Icon FX Review 2024


2 / 5
Icon FX is #107 in our CFD broker rankings.

Icon FX offers leveraged CFDs with low spreads and a social trading app.

$0
MT4, TradingView
CFDs, Forex, Commodities, Indices, Cryptos
-
USD, EUR, GBP, CAD, AUD, JPY, CHF
Skrill, Neteller, Bitcoin Payments, Wire Transfer, Visa, Mastercard, Debit Card, Credit Card
Forex Trading

Icon FX offers currency trading with a choice of pricing models.

CFD Trading

Trade derivatives on global markets with competitive spreads and low to zero commissions.

Crypto Trading

Take positions on popular cryptos using fiat-cross pairs.

Copy Trading

Icon FX offers a copy trading app that connects new traders with established investors.

✓ Pros

  • Copy trading
  • Demo account
  • MT4 integration
  • Regulatory oversight
  • Low minimum deposit

✗ Cons

  • Weak customer support

Icon FX is a straight-through processing (STP) online broker. The firm offers CFD trading across five asset classes; forex, indices, commodities, precious metals, and cryptocurrencies. Day traders can invest on the MetaTrader 4 platform, plus the brand’s proprietary mobile app. This Icon FX review will cover how to download and use the trading app, account functions, trading fees, login security, and customer care options.

Key Takeaways

Company History & Overview

Icon FX is a broker-dealer that aims to give its clients ‘the best trading conditions and experience possible through the use of innovative platforms, tools, and service’.

The brokerage is authorized and regulated by the Australian Securities and Investments Commission (ASIC) and the Saint Vincent & The Grenadines Financial Services Authority (SVGFSA).

The company uses reputable liquidity providers, including HSBC, Credit Suisse, and J.P Morgan. Additionally, the brand is committed to philanthropy and supports global projects by donating a portion of revenue to charities such as the Ocean-Bound Plastic Clean-up and Mangrove Tree Planting.

Trading Platform

The broker offers MetaTrader 4. MT4 is one of the most popular trading platforms, offered by hundreds of brokers worldwide. The software is free to download to desktop devices. Alternatively, it is available as a web terminal and mobile app.

The platform provides a flexible and customizable interface. Charts and graphs can be amended and there are various analytical objects, including shapes and callouts. Traders also benefit from 9 timeframes, 3 chart types, 2 market orders, 4 pending orders, one-click trading, and support for automated trading.

Importantly, MetaTrader 4 is intuitive enough for beginners while still offering sophisticated analysis tools and trade functions for experienced traders.

Icon FX MT4 review
MetaTrader 4

How To Place A Trade

Open MT4 and click on the ‘New Order’ icon in the top toolbar. Alternatively, right-click on an instrument in the ‘Market Watch’ list and then select ‘New Order’. A new order screen will open in a fresh window.

Next, enter the details of the position. This includes completing the ‘Volume’ section to choose the size of the trade (in lots). Risk management functions can also be used, with automatic trigger pricing for trade closure.

Once you have reviewed the order, click either ‘Buy’ to open a long position at the current ask price or ‘Sell’ to open a short position at the current bid price.

Orders are executed with no dealing desk intervention and zero requotes.

Markets & Instruments

The list of assets available at Icon FX is fairly short vs alternatives with no stocks. With that said, leveraged CFDs are available on most popular global markets:

IconFX permits all strategies except arbitrage trading.

Fees

Icon FX aggregates its pricing from multiple tier-one banks and liquidity providers. Typical spreads start from 0.9 pips on the Standard account and 0 pips on the Professional account. The average spread on the EUR/USD currency pair, for example, is 0.2 pips which is competitive.

Account holders will not incur any additional costs, however, Professional traders will be liable for a $7 commission per round lot turn. Swap fees also apply for positions held overnight.

Icon FX does not charge inactivity fees for dormant accounts.

Leverage

Icon FX offers high leverage up to 1:500. This means day traders can borrow up to $500 for every $1 invested. But while substantial leverage can be appealing, especially to those with limited capital, margin trading can significantly increase losses so an effective risk management strategy is required.

Note, clients trading under the ASIC entity can access leverage up to 1:30 in line with regulatory requirements.

Both accounts have an 80% margin call and a 50% stop-out level.

Icon FX App

Icon FX offers a proprietary investment app designed for traders to copy, learn and earn within one platform. The application is available for free download to iOS, Android, and Windows devices – simply search for ‘Icon FX’ in the relevant app store.

