IC MARKETS REVIEW 2020

IC Markets Summary

IC Markets was established in Sydney, Australia in 2007, by a team of financial analysts. Their main purpose is to connect retail and institutional traders, and offer them trading solutions tailored to their preferences.

IC Markets has  managed to become one of the leading forex trading providers in Australia and the APAC region as a whole. They provide an array of trading instruments to trade with, including cryptocurrencies, commodities, stocks, equities, bonds, and futures.

IC Markets cryptocurrency trading, allows trading pairs fiat currencies against Bitcoin, Dash, Bitcoin Cash, Ripple, Ethereum, and Litecoin. They permit long or short positions, with a leverage level of 1:5, a margin level of 20% and a minimum trade size of 0.01.

IC Markets is an Electronic Communications Network(ECN) broker, that offers raw spreads from 0.0 pips directly from various liquidity suppliers. They also acquire dark pool liquidity across sixty forex currency pairs.

Many high volume traders, scalpers, EA traders, and day traders will benefit more from IC Markets; this is because there is no dealing desk and there is no manipulation in the prices.

The execution has minimal slippage and low latency through the use of fiber optic technology. Traders’ requests are executed in real time and directly with market prices through their NY4 and LD5 IBX Equinix Data Centers in New York and London.

IC Markets attempts to provide the best technological solutions, along with the crucial aspect of top-of-the-line customer service and technical support. Its employees have long-term experience in the Forex industry, and that is why they understand what traders need.

This IC Markets review is an in-depth analysis of the features of IC Markets, and what can IC Markets offer their traders.

IC Markets Main Features
Established in:
2007
Headquarters:
Sydney
Regulations:
ASIC, FSC and CySEC
Country of regulation:
Australia
Minimum Deposit:
$200
Platforms:
MT4, MT5, cTrader, ZuluTrader
Demo Account Available:
Yes
Leverage:
1:500
Withdrawal fee amount:
0$
Inactivity Fee:
No

Pros

  • No deposit and withdrawal fee
  • Demo Account available
  • Regulated by Australian Securities and Investments Commission (ASIC)
  • Regulated by the Cyprus Securities and Exchange Commision (CySEC)
  • Fast and easy to open an account

Cons

  • No negative balance protection
  • Slow live chat response
  • No investor protection

Safety and Regulation

IC Markets is considered to be a safe broker, as it is regulated by one of the oldest and demanding regulators in the market.

As the broker is headquartered in Australia, its main operating licenses come from the Australian Financial Services (AFSL) No. 335692 and the Australian Securities and Investments Commission (ASIC), which authorizes them to carry on a financial services business in Australia, limited to the financial services covered by our AFSL.

Furthermore, the AFSL and the ASIC are one of the strictest and most challenging of financial regulators, which is why traders of IC Markets will have nothing to worry about.

The extra layer of protection that is provided to the clients’ funds and personal information is proof of their credibility; they also keep clients’ funds stored in segregated accounts as per regulatory requirements. The trading accounts are accessed by the client only and they are utilized for the purpose of making it easier for clients to trade.

Along with the AFSL, IC Markets is a member of the Financial Ombudsman Service (FOS); they are an Australian conflict resolution corporation that autonomously and justly resolves conflict that occurs between clients and financial service providers.

IC Markets is also registered and regulated by the Cyprus Securities and Exchange Commission, in order to fully be allowed to provide services to clients from the European Union.

As a precaution, the broker highly recommends reading their Account Terms and their Product Disclosure Statement on CFDs before trading with them, to ensure the right decision for prospective clients.

Pros

  • Regulated by the Australian Securities and Investments Commission (ASIC) and the Australian Financial Services Licence (AFSL) No. 335692.
  • Client funds in segregated accounts
  • Clients are the only ones who can access the trading accounts

Cons

  • Does not have a banking license
  • Does not provide any negative balance protection and investor protection

IC Markets Fees

IC Markets has been generous with the fact that there are no deposit fees, no withdrawal fees, and no inactivity fees.

However, you will find that there is high financing rate for CFDs; there is also an overnight fee, depending on the overnight interest rate discrepancy.

