IC Markets Review: Features, Pros and Cons

Cyprus-based IC Markets is one of the leading online forex and CFD brokers, founded in 2007 and offering a wide range of trading services to retail and institutional traders. The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commissions (ASIC), as well as the Financial Services Authority (FSA). The headquarters of IC Markets is in Sydney, Australia.

IC Markets Broker Review Introduction

Along with forex, the broker offers a variety of tradable CFD instruments including commodities, indices, bonds, stocks, and futures. Cryptocurrency CFDs are also available to trade on its platforms. In addition, IC Markets offers traders a competitive leverage compared to other brokers.

The platform offers support for multiple trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader. All these platforms are available in web-based and mobile versions for Android and iOS devices. The broker also offers a free demo account with virtual funds that clients can use to practice trading with actual market conditions before entering into real trading.

The broker allows traders to open accounts with ten base currencies. The minimum deposit is 200 USD. Moreover, IC Markets provides 24/7 customer support in multiple languages.

Safety details

IC Markets is a reliable and safe broker as it is authorized and regulated by ASIC, FSA and CySec. In addition, the broker follows strict regulations regarding client funds protection, which includes holding client funds in segregated accounts from the company's funds and offering Negative Balance Protection.

Apart from being regulated, the broker is also a member of the Investment Compensation Fund (ICF), which provides up to €20,000 per person in case of company insolvency. Moreover, this multi-asset broker has a tie-up with tier-1 banks for safe deposits and withdrawals.

Moreover, they've implemented SSL encryption for data protection and enabled two-factor authentication for their clients, thus ensuring safer trades.

In addition, the international broker has in place robust KYC (Know Your Customer) for account opening to ensure that its clients are legitimate. Moreover, the AML (Anti-Money Laundering) policy is also in place as an additional security measure. IC Markets has a zero-tolerance policy toward fraud.

Fees details

Regarding the overall fee structure of IC Markets, the broker offers competitive spreads, low commissions, and zero hidden fees. The fee structure depends on the instrument being traded and your account type.

For its retail clients, IC Markets offers tight spreads on forex pairs starting from 0 pips, with zero commissions and no hidden fees. The spreads are still competitive on other instruments, such as commodities, indices, and cryptocurrencies.

The broker does not charge fees for fund deposits or withdrawals. It supports multiple options to deposit and withdraw funds, including major debit/credit cards, bank transfers, and e-wallets. However, banks and third-party payment processors may charge a fee for the fund's withdrawal.

In addition, the broker does not charge an inactivity fee that forex traders or other commodity traders must pay if they don't use their account for a certain period. Moreover, the broker offers swap-free accounts for clients who follow the Islamic faith.

Spreads fee

IC Markets provides competitive spreads and fees compared to other brokers. The broker offers variable spreads that start at 0.0 pips, with no commissions on forex trades.

The spreads offered by IC Markets are some of the tightest available. This low-spread environment provides both experienced and beginner traders an excellent opportunity to make profits in the competitive forex market.

The broker also offers commission-based accounts for traders who prefer to trade with lower spreads. Commissions are charged as a percentage and can range from as low as 0.8 pips to as high as 2.5 pips, depending on the trading platform and account type used.

Swap fees

The swap fee is often overlooked when choosing a broker but is an essential element. IC Markets has some of the lowest swap fees in the market, which are based on the interest rates on the currency pairs.

The broker offers positive and negative swap fees, depending on the direction of the trade. The swap fees can be viewed on the trading platform and vary depending on the currency pair being traded.

IC Markets also offers swap-free accounts for Islamic traders who follow the Shariah Law and cannot trade with a swap fee. They are zero-swap accounts, allowing you to hold a position indefinitely without being charged swap fees.

Deposit and withdrawal options

As a multi-asset regulated broker, IC Markets offers its clients a wide range of deposit and withdrawal options. These include bank wire transfers, credit/debit cards, e-wallets such as Neteller and Skrill, and more.

The deposits are usually processed within 24 hours, while the withdrawals take up to 48 hours, depending on the payment method. In addition, IC Markets does not charge fees for depositing or withdrawing the funds, which is an advantage to all forex traders and other market traders.

However, if traders use wire transfers to fund or withdraw from the account, the bank will charge a fee. The fee amount varies from one bank to another, and it is advised to contact the respective bank for more information.

Traders can deposit funds in ten currencies, which are AUD, USD, EUR, GBP, SGD, NZD, JPY, HKD, CHF, CAD. The minimum deposit is 200 US dollars or equivalent in other currencies. All funds are securely held in segregated accounts, and traders can withdraw their funds at any time.

Moreover, deposits and withdrawals are secured with the latest encryption technology. IC Markets also provides a detailed statement of all the transactions carried out in the account.

In addition, traders need to follow the KYC (Know Your Customer) process and complete the necessary documentation before withdrawing funds.

Negative Balance Protection (NBP)

NBP is an excellent feature of IC Markets, which helps traders to protect their funds from incurring more losses than their invested capital. Traders' accounts can't go below zero, so even in the most adverse situations, traders will not lose more than their deposit.

This feature is ideal for those traders who take leveraged positions and are more prone to risks. With NBP, traders can be assured that their funds are safe from any losses in the event of market volatility.

