IC Markets Review 2023: A Comprehensive Analysis of the Forex Broker

Item: IC Markets
Author: ForexBrokerListing.com

Overview

IC Markets Main Features
Feature Title	Feature Value
🗺️ Year Founded	2007
🏢 Headquarters	Australia
⚖️ Tier-3 Licenses	Yes
Minimum Initial Deposit	$200
Demo Trading	Yes
Leverage (EU Clients)	1 : 30
Leverage(Non-EU-Clients)	1 : 500
Average Spread EURUSD	0.1 pips
💰 Withdrawal fee	No
Withdrawal Time	Same day
💰 Inactivity Fee	No

IC Markets is a reputable forex trading provider that was established in Sydney, Australia in 2007. With a team of experienced financial analysts, the broker aims to connect retail and institutional traders and provide them with tailored trading solutions.

Over the years, IC Markets has become one of the leading forex brokers in Australia and the APAC region, offering a wide range of trading instruments, including cryptocurrencies, commodities, stocks, equities, bonds, and futures. With its focus on transparency and advanced technology, IC Markets has gained popularity among high-volume traders, scalpers, EA traders, and day traders.

Key Features & Benefits

Regulation: IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), one of the oldest and most demanding financial regulators. This provides a high level of trust and security for traders.
Wide Range of Instruments: Traders have access to a diverse range of trading instruments, including over 60 currency pairs, 16 stock index CFDs, 120 stock CFDs, 23 commodity CFDs, and 10 cryptocurrencies. This allows for a diversified trading portfolio.
Low Spreads: IC Markets offers competitive spreads, with average spreads as low as 0.1 pips for major currency pairs like EUR/USD. This can significantly impact trading profits, especially for day traders and scalpers.
Multiple Trading Platforms: Traders can choose from a variety of trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These platforms provide advanced charting tools, customizable indicators, and automated trading options.
Fast Execution: With the use of advanced technology and direct access to liquidity providers, IC Markets ensures minimal slippage and low latency in trade execution. Traders’ orders are executed in real-time and directly with market prices.
Flexible Account Types: IC Markets offers different types of trading accounts to cater to the needs of various traders. Traders can choose from True ECN Raw Spread accounts, Standard accounts, and cTrader accounts, each with its own features and benefits.
Educational Resources: IC Markets provides educational materials and resources to help traders improve their trading skills. This includes demo accounts, tutorials on trading platforms, and access to trading ideas and technical indicators.

What Did We Like about the Broker

Regulation: IC Markets is regulated by ASIC, one of the strictest financial regulators, providing a secure trading environment for clients.
Wide Range of Instruments: The broker offers a comprehensive selection of trading instruments, including cryptocurrencies, allowing traders to diversify their portfolios.
Competitive Spreads: IC Markets provides low spreads, especially on major currency pairs, which can positively impact trading profitability.
Multiple Trading Platforms: Traders have the flexibility to choose from various trading platforms, including MT4, MT5, and cTrader, based on their preferences and trading strategies.
Fast Execution: IC Markets ensures fast and reliable trade execution, minimizing slippage and latency through advanced technology and direct market access.
Flexible Account Types: The availability of different account types allows traders to select the one that aligns with their trading style and requirements.
Educational Resources: IC Markets offers educational materials to support traders in enhancing their trading skills and knowledge.

Account Types & Pricing

Average Spread
Average Spread EURUSD – Standard
Average Spread USDJPY – Standard
Average Spread GBPUSD- Standard
Average Spread BTCUSD – Standard
Average Spread XAUUSD – Standard
Average Spread OILUSD – Standard
Review Link

0.1 pips
0.1 pips
20 pips
0.3 pips
20 pips
3.0 pips
Review

0.4 pips
0.5 pips
23 pips
0.7 pips
70 pips
3.0 pips
Review

0.09 pips
0.15 pips
22.8 pips
0.45 pips
11.25 pips
4.0 pips
Review

IC Markets provides three main types of trading accounts:

True ECN Raw Spread Account: This account type offers raw spreads from liquidity providers with a small commission per trade. It is suitable for traders looking for tight spreads and direct market access.
Standard Account: The Standard Account is commission-free and offers variable spreads. It is suitable for traders who prefer not to pay a commission per trade.
cTrader Account: The cTrader Account provides access to the cTrader platform, offering raw spreads and a commission per trade. It is designed for experienced traders who require advanced features and direct market access.