Pros

  • No inactivity fee
  • No account fee
  • Free deposits and withdrawals
  • Low trading fees

Cons

  • High rate for CFDs

IC Markets Trading Fees

IC Markets offers two MT4 account types, a Standard account and the leading, Raw Spread account.

It does not charge a commission on Standard accounts but instead applies a spread mark up of 1 pip above the Raw inter-bank prices received from their liquidity providers. The Raw Spread account shows the raw inter-bank spread received from our liquidity providers; on this account there is a commission of $7 per standard lot round turn.

IC Markets Standard Account Fees

With the Standard Account accessed through MetaTrader4 with VPS Cross-Connect and spread with the basis from 1.0 pips.

The True ECN account enables micro lot trading from 0.01 sizes, high institutional grade liquidity, ECN spreads from 0 pips and commission of 3.50 dollars for every one hundred thousand traded at MT4, as well. Spreads on EURUSD averages at 0.1 pips for twenty four hours for five days, which is considered the tightest average EURUSD spread on a global account.

IC MArkets ctrader ECN account Fees

cTrader ECN Account provides approximately the same feature as MT4, but with the difference of the platform is that it used by professional and expert traders. The spread executed also begins at 0.0 pips and commission of 3.00$ per one hundred thousand traded that serves application through Equinix LD5.

There is also has an overnight fee that is determined by the overnight interest rate discrepancy between the two currencies involved in the pair and what the position is. The fee originally varies from one currency to another, but traders should remember that overnight fees can be both positive and negative to their trading account.

 

Deposit Fees and Withdrawal Fees
Deposit Fee 0USD
Withdrawal Fee 0USD
Inactivity Fee 0USD
Account Fee 0USD

Deposit and Withdrawal  Fees

IC Markets does not charge a withdrawal fee, and their withdrawal process is fairly fast and convenient for traders.

However, if you decide to use the withdrawal method of an international bank transfer, then you will have to pay a withdrawal fee of 20AUD, or its equivalence. The fee will automatically be taken after each withdrawal.

With IC Markets, there are no deposits fees, which mean you will not have to pay additional fees whenever you make a deposit. There are ten base currencies you can choose from as your preferred currency to trade with.

Nevertheless, you need to make sure that your deposit option is harmonized with your base currency, because there are a few deposit options who do not support all ten base currencies.

IC Markets Fees vs. Competitor Fees
IC Markets eToro AvaTrade XM Group
Account Fee No No No No
Inactivity Fee No Yes Yes Yes
Deposit Fee 0$ 0$ 0$ 0$
Withdrawal Fee 0$ 25$ 0$ 0$

Account Opening

Opening an account with IC Markets is seamless, quick and fully digital.

With IC Markets, there are three account types that you can choose from; you can choose between the True ECN Raw Account with cTrader, the True ECN Raw Spread Account with MetaTrader4, or the Standard Account on MT4 and MT5.

All three options have an easy and convenient way of opening an account that will take no time from you at all.

IC Markets ECN cTrader Account

The first account type that IC Markets provides is the True ECN Account with cTrader, which offers you faster order execution and no restrictions on trading.

You will find that you can trade with 64 Currencies and 64 Metals, along with 15 CFDs; traders are also allowed to scalp and hedge with this account type. Spreads start at 0.0 pips, and you will find that all major base currencies are available for you in the True ECN Account with cTrader.

Pros

  • Low spreads
  • Islamic account available
  • Demo Account available
  • Easy to open an account
  • Sub-accounts are possible

Cons

  • Only works with cTrader
  • Cannot have multiple trading platforms
  • Minimum deposit of 200USD

IC Markets Raw Spread Account

The IC Markets Account of True ECN Raw Spread Account is an account that is corresponding with MetaTrader. It also allows scalping and access to the most common base currencies such as: USD, EUR, and GBP.

There is no minimum trading distance and you can freeze your order at 0; this means that there are no limitations to your trading solutions and you will not find any hindrances while you trade.

