Icon FX Review 2024

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Icon FX is an ASIC-regulated multi-asset broker with competitive fees. The broker focuses on forex with 55 currency pairs, but it also offers some other assets and additional features. This review will examine Icon FX’s tools, features and regulatory oversight to lay out the advantages and disadvantages of trading with this broker.

Our Take

• Icon FX will suit forex traders looking for high leverage up to 1:500
• The education and market offering do not compete with the top brokers
• No FCA authorisation may deter UK traders and raises safety concerns
• The selection of non-forex assets is limited

Market Access

We found Icon FX’s instrument list disappointing. The range of assets available is mediocre and does not compare well to the best UK brokers. Just a few asset classes are available with no stocks:

• Forex – Icon FX offers CFDs on over 55 currency pairs including GBP/JPY and EUR/USD
• Indices – Traders can speculate on several global indices, such as FTSE100 and S&P500
• Crypto – Speculate on cryptocurrencies such as Bitcoin and Ethereum
• Commodities – Trade popular commodities like crude oil
• Precious metals – Make investments in silver and gold

Fees

Icon FX’s fees are transparent and competitive. Spreads from 0.0 are advertised although they are only available on the professional account, not the standard account. The average spread on EUR/USD, for example, is 0.2 pips. Commissions are $7 per round turn, which is in line with top brands such as Pepperstone. Swap fees will apply if the position is held overnight.

Importantly, Icon FX is an STP broker, so client orders are sent directly to liquidity providers. This also means forex prices are provided by liquidity providers.

We were also impressed that there are no inactivity fees if you leave your account for an extended period.

Icon FX Accounts

Icon FX offers two kinds of trading accounts and while we think these provide adequate conditions for traders of all experience levels, it is a shame to see such a big divide between the terms of the professional and the standard account. It would have been good to see a zero-spread, non-professional account available since this is offered by many competitors.

With that said, I was pleased to see some attractive features in both accounts, including a free VPS service, social trading features, plus access to TradingView and a risk calculator (though a minimum funding amount applies).

Standard Account

• Leverage: 1:500
• Commission: $0
• Spreads: From 0.9
• Minimum Trade Size: 0.01 Micro Lots
• Base Account Currencies: GBP, EUR, USD, JPY, AUD, CAD, CHF

Professional Account

• Leverage: 1:500
• Commission: $7
• Spreads: From 0.0
• Minimum Trade Size: 0.01 Micro Lot
• Base Account Currencies: GBP, EUR, USD, JPY, AUD, CAD, CHF

How To Open An Account

I found Icon FX’s registration process simple, and I was able to complete it in minutes when I tested the broker.

To open an account with Icon FX:

1. Click ‘Start Trading’ on the website
2. Complete your name and contact information
3. Choose between the Standard or Pro account, and select the base currency
4. Complete a short questionnaire on trading experience and then click ‘Submit’
5. Check your email for a link to upload your proof of ID and address
6. Once Icon FX has verified your identity, you can immediately begin trading

Funding Options

There is no minimum deposit for Icon FX, which is ideal for beginner traders who want to try out forex trading. Most Icon FX deposits are instant, and we see this as another big positive. However, this also depends on the bank you are using to deposit funds.

Funding methods include debit cards, credit cards, cryptocurrencies including BTC, USDT, USDC and ETH, and bank transfers. This is a good range of options and includes all of the essentials, but I was disappointed in the lack of e-wallets.

The time for withdrawals varies depending on the method you choose, but credit and debit card withdrawals are often near-instant.

UK Regulation

Icon FX is overseen by trustworthy organisations, with the Australian Securities and Investments Commission (ASIC) seen as a reputable regulator. The broker also has offshore oversight from the SVGFSA in St. Vincent & the Grenadines, though note that this is not a top-tier financial regulator.

While ASIC is a secure regulator and there may be some good high-leverage opportunities available from the offshore branch, it is a shame to see no regulation from the FCA, and this might put off UK traders who want to be covered by their country’s excellent, stringent financial organisation.

Trading Platform

Icon FX uses the MetaTrader 4 (MT4) platform, which we consider a market leader that will keep most traders satisfied. Having said that, we do feel most traders would appreciate the added flexibility of having more than one platform to choose from.

MetaTrader 4 (MT4) is a popular, powerful and versatile online trading platform and with a range of features and tools for traders of all levels of experience. It is also available on a variety of devices, including desktop, mobile, and web.

Overall, MT4 is a good choice for both beginners and experienced traders. Its features include multiple graphs and indicators, advanced charting tools, automated trading, copy trading signals, market analysis, news and research and great customer care.

How To Place A Trade

We found that placing a trade with Icon FX was easy, thanks to MT4’s intuitive and user-friendly interface.

1. Login to your Icon FX trading account using your credentials via the broker’s website or through MT4.
2. Select the financial instrument you wish to trade. Icon FX offers currency pairs, indices, commodities, precious metals, and cryptocurrencies.
3. Perform market analysis using technical indicators, fundamental analysis, or any other trading strategy you prefer.
4. Decide on the type of trade you want to execute, such as a market order or a pending order (limit or stop). Specify the trade size (lot size), stop-loss level, take-profit level, and any other relevant parameters.
5. Execute the trade. The order will be sent to the market or held as a pending order until the specified conditions are met.
6. Keep an eye on your trade as it progresses. You can monitor the trade through the trading platform, view real-time price movements, and manage your positions by modifying stop-loss and take-profit levels if needed.
7. When you decide to close your trade, you can manually close it through the trading platform or set a take-profit or stop-loss order to automatically close the trade when the specified conditions are met.

Mobile App

We like Icon FX’s proprietary mobile app, Icon Trader, which allows users to trade forex, cryptocurrencies and other digital assets. It is available to download on both iOS and Android portable devices and offers a user-friendly interface, real-time market data, advanced charting tools and the ability to set up stop-loss and take-profit orders.

If you are looking for a convenient and easy way to trade forex and other assets, the Icon Trader app is a good option.

Alternatively, the MT4 mobile app is also available to download on iOS and Android devices. When testing the MT4 app, we found that the mobile-adapted charts are stable and function well when customised. You can access virtually all the same features as you would on the desktop platform, making it easy to monitor your positions whilst on the go.

Icon FX Leverage

The leverage offered by Icon FX’s offshore branch is 1:500, which offers significant trading power but also greatly increases risks.

We advise retail traders to approach such high leverage with caution, as even small price movements can cause significant losses if they go the wrong way.

Demo Account

I was happy to see Icon FX offer a 24/5 demo account on the MT4 platform where traders can try out the broker’s pricing, orders and watchlists to see if they suit their trading preferences.

The demo account uses virtual funds, making this an entirely risk-free way to practise strategies and test out the platform and broker.

Bonus Deals

When testing Icon FX, we were offered no trading bonuses or promotions, which is what we expect from a regulated broker. And while this might disappoint some users, the brand does offer some additional services and perks.

Extra Tools & Features

We think the extra tools Icon FX offers are good, but they are certainly not market-beating and there is room for improvement. The educational resources cover some useful topics and are good for newer traders looking to learn the basics, but they are not as comprehensive as those offered by other brands such as AvaTrade or XM.

Similarly, the trading tools offered are good, but it is disappointing that some of the best of these are only offered for a limited time.

Education Base

Icon FX offers a variety of educational video tutorials and tools designed to help traders improve. The educational content is on everything from downloading the software to placing your first trade to using charting tools.

I like that there is also content on strategy and understanding investment jargon.

VIP Tools

Icon FX offers a set of VIP tools to enhance your trading, including a free 3-month subscription to TradingView, an electronic advisor, forex bots and more. VIP tools also offer risk calculators and forex calculators.

While some of these tools are useful, we do not feel they offer anything special compared to competitors. TradingView is an excellent charting service, but I see many brokers offering permanent access to similar software. Additionally, risk calculators are a common feature offered by brokers, some of which offer a fuller suite.

Social Trading

We are glad to see Icon FX offer a social trading platform allowing you to trade, copy and speak with a community of traders including seasoned professionals. We found this perfect for traders that don’t have the time or experience to confidently take charge of their trades, as they can instead mirror the strategy of a successful trader.

I think this is one of the best features available on Icon FX, with thousands of traders to choose between. The app helpfully displays information about the traders including their profits/past performance.

With that said, I don’t think the platform is as comprehensive and user-friendly as eToro, for example.

Company History

Icon FX is owned by Icon Tech PTY Ltd. The company is a forex broker that offers trading services in the global financial markets. It provides access to a wide range of instruments, including currency pairs, indices, commodities, precious metals, and cryptocurrencies.

The broker aims to cater to both beginner and experienced traders by offering various account types and trading platforms.

Customer Service

Icon FX offers 24/5 customer service, which we think is satisfactory given that it aligns with the trading hours of the forex market.

However, I was not impressed by the lack of avenues to contact the broker and I wasn’t able to find any evidence to back up the broker’s claim that its service covers these hours.

The website only gives ‘support@iconfx.com’ and ‘sales@iconfx.com’ email addresses, with no live chat or hotline number readily available.

Security

Although Icon FX is not regulated by the UK’s FCA, we are reassured to find that it is overseen by ASIC and follows some high-level practices including storing client funds in segregated accounts. They also perform KYC and anti-money laundering checks on clients to further secure clients.

Legal documents are also clearly displayed on the website such as their product schedules, refund policy and client agreement.

I was glad to see that Icon FX is also partnered with some of the more secure and reliable liquidity providers in the world, such as J.P. Morgan and HSBC which significantly bolsters the brand’s reliability.

Trading Hours

The forex markets are open 24 hours a day 5 days a week from Sunday at 10:00 pm GMT to Friday at 10:00 pm GMT. Trading hours for indices and commodities will vary depending on the relevant market exchange hours and are listed within the MT4 platform.

Should You Trade With Icon FX?

Overall, we think Icon FX has some good points, including competitive spreads, ASIC regulation and a few decent tools, but it is let down by some unfortunate and avoidable negatives. Its lack of tradeable assets is a disappointment, and we also think traders will be put off by the lack of transparency when it comes to customer support. Moreover, the broker does not really offer anything special to make up for these oversights and to stand out from the competition.

FAQ

Article Sources

Icon FX Website

Icon FX ASIC License

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