20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Icon FX Review 2024
Minimum
deposit:
deposit:
Trading platform:
- MT4
Regulation:
- ASIC
Bonus for deposit:
- 0%
Minimum
deposit:
deposit:
Trading platform:
- MT4
Regulation:
- ASIC
Bonus for deposit:
- 0%
Note!
We’ve identified your country as US 
Traders Union experts have analyzed all companies providing trading services in your country legally and compiled a rating of the best companies that offer the best working conditions, have reliable reputation and the highest number of positive reviews among traders on our website.
We’ve selected the Top 5 Best Brokers in US for you:
4
5
Editorial Note: We are unable to verify the validity of reviews and publish all reviews, both positive and negative,
in accordance with the
Users Reviews Policy.
Summary of Icon FX Trading Company
Icon FX is a broker with higher-than-average risk and the TU Overall Score of 4.56 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 consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work. Icon FX ranks 160 among 413 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
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.
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.
| 💰 Account currency: | USD, EUR, GBP |
|---|---|
| 🚀 Minimum deposit: | No |
| ⚖️ Leverage: | Up to 1:500 |
| 💱 Spread: | Floating, from 0 pips |
| 🔧 Instruments: | CFD on currencies, cryptocurrencies, indices, commodities, and metals |
| 💹 Margin Call / Stop Out: | 80%/50% |
👍 Advantages of trading with Icon FX:
- 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.
👎 Disadvantages of Icon FX:
- 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.
Evaluation of the most influential parameters of Icon FX
Geographic Distribution of Icon FX Traders
Popularity in
52%
ZA
22.8%
GB
10.3%
IN
6.2%
ID
6.2%
PH
6.2%
TH
6.2%
IT
2.74%
MY
2.25%
HK
5.11%
Others
User Satisfaction i
11 comments
Total score:
Share your experience
- Best
- Last
- Oldest
Sugutmor
1 year ago
harrietof11
1 year ago
carlosfl1
1 year ago
lesliejz18
1 year ago
PetrOvef
1 year ago
timurmaq
1 year ago
Responses to a comment
fantovelbumb to
timurmaq
1 year ago
joywd60
1 year ago
Expert Review of Icon FX
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.
Dynamics of Icon FX’s popularity among
Traders Union’s traders, according to 2023 data
Investment Programs, Available Markets and Products of the Broker
Most traders come to brokerage companies for active earning opportunities. Therefore, they consider investment programs as a pleasant bonus rather than a primary tool. Nevertheless, MAM and PAMM accounts can be beneficial as they help traders generate additional income with reduced risk. The same applies to copy trading, as such services provide beginners with a unique experience in addition to financial gains. Finally, the third most popular alternative earning option is the referral program. However, such a program does not offer passive income since it requires significant online communication, preferably through a popular blog, which consumes considerable time and effort.
MAM and PAMM accounts
Icon FX offers a typical system of managed accounts. A trader can become a manager or an investor. In addition to its account, the manager partially controls investors' accounts, using its funds for trading to make larger positions. Investors can limit the amount of funds available to the manager. If a trade is successful, everyone earns profits based on the amount of their investments. Additionally, the manager charges a small commission from the investors. However, if a trade is unsuccessful, everyone, including the manager, loses money.
Copy trading
The copy trading service at Icon FX operates similarly to any other broker offering this feature. Traders register for the service and become either signals providers or investors. Signals providers transmit their trades to interested parties, while investors can connect to providers and replicate their trading decisions. Of course, investors can set limits on trade size and leverage. If a trade brings profits to the provider, each investor also receives money according to its trade. As with managed accounts, the provider charges a commission for its services. If a trade turns out to be unsuccessful, everyone loses their trade. An additional benefit of copy trading is that it allows a trader to observe the decisions of experienced colleagues (signals providers).
Important!
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Partnership
Icon FX offers long-term partnership opportunities to individuals and legal entities based on client referrals. There are several mechanisms for this, and they all revolve around the partner bringing new clients to the platform. The broker will provide bonuses to the partner for active traders referred. Depending on the partnership type, bonuses can be fixed payments or a percentage of the commissions generated by the invited traders. The greatest benefit from the partnership is those who have their own trading business or are just about to start one. However, it is not the most convenient earning option for regular traders.
Trading Conditions for Icon FX Users
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.
