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Icon FX Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-02-01 10:42

Abstract：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 Review Summary
Founded	2015
Registered Country/Region	Australia
Regulation	ASIC (Exceeded)
Market Instruments	70+, forex, index CFDs, commodities and cryptocurrencies
Demo Account	✅
Leverage	Up to 1:500
Spread	From 0.6 pips (Standard account)
Trading Platform	WebTrader
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.

Pros and Cons

Pros	Cons
Security measures provided	Exceeded ASIC license
Diverse tradable asset classes	Tight spreads
Demo accounts available	No MT4 or MT5
Commission-free account offered	Limited payment options
No minimum deposit requirement	No 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.

　　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 Type	Common Business Registration
Licensed Number	650 709 265

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	❌

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 Type	Standard	Pro
Min Deposit	$0
Min Trade Size	0.01 lots
Account Balance	Up to 50,000 USD

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 Type	Standard	Pro
Spread	From 0.6 pips	From 0.0 pips
Commission	❌	$7 per lot

Trading Platform

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

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.