IC Markets Review
IC Markets Review
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IC Markets was established in 2007. It offers forex and CFDs trading services and is owned by International Capital Market PTY, which has its headquarters in Sydney, Australia. The Australian Securities and Investments Commission regulates the parent company of this platform under license number AFSL 335692. According to information on its site, it processes an average of $15 billion in forex daily. While the platform offers features that are designed to make it easy for newbies to sign up, IC Markets promotes itself as a platform for high-volume traders, trading algos, and scalpers. To support high volume traders, it relies on its New York Equinix NY4 data center that processes over half a million trades daily.
In general, the fees on IC Markets are low. Different account types come with different cost structures. There are three account types on this platform. On the Standard account, there is commission-free trading with the platform making money via the spread, on the TrueECN and cTrader accounts, there is a commission charged and spread.
There are discounts offered for huge volume traders as well; if a trader does over 100 standard lots a month, they are given some discounts. When using the cTrader account, traders get about a tenth of a pip lower commission compared to the TrueECN account. The major difference is the trading platform traders can access. For instance, when using the TrueECN account, there is a $3.5 charger per side for 1 standard lot, which is $7 per round turn. When using cTrader, the charger per side is $3 or $6 per standard round turn.
On IC Markets, the average spread is set at around 0.1 pips for the EUR/USD trading pair. Combined with the commission, which is 0.6 pips for cTrader, the all-cost is 0.7 pips and 0.8 pips on MT4. When a trader does over 100 standard lots a month, they get a discount. For those using the commission-free standard account, there is an average spread of 1.1. This makes it less attractive to users than the commission-based accounts.
Regulation and Fund security
IC Markets is licensed and regulated by the Australian Securities and Investments Commission (ASIC) under license number 335692. It has a reputation as being one of the most reliable online brokers in the world. This platform is trusted and strictly adheres to regulatory requirements. Besides regulation by Australian authorities, IC Markets is also a member of the Financial Ombudsman Service. The service allows the platform to resolve any conflicts that arise professionally. This gives traders confidence that in case any issue arises, it will be promptly resolved. In the EU, IC Markets is regulated by the CySec, which conforms will all of the ESMA requirements. The platform is also regulated in Seychelles by the nation’s FSA.
The platform supports several account types. However, to trade, the minimum deposit is set at $200 or its equivalent. The accounts offered on this platform are:
True ECN Account
This account type offers the MT4 and MT5 trading platforms. The spread begins at 0.0 and there is a commission of $3.5 per lot per side.
This account comes with a commission of $3 per $100,000. Spread begins at 0.0 and it is designed for those that wish to trade raw ECN spreads via the cTrader platform.
There is no commission charged on this account. However, clients are charged based on the spread, which begins at 1.0 pip. It supports the MT4 and MT5 platforms only.
IC Markets avails Islamic Accounts upon request. Clients have to open the True ECN or Standard Account before they can request for the Islamic Account. For the Islamic Account, there are no rollover fees, in compliance with the Islamic faith.
There is a demo account for all the account types. This account is designed for beginner traders who wish to hone their skills in the forex and CFDs market. On IC Markets, traders pick the virtual money amount they want instead of being allocated a fixed amount. This makes sense since you are trying to improve your skills by practicing you would trade in a real account.
Investment Products/Trading instruments
IC Markets avails a wide range of assets and trading instruments to its clients. There are over 80 instruments offered to traders including CFDs, currency pair, stocks, indices, precious metals, and even cryptocurrencies.
Forex trading makes up a considerable chunk of activity on IC Markets. Most of the assets offered on this platform are currency pairs. They come with a leverage of up to 500:1 and lot sizes of 0.1 and a maximum of 1. However, the platform does allow traders to trade multiple lots. Depending on the account type, the spread can be as low as 0.0, which minimizes the commission and spread costs for regular traders.
Here are the trading platforms supported on IC Markets:
Meta Trader 4 (MT4)
IC Markets claims that its version of MT4 offers true ECN connectivity and high-speed execution. It supports multiple charts, 10 base currencies, technical analysis, indicators, and many other features. MT4 can be downloaded on Windows and Mac OS.
This is the latest version of the Meta Trader platform. It contains all the features of Mt4 with some extras. You can access multiple timeframes, more technical indicates, an economic calendar, and advanced charting features. It can be downloaded on Windows 7 and higher and Mac OS.
Using IC Markets MT WebTrader, traders can access their MT5 and MT4 accounts using any device running a web browser. MT WebTrader eliminates the need to download any app on your device or computer. It works will all major Operating Systems and works on the latest versions of all major browsers.
The cTrader platform was designed with ECN connectivity in mind. As a result, it is quite fast and features many useful tools. You can access CFD and forex quotes from numerous sources in real-time. Additionally, it supports multiple order types, real-time reports, detachable charts, and many other tools. Scalping and hedging are allowed on this platform and IC Markets does not place any limitations on its traders. It can be downloaded on Windows 7 OS or higher, or accessed via your web browser.
Webinar, seminars, educational material
IC Markets runs an educational blog that updated often. The blog contains various sections such as Company News, Technical Analysis, Trading, Data, and Fundamental Analysis. Additionally, the platform offers an economic calendar as well as a forex calculator page.
Trader Education is quite exhaustive on this platform. Numerous educational resources are provided to ensure that traders have a full understanding of their trading activities. For newbies, ICMarkets has a YouTube Channel to help them get a better understanding of the markets. Additionally, there are video tutorials available to them.
Customer support for IC Markets is offered 24/7. The platform offers multi-lingual support for email, live chat, and phone. Numerous languages are supported on this platform including Chinese, English, Italian, Indonesia, Spanish, Thai, Portuguese, and Vietnamese. The platform can also be easily accessed via its social media accounts on Facebook, Twitter, LinkedIn, Instagram, YouTube.
Active Bonus and Promotions
There are no bonuses or promotional offers on IC Markets.
How to open an account
Here are the steps to opening your ICMarkets Account.
– Personal Details
Visit the IC Market website and click on the green “start Trading” button.
Once you click on the button, you will be sent to a form, where you should fill in your details. The information required is necessary such as your phone number, first name, and last name.
– Configure your Account
As you progress, you will need to configure the account to suit your personal needs. This includes configuring the base currency, level rage, and other things that will be shown to you. Additionally, you will need to answer some basic questions to determine your trading behavior and knowledge.
– Pick Your Platform
You will then need to pick which platform you want to use. IC Market allows you to pick MT5, MT4, or cTrader. Ensure you understand the implications of picking your desired platform before you proceed.
You will then be required to pick your account type. There are three account types from which to pick, all of which have been discussed above.
– Provide Your Documents
To activate your account, you will need to submit some documents to verify your identity. These documents are scanned and uploaded to the ICMarkets platform.
The documents required are a driver’s license or passport, and a utility bill or bank statement to prove your address. Documents use to provide your address must be no more than 90 days old. Ensure the documents are properly scanned to avoid delays.
– Pending Verification
You will now have to wait for ICMarkets to approve of your documents and verify your account. You can still fund your account but you will have to wait for verification to withdraw any of your funds.
ICMarkets have been in business for over ten years. During that time, they have received rave reviews. The platform utilizes modern technology and it offers good educational resources. Additionally, customer support is quite dependable. If you are new to the markets, you can still create a demo account and discover if trading is for you.