Icon FX Review 2024 with Rankings By Dumb Little Man

By Wilbert S

March 3, 2024   •   Fact checked by Dumb Little Man

Overall Rating

Overall Ranking

Trading Terminals



Evaluation Criteria

The Dumb Little Man team, consisting of financial experts, experienced traders, and private investors, utilizes a sophisticated algorithm to conduct detailed evaluations of brokerage services. Their analysis centers on crucial aspects such as:

  • User Experience
  • Earnings Potential
  • Reliability
  • Broker Expertise
  • Cost-Effectiveness

Incorporating real user feedback into their assessments, they provide a well-rounded and unbiased perspective. Their meticulous investigation highlights Icon FX as a trustworthy option for those in search of a reliable financial partner. However, Dumb Little Man encourages potential clients to carefully review their comprehensive analysis to understand any possible limitations associated with the broker.

Icon FX Review

In the world of online tradingForex brokers play a pivotal role by providing a platform for trading a variety of financial instruments. Among these brokers, Icon FX stands out by offering Contracts for Difference (CFDs) on a wide range of assets, including currency pairs, cryptocurrencies, indices, commodities, and metals. This broker facilitates trading through the MT4 trading platform, renowned for its versatility and user-friendly interface, making it accessible to both novice and experienced traders.

Icon FX is characterized by its liberal trading conditions, such as no limitations on trading strategies like scalping, hedging, and the use of expert advisors, which can significantly enhance trading efficiency and profitability. Additionally, the broker offers a maximum leverage of 1:500, allowing traders to amplify their trading positions and potential returns, albeit with increased risk.

Our comprehensive review aims to dissect Icon FX’s offerings, focusing on its unique selling points and areas where it may fall short. We delve into account types, deposit and withdrawal mechanisms, fee structures, and more to furnish you with a well-rounded understanding of what Icon FX brings to the table. By combining expert insights with real trader experiences, we aspire to equip you with all the necessary data to evaluate Icon FX as a potential brokerage service provider for your trading needs.

What is Icon FX?

Icon FX is a Forex broker that specializes in offering Contracts for Difference (CFDs) across a diverse spectrum of assets such as currency pairs, cryptocurrencies, indices, commodities, and metals. This broker is designed to cater to a wide range of traders, from beginners to seasoned professionals, by providing access to the MT4 trading platform. This platform is celebrated for its flexibility and advanced trading features, including no restrictions on scalping, hedging, and the utilization of expert advisors, thereby accommodating various trading strategies without compromise.

Icon FX distinguishes itself by offering leverage up to 1:500, enabling traders to maximize their trading potential by controlling larger positions with a relatively small amount of capital. However, it’s crucial for traders to understand the risks associated with high leverage. In addition to its competitive leverage, Icon FX provides two types of real trading accounts alongside a demo account for practice and strategy testing. The Standard account and the Professional account differ mainly in their cost structure: the Standard account features spreads from 0.9 pips without any commission, making it suitable for casual traders, while the Professional account offers raw spreads from 0 pips with a commission of $7 per lot, aimed at more experienced traders looking for tighter spreads and a more cost-efficient trading environment.

Safety and Security of Icon FX

The safety and security of funds and personal information are paramount concerns for traders engaging with online brokers. Icon FX, owned by Icon Tech Pty Ltd, stands out in this regard due to its strong regulatory framework. This broker is registered in Australia and comes under the stringent oversight of the Australian Securities and Investments Commission (ASIC), a hallmark of reliability and trustworthiness in the financial world.

Being regulated by ASIC implies that Icon FX adheres to strict guidelines and standards set for financial services, ensuring a high level of protection for traders. This information, sourced through meticulous research from Dumb Little Man, underscores the broker’s commitment to upholding integrity and transparency in its operations. Traders can feel reassured about the safety of their investments and the security of their personal information when trading with Icon FX.

Pros and Cons of Icon FX


  • Demo account available
  • No minimum deposit
  • Low costs
  • User-friendly MT4
  • Diverse assets and high leverage
  • Multiple payment options


  • Only CFDs

Sign-Up Bonus of Icon FX

Icon FX entices new traders with an appealing sign-up bonus, offering a 30% deposit bonus to those who join the platform. This promotional offer is designed to boost the trading capital of new users, providing them with an increased financial cushion as they begin their trading journey. By capitalizing on this bonus, traders can leverage additional funds to explore a wider array of trading opportunities without significantly increasing their risk exposure.