1:500
Leverage
24/5
Support
| 💻 Trading platform: | MT4 |
|---|---|
| 📊 Accounts: | Demo, Standard, Professional |
| 💰 Account currency: | USD, EUR, GBP |
| 💵 Replenishment / 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 |
| 💱 Spread: | Floating, from 0 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 |
| 📋 Orders 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 |
Comparison of Icon FX with other Brokers
| Icon FX | RoboForex | Eightcap | Exness | XM Group | Libertex | |
| Trading platform |
Icon Trader, MT4, WebTrader | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | MT4, MT5 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5, MobileTrading, XM App | Libertex, MT5, MT4 |
| Min deposit | No | $10 | $100 | $10 | $5 | 100 |
| Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:2000 |
From 1:30 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:30 |
From 1:1 to 1:30 for retail clients |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0 points | From 0 points | From 0 points | From 1 point | From 0.6 points | From 0.1 points |
| Level of margin call / stop out |
90% / 50% | 60% / 40% | 80% / 50% | No / 60% | 100% / 50% | 50% / 50% |
| Execution of orders | Instant Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | Yes | No |
Broker comparison table of trading instruments
| Icon FX | RoboForex | Eightcap | Exness | XM Group | Libertex | |
| Forex | Yes | Yes | Yes | Yes | Yes | Yes (as CFDs) |
| Metalls | Yes | Yes | Yes | Yes | Yes | Yes (as CFDs) |
| Crypto | Yes | No | Yes | Yes | Yes | Yes (as CFDs) |
| CFD | Yes | Yes | Yes | Yes | Yes | Yes |
| Indexes | Yes | Yes | Yes | Yes | Yes | Yes (as CFDs) |
| Stock | No | Yes | Yes | Yes | Yes | Yes (tradable CFDs or Stocks for investment) |
| ETF | No | Yes | No | No | No | Yes (as CFDs) |
| Options | No | No | No | No | No | Yes (as CFDs) |
Icon FX Commissions & Fees
Information
For traders, the main costs are spreads, trading commissions, and withdrawal fees. If these indicators are at or below the average market level, this broker's conditions are considered attractive. In the case of Icon FX, the spreads and commissions depend on the account type. On the Standard account, the spread is regular, starting from 0.9 pips, and no commissions are charged. On the Professional account, the spread is raw, starting from 0 pips, and there is a commission of $7 per lot. Thus, this broker's spreads are lower than those of many competitors, and the commission is approximately average in the market. Therefore, the platform offers acceptable conditions in terms of trading costs.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | From $9, floating, without commission | Yes |
| Professional | From $0, floating, and commission is $7 per lot | Yes |
The broker charges withdrawal fees, and the amount depends on the withdrawal channel. This information is not available on the website, but traders will find out the exact fee amount in advance during the withdrawal request process. According to user reviews, the conditions offered by Icon FX are in line with those of most of its competitors. The table below presents data from several platforms for comparison.
| Broker | Average commission | Level |
| Icon FX | $4.5 | Medium |
| RoboForex | $1 | Low |
| Pocket Option | $8.5 | High |
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:
-
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:
-
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.
-
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.
-
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:
1
A demo account is provided free of charge, and there is no specific deposit requirement to open a real account.
2
Real accounts differ only in terms of spreads and trading commissions, and traders can choose between regular or raw spreads.
3
There are no hidden charges or undisclosed fees.
4
The platform operates 100% transparently, and the costs for all transactions are known in advance.
5
The trade copying service is highly regarded by experts, and along with PAMM accounts, it allows traders to earn passive income.
6
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.
Guide on how traders can start earning profits
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.
Investment Education Online
Information
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.
Information contained on the Icon FX website
What is not on the Icon FX website
Basic FAQs on collaboration with the platform
There is no in-depth training available.
Instructions for working with the MT4 trading platform and this broker's application
Theory of Fundamental and Technical Analysis
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.
Security (Protection for Investors)
Information
If we're talking about a brokerage company, it needs to be officially registered. Without registration, it's not advisable to work with such a company as it may be a scam. However, registration alone is not enough, regulation is also necessary. Regulation means that the broker is voluntarily supervised by a competent authority. The regulation indicates transparency in operations and protects traders in situations where the platform fails to fulfill its obligations to them. Icon Tech Pty Ltd, the company that owns Icon FX broker, is registered in Australia and regulated by the Australian Securities and Investments Commission (ASIC).
👍 Where can you go for help?
- To the technical support of Icon Tech Pty Ltd
- To the ASIC regulator
- Contact Traders Union’s legal department for a free consultation and representation. It protects its members’ rights without charge.
👎 There is no point in contacting
- Financial regulatory bodies outside of Australia
- Regulators that do not monitor the activities of Icon FX broker.
Withdrawal Options and Fees
-
While a trader is trading on a demo account, they are not risking anything but also not earning real profits, so they cannot withdraw profits.
-
Once a broker's client starts trading on a real account and its trades are successful, they will start earning money.
-
The earned funds are stored in the account balance and can be withdrawn at any time through the corresponding option in the user account.
-
Current withdrawal methods include bank transfer, Visa and MasterCard, Skrill, Neteller, Mobile Money, and cryptocurrency wallets.
-
The withdrawal fee and transaction processing time depend on the chosen channel.
Customer Support Service
Information
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 |
Email:
SUPPORT@ICONFX.COM,
Phone: +442045710883 |
Review of the Personal Cabinet of Icon FX
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.
1
Go to the website iconfx.com. Click on the “Start Trading” button in the top right corner.
2
Provide your first and last names, email address, and phone number. Enter your registration address with its postal code. Click “Next”.
3
Choose the account type and account currency. Create a password and enter it twice. Click “Next”.
4
Answer a few questions. Accept the platform's terms and conditions by checking the box. Click “Submit”.
5
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.
Disclaimer:
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.
Articles that may help you
For Beginners
For Beginners
For Beginners
For Beginners
For Beginners
For Beginners
For Beginners
For Beginners
FAQs
Do reviews by traders influence the Icon FX rating?
Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about Icon FX you need to go to the broker's profile.
How to leave a review about Icon FX on the Traders Union website?
To leave a review about Icon FX, register on the Traders Union website or you can also leave a review through Facebook.
Is it possible to leave a comment about Icon FX on a non-Traders Union client?
Anyone can leave feedback about Icon FX on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.
Traders Union Recommends: Choose the Best!
Open an account
Your capital is at risk.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest.
Open an account
Your capital is at risk.