IC Markets Review 2022

Safety & Regulation

Is IC Markets Safe Or A Scam?

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 some 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 the 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.

Fees

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.

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 average at 0.1 pips for twenty-four hours for five days, which is considered the tightest average EURUSD spread on a global account.

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 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.

Account Opening

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.

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.

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.

How to Open an IC Markets 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 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 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).

Deposit & Withdrawal

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.

Deposit Options

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

Withdrawal

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.

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.

Trading Platforms

• MetaTrader 4
• MetaTrader 5
• CTrader

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

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).

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.

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.

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 & Financial Instruments

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.

Markets Research & Trading Tools

You can find any tools from advanced charts on MT4 to Virtual Private Servers.

Customer Service

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.

Client Education

How To Open A Demo Account

Conclusion

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 the 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 available on IC Markets, as well. ZuluTrade is considered to be one of the leading social trading platforms that give traders access to the option to find thousands of talented traders.

IC Markets is a solid broker to trade with.