IC Markets Review
Overview
ASIC, CySec, FSA
- Maintains regulatory status in one tier-1 jurisdiction and one tier-2 jurisdiction, making it a safe broker (average-risk) for trading forex and CFDs.
- Offers competitive pricing across all account types with low average spreads.
- Third-party research and trading tool plugins enhance the IC Markets MetaTrader offering.
- IC Markets is our top-ranked MetaTrader broker in 2022.
- Has significantly expanded its range of markets from 204 symbols to more than 3,500.
- IC Markets’ low-cost, scalable execution makes it a perfect fit for traders who want to run algorithmic strategies.
- Trails the best forex brokers when it comes to its scope of market research and the quality of its educational content.
- Lacks a proprietary trading app.
IC Markets Overview
IC Markets is a reputable and established online trading brokerage based out of Sydney Australia (Regulated by ASIC). The company was founded in 2007 and is owned and operated by International Capital Markets PTY, with their headquarters locates at L4, 50 Carrington Street, Sydney, NSW.
The online broker is well known in Australia and is considered to be the best online brokerage available in the Country as it offers the highest available leverage in Australia, low spreads and fees, and much more.
The trading brokerage strives to bridge the gap between retail clients and big institutional investors by offering investment solutions that were once only offered by investment banks and high net worth individuals.
IC Markets primarily offers their traders forex trading, but also delves into some choices of futures, indices and commodities.
IC Markets Regulation & Reputation
The IC Markets brokerage became licensed and regulated by the Australian Securities & Investments Commission (ASIC) in 2009 under licence number 335692.
The brand is known as one of the most reputable online trading brokers on the market. ASIC is a trustworthy and strict regulatory agency which imposes stringent guidelines and procedures for the platform to follow.
Also, in addition to ASIC regulation, the brokerage is a member of the Financial Ombudsman Service (FOS). This service allows clients of IC Markets to resolve any complaints they have in a prompt and professional fashion.
This gives traders an additional layer of protection and customer satisfaction by knowing they will be protected if any issues were to arise.
IC Markets also operates via two other regulated brands:
- IC Markets (SC) is owned by Raw Trading Ltd and regulated by the FSA in the Seychelles.
- IC Markets (EU) is provided for European traders and is regulated by CySec (and conforms to recent ESMA restrictions on leverage etc).
These brands offer traders to ability to seamlessly move between each, allowing them to choose the level of regulatory oversight and protection they are comfortable with
Account types
There are three account types at IC Markets, which differ in their fee structure and the available trading platform:
| True ECN with cTrader | True ECN with MetaTrader – Tested Account | Standard | |
|---|---|---|---|
| Commission per lot (round turn*) | $6 | $7 | No commission |
| Spread | Low spreads | Low spreads | High spreads |
| Trading platform | cTrader | MetaTrader 4 and MetaTrader 5 | MetaTrader 4 and MetaTrader 5 |
| Available accounts by ownership | Individual, joint, corporate | Individual, joint, corporate | Individual, joint, corporate |
| Islamic account available** | Yes | Yes | Yes |
Fees
We have broken up the other fees and transaction costs a trader is likely to encounter with IC Markets and explained what these fees entail.
| IC Markets Fee Type | Charge |
|---|---|
| Raw Spreads (Forex) – commission | USD$7 Round-turn commission per standard lot ($3.5 per side) |
| Standard Spreads (Forex) | 1.0 Pip |
| cTrader Raw Spreads (Forex) | USD$3.0 per USD100k |
| Rollover / Overnight Fees | Varies by currency pair |
| Withdrawal Fees | $0 |
| Deposit Fees | $0 |
| Inactivity Fees | $0 |
| MT4 Advanced Trading Tools | Free |
| MyFxBook AutoTrade (Social Trading) | 0.6 Pip + Standard Account Spread of 1 Pip |
| ZuluTrader | 1.5Pip + Standard Account Spread of 1 Pip |
| Virtual Private Server (VPS) | Sponsorship available |
| Demo Account | Free |
It's safe to say that IC Markets's fees are low in general. They either don't charge a brokerage fee for things other brokers do charge for, or they only charge a small amount. This means that you can use IC Markets even in case you trade frequently like multiple times a week or daily.
