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IC Markets Review 2024: Pros, Cons & Features
Luis Clark
- URL: https://www.icmarkets.com
- Minimum Initial Deposit: $200
- Maximum Leverage: 1:1000
- Platform App: Desktop/Mobile/Web
- No. of Cryptos: 27+
- Fiats Available: AUD (Australian Dollar), GBP (British Pounds), SGD (Singapore Dollar), JPY (Japanese Yen), NZD (New Zealand Dollar), United States (United States Dollar), EUR (Euro), CAD (Canadian Dollar), CHF (Swiss Franc), and HKD (Hong Kong Dollar)
- Withdraw Method: Bank transfer/wire transfer, Paypal, credit card, debit card, Skrill, Neteller, UnionPay, Bpay, FasaPay, and Poli
- Payment Method: Bank transfer/wire transfer, Paypal, credit card, debit card, Skrill, Neteller, UnionPay, Bpay, FasaPay, and Poli
- Trading Fees: $7 per standard lot find turn, 1 pip above the Raw inter-bank prices
- Headquarter: Sydney, Australia
- Year Founded: 2007
- Promotion: N/A
IC Markets Review: Our Opinion
IC Markets is primarily a forex and CFDs trading platform that supports a sizable selection of crypto CFDs and allows users to trade stocks and other complex trading instruments in the form of CFDs.
The trading platform shines in trading fees as it offers commission-free trading and industry-average spreads. It also offers a high maximum leverage when compared to other trading platforms that offer CFD trading.
IC Markets is also easy to use for beginners but some experienced traders may find the platform basic. The broker also requires a minimum initial deposit of $200, which is high when compared to competitors. That said, trading CFDs with a lower amount is also not very sensical.
Important Risk Warning: Investing in and/or trading CFDs, financial instruments, commodities, and other assets involves a significant level of risk. There is a possibility of losing all the funds you have deposited. Prior to engaging in any such activity, it is essential that you fully understand and acknowledge the associated risks. Please be advised that Skrumble.com does not offer investment or any other form of advice. The information provided in our review should not be construed as financial advice in any way.
Intro/Company Overview About IC Markets
Founded in January 2007 by Andrew Budzinski, International Capital Markets Pty, headquartered in Sydney Australia, offers forex trading and CFD trading services.
The company was incorporated by a group of experts in the financial services industry that were responsible for spearheading one of the largest regulated CFD trading platforms in the world.
The platform offers a ton of services including Raw Spread Accounts that start from 0.0 pips, 61 Forex pairs, 24 products for CFDs on commodities, 25 global indices, over 2,100 products on stocks, 9 products on bonds, and more than 27 assets on crypto CFDs. It also offers institutional-grade trading, with over $29 billion in FX trades.
Currently, IC Markets is one of the leading forex CFD providers in the world by trading volume (IC Markets has a trading volume of $1.2 trillion and more than 180,000 active clients globally).
IC Markets sponsors some popular German football clubs including FC Augsburg, SpVgg Greuther Fürth, VfL Bochum, Arminia Bielefeld, Hertha BSC, and most prominently Bayer Leverkusen. It also announced sponsorships for Spanish football clubs as well including Cádiz CF, Getafe CF, Athletic Club Bilbao, Real Sociedad, RCD Mallorca, and Granada CF.
IC Markets had its fair share of sponsorship controversy when the Australian Forex and CFD broker signed Inter Milan. The football club canceled the contract a short while after the signing and accused IC Markets of not complying with the contractual payment obligations of the deal.
However, IC Markets sued Inter-Milan for reimbursement as it had already made an initial deposit of €2.5 million on the contract.
Pros
- Supports social trading and automated trading
- Offers several trading account types
- Offers large selection of trading products across various asset classes
- Supports several payment methods including bank transfers, PayPal, Skrill, etc.
- Large trading volume
- Commissions-free trading
- High leverage
- Allows scalping
Cons
- Not the greatest selection of trading tools for advanced traders
- Relatively high minimum initial deposit
IC Markets Review: Unique Features
Algorithmic Trading
Algorithmic trading is also known as automated trading, algo trading, machine learning trading, or black-box trading.
Algorithmic trading uses algorithms to execute trades. The algorithms are a series of trading conditions that must be met for a buy or sell order to be executed. The platform uses powerful computers which interact directly with the trading platforms and execute orders without the trader’s involvement or intervention.
