Question 1

Who is Icon FX?

Accepted Answer

A: Icon FX is a CFD broker that strives to give its clients the best trading conditions and experience possible through the use of innovative platforms, tools and service.

Question 2

Who owns Icon FX?

Accepted Answer

Icon FX is own by Icon Tech PTY Ltd.

Question 3

Where is my money held?

Accepted Answer

Icon FX client funds are held in segregated accounts in tier 1 banks, as per the instruction of our regulatory bodies.

Question 4

What does Icon FX do with my personal information?

Accepted Answer

Icon FX is a regulated broker and follows both KYC & anti money laundering guidelines, all information is secure and gathered to meet our legal regulatory obligations. We conform to strict GDPR laws and will never release any personal information to a third party.

Question 5

How safe are my card details and personal information?

Accepted Answer

All card details along with all personal information is safeguarded with best in class cyber security as per our privacy policy.

Question 6

What account types does Icon FX Offer?

Accepted Answer

Professional, Standard, Demo, and Islamic accounts.

Question 7

What is the minimum deposit I can start with at Icon FX

Accepted Answer

We do not have a minimum funding requirement on our accounts.

Question 8

What are your trading conditions?

Accepted Answer

We strive to keep our spreads as low as possible and deliver rapid executions, we have no dealing desk intervention and no requotes.

Question 9

Is Icon FX an ECN/STP broker or a Market Maker?

Accepted Answer

Icon FX are an STP broker meaning we send the client’s orders directly to the liquidity providers for fulfillment.

Question 10

How easy is it to open a live trading account with Icon FX?

Accepted Answer

Simply complete the sign up form at the top of the Icon FX home page, and select ‘Open Account’.

Question 11

How do the Standard and the Pro Accounts differ?

Accepted Answer

On the Pro account clients receive a raw spread and pay a small commission on each trade. On the Standard account there is zero commissions but the spreads are slightly wider.

Question 12

What leverage does Icon FX offer?

Accepted Answer

We offer leverage up to 1:500.

Question 13

Can I have multiple trading accounts with Icon FX?

Accepted Answer

Question 14

Does Icon FX offer any education?

Accepted Answer

Yes, visit our education page by clicking here.

Question 15

How many currency pairs does Icon FX offer?

Accepted Answer

50+ currency pairs are available to trade on our platfroms.

Question 16

Which other instruments does Icon FX offer?

Accepted Answer

We also offer commodities, indices and cryptos.

Question 17

How do I deposit money into my trading account?

Accepted Answer

You can deposit using Visa or Mastercard, Bank Transfer, Cryptos, Mobile Money, Neteller, Skrill and other payment solutions.

Question 18

How long does it take for funds to appear in my live trading account?

Accepted Answer

Most deposit methods are instant, others such as cryptocurrency gateways may vary. Information will always be provided on payment pages.

Question 19

How do I withdraw money from my trading account?

Accepted Answer

Select the ‘Withdraw’ option in your client office on the Icon FX website.

Question 20

What documents do I have to provide to Icon FX to open a live trading account?

Accepted Answer

Proof of ID (Driving license, passport, national ID) and Proof of Address (Bank statement or utility bill) dated within the most recent 3 months.

Question 21

Which countries do Icon FX not allow clients from?

Accepted Answer

United States, Iran, Iraq, Syria, and North Korea.

Question 22

Can I scalp and perform hedging on my Icon FX account?

Accepted Answer

Yes, all trading strategies are welcome except arbitrage.

Question 23

If I stop trading, will I be charged an inactivity fee?.

Accepted Answer

No, we do not have inactivity fees.

Question 24

What is the difference between a demo and a live account?

Accepted Answer

Demo accounts are training accounts that you can use to test out a platform or practice trading. They do not use real money, and so there is absolutely no risk involved.

Question 25

How are Icon FX prices derived?

Accepted Answer

They are provided by our top-tier liquidity providers.

Question 26

Who provides the liquidity for Icon FX?

Accepted Answer

We aggregate multiple Tier One banks to ensure our traders get the best price.

Question 27

What is the average spread on EURUSD?

Accepted Answer

0.2 pips.

Question 28

Why was my stop loss not filled at the requested price?

Accepted Answer

At times of high market volatility, you may experience slippage due to prices moving fast or gapping. Your stop price will not be filled in these instances of when the ask price hasn’t hit your order.

Question 29

Where can I find swap rates?

Accepted Answer

On MT4, right click on the currency pair you want to check the swaps for and click ‘Specification’. Scroll down to see the long and short swaps.

Question 30

Do you offer negative balance protection?

Accepted Answer

Yes, this is dependent on your account type and minimum funding amount applies.

Question 31

What partnership programs does Icon FX offer?

Accepted Answer

Introducing Broker, Affiliate Partnership, White Label, and MAM/PAMM.

Question 32

Can I lose real money whilst trading on a demo account?

Accepted Answer

No, demo accounts are funded with virtual money.

Question 33

What happens to my funds if Icon FX becomes insolvent?

Accepted Answer

All clients funds are segregated and can be recovered in the unlikely event of insolvency.

Question 34

Why can I not see all the instruments in the Market Watch window?

Accepted Answer

To enable all tradable instruments on MT4, please log into your platform and go to the Market watch window. Then right-click on the Market Watch window (on any instrument) and choose "Show all". All tradable markets that are available to trade will be available in the Market watch area.

Question 35

How do I change the time on my charts?

Accepted Answer

To change the time frame, select the chart then select the time period from the top toolbar. Alternatively, the time frame can be changed by right clicking on the chart, selecting Timeframes then your preferred option.

Question 36

Where can I find information about the swap rates?

