According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- MT4
- ASIC
- 2017
Our Evaluation of Icon FX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Icon FX is a moderate-risk broker with the TU Overall Score of 5.71 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Icon FX clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
Icon FX broker's trading conditions appear attractive, with a wide range of assets, high leverage, and most importantly, a low entry barrier. There is a demo account available with no minimum deposit requirement, and the commission policy is 100% transparent. Moreover, the spreads and trading fees are lower than the market average. Copy trading and PAMM significantly expand a trader's profit potential. However, the platform lacks a typical referral program and only offers professional partnership options. There are some concerns regarding technical support. Nevertheless, considering the overall factors, this broker can be recommended for exploration.
Brief Look at Icon FX
The Icon FX broker offers CFDs on currency pairs, cryptocurrencies, indices, commodities, and metals. Traders operate through the MT4 trading platform without any limitations, so scalping, hedging, and the use of advisors are allowed. The maximum leverage is 1:500. Besides the demo account, there are two real accounts with no minimum deposit requirement. The accounts differ in terms of spreads and trading commissions: the Standard account has a regular spread starting from 0.9 pips with no commission, while the Professional account offers raw spreads starting from 0 pips with a $7 commission per lot. The margin call and stop-out levels are set at 80% and 50%, respectively. There are several partnership options available for individuals and legal entities, but there is no referral program. The company does not provide bonuses to new clients. Passive income options include MAM and PAMM accounts and copy trading, with the latter being most convenient through this broker's application. Technical support is available 24/5, but there is no call center or LiveChat, only email support.
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- New clients can open a demo account to explore the platform and refine its strategies without risking financial losses.
- Regardless of the account type, there is no defined minimum deposit, allowing traders to deposit the amount they deem necessary.
- Spreads and trading commissions at Icon FX are lower than the market average, significantly reducing users' main costs.
- MT4 is a versatile trading platform that can be easily customized, and this broker's application is user-friendly and functional.
- Five asset groups combined with high leverage expand traders' possibilities and increase profit potential.
- Deposits and withdrawals can be made through various methods, including bank transfers, Visa/MC cards, Skrill, Neteller, and more.
- Several passive income options allow beginners to earn profits while learning from experienced traders.
- Despite this broker's claims of quality technical support operating 24/5, email responses are not sufficiently prompt.
- The platform offers an extensive pool of assets, but traders must understand that all trading instruments are contracts for difference.
- Residents of Iran, Iraq, Syria, North Korea, and several other countries cannot collaborate with this broker.
TU Expert Advice
Financial expert and analyst at Traders Union
Icon FX is a trading brand of Icon Tech Pty Ltd, a company officially registered in Australia and regulated by the Australian Securities and Investments Commission (ASIC, ACN:062 319 528). Negative comments can be found online where doubts are expressed about the transparency and legality of this broker's operations. However, retrospective analysis has not revealed legally confirmed instances of the company failing to fulfill its obligations to clients. The platform is not perfect but operates within the framework of Australian and international laws.
In terms of trading conditions, Icon FX offers its clients a standard proposition. There is a free demo account and two real accounts with different spreads and commissions. The noteworthy aspect is the absence of a minimum deposit, which is particularly advantageous for novice traders who do not have significant capital and want to try their hand at trading without the risk of substantial financial losses.
Deposits and withdrawals are processed through the most popular channels, including the use of cryptocurrency wallets. The accounts support the most common currencies such as USD, EUR, and GBP. Deposits are free, and withdrawal fees are at market levels. Considering that the trading fees are relatively low (regardless of the account type), the trader's costs are minimal. Moreover, this broker does not impose trading restrictions, which allows clients to use many styles, methods, and strategies.
The broker offers MAM and PAMM-managed accounts and copy trading as passive income opportunities, all of which are proprietary solutions. Additionally, this broker has a mobile application, which allows users to manage joint accounts and copy trades. Technical specialists have not identified any significant flaws in the application. It's worth noting that since trading is conducted through the highly customizable MetaTrader 4 trading platform, traders can create the most comfortable conditions for themselves.
Among the negative aspects, the support conditions should be highlighted. The support team does not operate on weekends, and there is no call center or LiveChat available. Only email support is provided, and the responses are relatively slow, although they are competent and helpful. This broker does not have a standard referral program, only professional partnership options. Traders planning to register with Icon FX should also be aware that this is a CFD broker, meaning they will be trading CFDS on currency pairs, cryptocurrencies, indices, commodities, and metals, rather than the assets themselves.
