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Icon FX

Severe riskForex / CFD broker
🇦🇺 Australia · 2-5 years · since 2021-07-27 · Icon Tech LLC
Unregulated
Visit site ↗
—/5
★★★★★ ★★★★★
6 reviews ›
0
Licenses ›
1
Withdrawal issues ›
$0
Min. deposit ›
1:500
Max leverage ›
2
Account types ›
75/100
Scam risk ›
0
Clone sites ›
Accounts: Pro · $0Standard · $0
▲ 50% positive▼ 0% negative
Independent ratingshow third parties score this broker
WikiFX2.17/10
Trustpilot—/5
Forex Peace Army—/5
🛡️ Been scammed or can’t withdraw from Icon FX? Our free assistant writes up your case and shows exactly what to do next →
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No sign that Icon FX actively operates in your country (United States). If you were solicited from here, be extra cautious — it may be an unregulated approach or a clone.
75
Severe risk
Scam Risk Scoremonitored · 2026-07-28
Lower riskHigher risk
  • No verified regulatory license on file
  • Withdrawal complaints in ~17% of recent reviews
  • No verifiable website or social-media presence
How this score is calculated — view the open algorithm

A transparent weighted score from objective public data — each factor scored 0–100 (higher = riskier), combined by the weights below.

FactorScoreWeight
Regulation & licensing8535%
Company age4515%
Clone / impersonation012%
Withdrawal & exposure complaints612%
Offshore registration108%
Transparency (site/info/social)7510%

Based on public regulatory records, industry databases and independent reviews (Trustpilot, Forex Peace Army). Exit Risk reflects recent negative momentum in real reviews. A risk estimate from public data, not a definitive legal judgment; brokers may request a correction.

Company
Legal nameIcon Tech LLC
Headquarters🇦🇺 Australia
Founded2021-07-27
Years operating2-5 years
Employees0
Official websiteiconfx.com
Trading conditions
Avg execution speed0 ms
Avg slippage0
Swap rating—
Trading cost rating—
Monitored traders0
Monitored orders0
Funding & instruments
Deposit methods9 · Bank, transfer, VISA, Neteller, ETH
Withdrawal methods · --
Instruments50+ FX PairsCryptoMetalsCFDs

Regulation & licenses · 0

No valid regulatory license found — high caution advised.

Account types · 2

AccountMax leverageMin. depositMin. spreadCommissionEA
Pro1:500$0From 0.0$7 per lot✓
Standard1:500$0From 0.6 None✓

Review analysis AI

Icon FX presents itself as a retail forex and CFD broker with competitive leverage and low entry barriers, but it operates without any established regulatory oversight from major financial authorities. The broker's incorporation in Seychelles and claim of FSA regulation offer limited investor protection. Combined with a high FXCanary Scam Risk Score of 75/100, the risk profile is severe, and traders should approach with extreme caution.

Best for
  • Traders seeking high leverage up to 1:500
  • Traders wanting no minimum deposit requirements
  • Traders interested in trading cryptocurrencies alongside forex and CFDs
  • Traders comfortable with offshore regulation
Not for
  • Traders requiring strict regulatory oversight from top-tier authorities
  • Risk-averse traders or those with limited trading experience
  • Traders who prefer a broker with a long established track record
Period:
What users praise
Where reviewers are from
Spain1
Vietnam1
United Kingdom1
Australia1
Venezuela1
Malaysia1

Real user reviews

Where Icon FX operates

Active across 3 markets (by market presence). Licensing rarely covers all of them — where it isn’t locally licensed, you’re onboarded under an offshore entity with weaker protection.

🇩🇪 Germany
🇧🇬 Bulgaria
🇮🇳 India

Market presence: WikiFX SkyEye · complaints: our records · licensing: official registers. Where you’re accepted is set by the broker’s own terms — always confirm before depositing.

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What Icon FX says about itself as stated by the broker · not independently verified by FXCanary

Account Types and Trading Conditions

According to its website, Icon FX offers two live account types: Standard and Pro. The Standard account is described as commission-free with spreads from 0.6 pips, while the Pro account features spreads from 0.0 pips and a commission of $7 per lot. Both accounts provide leverage up to 500:1, a minimum trade size of 0.01 lots, and no required minimum deposit. The broker also states that demo accounts are available and that live accounts can be opened on both MetaTrader 4 and MetaTrader 5 platforms.

Products and Markets

Icon FX's product page mentions that clients can trade over 50 forex pairs, index CFDs, metals, commodities, and cryptocurrencies. The broker emphasizes that trading is available across all these asset classes with tight spreads and fast execution. It also notes that the Standard account offers commission-free trading across this range, while the Pro account applies a commission structure on forex pairs.

Trading Platforms

The broker's platform page states that it provides WebTrader, a web-based platform accessible from any browser on desktop or laptop without requiring additional software. Additionally, the account types page references MetaTrader 4 and MetaTrader 5 as platform options for live accounts. The broker claims that all platforms are available on desktop and mobile for user convenience.

Legal and Regulation

In its legal documents, Icon FX discloses that it is a trading name of MYFX GROUP LIMITED, a company incorporated in Seychelles (number 8435863-1). The company asserts that it is fully authorized and regulated by the Financial Services Authority (FSA) of Seychelles under License Number SD202. The broker also mentions that Milsons Fintech Ltd, a UK incorporated entity, is part of its corporate structure, but does not claim UK regulation for its trading services.

About Icon FX

Overview

Icon FX is an online brokerage that presents itself as a provider of forex and CFD trading services. According to its website, the broker is headquartered in Australia and was established in 2021. It operates under the corporate entity MYFX GROUP LIMITED, which is registered in Seychelles. The broker targets both novice and experienced traders by offering flexible account options and high leverage.

Regulation and Licensing

Icon FX claims to be regulated by the Financial Services Authority (FSA) of Seychelles under license number SD202. However, our independent records show no regulators on file for this broker. The FSA Seychelles is an offshore regulator with less stringent oversight compared to major-tier authorities such as the FCA or ASIC. Traders should note that the absence of a top-tier regulator may offer limited recourse in case of disputes.

Account Types

The broker offers two live account types: Standard and Pro. The Standard account is commission-free with spreads starting from 0.6 pips, while the Pro account has raw spreads from 0.0 pips and a commission of $7 per lot. Both accounts provide leverage up to 1:500 and require no minimum deposit. A demo account is also available for practice trading. The broker indicates that accounts can be opened on both MetaTrader 4 and MetaTrader 5 platforms.

Trading Instruments

Icon FX lists over 50 forex pairs, index CFDs, metals, commodities, and cryptocurrencies as its product offering. The broker emphasizes the availability of tight spreads and fast execution across these markets. While the instrument range is broad, the lack of independent confirmation of liquidity providers and execution quality is a consideration for potential traders.

Platforms and Tools

The primary platform highlighted on the Icon FX website is its WebTrader, a browser-based solution that requires no download. Additionally, the broker states that MetaTrader 4 and MetaTrader 5 are supported for live accounts. These platforms are widely recognized in the industry and offer a range of charting tools and automated trading capabilities. Desktop and mobile access is promised for all platforms.

Risk Considerations

Icon FX operates with a severe scam risk score of 75/100 according to FXCanary's assessment. The broker's reliance on an offshore regulator, combined with limited publicly available independent reviews, raises caution. High leverage up to 1:500 amplifies both potential gains and losses. Traders are advised to perform thorough due diligence and consider the risks associated with trading with a broker that has minimal regulatory oversight.

Overview compiled by FXCanary from regulatory records and public data. full Icon FX review