I have been using IC Markets for some years now and in this IC Markets review, I will show you the important features you should look at.
Before you use the IC Markets forex broker for your trading, you must read reviews like this. The table below summarizes the IC Markets Forex broker review;
|Spread||IC Markets Spreads Start From 1 pips for EUR/USD, But Depends on Account Type – See More Details Below1.2|
|Deposit Methods||Credit/Debit Card, PayPal, Neteller, Skrill, Bank Transfer|
|Withdrawal Methods||Skrill, Neteller, Visa, MasterCard, Bitcoin|
Are IC Markets Safe And Regulated?
Yes, the Cyprus Securities and Exchange Commission (CySEC), the Financial Supervisory Authority of Seychelles (FSA), and the Australian Securities and Investments Commission all regulate it (ASIC).
The degree of safety of your funds will depend on which entity holds your funds; IC Markets is regulated in Australia, Cyprus, the Bahamas, and Seychelles. In Australia, for example, the National Guarantee Fund does not provide any protection when trading CFDs.
But IC Markets has indemnity insurance and keeps your money in a Client Moneys Trust Account. The Investors Compensation Fund can protect eligible retail clients of IC Markets in Cyprus in the unlikely event of bankruptcy, up to 20,000 euros per account held by IC Markets EU.
IC Markets was founded in 2007, and when choosing a broker, factors like the number of years it has been in business and the scope of its regulatory licenses should be considered. Using a well-capitalized broker also reduces your potential counterparty risk.
IC Markets Review – Frequently Asked Questions
The minimum deposit to open a live account at IC Markets is $200, regardless of the account type you choose, which includes Standard, Raw, and cTrader accounts.
The EUR/USD has an average spread of 0.1 pips, according to IC Markets. The all-in costs would be 0.7 pips (or 0.8 on MetaTrader in the Raw Spread account) after adding the commission equivalent of 0.6 pips on the cTrader account, which is competitive.
We tried a bank transfer withdrawal and it took two business days. You can only withdraw money from accounts that are registered in your name.
IC Markets offers the highest leverage level of up to 500:1. This leverage varies depending on which of the broker’s 65 currency pairs and other CFDs you want to trade (such as cryptocurrencies).
Yes, IC Markets is an ECN broker. IC Markets has a ‘True ECN with MetaTrader’ account and ‘True ECN with cTrader’ account, which charges a commission and offers tight spreads.
Credit/debit cards, bank transfers, and electronic wallets are all free to withdraw funds from IC Markets.
The commission rate you pay is determined by the base currency a trader selects when opening an account. Except for FP markets, which have lower commissions, the commissions charged are generally similar to their main competitors.
Yes, IC Markets is a good broker for investors who want to use the MetaTrader and cTrader platforms to run automated trading strategies.
IC Markets Account Types And Spread
As a CFD trader with IC Markets, you have the option of using one of three main trading accounts. Some of which include;
1. Standard Account
There are no trade commissions, but there are wider spreads.
MetaTrader 4 is a forex trading platform.
Designed for newcomers to the forex market.
2. Raw Spreads Account
- Lowest ECN broker spreads + $3.50 commission per lot
- MetaTrader 4 is a forex trading platform.
- Programming language MLQ4
- Perfect for Expert Advisors or day trading strategies.
3. cTrader Account
- Low ECN broker spreads + $3.00 commission per lot
- The cTrader forex trading platform is used.
- The C# programming language is a popular programming language.
- Provides a trading environment that is suitable for institutions.
IC Markets Deposit Methods
Deposits at IC Markets are completely free. Although some deposit options are not available for each account’s base currency, there are numerous ways to add money to your account. BPay, for example, only accepts AUD payments.
A bank transfer can take several days, whereas credit/debit card payments are immediate. Only money from accounts in your name can be deposited.
IC Markets Review – Trading Platforms
MetaTrader provides IC Markets with its web trading platform. The platform is highly customizable, comes in a variety of languages, and has an easy-to-understand fee report. However, it lacks two-factor authentication and price alerts, and the design is outdated.
IC Markets does not have a proprietary trading platform. MetaTrader 4, a third-party platform, is its most popular trading platform. Other platforms offered by the broker include MetaTrader 5 and cTrader, both of which have their commission structures. We looked at MetaTrader 4 because it’s the most popular.
IC Markets Trading Instruments
- Futures CFDS
- Stocks and Bonds
- Crypto trade
IC Markets Traders Education
When it comes to educational services, IC Markets excels. On its website, it provides high-quality resources such as a demo account, trading platform videos, and educational articles. You can learn in the following ways at IC Markets:
- Demo account
- Platform tutorial videos
- General educational videos
- Quality educational articles
The ‘Education’ section and the IC Markets blog both have useful information. Both are well-organized and include topics such as technical analysis and risk management. The educational videos in general are of excellent quality. These, however, are only available on the IC Markets Vimeo channel and not on the website or trading platform.
Summary IC Markets Review
IC Markets is a fantastic forex trading platform. It has low forex fees, and opening an account is simple and quick. Deposits and withdrawals are both free, and the process is straightforward. The website’s education section is fantastic.
IC Markets, on the other hand, trades only forex and CFD products. Furthermore, live chat support could be improved, and non-EU customers are not protected by any investor protection scheme.
Try IC Markets because you can open an account in as little as a day and there is no inactivity fee.