Icon FX Trading Conditions
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| 💻 Trading platform: | MT4 |
|---|---|
| 📊 Accounts: | Demo, Standard, Professional |
| 💰 Account currency: | USD, EUR, GBP |
| 💵 Deposit / Withdrawal: | Bank transfer, Visa, MasterCard, Skrill, Neteller, Mobile Money, and Cryptos |
| 🚀 Minimum deposit: | No |
| ⚖️ Leverage: | Up to 1:500 |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.01 |
| 💱 EUR/USD spread: | pips |
| 🔧 Instruments: | CFD on currencies, cryptocurrencies, indices, commodities, and metals |
| 💹 Margin Call / Stop Out: | 80%/50% |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | No |
| ⭐ Trading features: | Free demo, two real accounts with regular or raw spread, no minimum deposit, average and below-average commissions, copy trading service and joint accounts, trading through MT4 trading platform, and proprietary mobile app for copy trading |
| 🎁 Contests and bonuses: | Yes, includes rebates from Traders Union |
Usually, if a broker offers multiple real accounts, the minimum deposit is determined by the account type chosen by the trader. Icon FX operates under different conditions. This broker offers two account types, Standard and Professional, and neither has requirements for a minimum deposit. The trader can deposit any amount they consider sufficient to start active trading. As for trading leverage, it is selected during registration and can range from 1:1 (which means no leverage at all) to 1:500. Client support is one of the few weak points of this broker. It operates 24/5 and is only available through email. This is an inconvenient and non-responsive method of communication.
Icon FX Key Parameters Evaluation
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Trading Account Opening
To start collaborating with this broker, it is necessary to register on its website, verify your information, and open an account. Then, download the trading platform and mobile application. Traders Union experts have prepared a step-by-step guide on registration and the features of the Icon FX user account.
Go to the website iconfx.com. Click on the “Start Trading” button in the top right corner.
Provide your first and last names, email address, and phone number. Enter your registration address with its postal code. Click “Next”.
Choose the account type and account currency. Create a password and enter it twice. Click “Next”.
Answer a few questions. Accept the platform's terms and conditions by checking the box. Click “Submit”.
You will receive an email with instructions for verification. Follow the provided link and follow the instructions on the screen. You will need to provide photos/scans of documents verifying your identity. Once they are verified, you will gain full access to your user account. Make a deposit, download the trading platform, and start trading.
Your Icon FX user account also provides the following access:
Through the user account, traders can manage its accounts and obtain transaction details.
Functions for depositing and withdrawing funds are available, as well as an archive of all transactions.
The broker's client can access educational materials and analytical tools through this account.
The download of the MT4 trading platform is available, and a link to this broker's mobile application is provided.
Traders can update their personal information and security settings and contact technical support.
Regulation and safety
Icon FX has a safety score of 8.5/10, which corresponds to a High security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Tier-1 regulated
- Negative balance protection
- Track record over 8 years
- Strict requirements and extensive documentation to open an account
Icon FX Regulators and Investor Protection
| Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
|---|---|---|---|---|
 ASIC |
Australian Securities and Investments Commission | Australia | No specific fund but has stringent consumer protection | Tier-1 |
Icon FX Security Factors
| Foundation date | 2017 |
| Negative balance protection | Yes |
| Verification (KYC) | Yes |
Commissions and fees
The trading and non-trading commissions of broker Icon FX have been analyzed and rated as Low with a fees score of 10/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.
