Welcome to this extensive IC Markets Review.
We’ve been trading forex for around a decade now, and IC Markets is one of the brokers we used in our early days of forex trading. This review is based on our personal experience of using their platform.
IC Markets are known for allowing people to use for trading the forex markets, trading CFDs, and cryptocurrencies. Aside from that, they are one of the many well-trusted services to use MT4, MT5, and cTrader.
It welcomes beginner and advanced traders alike.
Here’s more about the broker in our full review.
Who is IC Markets?
IC Market was founded in 2007 by Andrew Budinski. They established it first in Australia. Two years later, they were able to get their Australian Financial Services License (AFSL) from the Australian Services and Investment Commission (ASIC). They aim to bring more financing options towards retail and institutional companies as they were only accessible to investment banks before it was founded.
IC Markets EU complies with CySEC regulatory requirements and is required to meet strict financial standards, including capital adequacy and audit requirements.
Where are the headquarters located?
At the moment, its main headquarters is situated in the country of Seychelles. It has been regulated in the country since July 2019 and has handled most of its international clients this way. Aside from that, they established another branch in Cyprus. This was licensed in 2018. Finally, the original Sydney branch became licensed a year later.
These various regulatory branches help segregate their clients’ funds through two banks. The Australian branch holds the funds through the National Australia Bank (NAB) and does international bank transfers through Westpac Banking Corporation (Westpac). Meanwhile, the Seychelles headquarters is connected with Barclays Bank Seychelles.
What features do they have?
If someone wants to try out their service temporarily, services available include a free demo account. Creating this demo account entails filling out a form with your information. After signing in to the new account, the user is required to submit proof of identification and residence. Trading can begin after these have been confirmed.
Meanwhile, there are various accounts that traders can sign up for to invest their real money through their service. They include the following:
- Raw Spread Account
- Makes use of the Meta Trader platform
- Earns $3.5 commission per lot per side
- Pip spreads of 0.0
- $200 starting deposit
- 500:1 leverage
- Micro lot trading allowed
- New York server location
- 64 currency pairs to trade with
- Index CFD trading allowed
- 50% stop out level
- One-click trading
- Islamic accounts allowed
- All trading styles allowed
- No order distance restriction
- Uses the MQL4 programming language
- Suitable for EAs and scalpers
- cTrader Account
- Makes use of the cTrader platform
- Earns $3.0 commission per lot per side
- Pip spreads of 0.0
- $200 starting deposit
- 500:1 leverage
- London server location
- Micro lot trading allowed
- 64 currency pairs to trade with
- Index CFD trading allowed
- 50% stop out level
- One-click trading
- Islamic accounts allowed
- All trading styles allowed
- No order distance restriction
- Uses the C# programming language
- Suitable for day traders and scalpers
- Standard account
- Makes use of the cTrader platform
- Pip spreads of 1.0
- $200 starting deposit
- 500:1 leverage
- New York server location
- Micro lot trading allowed
- 64 currency pairs to trade with
- Index CFD trading allowed
- 50% stop out level
- One-click trading
- Islamic accounts allowed
- All trading styles allowed
- No order distance restriction
- Uses the MQl4 programming language
- Suitable for discretionary traders
- Islamic account
- Makes use of MT4 and MT5 platforms
- Use over 90 trading instruments
- 1:500 leverage
- Make use of as low as 0.0 pips for spreads
- No additional costs for Swaps
Each of these three major platforms a trading account named types offers leverage of up to 500:1, which can significantly increase the purchasing power of a trader’s capital. Additionally, all IC Markets trading accounts can be used with the MetaTrader 4, MetaTrader 5, and cTrader platforms, making it easy for traders to switch between different trading platforms.
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Trading Platforms
IC Markets offers traders a wide range of trading platforms to suit the needs of different types of traders. Their primary platforms are MetaTrader 4, MetaTrader 5, and cTrader.
MetaTrader 4 is a widely used trading platform that is popular among traders of all levels of experience. The platform is known for its user-friendly interface and advanced charting and analysis tools. MetaTrader 4 also supports automated trading through the use of Expert Advisors (EAs).
MetaTrader 5 is an updated version of MetaTrader 4, with additional features and functionality. The platform offers a more advanced order management system, as well as access to more markets and asset classes. MetaTrader 5 also supports hedging, which can be useful for traders who want to take advantage of different market conditions.
cTrader is a popular platform among ECN traders and is known for its fast order execution and advanced charting tools. The platform also offers a wide range of advanced trading tools and indicators, making it a popular choice among technical traders.
Each of these platforms offers unique features and benefits, and traders can choose the platform that best suits their individual trading styles and preferences.
