ICFX

General Information & Regulation

ICFX is allegedly a forex broker registered in Saint Vincent and the Grenadines that provides its clients with a powerful MetaTrader4 trading platform, leverage up to 500:1, floating spreads on multiple tradable assets, as well as a choice of two different account types. Here is the home page of this brokers official site:

As for regulation, it has been verified that ICFX does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.44/10. Please be aware of the risk.

Market Instruments

ICFX advertises that it offers a variety of trading instruments in financial markets, including forex, commodities, indexes, CFDs and leveraged financial instruments.

Account Types

There are two live trading accounts offered by ICFX, apart from demo accounts, namely IC-FX Account and ECN Account. The minimum initial deposit amount to open an account is $300, while the ECN Account with a minimum initial capital requirement of $2,000.

Leverage

The maximum leverage ratio provided by ICFX is much higher than most brokers, up to 500:1 (ECN Account: 200:1). Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

Spreads & Commissions

Spreads are influenced by what type of accounts and trading pairs traders are holding. Just take an ECN Account as an example, the spread is as low as 0.1 pips, while the spread for spot gold starts from 2 pips. The commission on ECN Account is 0.3 pips per lot.

Trading Platform Available

When it comes to trading platforms available,ICFX gives traders The worlds most widely-used MetaTrader4 for Windows. MT4 is known as one of the most successful, efficient, and competent forex trading software.

Deposit & Withdrawal

ICFX says to accept a wide selection of deposit methods including Bank Wire, VISA, MasterCard, Paypal, WebMoney, Neteller, and over 20 e-wallets, and withdrawals with Bank Wire, VISA, MasterCard and Neteller.

As for the processing time of withdrawal requests, it varies depending on different withdrawal methods. For example, withdrawals via Bank Wire usually can be processed within 2 Business days. While with VISA and MasterCard, the transaction will be credited within 20 business days before the settlement date, and if its after the settlement date, you need to request the withdrawal using another method such as Bank Wire. By contrast, Withdrawal via Neteller only requires an hour to process.

Customer Support

ICFX‘s customer support can be reached through email: support@ic-fx.com. Company address: Suite B2, City Cloisters, London, England, EC1V 9F. However, this broker doesn’t disclose other more direct contact information like telephone numbers while most brokers offer.

Pros & Cons

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.