Pros

  • Low spreads from 0.0
  • Islamic Account available
  • Demo Account available
  • MT4 and MT5 are available trading platforms
  • Easy to open an account and fully digital

Cons

  • Minimum deposit of 200USD

IC Markets Standard Account

With the final IC Markets trading account, the Standard Account, you can open an account with MetaTrader4 or MetaTrader5 trading platforms.

It is suitable for all types of traders and it is commission free. The maximum leverage level is 1:500 and you will find that the Standard Account has flexible lot pricing for your trading strategies and trading positions.

Pros

  • No commission per lot
  • Sub-accounts are provided
  • Islamic Account available
  • Demo Account available
  • Fully digital and convenient method to open account

Cons

  • High spreads
  • Only available for MT4 and MT5, not cTrader
  • Minimum deposit is 200USD
How to Open an IC Markets Account
IC Markets Opening an Account

Five steps to open an IC Markets account with an estimate of three minutes.

STEP ONE: Fill in your personal information with the online application on the ECN Accounts for Forex trading.

STEP ONE: Fill in your personal information with the online application

STEP TWO: Choose your account type and fill out the information of your date of birth and current address.

STEP TWO: Choose your account type and fill out the information of your date of birth and current address.

STEP THREE: Choose your preferred trading platform, account type, and base currency.

STEP THREE: Choose your preferred trading platform, account type, and base currency.

STEP FOUR: Fill in the trading questionnaire on your trading experience and a security question-answer for your login process. You will also accept a declaration that you acknowledge and understand the terms and conditions of IC Markets.
IC Markets Opening an Account STEP 4

STEP FOUR: Fill in the trading questionnaire on your trading experience and a security question-answer for your login process. You will also accept a declaration that you acknowledge and understand the terms and conditions of IC Markets.

IC Markets Opening an Account STEP 4^

STEP FOUR: Fill in the trading questionnaire on your trading experience and a security question-answer for your login process. You will also accept a declaration that you acknowledge and understand the terms and conditions of IC Markets.

STEP FIVE: Fund your trading account and upload the corresponding documents of your proof of identity (POI), and proof of residency (POR).
IC Markets Opening an Account STEP 5

STEP FIVE: Fund your trading account and upload the corresponding documents of your proof of identity (POI), and proof of residency (POR).

Deposit and Withdrawal

IC Markets provides ten flexible funding choices in ten major currencies. These currencies include: AUD, GBP, JPY, HKD, SGD, NZD, CHF, CAD, EUR, and USD.

For the clientele’s benefit, there is the possibility to deposit or withdraw funds throughout various methods. These methods are: Cards, PayPal, Bank Transfer including local institutions, Neteller, Skrill, WebMoney, Qiwi, China UnionPay, FasaPay, and more.

The Standard Account available through MetaTrader4, along with two other types of accounts available at IC Markets, are set with a minimum deposit of $200 to start with. It does not charge any additional fees for deposits and they do not charge any fees for withdrawals.

However, when it comes to International Bank Wire withdrawals, it charges the transfer fees to the financial institution, which is approximately AUD20 that is automatically removed from the amount of the trader’s withdrawal.

Pros

  • No deposit fee
  • 10 base currencies
  • Various methods of deposit

Cons

  • Not all methods support all base currencies
  • Minimum deposit of 200USD

IC Markets Deposit Options

  • Credit\Debit Card
  • Bank Transfer
  • Wire Transfer
  • Broker to Broker
  • Electronic Wallets

Withdrawals

IC Markets does not charge a withdrawal fee, and their withdrawal process is fairly fast and convenient for traders.

However, if you decide to use the withdrawal method of an international bank transfer, then you will have to pay a withdrawal fee of 20AUD, or its equivalence. The fee will automatically be taken after each withdrawal.

Pros

  • No withdrawal fee for most options
  • Fast withdrawal process

Cons

  • International bank transfer has a high withdrawal fee (20AUD)

IC Markets Withdrawal Options

  • Credit\Debit Card
  • Bank Transfer
  • Wire Transfer
  • Broker to Broker
  • Electronic Wallets

Trading Platforms

Apart from the refined technical optimization of the execution provided by primary technologies, IC Markets provides advanced software solutions too.