Automated trading ensures the efficient execution of trades as it eliminates human emotions from trading decisions. The algorithm places orders instantaneously and can lower trading fees.
Automated trading gives traders access to common trading strategies like arbitrage opportunities, trend-following strategies, and index fund rebalancing.
Algorithmic trading ensures that trades are executed at the best possible price. All trades are timed instantly and correctly to prevent significant price changes.
While beginner retail traders may benefit from algorithmic trading, IC Markets recommends that they test their algorithmic trading strategies before going live with them in the forex market. This will prevent the loss of funds due to mistakes.
IC Markets supports algorithmic trading on the desktop version of MetaTrader and the cTrader suite. Asides from automated trading, cTrader also supports social trading.
cTrader Automate has an automated trader platform used in conjunction with cTrader which allows traders to develop customized technical indicators and algorithmic trading systems.
IC Markets cTrader App
The IC Markets cTrader app allows users to buy and sell stocks, ETFs, and other instruments in the form of CFDs while enjoying a premium mobile trading experience.
The cTrader app has a No Dealing Desk (NDD) and Straight Through Processing (STP) trading platform that allows users to access detailed symbol information, use sophisticated technical analysis, and stay up to date with market trends.
The app gives users access to several order types, advanced order management settings, advanced technical analysis tools, symbol watchlists, trade statistics, and price alerts. The user has access to all the settings required to customize the platform to their trading requirements.
As already stated, the cTrader app supports ETF trading. It allows users to invest in a wide range of stocks and also access detailed information about market trends and trading schedules.
It also allows users to generate trade and FX signals and keep track of their favorite assets by creating their symbol watchlists.
IC Markets cTrader app offers the following sophisticated technical analysis tools:
- 5 Chart View Options: This includes Bar Chart, Dot Chart, Candlesticks, Line Chart, and Area Chart
- 65 popular Technical Indicators
- 4 Chart Types: The following chart types are available; Tick charts, Range Charts, Standard Time Frames, and Renko charts
- 5 Chart Drawings: This includes Equidistant Price Channel, Horizontal, Vertical & Trend Lines, Rectangle, Ray, Fibonacci Retracement, and Equidistant Channel.
The cTrader app has a Quick Trade Mode that allows you to start trading with one click as well as a Market Sentiment indicator that shows you how other people are trading, this gives you an idea of what assets or strategies are being used or traded.
It also has a symbol trading schedule feature that shows you when the market is open or closed as well as detailed symbol information that helps you understand the asset you are trading.
Users can be updated about events that may affect their trading via the Links to News Sources.
The cTrader mobile app supports several accounts in one app. You can easily switch between your trading accounts with just one click. This allows you to manage all your portfolio on the go from one mobile app. You can also manage sessions and log off your other devices through the all.
The IC Markets cTrader app is available in 23 languages and it has an in-app support feature that allows you to contact the support team if you encounter any problems.
IC Markets Mobile App
The IC Markets mobile app is different from the IC Markets cTrader app.
This app allows you to trade global CFD, crypto, and stock markets on the go.
With the app, users can trade leveraged CFDs, stocks, indices, forex, futures, Commodities, cryptocurrencies, and bonds on the go using high-performance tools.
The app has an intuitive user interface which makes trading and managing trading accounts easy.
With the mobile app, users can make deposits and withdrawals, buy and sell CFDs at low spreads, transfer funds between accounts and monitor their balance, equity, and margin.
The app has an in-app 24/7 multilingual live chat support feature. This allows users to get in contact with the IC Markets support team straight from the app.
Demo Account
IC Markets demo mode allows beginners and inexperienced traders to learn and perfect trading techniques before trading in the real financial markets with their money.
All that is required to open a demo account on IC Markets is an email address and a phone number. To open an account, scroll to the client area and click on “Accounts”.
IC Markets demo trader allows you to open up to 20 demo accounts and has an unlimited duration. It offers a customizable amount of virtual money. This means you get to choose how much you wish to fund your account with.
The demo mode offers more than 200 tradeable markets. It also allows you to access all 3 trading platforms available on IC Markets ( MT4, MT5, and cTrader)
There are no fees or inactivity fees for using the demo account. It also offers market-based spreads and simulates real market movements.
Since the demo mode is ideal for beginners looking to perfect their trading abilities, IC Markets provides demo users with educational materials like articles, courses, and video tutorials.
Just like the Live account, the demo mode offers users a wide selection of Commodities, currency pairs, and indices as well as research tools like Autochartist.
