IconFX Review – Can You Trade Safely With This Provider?

Australian-based Icon FX is a Forex/CFD broker that offers a diverse selection of market instruments. The firm features both MetaTrader 4 (MT4) and cTrader platforms and considerably high leverage. Clients can select between two types of trading accounts and have access to demo versions.

It all sounds great, but can you trust them? Although the firm is not as problematic as Trading Levels PTY LTD, its regulatory status seems to have some loopholes. We investigate in our IconFX review.

Broker status:	Unlicensed Forex Broker
Regulated by:	ASIC
Operating Status:	No Forex License
Known Websites:	iconfx.com
Blacklisted as a Scam by:	N/A
Owner:	Icon Tech PTY LTD
Headquarters Country:	Australia
Foundation Year:	2021
Online Trading Platforms:	MT4, cTrader
Mobile Trading:	Available
Minimum Deposit:	N/A
Deposit Bonus:	N/A
CFD Trading Option:	Yes, you can trade CFDs
Crypto Asset Trading:	Yes – BTC, ETH, SOL…
Available Trading Instruments:	Forex, Indices CFDs, Commodities, Cryptocurrencies
Maximum Leverage:	1:500
Islamic Account:	Unavailable
Free Demo Account:	Available
Accepts US clients:	No
Global Fraud Protection Experts’ Verdict:	There are better and more reliable providers in Australia. If you experience issues, contact us.

Is IconFX Regulated?

Let’s break down the IconFX regulation; the brokerage firm was registered in 2021 in Australia with the domestic Securities and Investments Commission (ASIC). So what’s the issue?

Well, the financial authority states that “anyone who sells you a financial or investment product or gives you financial advice must have an Australian Financial Services (AFS) license.” We checked the AFS register but couldn’t find the broker there.

Icon FX operates beyond the business scope regulated by ASIC under its current license (Common Business Registration), which does not specifically cover Forex trading. The provider doesn’t adhere to the regulations. You can see the site offers leverage much higher than allowed in the country.

For a safe trading experience, we recommend you opt for a transparent company that is appropriately regulated by an esteemed financial authority such as the FCA (UK), CFTC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc.

Trader Reviews – Sharing Experiences

As of this writing, we found 10 IconFX reviews on trustpilot.com. The broker received an average score of 4.3/5, although feedback is scarce. There were no complaints about IconFX withdrawal issues or platform malfunctions.

On the other hand, experts gave the provider a 4.5/10 on tradersunion.com, citing that “many clients of this broker [who] are not satisfied with the company’s work.” They also stated that “the platform lacks a typical referral program and only offers professional partnership options and that “there are some concerns regarding technical support.”

Reading comments on online forums can help you identify trustworthy providers and avoid unreliable ones, such as Asset Imperial. Make sure to read genuine reviews before investing in any online service, and always check for regulatory warnings.

Who Are IconFX’s Targets?

According to WHOIS, the iconfx.com website domain was created on August 19, 2015, but the company acquired the license six years later. After doing some research, we found the broker mainly provides services to traders and investors from the following countries:

• United States
• Australia
• Germany
• France
• Italy

These financial hubs enforce strict regulations to deter illegal activities and imposters. Their regulatory bodies rigorously oversee the markets to maintain transparency, mandating that all participants obtain the necessary permits to operate.

For instance, a license issued in Europe or Australia does not permit an entity to operate in the U.S. without obtaining additional authorization, and the same applies in reverse. To reiterate, IconFX isn’t authorized for Forex trading in its home country, let alone abroad.

Which Trading Platform Is Available?

Icon FX trading platform options include MetaTrader 4 (MT4) and cTrader. The former, a trailblazer and staple in the trading community, is renowned for its user-friendly interface and a comprehensive suite of technical analysis tools.

Traders can customize charts, utilize a vast array of technical indicators, and deploy automated trading strategies via Expert Advisors (EAs). The platform supports various order types and delivers real-time market quotes.

In addition to MT4, Icon FX offers cTrader, featuring an intuitive design and sophisticated trading features. The platform boasts an extensive charting package, thorough order management options, advanced analytical tools, and an easy-to-navigate interface. cTrader also facilitates algorithmic trading.

IconFX Account Types

Account Type	Standard	Pro
Minimum Deposit	No requirement	No requirement
Maximum Leverage (For account balance up to 50,000 USD)	1:500	1:500
Spreads	From 0.6 pips (no commissions)	From 0.0 pips ($7 per lot)

Trading Conditions – Leverage, Spreads, Commissions

Icon FX offers a maximum leverage of 1:500, allowing traders to control larger positions with a smaller amount of capital, potentially amplifying profits. However, high leverage also increases risk, as losses can be multiplied just as much as gains if the market moves unfavorably. Keep in mind that the retail client cap in Australia is 1:30.

The spreads and commissions vary depending on the account tier from the IconFX login page, starting from 0.6 pips with no commissions to raw spreads starting from 0 pips with a commission of $7 per lot.

This setup results in lower spreads compared to many competitors, and the commission rate is roughly average for the market. If you’re interested, please try out the IconFX demo account before risking real money.

Deposit and Withdrawal Process

The website lists several payment methods for depositing and withdrawing funds:

• Credit/debit cards
• Wire transfers
• E-wallets
• Cryptocurrencies

Let’s briefly outline how you can recover your funds if you suspect fishy activity. If you deposited funds using a MasterCard or Visa credit/debit card, you can request a chargeback through your issuing bank within 120 days. We are here to assist you with this process and offer professional guidance.

To reverse a wire transfer, you need to ask your bank to initiate a recall, but this is only feasible if the transaction has not yet been completed.

Recovering crypto is a daunting task; it requires cutting-edge software and professional assistance throughout the process. This can only be achieved with CipherTrace, an advanced software program that MasterCard uses to help cyber fraud victims recover their assets.

What Should I Do If I Have Issues With IconFX?

IconFX is an Australian brokerage firm operating without a Forex license and not adhering to regulations. Although users and some experts haven’t reported shady practices, they haven’t rated the provider highly either. Our verdict is that there are better Australian firms out there.

Our analysis stressed the importance of regulations and the benefits of trading on platforms supervised by recognized financial market watchdogs. If you have issues with the IconFX broker, please book a free consultation with Fusion Forensics Limited. Our team of experts can assist you in the fund recovery process and get your money back as soon as possible.

Book your free consultation today and get your money back.