERİ'nin hesabını emir iletimine kapatma ve şifresini bloke etme hakkına sahiptir.
Clause İnternet İşlemleri Sözleşmesi, 13 in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.25
Downloaded from the broker's site on Open the reference

Turkish law hands any balance or asset you leave with IKON Menkul to the Investor Compensation Centre ten years after your last request, trade or written instruction. IKON Menkul publishes the list of affected account holders on its site before each deadline, with names and last transaction dates, and says you must come in with valid identity documents.

Why this matters

An account you forget about does not stay yours forever. Checking the published list each year is the only way to see whether you are on it.

Exhibit 18NoticeStandard wording

Listede yer alan hesap sahiplerinin belirtilen zaman aşımı süresi dolmadan önce geçerli kimlik belgeleri ile Kurumumuza başvurmamaları halinde, on yıllık zaman aşımı süresi dolan emanet ve alacakları zaman aşımına uğrayacak ve Yatırımcı Tazmin Merkezine devredilecektir.
Quoted in Zaman Aşımına Uğrayacak Hesaplar Hakkında Duyuru (01.01.2026 - 31.12.2026), p.1
Downloaded from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Son talep, işlem veya yazılı talimatThe ten year clock starts on the date of your last request, transaction or written instruction.
Süre dolmadan önceIKON Menkul publishes your name on its website and you can claim with valid identity documents.
On yılın sonundaThe balance is transferred to the Investor Compensation Centre.

Every route to your money can be refused without a reason

IKON Menkul reserves the right to refuse an instruction sent over the internet or by fax at its own discretion, without putting forward any reason. Forex payouts above 200,000 TL cannot be made online at all, so a signed fax is the only route and that is the route the fax form covers. Clause 32 still fixes an outer limit of 2 business days to pay you in full and in cash.

Exit conditions1 clause flagged

The frequently asked questions say money you withdraw leaves your account at once and is sent to your bank. The deposit and withdrawal page says requests after 15:30 happen the next day, and that no money goes out on public holidays. Clause 32 gives IKON Menkul up to 2 business days to pay a leveraged account balance in full.

Why this matters

Plan for two business days, not for the same minute. Over a long public holiday the wait is longer again.

Exhibit 22NoticeStandard wording2 working days

MÜŞTERİ alacaklarının, MÜŞTERİ'nin talebi üzerine, iKON Menkul tarafından en geç 2 iş günü içinde tam ve nakden ödenmesi zorunludur.
Clause KAS 32 in IKON Menkul Değerler A.Ş. Sözleşme Seti (Sermaye Piyasası İşlemleri Genel Çerçeve Sözleşmesi, Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Kaldıraçlı Alım ve Satım İşlemlerine Aracılık Çerçeve Sözleşmesi, Yurtdışı Türev Araçların Alım Satımına Aracılık Çerçeve Sözleşmesi ve ekleri), p.32
Downloaded from the broker's site on Open the reference

The page called Contracts holds a summary, not the contract

You contract with IKON Menkul Değerler A.Ş., on the Istanbul trade register under number 359360 and licensed by Turkey's Capital Markets Board. The page the site titles Sözleşmeler carries a single two page pre-contract information form. The 50 page pack holding all four framework agreements is published under forex account opening instead.

Where the terms live1 clause flagged

IKON Menkul Değerler A.Ş. holds a Capital Markets Board licence and is on the Istanbul trade register under number 359360. The page it titles Sözleşmeler carries one pre-contract information form and nothing else. The 50 page pack that contains the four framework agreements sits on a forex account opening page instead.

Why this matters

If you look for the terms where the site says terms are, you find a two page summary. The agreement with the clauses in this report is three clicks away under account opening.

Exhibit 25NoticeStandard wording

Bireysel Müşteri Sözleşmesi (internet sitemizden indirebilir ya da müşteri temsilcilerimizden ücretsiz kargo ile talep edebilirsiniz.)
Quoted in Hesap Açılış İşlemleri
Read from the broker's site on Open the reference

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The legal warnings page promises a margin call before positions are touched; the declaration you sign says IKON Menkul closes them without one.

Said in public, in Turkish

Yatırımcının hesabında bulunan teminat tutarı, kaldıraçlı alım satım işleminin gerektirdiği teminat tutarının altına düştüğü takdirde müşteriye işlem platformu üzerinden ve/veya herhangi bir iletişim aracı ile marj tamamlama uyarısı yapılır.

Word for word in English: If the collateral amount in the investor's account falls below the collateral amount required by the leveraged transaction, a margin completion warning is given to the client over the trading platform and/or by any means of communication.

Legal warnings page, section on transactions and notifications in the electronic environment

In the contract · clause Kaldıraçlı Alım Satım İşlemleri Müşteri Risk Bildirim Beyannamesi ve Sorumluluk Taahhütnamesi, l

iKON Menkul, teminatınız yetersiz kaldığında, teminat tamamlama çağrısı yapmadan, dilediği üründeki pozisyonunuzu, dilediği zaman, sizin onayınızı almadan, size bilgi vermeden, otomatik olarak ters işlemle kapatır.

02

The page titled Stop Out advertises 10% for some account groups and never states the level the risk notice in the signing pack puts at 30%.

Said in public, in Turkish

Belirli hesap gruplarımıza özel %10 Stop Out (Otomatik Pozisyon Kapama) oranı ile çalışma imkanı IKON Menkul ayrıcalığı ile sizlerle.

Word for word in English: The opportunity to work with a 10% Stop Out (Automatic Position Closing) rate, exclusive to certain of our account groups, is with you as an IKON Menkul privilege.

Stop Out page under Forex, account operations

In the contract · clause Yatırım Hizmet ve Faaliyetleri Genel Risk Bildirim Formu, 5

Müşteri, teminatının "çerçeve sözleşme" de belirtilen seviyenin (%30) altına inmesi durumunda pozisyonlarının tamamen veya bir kısmının kapatılabileceğini bilmelidir.

03

The questions page calls a withdrawal immediate while the contract allows two business days, and the withdrawal page pushes anything after 15:30 to the next day.

Said in public, in Turkish

IKON Menkul yatırım hesabınızdan çektiğiniz para hesabınızdan hemen çekilip hesap numaranıza yönlendirilir.

Word for word in English: Money you withdraw from your IKON Menkul investment account is taken from your account immediately and directed to your account number.

Frequently asked questions, withdrawal timing

In the contract · clause KAS 32

MÜŞTERİ alacaklarının, MÜŞTERİ'nin talebi üzerine, iKON Menkul tarafından en geç 2 iş günü içinde tam ve nakden ödenmesi zorunludur.

04

The signed agreement puts the floor for earning a return on idle cash at 1,000 TL; the published tariff sets it ten times higher.

Said in public, in Turkish

Geçici Nakit Değerlendirme Alt Limiti 10.000 TL

Word for word in English: Lower limit for temporary cash placement: 10,000 TL

Published trading conditions and commission tariff for BIST accounts

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of ikonmenkul.com.tr

In the contract · clause Menkul Kıymet Alım Satıma Aracılık Çerçeve Sözleşmesi, Madde 15.b

1.000-TL altındaki Müşteri bakiyeleri nemalandırılmaz.

The documents this reading is based on

20 files, all published by IKON MENKUL. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording IKON MENKUL publishes.

How this reading was done

Every clause above was read out of a document IKON MENKUL publishes itself

This reading was published on .

Documents
11 of 20downloaded from the broker's site, and 11 read in full
Pages opened
22pages walked to find those documents, footer links included
Marketing pages
1public pages set against what the contract says

Who the contract is with

IKON Menkul Değerler A.Ş.

You contract with IKON Menkul Değerler A.Ş., at Esentepe Mah. Harman Sok. No:5, Levent, Istanbul, on the Istanbul trade register under number 359360. Turkey's Capital Markets Board licenses it as a broadly authorised brokerage. Its own permissions table lists leveraged trading under principal dealing only, and clause 9 of the leveraged trading agreement says the firm acts as market maker. Foreign derivatives orders go through iKON Finance Limited in London, which the contract requires you to accept as unrelated to IKON Menkul.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

IKON Menkul publishes its quarterly client results: 28.36% of accounts in profit and 71.64% in loss in the third quarter of 2026. It names every price provider, its country, and whether it has any shareholding link to the firm. It also publishes the share of orders it rejected. Withdrawals carry no charge from IKON itself and there is no minimum. Clause 32 gives the firm 2 business days at most to pay you in full and in cash. It runs no deposit bonus, so nothing locks your money to a turnover target. Spreads, swap rates and the BIST commission tariff are all public, and financial statements go back to 2013.

We read the 50 page signing pack end to end. We never opened the personal data processing notice, the stand-alone leveraged trading risk form, or the maintenance margin change form. We read only part of the privacy and cookie policy, the frequently asked questions, and the 24 page risk disclosure collection. We read the first page of the dormancy notice, which carries the substance; the rest is a list of names. The pre-contract information form does not come out of its file as readable text. We rebuilt it to read it, and we quote nothing from it. No earlier version of any of these documents is available, so this is a first reading with nothing to compare against. The commission amounts left blank in the CFD fee table are not published anywhere we found on IKON Menkul's site.

How to check any of this yourself

Every quote above links to the IKON MENKUL file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document IKON MENKUL publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge IKON MENKUL on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 9, 2026.

If you represent IKON MENKUL and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on IKON MENKUL. Whether its licence is real and current is a separate check on the broker profile.

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