IC Markets offers 4 types of demo accounts. Some of the demo accounts have mobile apps which allow you to practice trading on the go. Below are the 4 types of demo accounts:
- IC Markets Raw Spread Account: Just like cTrader, the Raw Spread Account offers tight spreads and low commission fees. It also supports leverage of up to 500:1 (depending on your jurisdiction).
- IC Markets Standard Account: The standard account gives users access to valuable trading tools and allows them to trade a variety of assets without any minimum trade requirements.
- IC Markets Islamic Accounts: Amongst other benefits, the Islamic account allows you to maintain open positions without incurring rollover charges. Spreads for the Islamic Accounts start from 0.0 pips. This is lower than the 0.6 pips available on the Standard Account. Transactions on the Islamic account are settled immediately and currencies are transferred from one account to the other once a transaction has been completed and paid for in full. It has several features that are in line with the Sharia law. This includes the prohibition of the accrual of interest on funds deposited into the account. Other features available include; no additional costs in the place of swaps, leverage up to 1:500, and access to over 90 tradeable financial assets.
- IC Markets cTrader Account: The demo mode gives users access to the IC Markets cTrader account which offers unrivaled execution spreads. The cTrader account offers spreads from 0.0 pips, deep liquidity, up to 1:1000 leverage (depending on your jurisdiction), raw pricing, and fast order execution. Other benefits of the cTrader platform include; no minimum spread, 15 CFDs, 64 currencies and metals, and 15 major equity indices. cTrader accounts can be opened in ten supported currencies. Available currencies include Canadian dollars, Euros, Australian Dollars, British Pounds, Singaporean Dollars, USD, etc.
Opening an IC Markets demo account is very simple. Below are the steps to opening an account on the platform.
Visit the IC Markets website and click on the “Try a free demo” button.
Fill out the registration form and agree to the terms and conditions.
Next, customize the account by choosing the characteristics you want your demo account to have. Characteristics you can add include the number of funds you wish to start with, the account type, the account currency, the desired maximum leverage, etc.
Finally, choose your preferred trading platform and log in to your demo account.
IC Markets Review: Supported Cryptocurrencies
IC Markets supports 0ver 27 cryptocurrencies for CFD trading. Available cryptocurrencies include Bitcoin, Ethereum, Dash, Litecoin, Ripple, Bitcoin Cash, EOS, Emercoin, Namecoin, Peercoin, Polkadot, Stellar Lumens, Chainlink, Dogecoin, Tezos, Uniswap, Cardano, Binance Coin, Avalanche, Luna, Moonbeam, Kusama, and Polygon.
IC Markets Review: Fees and Spreads on MetaTrader accounts
IC Markets offers 2 types of accounts (the Standard account and RAW spread account), which have differing trading fees.
On the Standard account, IC Markets does not charge commissions but rather applies a Raw spread markup of 1 pip over the average Raw interbank prices gotten from their liquidity providers.
For the RAW spread account, IC Markets shows the raw interbank spread obtained from their liquidity providers and charges a commission of $7 per standard lot round turn.
Here are the commission rates for the various base currency accounts on the trading platform:
- AUD: 7.00 round turn
- USD: 7.00 round turn
- EUR: 5.50 round turn
- GBP: 5.00 round turn
- SGD: 9.00 round turn
- JPY: 700.00 round turn
- CHF: 6.60 round turn
- NZD: 9.00 round turn
- HKD: 54.25 round turn
Here’s how commissions are charged on IC Markets:
- If a client trades 100,000 (1.00), the commission is $3.50 for opening, and $3.50 for closing: $7.00 for the complete round-turn.
- If a client trades 10,000 (0.10) the commission is $0.35 for opening, and $0.35 for closing; $0.70 for the complete round-turn.
- If a client trades 1,000 (0.01) the commission is $0.035 for opening, and $0.035 for closing; $0.070 for the complete round-turn.
On MetaTrader 4 all commissions are charged at the beginning of the trade. However, with MetaTrader 5 commissions are charged per side (opening and closing).
Concerning inactivity fees, IC Markets does not charge an inactivity fee. There are also no deposit or withdrawal fees.
IC Markets Review: Payment Methods
IC Markets supports the following payment methods: Bank account transfer/wire transfer, Paypal, credit card, Internet Banking, debit card, Skrill, Neteller, UnionPay, Bpay, RapidPay, FasaPay, and Poli.
