IC Markets is one of the leading names in the brokerage industry and has established itself as a top choice for many forex traders. Choosing the right forex broker can make a significant difference in your trading experience. Whether you’re a beginner just starting out or a seasoned trader looking for new avenues, understanding the features, strengths, and potential drawbacks of a broker is crucial. In this comprehensive review, we’ll go into IC Markets broker in detail, answering some of the most frequently asked questions to give you a better idea of what it has to offer.
Table of Contents
• What is IC Markets?
• Is IC Markets Regulated?
• Trading Platforms Supported
• Spreads and Commissions
• Type of Accounts Offered
• Deposits and Withdrawals
• Customer Service
• Educational Resources
• Pros and Cons
• Conclusion
• FAQs
IC Markets Broker Overview
| Our Rating | 4.8/5 |
| Regulation and License | ASIC, CySEC, FSA |
| Headquarters | Sydney, Australia |
| Founding Year | 2007 |
| Leverage Range | Up to 1:1000 |
| Minimum Deposit | $200 |
| Trading Platforms | MT4, MT5, cTrader |
| Demo Account | Yes |
| Base Currencies | USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto |
| Deposit Methods | Credit Card, PayPal, Neteller, Skrill, Wire Transfer |
| Customer Support | 24/7 phone, email, and live chat support |
| Website | www.icmarkets.com |
What is IC Markets?
Why Choose IC Markets?
IC Markets is a renowned forex broker based in Sydney, Australia. Established in 2007, the broker aims to bridge the gap between retail and institutional traders, offering a trading solution previously only available to investment banks and high net worth individuals.
Global Reach
IC Markets has attracted traders from all over the world. Their website and client services are available in multiple languages, catering to a diverse clientele.
Client Segregation
One of the prime ways IC Markets ensures trader security is by keeping client funds segregated from its own. This means that in the unfortunate event of IC Markets going bankrupt, client funds remain untouched.
Strong Track Record
Having been in the industry for over a decade, IC Markets has established a solid reputation among traders. Numerous online reviews and testimonials attest to their reliability and professionalism.
IC Markets has received an impressive 4.8 rating on Trustpilot, accumulated from over 30,000 reviews.
Trading Volume
IC Markets is known for its significant trading volumes. It often ranks among the top forex brokers in the world in terms of daily trading volume.
Partnerships and Collaboration
Over the years, IC Markets has collaborated with several financial institutions, further cementing its reputation in the forex trading world.
Technology Advancements
IC Markets is recognized for its cutting-edge technological solutions, ensuring smooth trading experiences for its clients. Their systems are geared to provide fast order execution and minimal slippage.
Transparency
IC Markets prides itself on its transparency. They regularly publish financial reports and undergo audits to ensure their operations are above board.
Is IC Markets Regulated?
Regulated by Multiple Authorities
IC Markets is regulated by several financial authorities globally, including the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). Such multi-regulation ensures that IC Markets adheres to stringent international standards.
Client Fund Segregation
To ensure the safety of client funds, IC Markets holds these funds in segregated bank accounts with top-tier banks. This measure means that clients’ money is separate from the company’s operational funds.
Negative Balance Protection
IC Markets offers negative balance protection. This feature ensures that traders cannot lose more money than they’ve deposited into their trading account.
Advanced Encryption
All data transfers between client devices and IC Markets servers are encrypted using the latest encryption technologies, ensuring data security.
Regular Audits
Being a regulated entity, IC Markets undergoes regular external audits. These audits ensure that the broker complies with all financial standards and regulations.
Risk Management Tools
IC Markets offers several risk management tools, such as stop loss and take profit orders. Such tools ensure traders can control their risk effectively.
Transparency Reports
IC Markets provides transparency reports, detailing their operational performance and financial health. Such openness builds trust among its clientele.
Insurance Programs
In certain jurisdictions, IC Markets provides insurance on client funds, adding an extra layer of safety.
Strict Verification Procedures
To comply with anti-money laundering (AML) regulations and ensure the safety of client funds, IC Markets has strict verification procedures in place.
What Trading Platforms Supported by IC Markets?
MetaTrader Platforms
IC Markets supports both MT4 and MT5, two of the most popular trading platforms in the world. Both these platforms are recognized for their user-friendly interfaces, technical analysis capabilities, and automated trading features.
cTrader Platform
Apart from the MetaTrader platforms, IC Markets also offers the cTrader platform. cTrader is popular among traders due to its intuitive design, level II pricing, and advanced order capabilities. It’s an ideal platform for those who engage in high-frequency trading.
