Clients of IceFX have are offered a single No-Dealing-Desk (NDD) account with leverage up to 1:300, variable spreads, and micro tradeable lots on the MetaTrader 4 platform. Besides, there are PAMM and MAM accounts with a minimum investment of 1000 USD.
The trading conditions of IceFX seem attractive: $100 initial deposit, ECN/STP execution and competitive spreads – typical ones amount to 0.9 pips for the EUR/USD pair and a commission of 0,003% applies. So average trading costs with this broker (spread + commission) amount to around 1.5 pips per standard lot (round trip), which is not bad. Our only concern with regard to investing with IceFX is that it is registered offshore.
The Company. Security of Funds
Ice Markets Limited
It seems that IceFX is a Russian broker, as its website is in Russian language. Yet, it is not regulated by the Central Bank of Russia or by other reputable financial authority, but by the Vanuatu Financial Services Commission. In fact, offshore registration is a common practice of many (Russian) brokerages.
We do not recommend investing with offshore brokers, because no authority is overseeing their activity, they are not obliged to keep client money in segregated accounts, nor to report transactions. For example, in order to get a license by VFSC, a company must simply register, pay some low-cost fees and meet capital adequacy requirements of just $2000.
Investing with such brokers is extremely risky and that is why we advise traders to choose among brokers regulated by the CySEC in Cyprus, FCA in UK or another trustworthy regulatory body.
IceFX offers its clients the most popular software in the forex industry – MetaTrader 4, available as desktop and mobile versions.
The MT4 is perfectly equipped with all the tools traders need. It provides advanced charting package, technical analysis indicators, back-testing capabilities, different order options, and the chance to create and use automated trading programs (Expert Advisors).
Methods of Payment
IceFX offers its clients the following payment modes: credit/debit card (Visa, MasterCard), bank wire transfer, and e-wallets Skrill, Neteller, webMoney, ePayments, as well as cryptocurrencies Bitcoin and LiteCoin.
IceFX claims to be an A-Book broker is a forex and CFD broker that supports the MT4 platform. Its main disadvantage is the lack of proper regulation, otherwise its offerings seem good.
IceFX Review Conclusion
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