Icon FX Trading Signals - TU Expert review
Trading signals are one of the best trading options for beginners and for earning passive income. Novice traders can use such signals and earn a profit, while still learning. Brokers can offer various ways of receiving signals. Traders Union analysts have prepared a detailed analysis of Icon FX trading signals. You will learn what kinds of trading signals Icon FX offers and what the conditions for using them are.
Short introduction of 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.
| 💰 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% |
Icon FX Pros and Cons
👍 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.
What are trading signals?
Trading signals are signals to enter a trade, which the broker provides to traders. They can be based both on fundamental and technical analysis.
A broker can provide signals in several ways:
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Copy trading.
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Email alerts.
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Signals through a blog on the website.
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Recommendations of a personal manager, etc.
When choosing signals, it is important to take into consideration their profitability, the list of trading instruments, the conditions of their provision – fees, markup, etc.
Icon FX Trading Signals
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 |
Conclusion
Based on the results of the analysis, Traders Union analysts have concluded that Icon FX does not have the best conditions for trading signals. The broker offers a limited choice of instruments, for which signals are provided, high fees and there are questions about signal profitability. Therefore, if you are planning to trade signals, it would be a good idea to consider another option.
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FAQs
Can trading signals depend on the account type?
Yes. As a rule, they are provided for certain account types, but may also be available for the standard account.
Can I subscribe to several signal providers?
As a rule, brokers allow traders to do that. It is important to subscribe to several providers or newsletters, as it helps diversify the risks.
Do I need to test trading signals before subscribing to them?
Most definitely yes. Make sure that the signals do work and are effective.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.