Minimum Deposit of Icon FX

At Icon FX, the approach to minimum deposits stands out for its inclusivity and flexibility. The broker distinguishes itself by having no minimum deposit requirement, which significantly lowers the barrier for entry into the world of trading. This policy ensures that Icon FX is accessible to a wide array of traders, from those just starting out to seasoned investors looking to diversify their trading strategies.

Icon FX Account Types

After thorough research and testing by our team of experts at Dumb Little Man, we’ve categorized Icon FX’s account types into a clear and organized list to help traders understand their options:

Demo Account

  • Currency: Virtual
  • Risk: None
  • Profits: Virtual, no real profits
  • Purpose: Ideal for beginners or those testing strategies without financial risk.

Standard Account

  • Spreads: Starting from 0.9 pips, floating
  • Commission: None
  • Assets: Access to all assets from Icon FX’s pool
  • Leverage: Up to 1:500
  • Minimum Trade Size: 0.01 lots
  • Suited for: Traders seeking no commission trading with access to full asset range.

Professional Account

  • Spreads: Starting from 0 pips, raw
  • Commission: $7 per lot
  • Account Currency: Selectable by the trader
  • Leverage: Customizable, no restrictions
  • Trading Restrictions: None
  • Suited for: Experienced traders looking for tight spreads and more control over account settings.

Icon FX Customer Reviews

Icon FX has garnered positive feedback from its users, particularly highlighting the efficiency and responsiveness of its customer service team. Customers appreciate the goodwill gestures, such as fee credits, and the commitment of the support staff in addressing queries. The availability of an app and staff knowledgeable in trading aspects like leverage adds to the platform’s appeal. While there’s an acknowledgment of the need for a broader product offering, the competitive spreads offered by Icon FX are consistently praised. This feedback, generalized from customer reviews, underscores Icon FX’s strengths in customer support and trading conditions, albeit with room for enhancement in its range of products.

Icon FX Fees, Spreads, and Commissions

At Icon FX, the fees, spreads, and commissions vary depending on the type of account a trader chooses. For those opting for the Standard account, they can expect regular spreads starting from 0.9 pips, with the added benefit of no commission fees. This setup makes trading more accessible and cost-effective for beginners or those preferring a straightforward cost structure.

Conversely, the Professional account caters to more experienced traders by offering raw spreads that start from 0 pips, accompanied by a commission of $7 per lot. This arrangement is tailored for traders looking for tighter spreads and who are comfortable with a commission-based cost structure.

Deposit and Withdrawal

Icon FX provides a straightforward and flexible approach to deposit and withdrawal processes, ensuring traders have a seamless financial management experience. This information comes from extensive testing by a trading professional at Dumb Little Man, highlighting the broker’s commitment to user convenience and transparency.

While trading on a demo account, traders engage with virtual currency, meaning there’s no risk of loss but also no potential for real profit, and thus, no withdrawal capability. This changes once a trader moves to a real account, where successful trades translate into actual earnings. These funds are added to the account balance, ready for withdrawal through various methods, showcasing Icon FX’s adaptability to trader needs.

The platform supports multiple deposit and withdrawal methods, including bank transfer, Visa and MasterCard, Skrill, Neteller, Mobile Money, and cryptocurrency wallets, catering to a global clientele with diverse preferences. The withdrawal fee and processing time vary depending on the selected method, allowing traders to choose the option that best suits their requirements. This flexibility and variety in withdrawal options underscore Icon FX’s dedication to providing a trader-centric service.

How to Open an Icon FX Account

  1. Visit Icon FX and select Start Trading.
  2. Fill in your name, email, phone number, and address with postal code.
  3. Choose your account type and currency, set a password.
  4. Answer profile questions and agree to the terms and conditions.
  5. Check your email for verification instructions.
  6. Follow the link in the email to verify your identity with document photos.
  7. Once verified, access your user account fully.
  8. Make a deposit to fund your account.
  9. Download the trading platform and start trading.