MetaTrader4 and cTrader are considered to be two of the leading trading platforms available in the market today, hence IC Markets have the option in their direct access to offered ECN trading environment. Nevertheless, clients can still trade through MT5, which is an updated and improved version that is filled with new features, as an option.

Automated trading is attuned with all broker’s platforms, EAs can be integrated on both the MT4 and MT5 or the cTrader platform.

ZuluTrade is also an option on IC Markets as well. ZuluTrade is considered to be one of the leading social trading platforms that give traders access the option to find thousand of talented traders; it also allows traders to track their trading signals free of charge.

Furthermore, traders who are willing to partner with the brokerage firm, can make use of the MAM and PAMM multi-account administration systems that are easy-to-use and allow the management of bigger portfolios. VPS, on the other hand, gives access to traders an array of automated trading strategies, along with the possibility to use VPS for free.

Overall, IC Markets truly takes trading up a notch with its comprehensive tools, additions, and extensions to the trading platforms. These extensions include a one click trade module, trade risk calculator, spread monitor, and advanced order types, which was not available on MT4.

IC Markets Trading Platforms

  • MetaTrader 4
  • MetaTrader 5
  • CTrader
IC Markets Trading Platforms

The available trading platforms for IC Markets are: MT4, MT5, and cTrader.

IC Markets MT4 and MT5

With MetaTrader4 and MetaTrader5, they have the basic order types that allow you to place orders. You can use order types such as: Stop, Market, and Limit. These order types all you to control your trading positions with the trading platforms. You can also use the order types of: Good Till Cancelled (GTC) and Good Till Time (GTT).

Pros

  • Available in several languages
  • Available for web platform, desktop platform, and mobile application
  • Price alerts on mobile application and desktop trading platform

Cons

  • No alerts and notifications
  • No two-step login process
IC Markets MetaTrader

With MetaTrader4 and MetaTrader5, they have the basic order types that allow you to place orders.

As for security, you will find that the MetaTrader platform does not have access to a two-step login process; they also do not provide the option of face recognition on their mobile application. This means that there are no extra precautions in regards to the safety of the login of clients and traders.

For the desktop trading platform, you can allow alerts and notifications for price changes through an email. You can also allow price alerts and notifications on the mobile application trading platform, but it is entirely up to you. However, in the MetaTrader web trading platform, you will not find the option of setting alerts and notifications for price changes.

Overall, MetaTrader4 and MetaTrader5 are excellent trading platforms for traders. The MetaTrader4 platform is suitable for novice traders who are just getting in the game, while the MetaTrader5 platform is tailor-made for advanced traders who have more experienced in trading.

IC MArkets Ctrader platform

With IC Markets, the cTrader trading platform is more advanced since it centres on C# programming and algorithms.

The order types for cTrader of Pending Orders and Stop Loss can be accessed by the opposing side, the second consecutive price, and the opposite second consecutive price; this is to ensure that there is no room for error in prices. There are two types of stop-out orders, the Smart Stop-Out and the Fair Stop-Out.

The Smart Stop-Out allows traders with the best option of recovering their trades if they happen to find that their margin falls below the stop-out level. The Fair Stop-Out closes the largest margin position, giving traders the biggest space of margin as possible to be able to protect the remaining trading positions.

With cTrader, you have the choice for an email notification that will alert you on various order types and if your price has reached its target. You will find that the mobile application, which is available on the Google Play Store and the Apple App Store, also has the option of in-application notifications. The in-app notifications will alert you on the execution of orders, price changes, and symbol status information.

Pros

  • Tailor-made for experienced traders
  • Contains algorithms of C# programming
  • Various languages available

Cons

  • Not available for novice traders
IC Markets cTrader

The in-app notifications will alert you on the execution of orders, price changes, and symbol status information.

As for security, you will find that there is no two-step login process, and they do not accept face recognition on their mobile application. The two-step login process is a safe procedure that ensures the safety of the client’s login information and account.

Overall, the cTrader trading platform is a preferred choice for traders who appreciate algorithms in trading and prefer using C# programming in their trading sessions. It is a bit more complicated for novice traders and it would be hard to keep up if you just entered the trading game.

Markets and Financial Instruments

IC Markets provide access to capital markets like currency pairs, all types of CFDs, and cryptocurrencies, for you to trade with. They are most renowned for their CFDs and Forex trading instruments.
The IC Markets trading brokerage does not miss the mark in offering their clients a wide range of trading instruments and assets. The brokerage offers more than a total of 80 instruments including currency pairs, stocks, CFDs on indices, commodities, valuable metals, and even the most well-known cryptocurrencies such as Bitcoin and Ethereum.

The most tremendous part of the IC Markets offering is Forex. Most of the 90+ assets accessible to trade are currency pairs. This is backed up with leverage of up to 500:1 and lot sizes from just 0.01.

Average spreads are amazingly low, just 0.1 pips for EUR/USD. This can have a huge effect on day trading profits. On the cTrader platform, spreads can be decreased to 0.0, limiting commission and spread expenses for frequent traders.

​

What IC Markets Offers
60 Currency Pairs 16 Stock Index CFDs
120 Stock CFDs 23 Commodity CFDs
9 Bond CFDs 10 Cryptocurrency

Market Research and Trading Tools

IC Markets provides many trading tools for you, which would help you improve your trading solutions and advance your trading skills. You can find any tools from advanced charts on MT4 to Virtual Private Servers.
Trading Tools IC Markets Provides
MAM / PAMM Virtual Private Server
Trading Servers MT4 Advanced Trading Tools

Pros

  • MAM / PAMM is the best option for both inexperienced and skilled traders
  • Trading servers are automated that minimized emotional trading
  • Trading servers allow for back-testing

Cons

  • VPS requires more technical knowledge
  • No authority over contracts in MAM / PAMM accounts
  • Trading servers have the possibility of poor performance

IC Markets Trading Tools

With IC Markets, you will find many resources and charting tools. They provide traders with a live news feed, 31 technical indicators, and trading ideas. However, one thing that they lack on their platform is fundamental data, which is unavailable.

There are three types of resources with IC Markets; you will find them available and accessible for you. They provide trading ideas that are based on trading indicators. IC Markets also offer a live news feed that contains accurate charts and texts that are easy to read.

However, you will not find any fundamental data available. They do not have their own research team, which means that you can access the resources only if you are using the MT4 platform.

Pros

  • Trading ideas available
  • Live news feed with readable texts and accurate charts
  • Variety of technical indicators
  • User-friendly platform

Cons

  • Available on MT4 platform
  • No fundamental data
In regards to their charting tools, they provide a variety of 31 technical indicators that are considered average, compared to other trading services providers. You will find that the design is somewhat obsolete and there are features that are hard to locate.

Customer Service

With IC Markets customer service, there are several ways to reach them. You can reach them through live chat, phone support, and via email. They are relatively fast to respond, but with live chat, the responses can be irrelevant.

Pros

  • Different methods of customer support
  • Fast response via phone and email support
  • Available 24/7

Cons

  • Slow response with live chat
  • Irrelevant response with live chat

Means of Communication

  • Live chat
  • Phone support
  • Email support
According to many customers who use IC Markets, the customer support service is excellent, especially for the phone support and email support.

The trading experience of IC Markets was satisfactory, and traders greatly appreciated that the customer support was available 247.

Client Education

In order to be able to trade with international capitals including currency pairs, you will need to learn about them first. You’ll find that IC Markets can provide you with the best educational materials, from Demo Accounts to tutorials of the trading platform.

How to Open a Demo Account

STEP ONE: Fill out the online application with your personal information
IC Markets Demo Account STEP ONE

STEP ONE: Fill out the online application with your personal information

STEP TWO: Choose the trading platform, base currency, account type, leverage, and the initial deposit.

STEP TWO: Choose the trading platform, base currency, account type, leverage, and the initial deposit.

Conclusion

IC Markets is a solid broker to trade with.

