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Score

2.87 /10
Danger

Icon FX

Australia

2-5 years

Regulated in Australia

Common Business Registration

White label MT4

Global Business

Suspicious Overrun

Medium potential risk

https://iconfx.com

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Score

Regulatory Index1.25

Business Index6.45

Risk Management Index0.00

Software Index8.58

License Index1.25

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Website

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Icon Tech LLC

Company Abbreviation

Icon FX

Platform registered country and region

Australia

Company website

Company summary

Pyramid scheme complaint

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Warning: Low score, please stay away!
Previous Detection : 2024-12-26
  • This broker exceeds the business scope regulated by Australia ASIC(license number: 650 709 265)Administration of Industry and Commerce-Register Non-Forex License. Please be aware of the risk!

WikiFX Verification

Icon FX · Company summary
Icon FX Review Summary
Founded2015
Registered Country/RegionAustralia
RegulationASIC (Exceeded)
Market Instruments70+, forex, index CFDs, commodities and cryptocurrencies
Demo Account✅
LeverageUp to 1:500
SpreadFrom 0.6 pips (Standard account)
Trading PlatformWebTrader
Social Trading✅
Min Deposit$0
Customer Support 24/5 contact form
Email: support@iconfx.com
Twitter, Facebook, Instagram, and Linkedin

Icon FX, a brokerage headquartered in Australia, offers trading in forex, index CFDs, commodities and cryptocurrencies with levearge up to 1:500 and spread from 0.6 pips via WebTrader platform. Demo accounts are available and there is no minimum deposit requirement.

Icon FX's homepage

Pros and Cons

Pros Cons
Security measures providedExceeded ASIC license
Diverse tradable asset classesTight spreads
Demo accounts availableNo MT4 or MT5
Commission-free account offeredLimited payment options
No minimum deposit requirementNo direct contact channels

Is Icon FX Legit?

Icon FX adheres to both KYC (Know Your Customer) and anti-money laundering protocols, ensuring all information is safeguarded and collected to fulfill our legal and regulatory responsibilities. Additionally, the platform provides segregated trust accounts for added security.

Fund security

However, Icon FXs license of the Australian Securities and Investments Commission (ASIC) (License type: Common Business Registration with No. 650 709 265) has been exceeded.

Regulatory Status Exceeded
Regulated by Australia Securities & Investment Commission (ASIC)
Licensed Institution Icon Tech LLC
Licensed TypeCommon Business Registration
Licensed Number650 709 265
Exceeded ASIC license

What Can I Trade on Icon FX?

Icon FX offers 70+ financial instruments including forex, index CFDs, commodities and cryptocurrencies.

Tradable Instruments Supported
Forex✔
Commodities✔
Index CFDs✔
Cryptocurrencies✔
Stocks❌
Bonds❌
Options❌
ETFs❌
What Can I Trade on Icon FX?

Account Type

Icon FX offers two kinds of live accounts: the Standard and the Pro accounts. Both of the two live accounts do not require the minimum deposit. Also, it provides demo accounts.

Account TypeStandard Pro
Min Deposit$0
Min Trade Size0.01 lots
Account BalanceUp to 50,000 USD
Account comparison

Leverage

Icon FX offers the maximum leverage of 1:500. It claims that you also can submit a request to change your leverage through the Client Portal. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Icon FX Fees

Icon FX charges spreads and commission for each account type:

Account TypeStandardPro
SpreadFrom 0.6 pipsFrom 0.0 pips
Commission❌$7 per lot

Trading Platform

Trading PlatformSupported Available Devices Suitable for
WebTrader✔Web/
MT4❌/Beginners
MT5❌/Experienced traders
WebTrader

Deposit and Withdrawal

On Icon FX, you can deposit funds in several major currencies, including USD, AUD, JPY, EUR, and GBP for bank wire transactions.

Deposit:

Clients need to log in to their Client Portal, navigate to the Account Transaction tab, and select Deposit. From there, they can choose the account they wish to fund and select from the available funding options.

Withdrawal:

Regarding withdrawals, Icon FX requires clients to submit requests through the Client Portal. Funds can only be transferred back to an account that shares the same name as the trading account.

Deposit and Withdrawal FAQs

User Reviews

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User comment

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Comments

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werly
more than one year
Icon FX offers a wide range of market instruments for trading, including currencies, commodities, and indices. Their demo account is a great way to practice trading strategies risk-free before diving into the live market.
Icon FX offers a wide range of market instruments for trading, including currencies, commodities, and indices. Their demo account is a great way to practice trading strategies risk-free before diving into the live market.
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2024-07-30 18:12
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A&～
more than one year
Been using Icon FX lately and I'm impressed. The platform is slick, and when I hit a snag, their support was on it—no endless waits. Plus, tight spreads are a real wallet-saver. They're not perfect, need to beef up their product range, but so far, they're solid.
Been using Icon FX lately and I'm impressed. The platform is slick, and when I hit a snag, their support was on it—no endless waits. Plus, tight spreads are a real wallet-saver. They're not perfect, need to beef up their product range, but so far, they're solid.
Translate to English
2024-06-21 17:12
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