It is also worth noting that IC Markets offers a free VPS (virtual private server) service to traders who meet certain trading volume requirements, which can significantly improve the speed and reliability of automated trading systems.
Forex Trading Tools & Resources
IC Markets offers a variety of trading tools and resources to its clients, designed to enhance the trading experience and improve profitability. Some of the most notable tools and resources available include an economic calendar, market analysis, and trading calculators.
An economic calendar is a valuable tool for traders who want to stay up-to-date on key economic events that could impact the financial markets further. The calendar includes information on upcoming releases of economic data, such as GDP, employment figures, and inflation reports, which can help traders make more informed trading decisions.
IC Markets also provides clients with a range of market analysis tools, including daily and weekly market updates, technical analysis, and algorithmic trading signals. These tools can be helpful for traders who want to gain a deeper understanding of market trends and potential trading opportunities.
IC Markets also provides a range of educational resources, including webinars and video tutorials. These resources can be helpful for traders of all levels of experience, from beginner to advanced, and cover topics like trading strategies, technical analysis, and risk management.
Regulation & Security
IC Markets is a globally recognized Forex and CFD broker, and as such, it is subject to regulation by various regulatory bodies around the world. The company is regulated by the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (FSA). Both of these regulatory bodies have strict guidelines that forex brokers must adhere to in order to maintain their licenses.
As a result, IC Markets is required to comply with stringent regulations and undergo regular audits to ensure that it operates in a fair and transparent manner.
In addition to regulatory compliance and risk management, IC Markets places a high priority on security measures to protect client funds and information.
The company uses advanced technology to secure its trading platforms and servers, and all client data is encrypted to prevent unauthorized access.
IC Markets also maintains segregated client retail investor accounts too, which means that client funds are kept separate from the company’s own funds. This ensures that in the event of the company’s insolvency, client funds are not affected.
Negative balance protection is also provided to all clients, which means that traders are protected from losses that exceed their account balance. This provides an extra layer of security for retail traders and ensures that they cannot lose more than the funds they have deposited with the broker.
Trading Conditions
&IC Markets accounts’ trading conditions are designed to provide traders with a cost-effective and flexible trading environment. There are two main account types, the Raw Spread Account and the Standard Account, each of which has its own unique trading conditions.
The Raw Spread Account is a popular choice among traders who prioritize low trading costs, as it offers some of the lowest spreads in the industry, starting from 0.0 pips.
The account is commission-based, with a commission of $3.50 per standard lot traded, and it offers flexible leverage of up to 500:1.
The Standard Account is commission-free and offer spreads starting at spreads from 0.0 pips to 1.0 pips. Like the Raw Spread Account, it also offers leverage of up to 500:1.
Both account types offer negative balance protection and the ability to use a variety of trading strategies, including scalping and hedging.
Compared to other brokers in the industry, IC Markets’ trading conditions are generally considered to be very competitive.
They consistently rank among the top forex brokers for low trading costs and flexible leverage options according to customer reviews.
Additionally, IC Markets’ trading fees are generally lower than those of other CFD trading brokers, making it a popular choice among cost-conscious traders.
It is worth noting that IC Markets charges overnight swap fees for positions that are held open overnight, as well as inactivity fees for accounts that are inactive for more than 90 days. These overnight trading fees alone are relatively standard in the industry and are in line with what other brokers charge.
Deposits and Withdrawals
IC Markets offers a variety of deposit and withdrawal methods to suit the needs of different traders. They accept deposits in a variety of currencies, including USD, EUR, AUD, and GBP, and offer a variety of payment methods, including bank transfer, credit/debit card, PayPal, Skrill, and Neteller.
The processing times and fees associated with each deposit and withdrawal method can vary.
Bank transfers, for example, can take several days to process, per minimum deposit while credit/debit card deposits are usually processed instantly. Similarly, some payment methods may incur additional fees, while others may be free of charge.
CFD Trading Assets Coverage
IC Markets offers a wide range of tradable assets, including forex, commodities, indices, and cryptocurrencies. Within each asset class, there are a variety of products to suit the needs of different traders.
In the forex market, IC Markets offers more than 60 currency pairs, including major pairs like EUR/USD, USD/JPY, and GBP/USD, as well as a variety of minor and exotic pairs. They provide competitive spreads on all currency pairs, starting from as low as 0.0 pips on the Raw Spread Account.
In the commodities market, IC Markets offers trading in a range of metals and energies, including gold, silver, crude oil, and natural gas. This forex broker also offers CFD trading in a variety of agricultural commodities, such as corn, wheat, and soybeans.
