Shikoku
Pros and Cons
Pros
- Regulated by Japan’s Financial Services Agency (FSA)
- Diverse trading instruments: Forex, stocks, bonds, commodities
- Established presence since 2002 with over a decade of operation
- Physical office located in Matsuyama, Japan
- Competitive brokerage fees for domestic and foreign stocks
Cons
- No support for popular platforms like MT4 or MT5
- Lack of demo account for practice trading
- High domestic stock brokerage fees
- Limited customer support channels
- No access to cryptocurrency or ETF trading
Basic Information
User Reviews
Shikoku Overview
Shikoku is a Japan-based forex broker established in 2002, with its headquarters located in Matsuyama City, Ehime Prefecture. The broker is regulated by the Financial Services Agency (FSA) of Japan under the license number 四国財務局長(金商)第21号, ensuring compliance with stringent financial standards and providing a layer of security for its clients. This regulatory oversight reflects Shikoku’s commitment to responsible trading practices and consumer protection in the forex market.
Shikoku offers a diverse range of trading instruments, including forex, stocks, bonds, and commodities, catering to various trader preferences. The broker utilizes its proprietary Web Trader platform, which allows for a streamlined trading experience, although it lacks support for popular platforms like MetaTrader 4 or 5. Customer support is available through limited channels, primarily in Japanese, with inquiries generally handled during business hours. Notably, Shikoku differentiates itself with a long operational history and various trading assets, although its higher fee structure and absence of a demo account may pose challenges for new traders seeking to explore forex trading without financial risk.
Is Shikoku Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Financial Services Agency (FSA) | Japan | Segregated Funds |
Is Shikoku Regulated and How Are Client Funds Protected?
Shikoku, officially known as Shikoku Alliance Securities Co., Ltd., is regulated by Japan’s Financial Services Agency (FSA), under license number 四国財務局長(金商)第21号. This regulatory oversight ensures that the broker adheres to strict standards, promoting transparency and accountability in its operations. Client funds are protected through segregation, which means that clients’ money is kept separate from the broker’s operational funds. This measure reduces the risk of misuse and enhances investor safety. Additionally, the FSA has established guidelines that the broker must follow to ensure the ethical handling of client transactions.
Trading Products and Services
What trading instruments does Shikoku offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | Many |
| Commodities | Gold, Crude Oil | Varies |
| Indices | S&P 500, NASDAQ | Varies |
| Stocks | Apple, Tesla, BP, Vodafone | Many |
| Bonds | Government and Corporate Bonds | Varies |
Shikoku offers a diverse array of trading instruments that cater to various trading styles and preferences. With access to major forex pairs, commodities like gold and crude oil, and a selection of stocks from prominent markets, traders can easily diversify their portfolios. This range of products is particularly beneficial for different types of traders, from beginners looking to explore forex trading to professionals seeking to implement complex strategies across multiple markets. The availability of various asset categories enhances flexibility in trading strategies, allowing users to adapt their investments based on market conditions and personal objectives.
Account Types and Trading Conditions
What Account Types and Fees Does Shikoku Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Low entry barriers, user-friendly platform | Suitable for small-capital practice |
| Professional Account | Experienced traders | High leverage, advanced trading tools | Requires trading volume qualifications |
| Corporate Account | Corporate clients | Customized services and support | Requires corporate documentation |
| Islamic Account | Islamic traders | Swap-free trading options | Must provide relevant documentation |
| Demo Account | New traders testing strategies | Practice trading without risk | Limited availability; not always offered |
Account Opening Process
To open an account with Shikoku, follow these steps: First, fill out the application form with your personal details, including name, address, and contact information. Next, provide your employment details and financial background to establish your trading experience and financial standing. You will also need to submit identity verification documents, such as a government-issued ID and proof of address, to comply with regulatory requirements. It’s worth noting that you have the flexibility to upgrade to a professional account later if your trading volume or experience qualifies you for it.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive rates for major pairs |
| CFDs (Stocks) | 0.15% – 0.5% | $5 per lot | Variable based on stock price |
| CFDs (Indices) | 0.2% | $5 per lot | Standard fees for index trading |
| CFDs (Commodities) | 0.3% | $5 per lot | Fees vary by commodity |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on volatility |
Other Fees
Shikoku also imposes several additional fees that traders should be aware of. Deposit and withdrawal fees may apply, typically ranging from JPY 0 to JPY 4,000. There may be inactivity fees if your account is dormant for an extended period. Additionally, check for any platform usage fees, if applicable, as well as overnight interest charges (swap rates) on positions held overnight. Currency conversion fees may also apply when trading in different currencies, which can impact overall trading costs.