IC Markets was established in Sydney, Australia in 2007, by a team of financial analysts. Their main purpose is to connect retail and institutional traders, and offer them trading solutions tailored to their preferences.

With IC Markets, since the broker is headquartered in Australia, their main license is the Australian Securities and Investments Commission (ASIC) license. Along with the ASIC, IC Markets is a member of the Financial Ombudsman Service (FOS); they are an Australian conflict resolution corporation that autonomously and justly resolves conflict that occurs between clients and financial service providers.

Apart from the refined technical optimization of the execution provided by primary technologies, the IC Markets provides advanced software proposals too. MetaTrader4 and cTrader are considered to be two of the leading trading platforms available in the market today. ZuluTrade is also an available on IC Markets, as well. ZuluTrade is considered to be one of the leading social trading platforms that give traders access the option to find thousand of talented traders.

$200
Min. Deposit
50%
Bonus
Regulated byASIC
Leverage1:500
Customer Support24/5
Open Account

FAQ’s

Frequently Asked Questions
IS IC MARKETS A GOOD BROKER?
IC Markets is a good broker that allows you to trade in various trading instruments, and teaches how to trade.
IS IC MARKET RELIABLE?
IC Markets is regulated by the Australian financial services licence (AFSL) No. 335692 and the Australian Securities and Investments Commission (ASIC). Along with the AFSL, IC Markets is a member of the Financial Ombudsman Service (FOS); they are an Australian conflict resolution corporation that autonomously and justly resolves conflict that occurs between clients and financial service providers.
HOW LONG DOES IT TAKE TO WITHDRAW FROM IC MARKETS?
To withdraw funds from IC Markets, it takes an average of 2 business days to withdraw.
WHAT IS THE MINIMUM DEPOSIT ON IC MARKETS?
The minimum deposit of IC Markets is 200USD for any trading account you wish to open.
DOES IC MARKETS HAVE NASDAQ?
Yes, IC Markets has access to Nasdaq and the NYSE.
HOW DO I FUND IC MARKETS?
You can fund your IC Markets account through these payment methods: CreditDebit Card, PayPal, Neteller, Skrill, Bank Transfer, International Wire Transfer, FasaPay , POLi, Broker to Broker, Bpay, Thai Internet Banking, Vietnamese Internet Banking, and BitCoin.
DOES IC MARKETS CHARGE COMMISSION?
With the True ECN Accounts, there is a small commission. However, IC Markets does not charge commission with the Standard Account.
IS IC MARKETS REGULATED?
IC Markets is regulated by the Australian financial services licence (AFSL) No. 335692 and the Australian Securities and Investments Commission (ASIC). Along with the AFSL, IC Markets is a member of the Financial Ombudsman Service (FOS); they are an Australian conflict resolution corporation that autonomously and justly resolves conflict that occurs between clients and financial service providers.
HOW DO I DEPOSIT INTO IC MARKETS?
You can deposit funds into your IC Markets account through these payment methods: CreditDebit Card, PayPal, Neteller, Skrill, Bank Transfer, International Wire Transfer, FasaPay , POLi, Broker to Broker, Bpay, Thai Internet Banking, Vietnamese Internet Banking, and BitCoin.
IS IC MARKETS SAFE TO USE?
Yes, since it is regulated by two top-tier financial regulators and participates in a renowned financial service corporation. IC Markets is regulated by the Australian financial services licence (AFSL) No. 335692 and the Australian Securities and Investments Commission (ASIC). Along with the AFSL, IC Markets is a member of the Financial Ombudsman Service (FOS); they are an Australian conflict resolution corporation that autonomously and justly resolves conflict that occurs between clients and financial service providers.

IC Markets Overall Performance

  • Safety and Regulation 95% 95%
  • Deposit and Withdrawal 96% 96%
  • Market Research and Trading Tools 92% 92%
  • Broker Fees 95% 95%
  • Trading Platforms 94% 94%
  • Customer Service 92% 92%
  • Account Opening 96% 96%
  • Market and Financial Instruments 94% 94%
  • Client Education 95% 95%