Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
Icon FX Pros & Cons
- 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.
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.
TU Expert Verdict
Icon FX demonstrates moderate stability and can suit certain traders. Its conditions are acceptable, and feedback is mixed but reasonable. In my own tests, it performed adequately, though it lacks the consistency of higher-rated companies.
Top-5 Brokers Traders Prefer
Icon FX User Reviews
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5-star
29%
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4-star
7%
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3-star
43%
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2-star
7%
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1-star
14%
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Commissions and Fees
Score:We evaluate brokers' fees and spreads by assessing the costs associated with Standard and ECN/Raw spread accounts, including commissions and spreads. Additionally, our evaluation considers extra fees such as deposit/withdrawal charges and inactivity fees. Learn the assessment criteria10 /10The trading and non-trading commissions of Icon FX have been analyzed and rated as having Low fees, with a fees score of 10/10. Additionally, these commissions were compared with those of the top two competitors, OANDA and FOREX.com, 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 OANDA FOREX.com EUR/USD min, pips 0.3 0.1 0.7 EUR/USD max, pips 0.5 0.5 1.2 GPB/USD min, pips 0.3 0.1 0.9 GPB/USD max, pips 0.8 0.5 1.4 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 OANDA FOREX.com Commission ($ per lot) The commission is the fee charged by the broker for trading one standard forex lot (100,000 units of the base currency). 3.5 5 EUR/USD avg spread 0.15 0.2 GBP/USD avg spread 0.2 0.4 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 OANDA FOREX.com Deposit fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, USD The indicated amount does not include possible fees from payment systems and banks. 0 0-15 0 Inactivity fee ($, per month) 0 0 15 -
Is Icon FX Safe?
Score:We evaluate brokers' safety based on several key criteria. The highest value is placed on regulation, especially Tier 1 regulation, which ensures adherence to stringent standards set by top financial authorities like the FCA in the UK, CFTC in the US, CySEc and BaFin (EU) or ASIC (Australia). High scores are also given for participation in investor protection funds, which safeguard clients' funds in case of broker insolvency. Learn the assessment criteria8.5 /10Icon 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 9 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
Full Name Australian Securities and Investments Commission Country of regulation Australia Investor Protection Fund No specific fund but has stringent consumer protection Regulation Level Tier-1 Icon FX Security Factors Foundation date 2017 Negative balance protection YesVerification (KYC) Yes -
Account Types
Score:We evaluate a broker’s account offering by analyzing the range and suitability of available account types and how effectively they cater to different trader profiles and strategies. Our assessment covers the diversity of account options — including Standard, ECN/Raw, Cent, Swap-Free (Islamic), and VIP accounts — as well as the flexibility of trading conditions provided. Learn the assessment criteria.6 /10Icon FX offers the following account options: Demo, Standard, ECN/Raw spread, Managed.
However, it does not provide a Cent account, which can be a disadvantage for beginners looking to practice with minimal risk.
- Standard account with balanced trading conditions
- Low minimum deposit
- Demo account
- No Cent account
- No Swap Free account
Icon FX account types vs top competitors Icon FX Trading.com Plus500 Standard YesYesYesECN/Raw spread YesNoNoDemo YesYesYesCent NoNoNoMicro NoNoNoSwap Free NoNoNoVIP NoNoNoManaged YesNoNoIcon FX accounts trading conditions
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:
Account Type Description Demo Traders trade with virtual currency, so they incur no risk but also don't receive real profits. Standard Spreads start from 0.9 pips, are floating, and have no commission. All assets from this broker's pool and leverage up to 1:500 are available. The minimum trade size is 0.01 lots. Professional Spreads start from 0 pips, are raw, and the commission is $7 per lot. Traders can choose the account currency and leverage, with no trading restrictions. 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.
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Deposit and Withdrawal
Score:This section assesses the efficiency, speed, and affordability of brokers’ transaction processes, focusing on available methods, currencies, and fees. For further details, please refer to our data-focused methodology7 /10Icon 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 card deposits and withdrawals
- Bank wire transfers available
- USDT (Tether) supported
- Bitcoin (BTC) accepted
- Limited deposit and withdrawal flexibility, leading to higher costs
- Wise not supported
- Only major base currencies available
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 Trading.com Plus500 Bank Wire YesYesYesBank card YesYesYesPayPal NoNoYesWise NoNoNoBTC YesNoNoWhat are Icon FX base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs. Icon FX supports the following base account currencies: USD, EUR, GBP.
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.