The application offers live price streams and access to the latest market news as well as an integrated copy trading solution. Clients can also set up price notifications to track particular assets or to be alerted when a master trader executes a position.

Additionally, MetaTrader 4 (MT4) has mobile app compatibility. The app provides all the functionality available on the desktop software, including a full set of order types and one-click trading. The portable MT4 app makes it convenient to trade 24/5, no matter your location. All you need is a stable internet connection.

Payment Methods

Deposits

Icon FX accepts deposits from a good range of traditional and emerging payment methods:

Deposits made via credit/debit cards are typically processed instantly. Funds sent via crypto are usually available within four hours and bank wire transfers within 24 hours. Internal account transfers are also allowed.

The broker does not charge any fees to deposit to a live trading account. There are also no minimum deposit requirements, which makes Icon FX a good option for beginners.

Withdrawals

Withdrawal times from an IconFX account will vary between payment methods, though credit/debit cards and e-wallets often support instant money transactions.

Importantly, withdrawals must be made back to the original payment method.

How To Make A Withdrawal

  1. Log in to the Icon FX dashboard by clicking on ‘Client Portal’ in the top left of the broker’s website
  2. Select ‘Withdrawal’ from the menu on the left
  3. Enter the amount you wish to withdraw
  4. Select the payment method from the list of icons
  5. Click ‘Submit’

Demo Account

Icon FX offers a free demo account on the MetaTrader 4 platform. New users can practice trading with live price quotes, spreads, and instant executions.

Investors can load the practice profile with up to $100,000 in virtual funds and trade risk-free. There are also no time restraints on the demo account.

How To Register

  1. Select ‘Trade With Us’ from the top menu and then ‘Demo Accounts’
  2. Click ‘Create Free Demo’
  3. Enter your personal details and click ‘Next’
  4. Select the profile type and account denomination
  5. Create a password and click ‘Next’
  6. Fill in the compliance questionnaire
  7. Agree to the terms and conditions and click ‘Submit’

This provides access to the client dashboard. Once you have logged in to the client portal, you will need to register for a practice profile by selecting the red ‘Open Demo Account’ icon available in the top right of the dashboard.

How to sign up for Icon FX demo account

Bonuses & Promotions

When we used Icon FX, we were not offered any welcome bonuses. There are also no promotions for existing customers on the iconfx.com website or within the client portal.

Whilst this is pretty common among brokers regulated by the ASIC, offshore entities often run promotions, such as deposit bonuses and trading competitions.

Icon FX Regulation

Icon FX operates through two entities:

Our experts found that IconFX uses segregated accounts, meaning client money is not commingled with company capital. Negative balance protection is also provided, meaning traders cannot lose more than their account balance. These are both reassuring safety measures.

Account Types

Investors can choose between two accounts; Standard or Professional.

Both accounts are available in seven base currencies; AUD, CAD, CHF, EUR, GBP, JPY, and USD. Both profiles also have no minimum deposit requirement, a 0.01 lot minimum trade size, and instant execution.

The registration process is the same for live and demo profiles (see instructions in the ‘Demo Account’ section above). Our traders received account confirmation via email. A client portal link was also provided here. Users can then register for a live account by selecting the icon in the top right of the dashboard.

Additional Features

Icon FX offers some useful trading tools and training materials:

Education

A subscription to the services provided by Icon FX can be requested by emailing the customer service team. Traders can unlock video content, investing tips and tricks, plus guides for complete beginners and experienced investors.

Icon FX blogs

Copy Trading

The Icon FX social trading app allows clients to copy, trade, and connect with a community of retail investors. It is a good option for beginners or those with time constraints.

Users can review verified traders from a leaderboard and automate trades at the click of a button. The platform also provides real-time notifications and investment alerts.

Tools

Icon FX offers a three-month subscription to TradingView, though an undisclosed minimum deposit is required. The charting package provides a catalog of sleek graphs and access to a social networking platform with like-minded traders.

Our traders were also pleased to see a VPS tool available, though again, an undisclosed minimum deposit is required. Expert Advisors can work 24/7 on a dedicated server with no interruptions and low latency and slippage.

Finally, IconFX offers some basic risk and profit calculators to support trade decisions.

Customer Support

While using Icon FX, we were unimpressed with customer service. Our traders reached out to the support team with several questions but did not hear back from a seemingly unresponsive email address. There is also no live chat or telephone number despite claims from the brokerage that they run a 24/5 support service.

This is a major drawback and may deter beginners who often need support getting started.