- Low Forex trading fees
- Tight EUR/USD market spread
- No inactivity fee
- No deposit fee
- No withdrawal fee
- Complex fee structure
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of Icon FX with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, Icon FX’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
Icon FX Standard spreads
| Icon FX | Pepperstone | OANDA | |
| EUR/USD min, pips | 0,3 | 0,5 | 0,1 |
| EUR/USD max, pips | 0,5 | 1,5 | 0,5 |
| GPB/USD min, pips | 0,3 | 0,4 | 0,1 |
| GPB/USD max, pips | 0,8 | 1,4 | 0,5 |
RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
Icon FX RAW/ECN spreads
| Icon FX | Pepperstone | OANDA | |
| Commission ($ per lot) | 3 | 3,5 | |
| EUR/USD avg spread | 0,1 | 0,15 | |
| GBP/USD avg spread | 0,15 | 0,2 |
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with Icon FX. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
Icon FX Non-Trading Fees
| Icon FX | Pepperstone | OANDA | |
| Deposit fee, % | 0 | 0 | 0 |
| Withdrawal fee, % | 0 | 0 | 0 |
| Withdrawal fee, USD | 0 | 0 | 0-15 |
| Inactivity fee ($, per month) | 0 | 0 | 0 |
Account types
First and foremost, decide on the account type that best suits you. On the Standard account, you get regular spreads without commissions, while on the Professional account, you get raw spreads with a commission. The commission is at the market average, and the spreads are narrow. It is also worth exploring additional earning opportunities. If you have never encountered PAMM or copy trading, try both services. Nothing prevents you from investing in managed accounts while simultaneously copying the trades of professionals. In addition to MT4, it is recommended to use this broker's mobile application, which provides convenient monitoring of active accounts and services. Lastly, it makes sense to take advantage of rebates from Traders Union to make your trading more profitable, as this broker itself does not conduct any promotions for new clients.
Account types:
It is advisable to start by opening a demo account, which helps familiarize you with the platform and lets you experiment with strategies. After that, choose between the Standard or Professional account based on your trading preferences.
Deposit and withdrawal
Icon FX received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
Icon FX provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.
- Bank wire transfers available
- Low minimum withdrawal requirement
- BTC available as a base account currency
- USDT (Tether) supported
- PayPal not supported
- Limited deposit and withdrawal flexibility, leading to higher costs
- Wise not supported
What are Icon FX deposit and withdrawal options?
Icon FX provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Card, Bank Wire, Skrill, Neteller, BTC, USDT, Ethereum.
Icon FX Deposit and Withdrawal Methods vs Competitors
| Icon FX | Plus500 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | Yes | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | Yes | No | No |
What are Icon FX base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. Icon FX supports the following base account currencies:
What are Icon FX's minimum deposit and withdrawal amounts?
The minimum deposit on Icon FX is $10, while the minimum withdrawal amount is $0. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact Icon FX’s support team.
Markets and tradable assets
Icon FX offers a limited selection of trading assets compared to the market average. The platform supports 70 assets in total, including 50 Forex pairs.
- Indices trading
- Crypto trading
- 50 supported currency pairs
- Limited asset selection
- Copy trading not available
Supported markets vs top competitors
We have compared the range of assets and markets supported by Icon FX with its competitors, making it easier for you to find the perfect fit.
| Icon FX | Plus500 | Pepperstone | |
| Currency pairs | 50 | 60 | 90 |
| Total tradable assets | 70 | 2800 | 1200 |
| Stocks | No | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes |
| Stock indices | Yes | Yes | Yes |
| Options | No | Yes | No |
Investment options
We also explored the trading assets and products Icon FX offers for beginner traders and investors who prefer not to engage in active trading.
| Icon FX | Plus500 | Pepperstone | |
| Bonds | No | No | No |
| ETFs | No | Yes | Yes |
| Copy trading | No | No | Yes |
| PAMM investing | Yes | No | Yes |
| Managed accounts | Yes | No | No |
Customer support
Technical support is essential for any company, especially for brokers. This is because any trader, regardless of his experience, will inevitably encounter a disputed moment or a real problem while trading. In such situations, there are two possible outcomes. If the user receives timely and competent assistance, they maintain a positive impression of the platform and continue to collaborate with it. However, if the support is not responsive or of poor quality, there is a high likelihood that a broker's client will become disappointed and switch to a competitor. In this regard, it is not entirely clear why Icon FX pays so little attention to the issue of technical support. This company only offers email support and lacks a call center and LiveChat. As a result, the response to inquiries cannot be considered prompt. However, clients have no complaints about the competence of the support staff.
Advantages
- The technical support is highly qualified
Disadvantages
- There is no call center or LiveChat
- Specialists do not work on weekends
- Even on business days, the response speed leaves much to be desired
If you are already working with Icon FX or are planning to become its client, do not hesitate to contact technical support regarding trade-related questions. To do so, you can contact CRM Saphyte.
