Icon FX-Overview of Minimum Deposit, Spreads & Leverage

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

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.

What Can I Trade on Icon FX?

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

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.

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:

Trading Platform

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.