Opening Hours

Icon FX’s trading hours are Sunday 10 PM to Friday 10 PM (GMT). Between these opening hours, there are separate market trading sessions. For example, the US trading session is 1 PM to 10 PM (GMT). The European session is between 7 AM and 5 PM (GMT).

Security & Safety

Icon FX adheres to KYC and AML guidelines. Additionally, the broker complies with data privacy rules. The MetaTrader platform also operates with top-tier security, including fully encrypted transmissions and RSA digital signatures.

However, the limited publicly available information about the broker and the lack of contact methods are causes for concerns. Oversight from the SVGFSA also raises credibility questions.

Icon FX Verdict

Icon FX is a mixed bag. Positives include authorization from the ASIC, no minimum deposit, MT4 access, plus a copy trading app. However, the unresponsive customer support team and limited information on eligibility for TradingView and the VPS are concerns. The global entity, registered with the SVGFSA, also offers limited protection to clients.

FAQs

Is Icon FX Legit Or A Scam?

Icon FX is a legitimate CFD broker. Although limited company information is available, the brokerage is regulated by the Australian Securities and Investment Commission (ASIC). The global entity is also registered with the Saint Vincent & The Grenadines Financial Services Authority (SVGFSA), though this is less trustworthy.

Does Icon FX Offer Competitive Trading Fees?

Icon FX offers two pricing models, which vary by account type. The Standard account offers commission-free trading with spreads from 0.9 pips. The Professional account provides raw spreads from 0 pips with a $7 commission per lot. These aren’t the cheapest trading fees around, but they are in line with the majority of online brokers.

Is Icon FX Safe?

Icon FX is a relatively secure broker which uses segregated accounts and offers negative balance protection. The company is also licensed with the ASIC. However, there have been mixed trader reviews and the unresponsive support team does raise credibility concerns.

Does Icon FX Offer A Good Range Of Trading Instruments?

Icon FX offers a fairly limited list of trading instruments vs competitors. The broker offers CFDs on forex, precious metals, indices, commodities, and cryptocurrency. However, trading in stocks and shares is not permitted.

Does Icon FX Offer Reliable Trading Tools?

Clients of IconFX can trade on the MetaTrader 4 (MT4) platform and app, which is well-regarded by both brokers and traders. The firm also offers a proprietary mobile app for trading, copying, and learning. This can be downloaded to Apple, Android and Windows devices.

Top 3 Alternatives to Icon FX

Compare Icon FX with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
    Go to IG
  2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
    Go to Interactive Brokers
  3. ForexChief – ForexChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
    Go to ForexChief

Icon FX Comparison Table

Compare Icon FX With Similar Brokers
Icon FX IG Interactive Brokers ForexChief
Rating 2 4.4 4.3 3.3
Markets CFDs, Forex, Commodities, Indices, Cryptos CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies CFDs, Forex, Metals, Commodities, Stocks, Indices
Demo Account Yes Yes Yes Yes
Minimum Deposit $0 $0 $0 $10
Minimum Trade 0.01 Lots 0.01 Lots $100 0.01 Lots
Regulators ASIC, SVGFSA FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB VFSC
Bonus $100 No Deposit Bonus
Education No Yes Yes No
Platforms MT4, TradingView Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral MT4, MT5
Leverage 1:500 1:30 (Retail), 1:250 (Pro) 1:50 1:1000
Payment Methods 8 6 6 12
Visit Visit Visit Visit
Review IG
Review
Interactive Brokers
Review
ForexChief
Review

Compare Trading Instruments

Compare the markets and instruments offered by Icon FX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Icon FX Trading Instruments
Icon FX IG Interactive Brokers ForexChief
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks No Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes No Yes
Gold Yes Yes Yes Yes
Copper No Yes No No
Silver Yes Yes No Yes
Corn No No No No
Crypto Yes Yes Yes Yes
Futures No Yes Yes No
Options No Yes Yes No
ETFs No Yes Yes No
Bonds No Yes Yes No
Warrants No Yes Yes No
Spreadbetting No Yes No No
Volatility Index No Yes No No

Icon FX vs Other Brokers

Compare Icon FX with any other broker by selecting the other broker below.

 

Customer Reviews

There are no customer reviews of Icon FX yet, will you be the first to help fellow traders decide if they should trade with Icon FX or not?

Submit Your Own Review of Icon FX

If you have experience trading with Icon FX please share your personal review of the broker and what you think are strong and weak points. Thank you.

Visit
Icon FX offers leveraged CFDs with low spreads and a social trading app.