Here's a high level overview of IC Markets's fees
| Assets | Fee level | Fee terms |
|---|---|---|
| EURUSD | Low | MetaTrader raw spread account: $3.50 commission per lot per trade plus spread cost. 0 pips is the average spread cost during peak trading hours. |
| GBPUSD | Low | MetaTrader raw spread account: $3.50 commission per lot per trade plus spread cost. 0 pips is the average spread cost during peak trading hours. |
| S&P 500 CFD | Low | The fees are built into the spread, 0.2 points is the average spread cost during peak trading hours. |
| Inactivity fee | Low | No inactivity fee |
What is IC Market leverage?
Leverage is a tool that allows traders to control a larger position in the market with a smaller amount of capital. It's expressed as a ratio, such as 1:100 or 1:500, which means that for every dollar of your trading account balance, you can control 100 or 500 dollars in the market, respectively.
IC Markets offers leverage ratios up to 1:500 for forex pairs and 1:200 for other instruments. This means that with a $1000 trading account balance, you can control up to $500,000 worth of forex positions, or $200,000 worth of CFDs on indices, commodities, or cryptocurrencies.
How does IC Market leverage work?
Leverage works by borrowing money from your broker to increase your trading power. When you open a leveraged position, you only need to deposit a fraction of the total position value as margin, which is usually around 1-5% of the trade size. The rest of the position is covered by the broker's funds.
For example, if you want to buy 1 lot (100,000 units) of EUR/USD with a leverage ratio of 1:100, you only need to deposit $1,000 as margin, and the rest of the $99,000 is provided by the broker. If the price of EUR/USD moves in your favor by 1%, you'll earn $1,000 profit, which is 100% return on your margin.
However, leverage can also amplify losses, and if the market moves against you, you could lose more than your initial investment. In the above example, if the price of EUR/USD drops by 1%, you'll lose $1,000, which is 100% of your margin. If the price continues to drop, you may receive a margin call from your broker to deposit more funds to cover your losses, or your position may be closed out automatically.
What you need to know before trading with IC Market leverage ?
Leverage can be a powerful tool, but it's not suitable for all traders. Before trading with leverage, you should consider the following factors:
- Your risk appetite: Leverage can magnify both gains and losses, so you should only use it if you're comfortable with the potential risks.
- Your trading strategy: Some strategies, such as scalping or day trading, may benefit from higher leverage, while others, such as long-term investing or swing trading, may require lower leverage or no leverage at all.
- Your trading experience: If you're new to trading, it's recommended to start with a lower leverage ratio and gradually increase it as you gain more experience and confidence.
- IC Market's margin requirements: IC Markets has different margin requirements for different instruments and leverage ratios, so make sure you understand the margin rules and how they can affect your trading.
Products traded on IC Markets
One of the advantages that makes it difficult for investors to ignore IC Markets is the extremely diverse trading products. Specifically, at IC Markets you can trade the fo llowing product groups:
-
Forex : Trade 61 currency pairs including major, minor, rare with the lowest spreads, superior execution and deep liquidity.
- Commodities: Trade CFDs on spot and forward contracts with over 20 commodity codes including: energy, agricultural products, metals.
- Indices: Access the global stock market through trading with 25 indices including: Australia's S&P 200, UK's FTSE 100, US E-mini S&P 500 and US DJIA…
- Bonds: Over 9 bonds issued by the governments of Japan, Europe, UK, USA are available on IC Markets for trading, with deep liquidity and no commission.
- Cryptocurrencies: Bulk buying and selling of the world's most popular digital currency,
- Stocks: Access over +2100 large-cap stocks and ETFs CFDs on the ASX, NYSE and NASDAQ exchanges.
- Futures: offers 4 forward contracts from around the world, including: ICE Dollar index (DXY), CBOE VIX index, Brent Crude Oil, WTI Crude Oil.
