Iconic Capital-Overview of Minimum Deposit, Leverage, Spreads

General Information

Registered in Saint Vincent and the Grenadines, Iconic Capital is an offshore forex broker providing easy access to various trading instruments including Forex, Metals, Indices, Commodities and more through the advanced MT4 trading platform. Investors have the flexibility to choose from three trading accounts with this brokerage platform, with the minimum deposit to trade starting at $500.

Iconic is owned and operated by Effervescent Group LTD, a company registered in the shady place-Saint Vincent and the Grenadines, and it does not hold any regulatory license to show it operates legally. Please be aware of the risk involved.

Market Instruments

Investors are provided the access to four classes of trading instruments, including Foreign exchange, Stocks, Indices, Commodities, all available through this brokerage platform.

Account Types

Three types of tiered trading accounts are available on the Iconic platform, namely Bronze, Gold and Diamond.

To open a Bronze account, you need to fund at least $500, which is much higher than most forex brokers requirements, and it is too much for most regular forex traders to afford.

Traders who want to try out the Gold account are required an absurdly high amount, starting at $10,000, and the Diamond account holders have to inject twice the amount as their account-opening capital.

There is the option of a live trading account, but beginners can also use a demo account to gain a feel for the platform and practice their trading skills without risking any real money.

How to open an account with Iconic？

Trading with Iconic Capital and opening an account on this platform is a hassle-free process, with a few steps to follow:

1. Click on the “OPEN AN ACCOUNT” link on the homepage of this brokers official website.

2. Fill up some required details on the popping-up page, including your name, valid email address, password, phone number, your residence of country, etc.

3. Upload some identification documents for this company to check out your personal details.

4. Choose your preferable payment methods to fund your trading accounts and start to trade with this forex broker.

Leverage

Here is the generous offering: Iconic Capital allows traders to use leverage of up to 1:500. However, this is much higher than the levels regarded appropriate by many regulators, with the maximum leverage for major forex up to 1:30 in Europe and Australia, and 1:50 in Canada and U.S.

Since leverage can amplify gains as well as losses, therefore, it is wise for beginners to choose a smaller size until they gain more trading experience.

Spreads & Commissions

Spreads and commissions are tied to what trading accounts you are holding on the Iconic Capital platform. The spread offered by the Bronze account starts from 1.8 pips, which seems higher than the industry standard (1-1.5 pips on the EUR/USD pairs). The Gold and Diamond account holders can get the minimum spreads at 1 pip and 0.4 pips, respectively.

Trading Platform

Iconic Capitals provides its clients a webtrader to use, with some basic design, charting tools.

However, investors should still choose those legit forex broker offering MT4 or MT5 trading platform.

Trading Tools

Aside from the trading platform, there are some trading tools available, including Calculators, Market Data, Economic Calendar.

Payment Methods

The minimum deposit to invest with Iconic Capital is $500, and this brokerage house allows traders to make a deposit and withdrawal through multiple payment channels including VISA, MasterCard, Wire Transfer. some popular e-wallets like Skrill, Neteller, Webmoney, PayPal, etc, are not available.

Customer Support

The Iconic Capital customer support is available 24 x5. Some basic problems answers can be found on the FAQ section. For any questions or concerns they may have about their accounts or their trading can reach out to Iconic through the following methods:

Telephone:

+34 93 271 51 33

+34 93 271 51 33

+74 95 374 47 24

Email: support@iconiccapital.world

Registered Company Address: 26402 BC 2021 First Floor, First ST Vincent Bank LTD Building, James Street, Kingstown VC0100, St. Vincent and the Grenadines.

Risk Warning

There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved. Therefore, you should consider carefully whether or not this sort of investment activity is right for you.

The information presented in this article is intended solely for reference purposes.