Web-based Platforms
For traders who prefer not to download any software, IC Markets offers web-based versions of MT4, MT5, and cTrader. These web platforms ensure traders can access their accounts from any device with an internet connection.
Mobile Trading
Understanding the needs of the modern trader, IC Markets supports mobile trading across all its platforms. Whether it’s MT4, MT5, or cTrader, traders can access their accounts and trade on the go using their smartphones or tablets.
MAM/PAMM Platforms
For account managers or professionals managing multiple accounts, IC Markets offers Multi-Account Manager (MAM) and Percentage Allocation Management Module (PAMM) solutions. These platforms allow efficient management of multiple accounts through a single interface.
Social Trading
IC Markets has integrated platforms like Myfxbook and ZuluTrade, allowing traders to engage in social trading. This feature enables less experienced traders to copy the trades of professionals.
Customizable Workspace
One of the standout features of the trading platforms offered by IC Markets is their customizability. Traders can set up their workspaces based on their preferences, ensuring a comfortable trading experience.
Advanced Charting Tools
Technical traders will appreciate the advanced charting tools available on IC Markets platforms. From Fibonacci retracements to pivot points, all essential tools are readily accessible.
Expert Advisors and VPS
For those into algorithmic trading, IC Markets supports Expert Advisors (EAs) on its MetaTrader platforms. Additionally, they offer Virtual Private Server (VPS) hosting to ensure seamless trading even without access to a computer.
IC Markets Spreads and Commissions
Raw Spreads
IC Markets is renowned for its raw spreads. Traders can enjoy spreads starting from 0.0 pips, especially on major currency pairs.
Commission-based Accounts
While the raw spread accounts come with a commission, these charges are transparent and highly competitive. For instance, the MetaTrader raw spread account has a commission of $3.50 per lot per side.
Standard Account Advantage
For traders who prefer a commission-free environment, IC Markets’ standard account offers slightly wider spreads but without any commission. This structure can be preferable for certain trading styles.
No Hidden Charges
Transparency is key at IC Markets. Traders can be assured that there are no hidden charges or fees. Everything is laid out clearly on their website.
Swap Rates
Like all brokers, IC Markets has swap rates that apply to positions held overnight. These swap rates at IC Markets are competitive, ensuring that traders holding positions overnight aren’t overly burdened.
Comparison with Competitors
When compared to its competitors, IC Markets frequently ranks among the top brokers in terms of low-cost trading. Their combination of tight spreads and reasonable commissions make them a preferred choice for many.
Real-time Spread Monitoring
IC Markets’ website provides a real-time spread monitoring tool. This tool allows traders to check current spreads on all instruments, ensuring they’re always in the know.
What is IC Markets Leverage?
IC Markets offers leverage up to 1:1000, but it’s essential for traders to use it wisely. While high leverage can amplify profits, it can also amplify losses.
Scalping and Hedging
Both scalping and hedging strategies can be used effectively at IC Markets, thanks to their tight spreads and rapid execution speeds.
Trading Costs for CFDs
Apart from forex, IC Markets offers CFD trading in various assets. The trading costs, in terms of spreads and commissions for these assets, are also competitive and in line with industry standards.
IC Markets Accounts Types You Can Open
Standard Account
The Standard Account offered by IC Markets is best suited for beginner to intermediate traders. It offers spreads starting from 1.0 pips and doesn’t charge any commission. This account type is more straightforward and does not involve any extra calculations related to commissions.
Raw Spread Account
A favorite among advanced traders, the Raw Spread Account provides spreads from 0.0 pips. However, a commission is charged on trades. Despite the commission, many professionals opt for this due to the tighter spreads.
cTrader Raw Account
Designed explicitly for the cTrader platform, this account offers raw spreads with a commission based on the traded volume. The commission structure is slightly different from the MetaTrader Raw Spread Account but remains competitive.
Islamic Accounts
For traders who need to comply with Sharia law, IC Markets offers Islamic or Swap-Free accounts. These accounts do not incur or benefit from swap or interest rates on overnight positions.
Demo Accounts
For those new to trading or wanting to test out IC Markets’ platforms without financial commitment, there’s the option of opening a demo account. This account mirrors live market conditions, giving users a genuine experience.
Joint Accounts
For partners or teams, IC Markets offers the flexibility of joint accounts. Such accounts allow multiple individuals to manage and trade collaboratively.
Corporate Accounts
Businesses interested in forex trading can opt for a corporate account. This account type is structured to cater to the needs of institutions and comes with distinct features and benefits.
Account Currency Options
IC Markets offers flexibility in terms of account currency. Traders can choose from several major currencies, ensuring they don’t incur unnecessary currency conversion costs.
Easy Account Management
IC Markets provides traders with an intuitive client portal, allowing them to manage their accounts efficiently. From fund transfers to account statements, everything is available at the click of a button.
IC Markets Deposit and Withdrawal Methods
Deposit Methods
One of the primary advantages IC Markets offers its clients is the variety of deposit and withdrawal methods. Whether you prefer bank transfers, credit cards, e-wallets like Skrill and Neteller, or even cryptocurrencies, IC Markets supports them all.
No Deposit Fees
IC Markets doesn’t charge any fees on deposits, ensuring that the entire deposited amount is available for trading.
Withdrawal Processing Time
Withdrawing funds from IC Markets is straightforward. Withdrawals are processed within 24 hours and the funds will typically take about 2-5 business days to reach your bank account.
Minimal Withdrawal Fees
While IC Markets doesn’t charge withdrawal fees for most methods, some options, especially bank wires, might come with a minimal fee due to intermediary banks. However, these fees are transparently disclosed.
Secure Transactions
Ensuring the security of your funds, all transactions are encrypted using the latest encryption technologies. This measure prevents any potential data breaches or unauthorized access.
Account Verification
To ensure the safety of client funds and to comply with international anti-money laundering (AML) laws, IC Markets requires a one-time account verification. This process involves submitting identification documents and ensures that withdrawals are made only to the rightful account holder.
Multiple Account Currencies
IC Markets allows clients to hold accounts in various currencies. Supported base currencies are USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD. This flexibility can save traders conversion fees when depositing or withdrawing funds.
Multiple Account Transfers
For traders with multiple accounts, IC Markets offers the option to transfer funds between these accounts with ease.
Transparent Transaction History
Traders can easily view their deposit and withdrawal history within the trading platform. This transparency ensures that they can track and manage their funds effectively.
Customer Support
In case of any issues or queries related to deposits and withdrawals, IC Markets’ dedicated customer support is always at hand to assist.
How is the Customer Service of IC Markets?
24/7 Support
One standout feature of IC Markets’ customer service is its 24/7 availability. This round-the-clock support ensures that traders can get assistance whenever they need it.
Multiple Communication Channels
Traders can reach out to IC Markets via live chat, email, and phone. This multi-channel support ensures that traders can choose a communication method they’re most comfortable with.
Multilingual Support
Catering to a global clientele, IC Markets offers customer support in several languages, ensuring clear and effective communication.
Knowledgeable Staff
IC Markets prides itself on having a well-trained customer support team. Most of the queries are resolved in the first interaction, testifying to the team’s expertise.
Prompt Response Times
Whether it’s a query about account setup or a technical glitch, IC Markets’ support team is known for its swift response times.
Feedback System
IC Markets values feedback. There’s a system in place where traders can provide feedback, which the broker uses to enhance its services.
Dedicated Account Managers
For professional and high-volume traders, IC Markets assigns dedicated account managers. These managers provide personalized support, ensuring a smoother trading experience.
User-friendly Help Center
For those who prefer self-help, IC Markets has a detailed help center. This section answers frequently asked questions and provides step-by-step guides on various topics.
Regular Updates
IC Markets keeps its traders informed about any planned maintenance, updates, or changes through email notifications, ensuring no surprises.
What Educational Resources Does IC Markets Offer?
Forex Trading Course
For beginners, IC Markets offers a comprehensive forex trading course. This course covers everything from basic forex concepts to advanced trading strategies, ensuring a holistic learning experience.
Webinars
To keep traders updated with current market trends and advanced strategies, IC Markets organizes regular webinars. These webinars are hosted by industry experts and often include live trading sessions.
E-books
For those who prefer reading, IC Markets boasts a library of e-books covering various trading topics. These e-books are a valuable resource for traders of all levels.
Video Tutorials
There are a lot of video lessons on IC Markets that can help people who learn best by watching. You can easily understand these videos because they break down complicated trade ideas into smaller segments.
Market Analysis
IC Markets provides daily market analysis, helping traders understand current market dynamics. This analysis is crucial for both fundamental and technical traders.
Trading Glossary
For newcomers to forex, the trading glossary is a handy tool. It defines various trading terms and jargon, ensuring traders are well-versed with industry terminology.
Economic Calendar
An economic calendar is vital for traders who base their decisions on fundamental analysis. IC Markets offers a detailed economic calendar, highlighting all major economic events and their potential impact.
Trade Calculators
To assist traders in making informed decisions, IC Markets offers trade calculators. These tools help determine potential profit, loss, and risk for each trade.
IC Markets Blog
The IC Markets blog is regularly updated with articles on current market events, trading strategies, and other relevant topics. This blog serves as a continuous learning platform for traders.
IC Markets Pros and Cons
Trading with IC Markets, like with any broker, comes with its own set of advantages and disadvantages. Here’s a quick breakdown of what traders might consider as the pros and cons of using IC Markets:
Pros:
- Tight spreads: IC Markets is known for offering some of the tightest spreads in the industry, particularly on major currency pairs.
- Multiple trading platforms: Traders have the choice of using MT4, MT5, or the cTrader platform, catering to different trading preferences.
- Various funding options: Traders can fund live accounts using Credit Card, PayPal, Neteller, Skrill, Wire Transfers.
- Flexible leverage: Offers leverage up to 1:1000 for professional traders, giving a significant edge for those who understand and can manage the associated risks.
- Fast trade execution: With servers in the LD5 IBX Equinix Data Center in London, IC Markets boasts fast trade execution times, minimizing slippage.
- Regulated broker: IC Markets is regulated by multiple reputable regulatory bodies, IC Markets ensures a secure trading environment for its clients.
- Diverse product offering: Beyond Forex, IC Markets offers a range of trading instruments including commodities, stocks, and cryptocurrencies.
Cons:
- Limited bonuses and promotions: Unlike some brokers, IC Markets doesn’t frequently offer deposit bonuses or similar promotions.
- Restrictions for some countries: Traders from certain countries, like the USA and Canada, cannot open accounts with IC Markets.
- Variable spreads: While the spreads are tight, they are variable, which means they can widen during major news events or low liquidity times.
Conclusion
IC Markets broker has clearly set itself up to be a major player in the forex business. With its diverse trading platforms, competitive pricing structure, stringent regulations, and a keen focus on customer satisfaction, it offers a comprehensive package for traders of all levels. While every broker has its unique set of advantages and challenges, IC Markets seems to strike a commendable balance between delivering quality service and ensuring trader security. As with any financial decision, potential users should conduct their due diligence, but based on our review, IC Markets undoubtedly ranks among the top choices for those who want to start forex trading.
FAQs
1. How long does it take to open an account with IC Markets?
While the online application can be completed within minutes, the verification process might take anywhere from a few hours to a couple of days, depending on the clarity of the documents provided and the volume of applications IC Markets is handling at the time.
2. What is the minimum withdrawal from IC market?
IC Markets does not specify a minimum withdrawal amount for most of its withdrawal methods. However, it’s worth noting that certain transaction methods like bank transfers might have their own minimums due to the nature of the payment processor, and there might be fees associated with small withdrawals.
3. Can I open a demo account with IC Markets?
Absolutely! IC Markets encourages new traders to start with a demo account. It allows them to familiarize themselves with the platforms and trading strategies without risking real money.
4. What is the minimum deposit for IC markets?
To open a live account at IC Markets, the minimum deposit starts is $200. This is same for all account types, such as Standard, Raw, and cTrader.
5. What are IC Markets’ restricted countries?
IC Markets, in compliance with international financial regulations, does not offer its services to residents of certain countries. The list of restricted countries can change based on global regulatory updates, but historically it has included nations such as the USA, Canada, and others. It’s always advisable to check IC Markets’ official website or contact their customer support for the most up-to-date list of restricted countries.
6. Does IC Markets offer a mobile trading platform?
Yes, IC Markets offers mobile trading platforms compatible with both iOS and Android devices. This ensures that traders can monitor and execute trades on-the-go, never missing out on crucial market moments.
7. Do IC Markets offer any bonuses for new traders?
IC Markets periodically offers promotions or bonuses for both new and existing traders. However, the specifics can vary, so it’s best to check their official website or contact their support for the latest offers.
8. How does IC Markets handle slippage?
IC Markets employs advanced technology and infrastructure to minimize slippage. Their servers are located in the LD5 IBX Equinix Data Center in London, ensuring fast execution and minimal delays.
9. Does IC market accept Cryptocurrency?
IC Markets started to accept Bitcoin as a deposit method through the Bitcoin payment gateway BitPay. This means traders can fund their trading accounts using Bitcoin.
10. Can I have multiple trading accounts with IC Markets?
Yes, traders can open multiple trading accounts under a single profile with IC Markets. This can be useful for managing different strategies or testing various trading conditions.