Trading Platforms
IC Markets offers three trading platforms to its clients: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. All three platforms are widely used in the industry and are known for their advanced charting tools, technical analysis capabilities, and trading automation features.
Metatrader4
MetaTrader 4 is the most popular trading platform in the world, and for good reason. It offers a user-friendly interface, multiple charting tools, and a wide range of technical indicators that traders can use to analyze the markets. The platform also allows traders to automate their trading strategies using Expert Advisors (EAs), which can be programmed to execute trades based on specific criteria.
MetaTrader 5
MetaTrader 5, on the other hand, is a more advanced version of MT4. It offers all the features of MT4, but also includes additional features such as an economic calendar, a built-in market depth indicator, and the ability to trade stocks and futures. MT5 is also faster than MT4, which can be a significant advantage for traders who need to execute trades quickly.
cTrader
cTrader is another popular trading platform that IC Markets offers. It is known for its user-friendly interface, advanced charting tools, and fast execution speeds. One of the standout features of cTrader is its depth of market (DOM) feature, which allows traders to see the liquidity of the markets in real-time.
IC Markets Deposit and Withdrawal
Credit / Debit Card withdrawals* are processed free of charge. Once processed, Credit / Debit Card withdrawals may take 3-5 business days to reach you credit card. You should however be aware that in some rare occasions, this may sometimes take up to 10 business days depending on the banks end.
IC Markets does not charge additional fees for deposits and/or withdrawals. However, you should be aware that additional fees may occur at some banking institutions. IC Markets is not responsible for any additional bank charges.
Withdrawal requests cut off time is 12:00 AEST/AEDT. If your withdrawal is submitted before this time it will be processed on the day of receipt. If your withdrawal is submitted after this time it will be processed on the following business day.
Customer Service
Customers have described IC Markets' customer service as excellent compared to other brokers, and it is available 24/7, which is exceptional given the norm is 24/5. In addition, traders from all over the world have access to hands-on support provided in a variety of languages. Several languages are available for customer service, including Dutch, German, English, Danish, Polish, Japanese, and Chinese.
Customer support at IC Markets is available in various channels, including phone, email, and live chat.
Education
IC Markets offers a comprehensive education center to help traders improve their skills and knowledge. Whether you are a beginner or an experienced trader, IC Markets has something for everyone.
The education center offers a variety of resources, including video tutorials, webinars, trading guides, and eBooks. These resources cover a range of topics, such as trading strategies, technical analysis, risk management, and more.
One of the standout features of IC Markets' education center is their Trading Central integration. Trading Central is a leading investment research provider that offers technical analysis and market commentary. IC Markets traders have access to Trading Central's research through the IC Markets MetaTrader 4 platform, which includes a range of indicators and tools to help traders make informed trading decisions.
Conclusion
ICMarkets is a reputable exchange , licensed and regulated by the most trusted financial regulators in the World. Most importantly, as a forex trader like you, your I personally have never had any problems in both the transaction and withdrawal process.
Therefore, with the reviews from the Reviewsan.vn team, we believe that ICMarkets trading platform deserves to be one of the best choices for you.
IFAQ
Are IC Markets regulated?
Yes, they are licensed and regulated by the Australian Securities & Investments Commission (ASIC).
What methods can I use to deposit funds at IC Markets?
Credit and Debit Cards, Bank Wire Transfers, Broker to Broker transfer, Branch Cash Deposit, BPay Deposit, PayPal, Skrill, Neteller, WebMoney, QIWI, China Union Pay, and FasaPay.
Does IC Markets accept international traders?
Yes, but they do not accept traders from the United States and Canada.
Is there a fee for making a withdrawal?
There are no fees for domestic withdrawals and with e-wallets. International withdrawals do have a $20 AUD fee.
What is the minimum initial deposit requirement at IC Markets?
Traders are required to deposit an initial amount of $200.
IC Markets Trading Hours?
IC Markets operate alongside global markets. So trading will be available as an when markets around the world are open, so trading hours reflect markets hours. In terms of opening hours, the IC Support desk is open 24 hours a day, for 5 days a week.
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