Introduction:
IconFX was established in 2021. They brand themselves as a
boutique forex broker who don’t spend tens of thousands on marketing every
month but prefer to attract clients through word of mouth. It is worth noting
this is how we found out about Icon FX! A large part of their business is made
up of copy trading and externally managed accounts although they offer
desirable trading conditions for individual and corporate traders alike. In
this review, we will assess our trading experience with Icon FX including its
trading platform, account types, customer support, fees and regulation.
Hopefully we can help you decide if Icon FX is the trading platform for you!
Trading Platform:
IconFX uses the MetaTrader 4 (MT4) platform. If you have
read any of our other broker reviews or been a trader previously you will know
MT4 offers all the functionality a trader could possibly want. MT4 offers integrated
technical analysis tools, different chart layouts and automated trading opportunities
through trading robots or expert advisors (EAs). With easy access to the MQL5
store built into the platform it is easy to browse the newest EAs on the market
and download them onto your charts. Why not try them with the Strategy Tester
function before trading them on a live account! If you are looking for an
alternative to the MT4 desktop platform you can always try the Icon FX Web
Trader on your preferred internet browser without the need to download any
additional software. Icon FX is not currently available on TradingView (TV) but
you can still conduct chart analysis on the TV WebApp and use the MetaTrader app
to place and manage trades on the go!
Client Portal:
Icon FX offers a user-friendly client portal that provides a
seamless trading experience. With its intuitive interface, navigating through
the portal becomes effortless. Clients have full control over their accounts,
allowing them to manage various aspects such as deposits, withdrawals, and
verification document uploads. The portal also features a unique ticketing
system, enabling direct communication with the support team for prompt assistance.
Furthermore, users have the flexibility to create additional trading accounts
within the portal, catering to their specific needs. As an added convenience,
the client portal allows traders to easily download the MT4 platform,
empowering them to execute trades efficiently. With Icon FX’s client portal,
trading becomes streamlined and hassle-free.
Account Types:
Having options when selecting a trading account is beneficial for traders. Icon FX offers a range of account types, including Pro and Standard accounts, each with its unique features and benefits. This allows traders to choose an account that aligns with their trading goals, strategies, and risk tolerance. Additionally, Icon FX provides the option to open a demo account, enabling traders to practice and hone their skills without risking real funds. These account options provide flexibility and cater to the diverse needs of traders, enhancing their trading experience. Please see the differences between Standard and Live accounts below:.
Customer Support:
Customer support is a crucial aspect when it comes to FX brokers, and Icon FX excels in providing excellent technical support to its clients. Trust us on this one! With a customized ticketing system integrated into the client portal, traders can easily reach out to the support team for any assistance they may need. Additionally, Icon FX boasts a highly responsive support team available via email, ensuring prompt and efficient resolution of queries. Upon signing up, clients are assigned a dedicated account manager who offers personalised assistance, addressing account-related questions and concerns to enhance the trading experience. This can be especially helpful for beginner traders registering with a forex broker for the first time. There are a huge number of forex brokers who claim to offer this service but fail to provide direct phone numbers and individual emails. At Icon FX we received our own dedicated account manager reachable through various channels of our choosing following sign up completion. To further aid clients in finding answers, Icon FX offers a comprehensive FAQ section on their website, providing valuable information and guidance. With its customer-oriented support infrastructure, Icon FX ensures that clients receive the assistance they need at every step of their trading journey.
Trading Instruments:
Icon FX is an exceptional choice for traders seeking a wide range of trading instruments across various asset classes. With a comprehensive offering that includes all major and minor forex pairs, indices including the NASDAQ, FTSE100, SNP500, cryptocurrencies, and diverse commodities such as gold and silver, Icon FX ensures that traders have access to a diverse portfolio of assets to suit their trading strategies. This extensive selection makes Icon FX a preferred platform for traders who wish to explore different trading markets at times that suit them. If you want to find out exactly what trading instruments are available why don’t you sign up for a demo account?
Spreads and Leverage:
IconFX stands out as a premier choice for traders due to its competitive spreads, particularly for Pro account holders. The Pro account offers industry leading spreads and low commission per lot. You can see some details via the Account Types graphic a little earlier! On the most liquid currency pair EUR/USD spreads reside around the 0.1 pip mark, perfect for intra-day trading and scalping strategies. Icon FX also simplifies cryptocurrency trading by eliminating the need for complex exchanges. Moreover, traders can leverage up to 5:1 on five different cryptocurrencies available. Fees you ask? None on deposits or withdrawals! When trading forex on the platform you can request leverage of up to 500:1.
Regulation and Security:
In the Forex industry we must be a stickler for strong regulation and would never recommend an unregulated broker for obvious reasons. Australian Securities and Investments Commission (ASIC) is one of the toughest regulators that still allows flexible trading conditions such as 500:1 leverage. This combination is a hit for individual traders and managed account services at Icon FX. Most importantly Icon FX provides the segregation of client funds in separate accounts which delivers an additional layer of security. Without a dealing desk you can rest easy that trades cannot be manipulated or slipped.
Trading Experience:
A strong trading experience with very little slippage and tight spreads. You really get the feeling you are trading with the broker as opposed to against them. The lack of MT5 is a little disappointing although after speaking to our account manager there I am reassured the option is not a long way off.
Pros:
1. Dedicated Account Manager and bespoke support ticketing system
2. Wide range of trading instruments
3. Industry leading spreads and no slippage
4. Access to profitable copy trading and managed accounts
5. Sign up and start trading in minutes through the user-friendly Portal
6. Strong regulation that allows for flexible trading conditions
Cons:
1. No MT5 integration or unique platform
2. Lack of advanced trading tools for experienced traders
Conclusion:
We have found Icon FX extremely impressive having actively used them for a number of months now after being introduced through an industry expert. The main reason for signing up was to follow a professional trader which was set up with ease and efficiency by my account manager who was responsive and knowledgeable.
In an industry notorious for putting the customer second – you do get the feeling the trader matters with Icon FX. Solid trading instrument selection, tight spreads and comprehensive customer support make this an excellent offering with an all-encompassing Client Portal.
Overall rating: 9.2/10
To open an account click here:
