IC Markets: An Unbiased Broker Review

IC Markets_Broker review

IC Markets is a regulated CFD Forex broker that was founded in 2007 and provides a variety of trading instruments in global markets, with more than 150,000 active clients. Account types are flexible and compatible with MetaTrader and cTrader, offering advanced tools and features, and competitive pricing.

The best technology is used to improve execution speeds of transactions, connectivity to servers and exceptional platform performance, through the power fibre optics and superior technology.

Low, raw spreads are guaranteed, regardless of market conditions, and responsible trading habits are promoted by prioritizing the reliability and flexibility of platforms and earning the trust of clients through transparency and integrity.

They qualify as one of the safest brokerages currently in operation, due to their utmost compliance to international financial and trading regulations, willingness to be audited externally and the use of advanced cyber-security systems.

 

Overview

Time to open an account 10-15 minutes for application and 1 day for activation
Bonus None
Publicly traded – listed on the stock exchange No
Country of regulation Cyprus (CySEC), Australia (ASIC), Seychelles
Trust score 85 out of 99
Platforms cTrader and MetaTrader
Mobile App iPhone, iPad, Android
Copy Trading Yes
Islamic account Yes
Demo account Yes
Base currencies  USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR
Ave spread EUR/USD
Leverage Up to 1:500
Trading fees (low, average, high) Low
Minimum deposit $200USD
Withdrawal fee none
Currency pairs 64
Cryptocurrency trading Yes
Deposit with electronic wallet Yes

 

They strongly believe in good corporate governance, and they are a highly regulated, customer-centric brokerage.

Let’s look at some of the pros and cons of trading with IC markets.

 

Pros and Cons

✔️Pros ❌Cons
Low-cost transactions Negative balance is not protected
Accounts are registered and activated quickly Research tools may appear inadequate
No costs on withdrawals and deposits High rates to finance CFDs
Variety of trading platforms to choose from
High-level security and regulated
Impressive educational resources
No penalty fees

 

Regulation

IC Markets complies with stringent regulatory standards and is fully compliant with regulatory bodies in the various operational jurisdictions including:

  1. Australian Securities and Investment Commission (ASIC)
  2. Cyprus Securities and Exchange Commission (CySEC)
  3. Financial Services Authority (FSA)

 

IC Markets is audited externally and strictly supervised by the Australian Securities and Investment Commission (ASIC), which authorizes its business activities and regulates how business is conducted.

They are registered with the Financial Ombudsman Service (FOS) and you have the assurance that your funds will never be used for business operations or classified as a business asset because the ASIC requires that all client funds be saved in segregated accounts with top-tier financial institutions globally.

 

Leverage

IC Markets is one of the only Australian Forex brokers that offer a maximum leverage of 1:500, which is currently considered as being one of the highest leverage options available to traders.

The flexible leverage offered allows ordinary retail traders to enter markets with low initial deposits, greatly increasing your chances to gain profits and trade in bigger markets.

With a reliable risk profile and a trading strategy in mind, you can use leverage to trade with up to 500 times their initial deposit and leverage risks can be managed effectively by controlling the parameters of transactions.

 

Accounts

IC Markets is accepted in most countries globally, with the exception of being accessed by Canada, Israel and the United States.

You can choose from three uniquely tailored accounts for different types of traders, each with its own trading platforms, rates and fees, and spread options, and also Islamic swap-free accounts are offered in adherence to Sharia Laws, for all the account types.

 

IC Markets account types include:

IC Markets cTrader Account:

Requires a $200USD minimum deposit, 1:500 maximum leverage, $3.5USD commission rates and access to the cTrader platform. Suitable for Day Traders & Scalpers.

 

IC Markets Rawspread (True ECN) Account:

Requires a $200USD minimum deposit, 1:500 maximum leverage, $3USD commission rates and access to the MT4 & 5 platforms. Suitable for EAs & Scalpers.

 

IC Markets Standard Account:

Requires a $200USD minimum deposit, 1:500 maximum leverage, no commission rates and access to the MT4 & 5 platforms. Suitable for Discretionary Traders.

 

IC Markets trading accounts offered can be used for all styles of Forex trading and each type includes 64 currency pairs, along with the option to use a demo account of each type.

 

Market Instruments

You can choose from a variety of CFD and Forex trading instruments, including Forex, indices, commodities, stocks, bonds, futures and cryptocurrencies, allowing you to easily diversify your portfolio with more than 120 stocks, over 100 large-cap stocks, 4 global futures and 64 currency pairs to choose from, and trade 24 hours a day, 5 days a week.

 

Fee structure

Financing rates for CFDs may be noticeably higher with IC Markets, but their competitive pricing on trading and non-trading fees makes them an affordable option for traders who do not trade with CFDs.

Commission fees are structured according to the type of account used, with the highest commission rate being $3,5USD for cTrader accounts, and no commission rates charged on standard accounts.

There is no penalty fee for inactivity, and withdrawals can be made free of charge unless it is an international bank transfer.

No conversion fees are payable if your account is funded in the same currency as your bank account or if assets are traded in the same currency as your account base currency, and there are 10 base currencies (EUR, USD, GBP, AUD, SGD, NZD, JPY, CHG, KHD and CAD).

 

Deposits and Withdrawals

Deposits and withdrawals can be made in the base currencies listed above, free of charge. Deposits can be made using bank transfers, credit/debit cards and e-wallets.

You should take note that bank transfer deposits may take several business days to be processed, while card payments are instantaneous.

The withdrawal process is straightforward, but for extra security, you need to submit a withdrawal form before withdrawals will be approved.

On the bright side, withdrawals are free for all payment options, unless done using an international Bank Wire Transfer ($20AUD).

Withdrawals usually take 3 business days to be credited to the trader’s account but may be delayed by international and institutional requirements and processes.

 

Trading Platforms

IC Markets offers several great platforms to traders:

  • Desktop Trading –full access to features and markets using your desktop
  • Mobile Trading –compatibility with Android and IOS devices
  • Web Trading – no software needed, trade securely online
  • MetaTrader 4 – innovative retail Forex trading platform
  • MetaTrader 5 – used for technical analysis and advanced trading operations
  • cTrader – popular multi-asset Forex and CFD trading platform with innovative trading tools

 

These platforms offer you an opportunity to experiment with advanced trading tools, such as Depth of Marker (DOM), Ladder trading, Copy trading, Spread monitoring, automated position control and multi-account management (MAM) systems for high-volume traders.

IC Markets is ideal for social traders who are interested in using Copy trading for free. They are affiliated with Zulutrade, which is a popular Greek financial technology company and social trading platform with Copy trading tools.

 

How to open an account

There are five simple steps to opening an account with IC Markets:

  1. Provide contact information
  2. Enter your personal details
  3. Choose a type of account and a base currency.
  4. Complete the Forex trading experience survey.
  5. Verify your identity and submit proof of residency

 

Customer Support

IC Markets can be contacted via telephone, email and live chat, and the live chat service is available 24/7 but answers may not always be relevant.

Telephonic support and email channels are very reliable, with great response times.

The Help Centre section on their website can be used to answer common questions, as well as plenty of in-depth explanations of other challenges you might encounter when using the platform.

 

Educational resources

IC Markets gives beginners and experts access to a variety of video tutorials that show users how to download the MetaTrader platforms, how to use them and how to create accounts.

There is a vast library of educational content and plenty of tutorials and articles, that will make any beginner Forex trader feel welcome on this platform.

You can use demo accounts on any of the account types, which will also serve as a way of learning how to trade and use the tools and features offered by IC Markets.

IC Markets also streams live WebTV and Webinars, presented by experienced financial and market analysts, along with access to updated news articles and an exceptional 10-lesson program on getting started with IC Markets.

Research material and tools

IC Markets provides you with research tools that can be used to perform technical analysis and charting.

There is also an updated newsfeed, an economic calendar and a Forex calculator that can all be used respectively to make informed decisions when trading.

There is an extensive number of detailed articles written on trading instruments, trading strategies, using leverage and finding your trading style and strategy, all of which serve as resources for research and information.

 

Awards

IC Markets has received the following awards:

  • 2020 – Best Forex Broker Award, awarded by Daytrading.com
  • 2020 – Best Trading App Award, awarded by Daytrading.com
  • 2020 – Runner-up for Best ECN Broker, awarded by Daytrading.com
  • 2021 – Lowest spread account
  • 2021 – Runner-up for Best MT4/MT5 Broker, awarded by Daytrading.com
  • 2021 – Runner-up for Best Forex Broker Award, awarded by Daytrading.com

 

Conclusion

IC Markets is well-regulated by a number of trusted regulators that ensure that customers can expect a transparent, controlled environment and reliable customer service.

Customers have the freedom to tailor solutions that cater to their individual needs, with tools and features for traders of any experience level.

They are committed to offering affordable online trading solutions with all trading conditions disclosed and within the frameworks of regulatory bodies.