The Complete IC Markets Review (2020 UPDATED)

eToro

Forex trading has given traders the wings to explore the financial markets for making investments and earning profits. It has become a haven for investors due to the volatile nature and constant fluctuating of the forex market. But it is not as simple as it seems and requires proper expertise and guidance to achieve success with forex trading.

You can perform forex trading individually or take the services of an independent broker. While the former is tiresome, the latter is questioned for its reliability and accuracy. So, traders need something that they can rely on for generating revenue and at the same time be assured of the safety of their funds. As a result, they turn to automated forex trading.

The automated trading system utilizes intelligent algorithms to trade foreign currencies at a given time based on the parameters set by traders. In our search for finding a trustworthy online broker, we came across IC Markets. Given its popularity and ability to fulfill traders’ needs, we decided to conduct the IC Markets review to find if it is the right fit for online trading.                

What Is IC Markets?

What Is IC MarketsWhat Is IC Markets?

Sign Up Now

IC Markets is a regulated forex CFD broker based in Australia. It is known for offering online trading solutions for all types of traders through its top-notch platforms. Apart from forex trading, it allows traders to trade futures, stock indices, and commodities. IC Markets attract traders with its high leverage, low spreads and  low commission fees.

The broker creates a transparent trading environment for retail clients and institutional investors by giving them access to premium pricing and superior liquidity. Moreover, the platform is regulated by the Australian Securities and Investments Commission (ASIC), the Seychelles Financial Supervisory Authority (FSA), and the Cyprus Securities and Exchange Commission (CySEC), which ensures the safety of online transactions.

Who Can Use IC Markets?

IC Markets is a fully automated broker that is ideal for beginners and experts. With competitive spreads and lower commissions, the platform is also a good choice for scalpers and high-volume traders.

The broker is specifically beneficial for those who rely on advanced algorithms and high-volume trading systems to conduct trades. Also, it has a simple registration process and programmed deposit and withdrawal system that makes it the ultimate trading solutions for active day traders.

Is IC Markets Regulated?

IC Markets is well-regulated by several international financial authorities, including ASIC, FSA, and CYSEC,. As a member of the Australian Financial Ombudsman Service, IC Markets is bound to resolve any consumer complaints.

In addition to ensuring compliance with regulatory obligations, IC Markets strictly adheres to the Australian Anti-Money Laundering and Counter-Terrorism Financial Act 2006. Such protection measures are assured for investors.

Trading Features of IC Markets

From offering a variety of tradable assets to integrating advanced trading tools, IC Markets has many essential features that guarantee convenience. Let us explore those features and their functionalities.

  1. Multiple Trading Platforms: IC Markets hosts multiple trading platforms that provide traders with profitable trading conditions.
  2. Social Trading: The broker allows traders to perform trading with social trading platforms such as ZuluTrade and MyFXbook.
  3. Wide Range of Assets: Traders can use underlying assets for trading forex pairs and CFDs, indices, stock options, exchange-traded funds, and futures.
  4. API Trading: This trading feature enables both institutional and high-volume traders to access their liquidity providers.

Which Instruments Can Be Traded with IC Markets?

IC Markets offers a broad selection of financial instruments to trade with, which allows traders to benefit from the liquidity. The asset classes that traders can choose to trade with IC Markets are summarized below.

  1. Forex CFDs: At IC Markets, traders can take advantage of trading across 60 currency pairs. Also, it offers lower spreads, higher leverage, and deep liquidity to amplify profits.
  2. Indices CFDs: In addition to forex CFDs, IC Markets gives traders access to indices across major stock exchanges such as the Australian Stock Exchange, the NYSE, and Nasdaq. These assets offer lower spreads with leverage of up to 1:200 and charge no commissions.
  3. Commodities CFDs: Another major asset available for trading with IC Markets is commodities such as energy, precious metals, agriculture, and futures. The commodities CFDs offer tight spreads with up to 1:500 leverage.
  4. Bond CFDs: Bond CFDs are a great way to diversify the investment portfolio. When trading with IC Markets, traders get a chance to trade with six bonds issued by the US, the UK, Europe, and Japan. With a leverage of up to 200:1 and no commissions, traders can hedge against the high risk of losses.
  5. Crypto CFDs: IC Markets is unique in its CFD offerings as it supports the world’s most popular cryptocurrencies with up to 20:1 leverage. Traders can choose to invest in Ethereum, Bitcoin, Litecoin, Dash, Ripple, NameCoin, EmerCoin, Eos, and PeerCoin.
  6. Futures: With four global futures, including the ICE Dollar Index and the CBOE VIX Index, IC Markets widens traders’ option to trade with assets. You can trade futures CFDs with up to 200:1 leverage and no commissions.

Pros and Cons

Pros Cons
 Straightforward registration process  Customer support not up to the mark
 Low spreads and commission fees  No negative balance protection for traders outside the European Union
 Raw spread and standard account  Limited assets to trade with
 Demo account  
 Great selection of assets  
 No commission fees on deposits and withdrawals  
 Institutional grade liquidity  
 Fully regulated  
 Educational and research materials  

How to Open an Account with IC Markets?

How to Open an Account with IC MarketsHow to Open an Account with IC Markets?

Sign Up Now

Creating an account at IC Markets is quick and easy, all you need to do is access the website. First, you will be asked to provide your full name, email address, and phone number. Next, you need to submit your financial information and trading history. The verification is completed by sending a copy of your proof of identity and residency documents.

There are three account types offered by IC Markets that you can try to trade the most popular assets 24/5. IC Markets also offers a demo account that lets you learn about the broker without using real money. Every account opening has a unique fee structure and trading platform.

1. cTrader Raw Spread Account

  • Recommended for active day traders and scalpers
  • Available for trading with the cTrader platform
  • Charges a commission fee starting from $3
  • 1:500 Leverage
  • Trading fees start at 0 pips
  • Low broker spreads

2. Raw Spread Account

  • Recommended for expert advisors and scalpers
  • Available for trading with the MetaTrader platforms
  • Charges a commission fee starting from $3.5
  • 1:500 Leverage
  • Trading fees start at 0 pips
  • Lowest broker spreads

3. Standard Account

  • Recommended for beginner forex traders
  • Available for trading with the MetaTrader platforms
  • No commission fee
  • 1:500 Leverage
  • Trading fees start at 1 pip
  • Higher broker spreads

4. Islamic Account (Swap-Free Account)

  • Recommended for Islamic traders.
  • Available for trading with the MetaTrader platforms
  • Charges a flat commission fee
  • 1:500 Leverage
  • Does not pay or earn swap or interest on any trades
  • Lower broker spreads

Account TypesAccount Types

Sign Up Now

When comparing these IC market accounts, the Raw Spread Account opening for its lowest possible spreads is a much better option than the Standard Account or Islamic Account.

Order Types

With IC Markets, you can execute three types of orders, including:

  • Market Order to set the price of the asset in real-time.
  • Limit Order to limit trading prices for the assets.
  • Stop-Loss Order to prevent losses when the market is unfavorable.

Spreads and Commission Fees

Traders get a big relief from IC Markets as it charges zero or relatively low commission fees in the form of spreads on trading with bonds, indices, cryptocurrencies, and futures on all accounts. Our IC Markets review also shows that traders need not pay any commission fees on deposits or withdrawals.

On some accounts, however, there are relatively low commission fees with the lowest spreads. For example, the Raw spread account holders get lower spreads but need to pay a commission fee, while those having the standard account get higher spreads without paying any commission fees. The variability in the spreads is observed due to market liquidity.

The reasons why the broker is able to offer the lowest spreads are its state of the art technology, direct access to liquidity, high trade volume, and no dealing desk. Simply put, IC Markets offers a competitive, diverse, and fair fee structure for different accounts and trading platforms.

Trading Platforms

IC Markets offers a suite of three trading platforms suitable for web-based and mobile trading that can be used across all devices. While none of them is a proprietary trading platform, traders are left with the choice of trading with the third-party platforms. The following details of these platforms will give you an idea of how you can get the best desktop and mobile trading experience.

1. MetaTrader 4 (MT4)

For its ease of use and algorithmic trading, MT4 is the most popular trading platform among seasoned investors and traders. MT4 hosts useful trading features such as automated trading, customized trade settings, technical indicators, and charting tools.

2. MetaTrader 5 (MT5)

An industry standard for traders, the next generation MT5 is designed to improve your trading experience with your account and its automated forex trading feature. The platform integrates advanced order management and charting tools that let you execute trades quickly and efficiently.

3. cTrader

We appreciate cTrader platform for its superior functionality and faster order execution. cTrader utilizes automated trading software and back-testing features to place and execute orders. Using the platform, you also gain instant access to the deep liquidity in different base currency pairs and equity indices.

Advantages of Trading with IC Markets

Our IC Markets review confirms that it is a robust trading platform for both novice and professional traders. In this section, you will get to know about the advantages of trading with the platform.

  1. Cutting-Edge Technology

The reliability of IC Markets is ensured by the technology it uses. Its cutting-edge trading tools include Depth of Market, ladder trading, inbuilt spread monitoring, custom order, and automated closing of trades.

  1. Advanced Trading Platforms

IC Markets uses three advanced platforms such as MetaTrader (MT) 4, MT5, and cTrader that give traders a better trading experience.

  1. Superior Trading Tools

When trading with the platform, traders are guided by the suit of its advanced trading modules such as trade risk calculator.

  1. Lower Spreads

IC Markets takes full advantage of its sophisticated technology and partner liquidity providers to offer the lowest spreads.

  1. Faster Order Execution

One of the biggest advantages of trading with IC Markets is the faster trade execution. This is made possible with the lowest latency generated by its highly secured trade servers and top-grade infrastructure of its pricing providers.

  1. Transparency & Regulation

Compliance with international regulatory standards prevents the misallocation of customers’ funds and increases transparency in trading.

How to Make a Deposit?

After completing the registration process, you need to activate your account by making a deposit. IC Markets offers traders a variety of deposit options in 10 base currencies. However, the processing time varies depending on the mode of payment and currency pairs chosen.

The minimum deposit is $200 that can be transferred through a credit card or debit card or wire transfer or other payment methods such as PayPal, Skrill, Neteller, Bpay, FasaPay, Klarna, POLI, Rapidpay, Bitcoin Wallet, and many more. IC Markets charges no fees on deposits.

How to Make Withdrawals?

How to Make WithdrawalsHow to Make Withdrawals

Sign Up Now

IC Markets allows traders to withdraw their funds for free with their preferred payment method.  When choosing to make withdrawals with IC Markets, we found it easy and fast. But first, we were required to submit a ‘withdrawal request’ from our Secure Client Area while platform review. Thereafter, the profits were transferred to our bank account within 48 hours.

As with deposits, the processing time for withdrawals varies with the transaction methods and the trader’s jurisdiction.

Unique Features of IC Markets

1. Leverage

Leverage allows traders to make a profit from small price movements in the forex market. IC Markets offers assets-specific leverage of up to 1:500 that varies according to jurisdictions. Usually, traders with a high-risk tolerance and ability to trade with low volatility choose high leverage for trading, while those with low initial deposit prefer low leverage. Having said that, we would recommend you to carefully analyze the leverage ratio against a tradable asset before trading.

2. Research

Research tools are an added advantage for new traders to get an insight into market trends and assistance in crafting trading strategies. IC Markets offers feature-rich research tools designed to help traders stay updated with the developments in the financial markets. With IC Markets you can:

  • Get trading Ideas using technical indicators, reading news feeds, and analyzing price levels.
  • Access advanced trading tools such as charting tools, social copy trading, economic calendar, and forex calculator.
  • Refer to the ‘Information Hub for Serious Traders’ section that features blogs on company news and trading data.
  • Use the ‘Market Analysis’ section that features content on fundamental and technical analysis both from the in-house research team and third-party platforms such as Trading Central.

3. Education

IC Markets offers in-depth and diverse educational offerings curated to help active traders with useful trading tips. Its educational suite includes everything from a demo account to videos that are free to access.

  • Demo Account

You can use a demo account using virtual money to familiarize yourself with the platform.

    • Informational Articles
    • </ul style=”padding-left: 0px;”>

IC Markets has a great range of quality articles for beginners that focus on day trading and provide technical analysis and tips to understand the risks.

      • Tutorial Videos

You can learn trading skills taking the help of its high-quality tutorial videos after account opening. These videos also guide you through the MetaTrader or cTrader platforms and different services offered by IC Markets.

      • Economic Calendar

The best way to win trade is to be aware of the market trends and planning accordingly. IC Markets’ economic calendar lets you know what you should do in a particular situation.