Icon FX Affiliate Program

Icon FX introduces a lucrative affiliate program designed for both individuals and legal entities interested in fostering long-term partnerships through client referrals. This program is centered around the concept of partners introducing new clients to the trading platform, with Icon FX rewarding their efforts with bonuses for the active traders they refer.

The structure of the affiliate program offers versatility in rewards, including both fixed payments and a percentage of the commissions generated by the referred traders. This flexibility ensures that affiliates can benefit in a manner that aligns with their referral capabilities and preferences.

Notably, the affiliate program is especially advantageous for those who already operate their own trading business or are considering starting one. It provides an additional revenue stream that complements their existing or planned trading activities, making it an attractive proposition for entrepreneurs in the financial trading space.

Icon FX Customer Support

Based on an evaluation by Dumb Little ManIcon FX’s customer support appears to have a narrow focus, primarily offering email support while omitting more immediate communication channels such as a call center and LiveChat. This limitation in communication options suggests that responses to inquiries may not be as prompt as some traders might expect or require.

Despite this constraint, it’s noteworthy that Icon FX’s support staff is recognized for their competence. Clients have expressed satisfaction with the quality of assistance provided, indicating that while the broker’s approach to technical support might benefit from expansion, the expertise and helpfulness of its support team are not in question. This aspect of customer service suggests a solid foundation of support staff knowledge and ability to assist, even if the accessibility and speed of response could see improvements.

Advantages and Disadvantages of Icon FX Customer Support

Highly qualified support team

Comprehensive email support

Effective issue resolution
Lacks call center and LiveChat

Unavailable on weekends

Slow response time on weekdays

Icon FX vs Other Brokers

#1. Icon FX vs AvaTrade

Icon FX and AvaTrade cater to different trader needs through their unique offerings. Icon FX is known for its no minimum deposit requirement and flexible trading conditions, including high leverage up to 1:500 and a wide range of CFDs. It focuses on providing accessibility and versatility through the MT4 platform. In contrast, AvaTrade has established itself with a broader global presence and regulatory compliance across several jurisdictions, offering more than 1,250 financial instruments and a commitment to secure and efficient trading. With its inception in 2006, AvaTrade boasts a larger client base and a variety of platform options, excluding US traders.

Verdict: AvaTrade may be better for traders looking for a well-regulated broker with a wide array of trading instruments and a global reputation. However, Icon FX could be more appealing to those prioritizing low entry barriers and high leverage.

#2. Icon FX vs RoboForex

Comparing Icon FX to RoboForex, the latter stands out for its technological advancements and wide selection of trading platforms, including MetaTrader, cTrader, and RTrader. RoboForex offers an impressive range of over 12,000 trading options across eight asset classes, catering to various trading styles and volumes since 2009. It’s recognized for providing customized trading conditions and innovative contests to engage traders. Meanwhile, Icon FX focuses on CFD trading with competitive spreads, high leverage, and no minimum deposit, promoting accessibility and flexibility.

Verdict: RoboForex is likely a better choice for traders seeking technological diversity and a broad selection of instruments. However, for those who value simplified access and CFD trading, Icon FX offers compelling advantages.

#3. Icon FX vs FXChoice

FXChoice, with its license from the International Financial Services Commission of Belize, positions itself as a broker suitable for experienced traders. It offers ECN accounts with tight market spreads and a focus on quality services for active and passive trading. FXChoice emphasizes business integrity and customer focus, but its trading conditions, including the absence of cent accounts and limited demo account validity, might not suit beginners. On the other hand, Icon FX provides a user-friendly platform with no minimum deposit, high leverage, and a range of CFDs, aiming to cater to a wide spectrum of traders.

Verdict: FXChoice may appeal more to experienced traders looking for tight spreads and professional accounts. Icon FX stands out for those seeking entry-level access and flexibility in CFD trading.

>> Also Read: AvaTrade Review 2024 By Dumb Little Man: Is It The Best Overall Broker?