IC Markets also offers trading in a wide range of global indices, including the S&P 500, NASDAQ, FTSE 100, and Nikkei 225. Their index products offer traders exposure to a diverse range of other financial instruments and markets, and can be useful for traders who want to diversify their trading strategies.
Finally, IC Markets offers trading in a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. They offer trading in both crypto-to-fiat and crypto-to-crypto pairs and allow traders to access the cryptocurrency markets using the same trading platforms they use for other asset classes.
Account Opening
Opening an account with IC Markets is a straightforward and streamlined process. Traders can complete the account registration process in just a few simple steps, and the entire process of bank transfer, can be completed online.
To open an account, traders must provide basic personal information, including their name, email address, and phone number. They must also select the bank transfer account type they wish to open and provide proof of identification and address. Once the account has been approved, traders can deposit funds into bank account and begin trading.
IC Markets requires all traders to verify their accounts by submitting a copy of their government-issued ID and proof of address. This is a standard practice in the industry and is designed to prevent fraud and ensure the safety of client funds.
Overall Trading Experience
IC Markets is known for providing a high-quality trading experience, with fast order execution and a reliable trading platform. They offer trading on a variety of platforms, including MetaTrader 4, MetaTrader 5, and cTrader, and allow traders to use a variety of advanced trading tools and strategies, including scalping and hedging.
The platforms provided by IC Markets are known for their user-friendly interfaces and advanced charting and analysis tools. The platforms also support an automated trading system through the use of Expert Advisors (EAs), which can be helpful for traders who want to automate their trading strategies.
In terms of execution speed, IC Markets is known for its fast order execution and tight spreads, which can significantly reduce the cost of trading.
Additional Services
In addition to its core trading services, IC Markets offers a range of additional features and services that can enhance the trading experience for its clients.
Some of the most notable features include VPS hosting, MAM/PAMM accounts, and copy trading.
VPS hosting is a valuable feature for traders who use automated trading strategies, as it allows them to run their EAs on a dedicated server, resulting in faster order execution and improved trading performance. IC Markets offers VPS hosting services for a fee, with several pricing plans to choose from.
MAM/PAMM accounts are designed for traders who manage multiple accounts, allowing them to trade on behalf of their clients and earn commissions for doing so.
IC Markets offers MAM/PAMM accounts through its Multi Account Manager (MAM) platform, which allows traders to manage multiple accounts simultaneously.
Copy trading is another popular feature offered by IC Markets, allowing traders to automatically copy the trades of more experienced and professional traders elsewhere. IC Markets offer copy trading services through its IC Markets Social feature, which allows active traders to connect with other traders and view their trading performance.
Mobile App
IC Markets offers a range of mobile trading platforms that are designed to provide traders with the flexibility to trade on the go. The platform provides mobile trading through its MetaTrader 4 and MetaTrader 5 platforms, as well as through its cTrader platform.
The mobile platforms provided by IC Markets are user-friendly and offer many of the same features and functionality as the desktop versions of the major trading platforms do. Traders can access real-time market data, view charts, and analysis tools, and execute trades from their mobile devices.
In addition to the standard features offered on mobile platforms, the IC Markets app also offers a range of additional tools and resources to help traders improve their mobile trading experience. These include mobile-friendly educational resources, trading calculators, and market analysis tools.
Community & Social Trading
IC Markets offers a range of community and social trading features that can help traders connect with other traders and gain access to valuable market insights and analysis.
Some of the most notable features include IC Social, IC Markets Blog, and Trading Central.
IC Social
IC Social is a social trading platform that allows traders to connect with other traders, view their trading performance, and even copy their trades. The platform also includes a range of educational resources, including webinars and trading strategy guides, to help traders improve their skills.
Blog
IC Markets Blog is another valuable resource for traders, providing regular updates on market trends and events. The blog covers a wide range of topics, from technical analysis and trading strategies to macroeconomic trends and political events.
Partnership With Zulutrade
IC Markets has partnered with ZuluTrade, a leading social trading platform, to provide traders with a seamless and convenient way to access ZuluTrade’s copy trading services education IC markets.
To connect your IC Markets account to ZuluTrade, you first need to sign up for a ZuluTrade account and link it to your IC Markets account. Once the accounts are linked, you can start copying the trades of experienced traders and signal from liquidity providers, on the ZuluTrade platform.
To learn more about Zulutrade check out our full Zulutrade review here.
Trading Central
Finally, Trading Central is a market analysis tool that provides traders with real-time market insights and analysis. The tool includes detailed market research and technical analysis, as well as trading signals and alerts.
Customer Support
IC Markets provides a range of customer support options to its clients, including email, live chat, and phone support. Their customer support team is available 24/7 to assist clients with any questions or issues they may have.
