IconFX group includes 2 related companies.
IconFX AU - located in Australia, regulated by the Australian Securities and Investments Commission (ASIC).
IconFX SVG - legally registered entity located in Saint Vincent and the Grenadines, but not regulated by any government agency.
Unfortunately, AU company has been imposed with trading leverage limitations by ASIC since the end of March 2021.
At the same time, SVG company is free from such restrictions.
IconFX group accepts clients from all over the world, excluding USA, Iran, Iraq, Syria, North Korea and some other sanctioned countries from the OFAC list.
Forex broker offers the following underlying assets for trading.
|45+ Currency Pairs||Based on major and minor world currencies.|
|4 Crypto Pairs||Based on Bitcoin, Ethereum, Litecoin, Ripple.|
|11 Indice CFDs||Based on baskets of different blue-chip stocks.|
|2 Metal CFDs||Based on Gold and Silver.|
|2 Energy CFDs||Based on Crude Oil (WTI, Brent).|
IconFX is a forex broker registered in Australia, with an offshore branch for international users registered in Saint Vincent and the Grenadines. As usual in Saint Vincent and the Grenadines, IconFX is not regulated there, which means that only Australian users get any form of regulatory protection when trading with this broker.
A nice thing to note about IconFX is the great selection of special trading tools this broker offers to its best clients. For instance, clients at IconFX are entitled to getting a 3 month subscription for the charting platform TradingView covered for free. In addition, VPS subscriptions that are needed to run trading algorithms via the MetaTrader 4 (MT4) platform are also offered free of charge, as long as the trader meets a certain undisclosed minimum deposit amount.
Besides MT4, IconFX clients can also trade on this broker’s own mobile trading app known as Icon Trader, available for Apple, Android and Windows-based mobile devices.
The maximum leverage available from IconFX is 1:500 for international users. However, users trading with IconFX’s Australian-regulated branch are unfortunately limited to a leverage of just 1:30 thanks to local regulations in Australia.
In terms of instruments available for trading, IconFX has the most commonly traded assets covered, although the selection is definitely better at some other brokers. The selection includes around 45 of the most popular forex pairs, 11 major stock indices, as well as a few commodity CFDs and just four crypto pairs.
Among the things that are missing from the selection of trading instruments are single stocks, bonds and many commodities. Needless to say, we believe that adding some of these assets would make IconFX appear more attractive to traders.
For those who have decided that IconFX is for them, the next step is to choose the most suitable type of trading account. With this broker, the choice is pretty simple with only two accounts to choose from: a Standard account with commission-free trading but spreads from 0.9 pips, or a Professional account with commissions from $7 round-trip and tight spreads from 0 pips. Both account types support the full range of trading instruments that IconFX offers.
Trading accounts with IconFX can be funded with either credit & debit cards, bank wire transfers, Skrill, Neteller, or - through a third-party solution - the cryptocurrencies Bitcoin (BTC), Tether (USDT), USD Coin (USDC) and Ethereum (ETH).
To reach IconFX’s customer support, clients can either call the broker directly using its UK phone number or send an email. Interestingly, this is one of just a few brokers we have come across that does not offer a live chat option for getting in touch with support.
In conclusion, we see IconFX as a potentially promising broker with fairly competitive spreads and commissions. We also really like the broker’s offer to cover its clients’ TradingView subscriptions. However, we do think that the selection of trading instruments here is not as great as it should be, and hope this will be improved in the future. All in all, IconFX is a broker that could still work well for many traders who enjoy trading on the MT4 and dont need access to a huge selection of instruments anyway.