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Markets and Tradable Assets
Score:The evaluation in this section is based on the TU methodology and reflects the total number and variety of tradable assets offered by the broker, including Forex currency pairs. It also considers the availability of passive income tools such as PAMM accounts, copy trading, and similar services. All information is obtained from publicly available sources and may change. Learn the assessment criteria3.8 /10Icon FX offers a limited selection of trading assets compared to the market average. The platform supports 70 assets in total, including 50 Forex pairs.
- Crypto trading
- 50 supported currency pairs
- Indices trading
- Bonds not available
- Limited asset selection
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 Trading.com Plus500 Currency pairs 50 69 60 Total tradable assets The total tradable assets listed include all available instruments, including CFDs. Due to regional restrictions, certain CFDs may not be offered in some countries. For example, cryptocurrency CFDs are banned in the UK, and the U.S. has restrictions on CFDs. 70 69 2800 Stocks NoNoYesCommodity futures YesNoYesCrypto Cryptocurrency CFDs are restricted or prohibited in certain regions due to regulatory limitations. These include the United Kingdom, China, Egypt, the United States and Canada. YesNoYesStock indices YesNoYesOptions NoNoYesInvestment 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 Trading.com Plus500 Bonds NoNoNoETFs NoNoYesCopy trading NoNoNoPAMM investing YesNoNoManaged accounts YesNoNo -
Trading Account Opening
Score:We evaluated Trading Account Opening at Icon FX by testing the registration process under real conditions, including opening an account and funding it with the minimum required deposit (but no less than $100). Our assessment considered whether onboarding was fully online, the average registration time, the speed of KYC verification, and how quickly traders could activate their accounts. Learn the assessment criteria.8 /10We successfully registered an account with Icon FX in 20 minutes. The KYC verification was completed within 2 business days. The minimum deposit amount at Icon FX is $10. This is one of the most accessible and hassle-free onboarding procedures on the market.
- Fully online account opening process
- Low minimum deposit requirement
- Account approval may require extra time depending on the documentation.
- Registration process may take longer than expected
Icon FX account opening Icon FX Trading.com Plus500 Online Registration YesYesYesMinimum deposit $10 $50 $100 Mandatory KYC YesYesYesRegistration time (min) 20 20 KYC time (days) 2 2 3 Is Icon FX available in my country?
If you are a citizen of United States, the broker accepts clients from your country.
Please note that availability may vary due to regulatory requirements, so we recommend confirming directly with the broker for the most accurate and up-to-date information.
Account opening details
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.
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Customer Support
Score:We evaluated Customer Support at Icon FX by opening a real account funded with the minimum required deposit (no less than $100) and contacting support to measure response time under real conditions. Our assessment considered contact channels, response speed, multilingual support, and availability hours. Learn the assessment criteria2.3 /10Icon FX demonstrates a low level of customer support reliability. Contacting support can be difficult, and responses may be significantly delayed or incomplete.
During testing, managers were slow to respond or failed to provide sufficient assistance. Such a support level may create risks for traders who require timely issue resolution.
InformationTechnical 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.
- The technical support is highly qualified
- 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 528Official site iconfx.com Contacts SUPPORT@ICONFX.COM +442045710883
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FAQs
How safe is trading with Icon FX in terms of regulation and client protection?
Icon FX has a safety score of 8.5/10, which corresponds to a high security level in this review. It is regulated by the Australian Securities and Investments Commission (ASIC), a Tier-1 regulator, and offers negative balance protection and KYC verification, although participation in a specific investor compensation fund is not mentioned in the section.
What account types are available at Icon FX and what key features do they offer?
Icon FX provides Demo, Standard, Professional (ECN/Raw spread), and Managed accounts, but does not offer Cent, Micro, Swap Free, or VIP accounts. The Standard account has floating spreads from 0.9 pips with no commission, while the Professional account offers raw spreads from 0 pips with a $7 per lot commission, and both allow leverage up to 1:500 according to the section.
What do user reviews and feedback indicate about Icon FX overall?
Icon FX has a user satisfaction score of 6.6/10 based on 14 reviews, with a rating distribution that includes 29% 5-star, 7% 4-star, 43% 3-star, 7% 2-star, and 14% 1-star evaluations. According to user reviews, the overall impression is mixed rather than clearly positive or negative.
Which markets and tradable assets does Icon FX provide access to?
Icon FX offers 70 tradable assets in total, including 50 currency pairs, as well as crypto, stock indices, and commodity futures, but no stocks or options. The section also notes that ETFs and copy trading are not available, while PAMM investing and managed accounts are offered as investment options.
What feedback does the review give about Icon FX customer support and response times?
The review describes Icon FX’s customer support reliability as low, with a safety score of 2.3/10, noting that contacting support can be difficult and responses may be delayed or incomplete. Support is provided mainly via email and social media, with no call center or LiveChat and no weekend coverage, although the competence of the support staff is described positively in the section.
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