Online Reviews & Testimonials
IC Markets has built a strong reputation among its clients, and a quick search of online forums and review sites will reveal numerous positive testimonials. Many traders praise the company for its reliable trading platform, fast order execution, and excellent customer support.
Some reviewers even describe IC Markets as one of the best forex brokers in the industry.
IC Markets has also received numerous industry awards, further underscoring its reputation as a trustworthy forex broker.
They have received positive ratings on various reputable review sites, adding to their authority as a reliable forex broker.
On Trustpilot, IC Markets has an excellent rating of 4.7 out of 5 stars, with over 7,000 reviews.
Many customers have praised the platform for its fast order execution, low spreads, and reliable customer service.
IC Markets has also received high ratings on Forex Peace Army, with an average rating of 4.6 out of 5 stars, based on over 1,300 reviews. This positive feedback from customers on trusted sites further adds to the credibility and trustworthiness of IC Markets as a reputable forex broker.
Advantages Of IC Markets
While using any of their accounts, a user can gain the following advantages:
- Lowest average spreads of any ECN broker account
- Trade through indices, commodities, stocks, bonds, cryptocurrency, and futures
- Access to more than 50 banks and dark pool providers
- Includes a competitive commission per lot
- No deposit or withdrawal fees
- Accessible on desktop, laptop, and mobile
- Consists of the following advanced trading tools:
- Alarm manager
- Correlation matrix
- Correlation trader
- Trade terminal
- Market manager
- Sentiment trader
- Session map
- Smart lines
- Stealth orders
- Tick chart trader
- Backed up with fast servers and infrastructure
- Access to 19 funding methods to top-up and withdraw from a user’s account
- Includes guaranteed stops and negative balance protection
- 24/7 multilingual live chat support
- Option to email or phone their customer service
Disadvantages Of IC Markets
Aside from the listed advantages above, users may experience the following during their time on the platform:
- A steep learning curve for most of the trading platforms to be used
- Withdrawals for wire transfer, credit cards, and debit cards require several days to process
- Dependent on using other trading platforms
- No news headlines when using MT4 or MT5
- No pattern recognition tools available for MT4
- No investor protection
- A limited number of available CFDs
- Requires a higher investment for CFDs
- Does not allow customers from certain restricted and/or OFAC-sanctioned countries
Conclusion
IC Markets is one of the most trusted online trading services available. It was created in Australia in 2007. Since then, it has grown into a sizable company with a global client base and a massive trading portfolio.
In addition to its core trading services, IC Markets offers a range of additional features and services, including VPS hosting, MAM/PAMM accounts, and copy trading. They provide a range of community and social trading features, including IC Social, IC Markets Blog, and Trading Central, which can be helpful for traders looking to improve their skills and gain market insights.
Overall, the trading experience at IC Markets is highly regarded, consistently ranking among the top brokers in the industry in terms of customer satisfaction and trading conditions. For forex traders, who are looking for a reliable and reputable forex trading broker that offers competitive trading conditions, a diverse range of assets, and innovative trading tools and features, IC Markets is a strong option to consider.
Frequently Asked Questions
In the final section of this IC Markets review, we look at the most frequently asked questions about this forex broker.
- Is IC Markets a regulated broker?
Yes, IC Markets is a regulated broker that is authorized and regulated by multiple regulatory bodies, including the Australian Securities and Investments Commission (ASIC) and the Financial Services Authority (FSA) in Seychelles. - What trading platforms does IC Markets offer?
IC Markets offers a range of different platforms, including MetaTrader 4, MetaTrader 5, and cTrader. - What is the minimum deposit to open an account with IC Markets?
The minimum deposit to open an account with IC Markets varies depending on the account type, but generally ranges from $200 to $500. - What types of accounts does IC Markets offer?
IC Markets offers several types of trading accounts, including standard accounts, raw spread accounts, and Islamic accounts. - What is the maximum leverage available at IC Markets?
The maximum leverage available at IC Markets varies depending on the account type, but can be as high as 1:500. - Does IC Markets offer mobile trading?
Yes, IC Markets offers mobile trading through its MetaTrader 4, MetaTrader 5, and cTrader mobile apps. - What is IC Social?
IC Social is a social trading platform offered by IC Markets that allows traders to connect with other traders, view their trading performance, and even copy their trades. - What trading instruments can be traded at IC Markets?
IC Markets offers a wide range of tradable assets, including forex, commodities, indices, and cryptocurrencies. - Do IC Markets charge any fees for deposits and withdrawals?
IC Markets does not charge any fees for deposits, but some withdrawal methods may incur a fee. - How can I contact IC Markets customer support?
IC Markets customer support can be contacted through email, live chat, or phone support, which is available 24/7.