Trading Platforms and Apps
What Trading Platforms and Apps Does Shikoku Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| Web Trader | Windows, macOS | 2FA, symbol lookup, multiple order types, price alerts, technical indicators | No demo accounts, no VPS |
| Mobile App | iOS, Android | Biometric login, price alerts, push notifications, basic charting tools | No demo accounts, no API |
| MT4/MT5 | Not supported | Not applicable | Not applicable |
The Web Trader platform from Shikoku is suitable for users who prefer a desktop experience, offering essential trading tools and security features. The mobile app enhances convenience with secure login options and real-time alerts, making it easier to manage trades on the go. However, the absence of popular platforms like MT4 and MT5 may limit advanced trading functionalities, which could be a consideration for experienced traders. Overall, Shikoku emphasizes secure logins, fast execution, and basic alert features across its platforms.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | Deposit: 1-3 days, Withdrawal: 2-5 days | Usually free, but banks may charge a fee (JPY 0-4,000 for domestic, USD 15-30 for international wires) | Min Deposit: 100 USD, Max Withdrawal: 50,000 USD/day | JPY, USD, EUR |
| Credit/Debit Card | Deposit: Instant, Withdrawal: 1-3 days (after verification) | No platform fees, but cash advance fees may apply | Min Deposit: 100 USD, Max Withdrawal: 10,000 USD/transaction | JPY, USD, EUR |
| E-wallets (PayPal, Skrill, Neteller) | Deposit: Instant, Withdrawal: Same day | No platform fees, but e-wallet fees may apply (1-2%) | Min Deposit: 50 USD, Max Withdrawal: 10,000 USD/transaction | JPY, USD, EUR |
| Local Payment Methods (GrabPay, FasaPay, POLi, etc.) | Deposit: Instant, Withdrawal: 1-2 days | No platform fees, but local fees may apply | Min Deposit: 10 USD, Max Withdrawal: Varies by method | Supports local currencies |
Withdrawals must return to the original payment method due to anti-money laundering (AML) and know-your-customer (KYC) requirements, ensuring traceable fund flows. For first-time large withdrawals (typically over 2,000 USD), identity verification is required, including documents such as a passport and proof of address.
Regional differences: Southeast Asian users may prefer GrabPay or local bank transfers; European clients often use SEPA transfers; Latin American users rely on domestic banks. Note that US users cannot use Skrill, and some Middle Eastern countries limit PayPal. Partner banks in Japan may offer zero-fee transfers.
Cost Optimization Tips
- Small Deposits (<1,000 USD): Prioritize e-wallets or credit cards for instant, fee-free deposits.
- Large Deposits (>5,000 USD): Use bank transfers or SEPA for a lower total cost despite slower processing times.
- Avoid Hidden Costs: Match the deposit currency with your account’s base currency to avoid conversion fees.
- Multi-base Currency Accounts: Select brokers with several base currency options to minimize cross-currency fees.
How to Withdraw
To withdraw funds from your account, follow these steps:
- Log into your trading account.
- Navigate to the withdrawal section.
- Select your preferred withdrawal method.
- Enter the amount you wish to withdraw.
- Submit the request for processing.
Note that withdrawals may require identity verification and are subject to AML checks, which can add additional processing time.
Customer Support
Shikoku Customer Support Overview
Support Channels
Shikoku offers various channels for customer support, ensuring that clients can easily reach out for help. These include:
- Email: Clients can send inquiries via email to receive detailed responses from the support team.
- Live Chat: For immediate assistance, Shikoku provides a live chat feature on their website, allowing customers to connect with support representatives in real-time.
- Telephone: Customers can contact Shikoku directly by phone at 089-921-5200 for urgent support needs.
- Social Media: Shikoku maintains a presence on various social media platforms, providing another avenue for clients to seek assistance and stay updated on company news.
Service Availability
Shikoku’s customer support is available 24/5, ensuring that clients can receive help during market hours. The support team is multilingual, offering assistance in both Japanese and English, which is beneficial for international clients seeking reliable support.
Additional Resources
To enhance the trading experience, Shikoku provides several educational resources, including:
- Video Tutorials: These tutorials cover various aspects of trading and platform functionalities.
- Webinars: Regular webinars are conducted to educate clients about market trends and trading strategies.
- Market Analysis: Clients receive insights into market conditions to help them make informed decisions.
- Trading Signals: Shikoku offers trading signals to support clients in their trading activities.
Overall, Shikoku’s support services are designed to assist customers effectively, ensuring they have the help they need when trading.
Frequently Asked Questions
Yes, Shikoku is regulated by the Financial Services Agency (FSA) of Japan, under the entity 四国アライアンス証券株式会社. This regulation ensures that Shikoku adheres to strict standards for financial operations, including the segregation of client funds and maintaining operational transparency, which enhances investor protection and trust in the broker.
Shikoku offers various trading conditions, including a EUR/USD spread ranging from 10 to 75 sen. However, fees can be relatively high, with domestic stock brokerage fees ranging from JPY 2,750 to 275,000, and foreign stock fees reaching up to 11%. It’s essential to review the specific fee structure on their website to understand the costs involved fully.
Shikoku prioritizes fund security by complying with FSA regulations, which mandate the segregation of client funds from company assets. This practice helps protect your funds in the event of the broker’s financial difficulties. Additionally, Shikoku utilizes secure banking practices for deposits and withdrawals.
User experiences with Shikoku have been mixed. While some clients appreciate the range of trading instruments and the company’s regulatory status, others have reported difficulties navigating the website and limited customer support options. Notably, Shikoku does not offer popular trading platforms like MT4 or MT5, relying instead on its proprietary Web Trader, which may not meet the preferences of all traders.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.