The broker has accounts on the following social platforms: LinkedIn, Facebook, Instagram, and Twitter. You can reach out to the managers there. It is also recommended to subscribe to at least one of these profiles to stay updated on the latest company news.
Contacts
| Foundation date | 2017 |
|---|---|
| Regulation |
ASIC
Licence number: ACN:062 319 528 |
| Official site | iconfx.com |
| Contacts |
+442045710883
|
Education
Traders are successful only if they constantly improve themselves. Practice alone is not enough. It is necessary to communicate with colleagues, read specialized literature, study analytical reports, and ideally attend relevant webinars. That's why some brokers offer educational programs to their clients. These programs can range from simple FAQs and trader's glossaries to comprehensive training courses, sometimes conducted in the company's offices. Icon FX has chosen the following approach, it does not provide online education, but registered users have access to an extensive collection of structured materials, including video guides.
Like with other brokers, Icon FX's educational materials are primarily aimed at beginners and traders with intermediate experience. Professional players are unlikely to find much useful information in them. However, overall, the education provided is of good quality.
Comparison of Icon FX with other Brokers
| Icon FX | Eightcap | XM Group | RoboForex | Exness | NPBFX | |
| Trading platform |
Icon Trader, MT4, WebTrader | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4 |
| Min deposit | No | $100 | $5 | $10 | $10 | $10 |
| Leverage |
From 1:1 to 1:500 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:200 to 1:1000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | 10.00% | No | No |
| Spread | From 0 points | From 0 points | From 0.8 points | From 0 points | From 0 points | From 0.4 points |
| Level of margin call / stop out |
90% / 50% | 80% / 50% | 100% / 50% | 60% / 40% | 60% / No | No / 30% |
| Order Execution | Instant Execution | Market Execution | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Instant Execution, Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | Yes | Yes | No |
Detailed review of Icon FX
The company uses an advanced technological stack and provides clients with a free virtual server. It implements modern security such as SSL protocols, and throughout its existence, the platform has never been hacked. With its official regulation, traders can have peace of mind regarding the protection of their funds and data. Icon FX has developed its trade copying service rather than using a ready-made solution (such as Zulu), as many competitors do. Considering the stable performance of the service, we can conclude that the company has a skilled team of professionals. Unfortunately, its weak point is technical support, which can only be accessed through email.
Icon FX by the numbers:
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The minimum deposit is $0.
-
The minimum spread is 0 pips.
-
Leverage is up to 1:500.
-
There are 5 trading instrument groups available.
There are 50+ CFDs on currency pairs.
Icon FX is a versatile broker for different trading formats
In terms of active earnings, the platform offers everything necessary: a wide range of contracts for difference (CFDs), high leverage, and no restrictions on trading styles and strategies. The pool of financial instruments is of great significance because the broader it is, the more opportunities this broker's clients have. Additionally, this allows traders to easily diversify risks by having a diversified portfolio, where a negative trend in one instrument is compensated by stable and progressing positions in others. If a client wants to earn passively, they have the option to connect as an investor to managed accounts or use the trade copying service. Copy trading is easy to grasp, transparent, and fast.
Icon FX’s analytical services:
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Copy trading. This service is integrated into the trading platform, and traders can interact with it through this broker's mobile application. Traders can register as signals providers or investors. The former earns additional profits through commissions, while the latter can earn with reduced risk.
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MAM and PAMM accounts. In addition to the main account, a trader can open a sub-account and entrust it to an experienced colleague to earn with his assistance. The manager places trades using its funds and the funds of its investors, charging a small commission for his services.
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Trading instruments. Upon request, each trader can receive a virtual server for uninterrupted automated trading. The corresponding section of the website also provides various calculators that automate basic calculations, making life easier for this broker's clients.
Advantages:
A demo account is provided free of charge, and there is no specific deposit requirement to open a real account.
Real accounts differ only in terms of spreads and trading commissions, and traders can choose between regular or raw spreads.
There are no hidden charges or undisclosed fees.
The platform operates 100% transparently, and the costs for all transactions are known in advance.
The trade copying service is highly regarded by experts, and along with PAMM accounts, it allows traders to earn passive income.
The broker's proprietary mobile application complements the capabilities of the MT4 trading platform, enabling users to monitor their accounts and work with services effectively.
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