The minimum deposit required to open an account with IC Markets is $200. Traders can choose from various base currencies, and there are no deposit fees or withdrawal fees imposed by the broker.

Trading Platforms

Trading Platforms
No. of Trading Platforms
Proprietary Platform
Desktop Platform (Windows)
Web Platform
Social Trading / Copy Trading
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
TradingView
DupliTrade
ZuluTrade
Review Link

—
No
No
Yes
Yes
No
Yes
Yes
Yes
Yes
No
Review

—
No
No
Yes
Yes
No
Yes
Yes
Yes
Yes
No
Review

6
No
No
Yes
Yes
No
Yes
Yes
Yes
Yes
No
Review

IC Markets offers multiple trading platforms to cater to the diverse needs of traders:

MetaTrader 4 (MT4): MT4 is a widely recognized and popular trading platform known for its advanced charting capabilities, extensive technical indicators, and automated trading options through Expert Advisors (EAs).
MetaTrader 5 (MT5): MT5 is an upgraded version of MT4, offering additional features and improved performance. It provides enhanced charting tools, more advanced order types, and a wider range of available assets.
cTrader: The cTrader platform is known for its advanced features and user-friendly interface. It offers advanced order execution, depth of market (DOM) visualization, and a wide range of technical analysis tools.

All three platforms are accessible on desktop (Windows and Mac), web-based platforms, and mobile devices (iOS and Android). This allows traders to trade anytime and anywhere, ensuring flexibility and convenience.

Customer Support & Education

IC Markets provides various channels for customer support, including live chat, phone support, and email support. Traders can reach out to the customer support team 24/7 for assistance with their trading accounts, technical issues, or general inquiries. While the response time for live chat may vary, overall, IC Markets is known for its responsive and helpful customer support.

In terms of education, IC Markets offers demo accounts for traders to practice and familiarize themselves with the trading platforms. They also provide tutorials on trading platforms to help traders navigate the features and tools effectively. Additionally, the broker offers trading ideas based on technical indicators and a live news feed to keep traders informed about market developments.

IC Markets vs. Competitors

When comparing IC Markets to its competitors, it stands out in several areas:

Regulation: IC Markets is regulated by ASIC, which is known for its strict regulatory standards. This provides a higher level of trust and reliability compared to some competitors.
Wide Range of Instruments: IC Markets offers a diverse selection of trading instruments, including cryptocurrencies, which may be broader than what some competitors provide.
Low Spreads: IC Markets provides competitive spreads, particularly on major currency pairs, offering potential cost savings for traders.
Advanced Technology: With advanced trading platforms and technology infrastructure, IC Markets ensures fast and reliable trade execution, minimizing slippage and latency.
Flexible Account Types: IC Markets offers multiple account types, allowing traders to choose the one that suits their trading preferences and strategies.

Conclusion

In conclusion, IC Markets is a reputable forex broker with a strong presence in Australia and the APAC region. With its robust regulation, a wide range of trading instruments, competitive spreads, advanced trading platforms, and reliable customer support, IC Markets offers a comprehensive trading experience for both retail and institutional traders. The broker’s focus on advanced technology, transparency, and customer service has contributed to its reputation as a trusted and reliable choice for forex trading.

FAQs

Is IC Markets regulated?

Yes, IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), which ensures a high level of trust and security for traders.

What trading platforms does IC Markets offer?

IC Markets offers MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader as their primary trading platforms. These platforms are accessible on desktop, web, and mobile devices.

Does IC Markets charge deposit and withdrawal fees?

No, IC Markets does not charge any deposit or withdrawal fees. Traders can fund their accounts and make withdrawals without incurring additional charges.

What account types does IC Markets provide?

IC Markets offers True ECN Raw Spread accounts, Standard accounts, and cTrader accounts. Each account type has its own features and benefits to cater to different trading preferences.

Does IC Markets offer educational resources?

Yes, IC Markets provides educational materials such as demo accounts, tutorials on trading platforms, and access to trading ideas and technical indicators to support traders in improving their skills and knowledge.

Sources & External Links

IC Markets website: https://www.icmarkets.com/
ASIC website: https://asic.gov.au/

Chad Smith

Chad Smith is the Director of Research & Analysis here at ForexBrokerListing.com.Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it.Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.