Is IC Markets Safe?

There is so much to gain from IC Markets trading platform that oftentimes traders doubt all this to be true. But our IC Markets review of the site approves the legitimacy of the platform and affirms that it is quite safe for making investments and trades. Since IC Markets is licensed by the ASIC, traders can rest assured of the safety of their assets.

To ensure the availability of funds during financial crises, IC Markets puts customer funds into segregated accounts at a network of banks, including the National Australia Bank, Westpac Banking Corp., and Barclays Bank Seychelles. Furthermore, it is audited by major regulatory agencies regularly that denies any possibility of scam and proves that it is a safe trading platform.

Why Trade with IC Markets?

IC Markets is the leading forex CFD broker with its integrated trading environment that is well-supported by tight spreads and suitable trading conditions. The reasons why IC Markets trading is best to trade, are listed below:

      • Different account types from the site and trading platforms to choose from depending on your trading experience.
      • A wide range of tradable instruments and derivatives.
      • Low forex fees and zero commissions on making transactions.
      • You can save money on conversion fees by trading in 10 base currencies, including USD, GBP, EUR, JPY, CHF, AUD, NZD, CAD, HKD, and SGD.
      • Its stop-loss order feature lets you set the maximum loss.
      • Its advanced margin call feature exits the trade upon finding your balance null and saves you from having a negative balance.
      • Little to no latency times due to its ultra-modern trade servers.

Sign Up Now

Customer Service

IC Markets has a 24/7 active multilingual customer support that provides traders from all over the world with hands-on solutions to their problems. There are mainly three ways to avail the customer service, including via live chat or email, or over the phone. Besides, you can access its FAQ feature located under the ‘Help Center’ section on its website. We tested every available option with the customer support, the results of which are documented below.

      • We found its live chat feature the most convenient way to seek help and understand the risks, but sadly it is let down by its low-quality service and slow response time. The worst part is that it remains offline most of the time that is a bit annoying.
      • In IC markets reviews, the email support seemed to work comparatively better than live chat and we received relevant answers to our queries within 24 hours on the site.
      • Finally, it was the phone support that impressed us a lot with its swift and to the point response system. Its customer care representatives were quite professional and decent in their service.

Overall, we appreciate IC Markets for its quality and efficient customer service, which is key to its successful and trustworthy relationship with the traders.

Our Verdict

Our IC Markets review reveals that the broker has done a fantastic job to become the leading online broker with its advanced trading features. From making deposits to reaping profits, IC Markets does complete justice with its reputation and has become the favorite of beginner, professional, and high-volume traders.

While briefly looking at its competitive offerings, you will find that it is designed with the purpose of providing traders with favorable trading conditions. The intuitive web-based interface, low minimum deposit, commission-free account, multiple tradable assets, different trading platforms, social trading, and automated trading are some of its features that ensure efficient and effective trade. Its other amazing features include low spreads, interbank liquidity, competitive forex fees, no inactivity fee, and helpful research and educational offerings. Additionally, traders are benefitted from its innovative algorithm that fits all trading styles and facilitates faster order execution.

To sum up, from our IC Markets review, this platform is a licensed and regulated broker with more than a decade of online trading expertise, which makes it a secure and credible platform. Based on our experience with the broker, we are confident to recommend IC Markets for every active trader to generate significant profits from their investments.

FAQs

1. Is IC Markets a reliable broker?

Yes. IC Markets is well-regulated by financial authorities like ASIC, FSA, and CySec that provides a competitive trading environment.

2. Can I withdraw profits from IC Markets?

Yes. You can withdraw profits from IC Markets anytime by submitting a withdrawal request and get it credited to your bank account within 3-5 business days depending on your payment merchant.

3. How can I deposit at IC Markets?

The minimum deposit amount is $200 that you can deposit through various means, including credit or debit cards, net banking, wire transfer, or other electronic payment modes.

4. Can international traders trade with IC Markets?

Yes, except those from the US and Canada.

5. Is there a fee for making a deposit or withdrawal?

No. There are zero commission fees for making deposits or withdrawals.

6. How do IC Markets make money?

IC Markets generates revenue from commission fees, spreads, and swaps against different accounts and instruments.

7. What is the maximum leverage offered by IC Markets?

IC Markets offers maximum leverage of 500:1 for all account types.

Back to top button