Here are the fiat currencies supported by each payment method offered and their processing time:
- Credit and Debit Card: This payment option allows instant deposits and supports the following currencies; AUD, USD, JPY, EUR, NZD, SGD, GBP, and CAD.
- PayPal: With PayPal, users can expect instant processing of deposits and can add the following fiat currencies: AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, and CHF.
- Neteller: This payment option offers instant processing and supports the following base currencies: USD, AUD, GBP, EUR, CAD, SGD, and JPY.
- Neteller VIP: Users using this deposit option can use the following base currencies: AUD, GBP, EUR, CAD, SGD, and JPY.
- Skrill: This option offers instant deposits and supports the following currencies: AUD, USD, JPY, EUR, SGD, and GBP.
- UnionPay: With UnionPay, users can expect an instant deposit processing time and IC Markets only accepts RMB as the base currency to add.
- Wire/ Bank Transfer: Wire transfers take 2 to 3 days to appear in your IC Markets account and the payment method supports the following base currencies: AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, and CHF.
- BPay: BPay supports only the Australian Dollar as its base currency on IC Markets and has an approximate processing time of 12 to 48 hours.
- Broker to Broker: IC Markets allows users to send the following currencies via the Broker to Broker deposit method: AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, CHF, and HKD. This deposit method has an average processing time of 2 to 5 business days.
- POLi: With POLi, Australian traders can deposit the AUD and expect an instant processing time.
- Internet Banking: IC Markets offers an average processing time of 15 to 30 minutes with this payment method. Forex and CFD traders can only deposit USD with this method.
- RapidPay: Using RapidPay you can only deposit EUR and GBP, with an approximate processing time of 2 days.
- Klarna: With Klarna, you can only deposit funds using GBP and EUR. It also has an approximate processing time of 2 days.
- Vietnamese Internet Banking: This funding option supports only USD IC Markets and offers instant deposit processing.
IC Markets Review: Security
IC Markets is authorized and regulated by several regulators across the globe. It complies with the regulatory requirements of the FSA and has several internal risk management controls in place. It also complies with the Securities Act and the Securities (Conduct of Business) Regulations.
The platform is also subject to external audits to ensure full regulatory compliance.
IC Markets has a Secure Client Portal that keeps IC Markets safe and gives users allows users to access and manage their trading accounts in a secure environment. IC Markets users can access both their demo and live trading accounts from the Secure Client Portal.
To ensure the security of users’ funds, IC Markets holds users’ funds in Segregated Client Trust Accounts with Top-Tier International Banks.
All users’ payment information is confidential and only used to fund users’ accounts. Also, all electronic payments are encrypted and processed using Secure Socket Layer technology.
Supported Countries
IC Markets is available to users in Africa, Asia, Canada, America, and Europe. Supported countries include Singapore, Canada, Australia, Japan, China, Ukraine, Nigeria, South Africa, Italy, etc.
Despite providing services to users across the globe, IC Markets is not available to residents of over 50 restricted or sanctioned countries. Some restricted regions include Cambodia, Zimbabwe, Israel, Iran, Iraq, Congo, Afghanistan, South Sudan, Yemen, New Zealand, Cuba, and the US Virgin Islands.
Licenses that IC Markets Holds
IC Markets is authorized as a Security Dealer for the provision of financial services under License NO SD018 by Seychelles Financial Services. It is also regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).
IC Markets Review: Opening an IC Markets Account
Opening a trading account with IC Markets is quite straightforward.
First, go to https://icmarkets.com and click on the green Open An Account button or Start Trading button at the top center of your screen depending on the device you’re using.
Next, fill in your details, which include your country of residence, first and last name, phone number, and email address.
Click Continue.
Next, choose the type of account you want to open on the trading platform. This can be an individual trading account, joint account, or corporate account.
If you reside in an Islamic nation, you can tick the Islamic Account checkbox right under the account type selection area.
Enter your date of birth and address then click Next.
Ok the next page, select your desired trading platform. IC Markets supports MetaTrader 4, MetaTrader 5, and CTrader.
Once you’ve done that choose your account type: Standard or Raw account.
Next, select your base (fiat) currency.
Choose your security question then read their terms and conditions. If you agree, tick the box and hit Next.
Lastly, you’ll need to answer additional questions about your source of income, annual income, and the intended nature of transactions on the trading platform.