Choose Asia Forex Mentor for Your Forex Trading Success

For individuals passionate about forging a successful path in forex trading and aiming for significant financial success, Asia Forex Mentor represents the top pick for premier forex, stock, and crypto trading courses. The force behind this esteemed educational platform is Ezekiel Chew, a distinguished figure known for his advisory role to trading institutions and banks. Notably, Ezekiel’s personal trading success, marked by regular seven-figure trades, distinguishes him from other educators in the field. The key reasons for our recommendation include:

Comprehensive CurriculumAsia Forex Mentor delivers a broad-ranging educational program that spans across forex, stock, and crypto trading. This structured curriculum is designed to arm aspiring traders with the essential skills and knowledge to thrive in these varied markets.

Proven Track Record: The effectiveness and credibility of Asia Forex Mentor are underscored by its proven history of nurturing consistently profitable traders in different market segments. Such success underscores the quality of their training and mentorship.

Expert Mentor: Students at Asia Forex Mentor receive guidance from Ezekiel Chew, an expert mentor with an impressive trading track record. His personalized support helps students confidently tackle the complexities of various markets.

Supportive Community: Membership in Asia Forex Mentor includes access to a community of peers focused on achieving success in the forex, stock, and crypto markets. This network encourages collaboration, sharing of ideas, and mutual learning, enriching the educational journey.

Emphasis on Discipline and Psychology: Recognizing the importance of mindset, Asia Forex Mentor emphasizes psychological training to equip traders with the skills to manage emotions, cope with stress, and make informed decisions under pressure.

Constant Updates and Resources: To keep pace with the ever-evolving financial markets, Asia Forex Mentor provides ongoing updates and resources, ensuring students are well-informed on the latest trends, strategies, and market insights.

Success Stories: The numerous success stories from Asia Forex Mentor students, who have gone on to achieve financial independence and transform their trading careers, attest to the effectiveness of their comprehensive education in forex, stock, and crypto trading.

Asia Forex Mentor stands out as the leading choice for those seeking an unrivaled forex, stock, and crypto trading course. With its in-depth curriculum, seasoned mentors, practical teaching approach, and supportive community, Asia Forex Mentor equips aspiring traders with the tools and guidance necessary to become successful professionals in the diverse world of financial markets.





#1 Forex, Crypto and Stocks trading course. Ranked most comprehensive by Investopedia and Best by Benzinga. Free to Try!

Conclusion: Icon FX Review

In conclusion, the team of trading experts at Dumb Little Man has provided a thorough review of Icon FX, highlighting both its strengths and areas for improvement. Icon FX stands out for its flexible trading conditions, including no minimum depositcompetitive spreads, and a high leverage ratio, making it an attractive option for traders of all levels. The availability of a demo account and the MT4 platform further enhance its appeal by offering a user-friendly environment for trading and strategy testing.

However, potential users should be aware of the limitations in customer support, such as the absence of a call center or LiveChat and slower response times, which could impact the trading experience. Additionally, the focus on CFD trading requires a good understanding of the risks involved in these instruments.

>> Also Read: OANDA Review 2024 with Rankings By Dumb Little Man

Icon FX Review FAQs

What trading platforms does Icon FX offer?

Icon FX provides its traders with access to the MT4 platform, known for its robust features, customization options, and user-friendly interface. This platform supports a wide range of trading activities, including scalping, hedging, and the use of expert advisors, making it suitable for traders of all experience levels.

Is there a minimum deposit required to start trading with Icon FX?

No, Icon FX stands out for its no minimum deposit requirement, allowing traders to start trading with any amount they feel comfortable with. This approach lowers the barrier to entry for novice traders and provides flexibility for all users to manage their investments according to their financial capacity.

How does Icon FX handle deposits and withdrawals?

Icon FX offers a variety of deposit and withdrawal methods, including bank transfers, Visa/MasterCard, Skrill, Neteller, Mobile Money, and cryptocurrency wallets. The platform is designed to make financial transactions convenient for its users, though fees and processing times may vary depending on the chosen method. This flexibility ensures that traders worldwide can easily manage their funds.

Dumb Little Man Recommends – Top 3 Best Forex Brokers in 2024

Wilbert S

Wilbert is an avid researcher and is deeply passionate about finance and health. When he's not working, he writes research and review articles by doing a thorough analysis on the products based on personal experience, user reviews and feedbacks from forums, quora, reddit, trustpilot amongst others.

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