Accepted Answer

Select Pricing in the Menu, and the dropdown will lead you to our ‘Swaps’ page

Question 37

Why do I get the message ‘invalid account’?

Accepted Answer

Invalid account will be displayed in the bottom right corner of your MT4 platform if you have entered the wrong account number, password or server.

Question 38

Why is my expert advisor (EA) not taking any trades?

Accepted Answer

Please ensure that you have enabled automated trading on your trading platform before starting your EA.

Question 39

How do I log in to my MT4 trading account?

Accepted Answer

To log in to your MetaTrader 4 account, go to the main ‘File’ menu and select ‘Login to Trade Account’. A login window will pop up. Go back to your email and copy your Password and Login Number.

Question 40

What does the ‘authorisation failed’ error message mean?

Accepted Answer

Invalid account will be displayed in the bottom right corner of your MT4 platform if you have entered the wrong account number, password or server.

Question 41

How do I install an expert advisor (EA) on MT4?

Accepted Answer

To add an EA, open MT4 and then go to 'file' and then 'open data folder'. Choose 'MQL4', and then 'expert advisors' or 'indicators'. You can then copy the file you want to add into this location.

Question 42

Can I lose more than my account balance when trading CFDs?

Accepted Answer

A margin call will occur when your account requires more money, if there isn’t enough money available trades will be automatically closed out. If slippage occurs you can end up losing more than you have deposited, please check our slippage policy for more information.

Question 43

What is the difference between MT4 and cTrader trading platforms?

Accepted Answer

One major difference between the two platforms is that MT4 is a ticket based platform while cTrader is both ticket and position based. In a ticket-based platform; each trade is registered separately requiring the trader to close each position separately if need be.

Question 44

Can I use my trading account on all platforms?

Accepted Answer

Question 45

Do you offer VPS services?

Accepted Answer

Yes, please contact your account manager for more information.

Question 46

What is free margin?

Accepted Answer

In its simplest definition, Free Margin is the money in a trading account that is available for trading. To calculate Free Margin, you must subtract the margin of your open positions from your Equity (i.e. your Balance plus or minus any profit/loss from open positions).

Question 47

What is a market gap?

Accepted Answer

Gaps are sharp breaks in price with no trading occurring in between. Gaps can happen moving up or moving down. In the forex market, gaps primarily occur over the weekend because it is the only time the forex market closes.

Question 48

I receive the error message 'market is closed' when I am trying to place trades. What does this mean?

Accepted Answer

This will occur outside of market trading hours such as on the weekend.

Question 49

How do I change my trade account password?

Accepted Answer

Once logged in the platform, please go to Tools>Options and under the 'Server' tab, select 'Change Password'. Then, enter the new password you wish to use and confirm.

Question 50

How do I reset the password of my cTrader?

Accepted Answer

In the password box of the Login form click “Forgot?”. You will proceed to the password reset screen. Enter your email address used to create your cTrader ID, check the reCAPTCHA and click Reset Password.

Question 51

What does the ‘no connection’ error message mean?

Accepted Answer

This message generally means you lost internet connection or selected the incorrect server.

Question 52

How do I enable the alerts on the MT4 platform?

Accepted Answer

To enable or disable an Alert on the MetaTrader 4 platform, go to the Alerts tab of the Terminal window, right click on the chosen alert and select Enable On/Off or press the Space key.

Question 53

What is Forex?

Accepted Answer

The Foreign Exchange (also known as the FX or Forex) market is a global marketplace for exchanging national currencies. Currencies trade against each other as exchange rate pairs. For example, EUR/USD is a currency pair for trading Euro against the US dollar.

Question 54

How is a profit or loss incurred when trading Forex?

Accepted Answer

When you close out a trade, take the price (exchange rate) when selling the base currency and subtract the price when buying the base currency, then multiply the difference by the transaction size. That will give you your profit or loss.

Question 55

When does the Forex market open and close?

Accepted Answer

Forex Trading is available 24 hours a day from 5:00pm ET Sunday through 5:00pm ET on Friday or 10:00pm GMT Sunday through 10:00pm GMT on Friday.

Question 56

Do you offer education for traders?

Accepted Answer

Yes, you can find our more information about the education that we offer on our education page. Alternatively, sign in to your account to get full access to more educational features

Question 57

What does ‘spread’ mean?

Accepted Answer

Spread is the difference between a forex broker's sell rate and buy rate when exchanging or trading currencies.

Question 58

What are the fees and commission charges for trading with Icon FX?

Accepted Answer

We charge $7 US Dollar commission per lot round turn on Professional accounts as well as a spread. There are no hidden fees.

Question 59

What is the minimum lot size that I can trade?

Accepted Answer

0.01 lot size, can also be called a micro lot which represents $0.01 a pip or 1000 units of the base currency.

Question 60

What does ‘margin’ mean and how is this calculated?

Accepted Answer

Margin is not a fee or a transaction cost. Margin is simply a portion of your funds that your forex broker sets aside from your account balance to keep your trade open and to ensure that you can cover the potential loss of the trade. To calculate it, multiply the size of the trade by the margin percentage. Then, subtract the margin used for all trades from the remaining equity in your account.

Question 61

What happens if I have no free margin left in my account?

Accepted Answer

If you have no free margin, you will not be able to open any new positions or your positions will be stopped out.

Question 62

What is Icon FX margin call level?

Accepted Answer

We enforce a 50% margin call level.

Question 63

How do I see my account balance in MetaTrader 4?

Accepted Answer

You can see the balance is displayed in the Terminal window under the Trade tab.

Question 64

What does it mean to have a ‘long’ or ‘short’ position?

Accepted Answer

“Long” means your trade makes profit when the price rises. “Short” means your trade makes profit when the price falls. In Forex, you are always “long” one currency and “short” another when you open a trade.

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