That’s it! You’ve created your IC Markets account. Now you’ll need to wait for the IC Markets team to review your application.
If successful, they will send you an email containing your trading account login and password.
Different Types of Accounts on IC Markets
IC Markets supports 2 types of accounts on its trading platform: The standard account and the RAW spread account.
Standard Account
The Standard account is a zero-commission trading account that charges users via a markup applied to the spread of 1 pip over the raw interbank rate obtained from IC Markets liquidity providers. Here are additional details on the account:
- Trading Platform: MetaTrader
- Spreads From: 0.6 pips
- Initial Deposit: $200
- Leverage: 1:500
- Maximum Number of Allowed Positions Per Account: 200
- Currency Pairs: 61
- Index CFD Trading: Yes
- Micro-Lot Trading: Yes
- Stop Out Level: 50%
- Server Location: New York
- Islamic Accounts: Yes
- Programming Language: MQL4
- Best for: Discretionary Traders
RAW Spread Account
The RAW spread account charges a commission of $7 per standard lot round turn. Here are additional details about the account:
- Trading Platform: MetaTrader
- Spreads From: 0.0 pips
- Initial Deposit: $200
- Leverage: 1:500
- Maximum Number of Allowed Positions Per Account: 200
- Currency Pairs: 61
- Index CFD Trading: Yes
- Micro-Lot Trading: Yes
- Stop Out Level: 50%
- Server Location: New York
- Islamic Accounts: Yes
- Programming Language: MQL4
- Best for: EAs and Scalpers
IC Markets Review: Trading Experience
IC Markets offers an easy-to-use trading experience via its supported trading platforms. That said, advanced CFD traders may find the trading platform basic in offered features.
Also, in comparison with some other competitor CFD providers that offer an ample selection of trading platforms, and proprietary trading platforms, IC Markets only supports 3 trading platforms which may be limiting for some users.
However, MetaTrader and CTrader are two of the most widely used CFD trading platforms that have been adopted by the wider CFD trading community.
IC Markets Review: Different Platforms Used to Trade
IC Markets supports the following trading platforms: MetaTrader 4, MetaTrader 5, and CTrader. The MetaTrader and CTrader trading platforms have their servers in New York and London respectively.
IC Markets Review: How to Trade Cryptocurrencies on IC Markets
IC Markets is a forex and CFD trading platform so you cannot directly buy, sell, hold and trade crypto as you would on a crypto exchange.
However, you can trade cryptocurrencies via CFDs (contract for difference), which means that you can bet on the next move. To do so, open the trading platform and open the cryptocurrency menu and choose your preferred currency pair.
Numerous seasoned traders employ crypto CFD trading as a means to safeguard their positions, given the ability to take positions in both directions, whether going long or short on the accessible assets.
Customer Service
IC Markets offers 24/7 customer support to users via phone at +2484671976 and email at support@icmarkets.com. Customers can also contact the support team via a support form on the website and live chat in the mobile app.
In terms of education, IC Markets offers crypto education to beginners and also has a help center with lots of helpful guides on how to trade effectively on the platform.
Customer Satisfaction
IC Markets offers excellent customer service to users. It has a 4.8-star rating on Trustpilot. Customer reviews on third-party review platforms attest to the top-notch quality of service ordered by the IC Markets support team.
Typically, the support team answers queries very fast and in an efficient manner.
IC Markets Review: Does IC Markets Offer Education?
Yes, IC Markets offers educational resources on various aspects of forex and CFD trading via tutorial videos and articles designed for all trader levels.
Is IC Markets Right for You?
IC Markets is best for forex and CFD day traders, scalpers, and discretionary traders.
Final Thoughts
IC Markets is an easy-to-use forex and CFD trading platform that offers a large selection of trading instruments, high leverage, low fees and everything a day trader may be looking for. However, the provider may appear limited to some advanced traders looking for a large selection of cryptocurrencies and more professional trading tools.
To ensure you’re making the most informed decision, we recommend also diving into our in-depth analysis of IG. This will provide a balanced view of the market’s top contenders.
FAQ
Most frequent questions and answers
Yes, IC Markets is a reputable and trustworthy Forex and CFD provider that has been on the scene since 2007.
No, IC Markets does not accept clients from the United States.
The withdrawal time frame varies between 1 to 14 days depending on the method chosen.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, or use any specific exchange. Please do not use this website as investment advice, financial advice, or legal advice, and each individual’s needs may vary from that of the author. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.
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