IC Markets Review 2020

  • Easy To Use?
  • Cost
  • Profitability
  • Time Needed
1.5

The adoption and accessibility of online financial services spun a series of businesses that want to tap into this emerging market. These services make it even more possible for people to use their money for online transactions. IC Markets (https://www.icmarkets.com/sc/en) is one of the many companies that provide this service.

They are known for allowing people to use forex, 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 Markets is 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.

Since then, they were able to grow into a growing company. During the Swiss franc flash crash in 2015, they were able to cover the negative balances that they suffered due to this crisis. Two years later, they declared that they were able to reclaim a trading volume of $343 billion US dollars.

Once the year 2018 rolled around, they gained a total trading volume of $447 billion. In the second half of that year, they were able to gain a license to operate in Cyprus.

Where are the headquarters of IC Markets 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 branches help segregate their clients’ funds through two banks. The Australian branch holds the funds through the National Australia Bank (NAB) and 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, they include a free demo. Creating this 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 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
    • New York 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 EAs and scalpers
  • cTrader Account
    • Makes use of 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 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

What are their advantages?

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

What are their disadvantages?

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.

As with all investment products and services, any person using these should be within careful discretion and would produce different results depending on how they use them. However, this service can assist anyone looking to invest in this market. I hope you enjoyed this review. Visit our home page for more information.

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