Available tradable markets

IC Markets offers its traders a wide range of tradable markets, including Forex, Commodities, Indices, Bonds, Stocks, Futures, and Cryptocurrency CFDs. The maximum leverage available on forex instruments is 1:1000. The broker offers more than 60 currency pairs, ranging from majors to exotics and minors. Let's look at all tradable markets available at IC Markets:

Forex

With 60+ currency pairs, IC Markets offers one of the most extensive collections of currency pairs. Traders can trade popular and exotic currency pairs, including majors, minors, and exotics. Some popular pairs include USD/CAD, EUR/GBP, and GBP/USD. In addition, traders can also take advantage of the hedging and scalping features available on some currency pairs.

Commodities

IC Markets offers a wide range of commodities for trading, including indices, agricultural products, and energy. Commodity markets are highly volatile, and traders can take advantage of the high liquidity available. The broker offers 28 commodities: gold, silver, WTI crude oil, and Brent crude oil.

Indice

The broker also offers a range of index CFDs, including the global equity and sector-specific indices. Some of the popular indexes provided by IC Markets are S&P 500, Dow Jones 30, DAX 30, and FTSE 100. Traders have deep liquidity and high volatility when trading indices. The spreads available are from 0.5 pips, making it an attractive option for traders.

Bonds

IC Markets offers a range of bond CFDs, including US Treasuries and other government-issued bonds. There are around 11 bonds to choose from, including T-bond and T-note. Bonds trading is an excellent option for traders looking to diversify their portfolios.

Stocks

The broker offers a range of stocks from popular companies like Apple, Amazon, and Microsoft. They offer stock trading of more than 2100 stocks from over 16 exchanges. Stock trading is a good option for those looking to explore intra-day trading and capitalize on the short-term movements of stocks.

Futures

For those looking to trade futures, IC Markets offers several options, including FX Futures, Commodity Futures, Index Futures, and Treasury Bond Futures. Futures trading is an excellent way to diversify and hedge against market uncertainty.

Trading platforms available at IC Markets

The broker is a full-fledged multi-asset platform that offers services on various platforms, including MetaTrader 4, MetaTrader 5, and cTrader. All three platforms offer a range of features and functionalities like charting, trading signals, economic calendars, etc. Let's look at all these available trading platforms at this broker:

MetaTrader 4

The MT4 platform is the most popular forex trading platform in the world. It offers multiple features like automated trading, charting tools, technical analysis tools, trading signals, etc. Moreover, the platform is highly customizable and allows traders to make changes according to their needs.

MT4 is a full-fledged platform available in both web-based and mobile versions. The broker also offers one-click trading on the MT4 platform. Using MT4, traders can trade forex, indices, and commodities. Some key features of IC Markets MT4 platform are:

Expert Advisors

An Expert Advisor (EA) can execute trades automatically based on predefined strategies. Using EA, traders can automate their trading and take advantage of additional features like trailing stops, break-even points, etc.

Advanced charts

The Advanced Charting tool is a powerful feature offered by the MT4 platform. It allows traders to view multiple timeframes of price action and helps them make technical analyses. The charting tool also provides multiple indicators traders can use in their trading strategies.

Multiple order execution types

The MT4 platform allows traders to make use of several order types. These include market, limit, stop, and trailing stop orders. These order types help traders manage their trades and get better entry/exit points.

MQL $ support

The MQL $ language used by the MT4 platform is a powerful language that allows traders to create their custom indicators, scripts, and Expert Advisors. This makes it easy to customize the MT4 platform according to the trader's needs.

MetaTrader 5

The MetaTrader 5 (MT5) is the latest version of the MetaTrader platform and comes with additional features. It is suitable for experienced traders using more advanced trading strategies. The platform is available in desktop and mobile versions, thus allowing traders to access their accounts from anywhere in the world.

Like MT4, the MT5 platform also offers advanced charting tools, automated trading, and multiple order types. Moreover, it also allows for hedging and multiple account management. Some key features of the MT5 platform are:

Economic calendar

The MT5 platform has a built-in economic calendar, allowing traders to keep track of important events and news releases. This helps them in making better trading decisions. Moreover, the economic calendar helps prepare traders for upcoming market movements and price fluctuations.

Advanced charting tool

The Advanced Charting tool provided by the MT5 platform is more powerful than the one offered by the MT4 platform. The charting tool also provides multiple indicators traders can use in their trading strategies.

Multiple order execution types

The MT5 platform allows traders to make use of several order types. These include market, limit, stop, and trailing stop orders. These order types help traders manage their trades and get better entry/exit points.

MQL 5 support

The MQL 5 language used by the MT5 platform is a powerful language that allows traders to create their custom indicators, scripts, and Expert Advisors. This makes it easy to customize the MT5 platform according to the trader's needs.

cTrader

The cTrader platform is a powerful trading platform offered by IC Markets. It is an ECN-style platform that allows traders to access markets with low spreads and fast order execution speeds. The platform is available in both web-based and mobile versions, thus allowing traders to access their accounts from anywhere in the world.

cTrader is used by professional traders and offers advanced features like automated trading, market depth, advanced charting tools, etc. It is one of the most popular platforms among traders and provides them with an intuitive and user-friendly interface. Some key features of the cTrader platform are:

Algo Trading

Algo trading, or automated trading, is a feature of the cTrader platform. It allows traders to set up their custom-coded strategies and have them executed automatically. This saves time and helps traders in making better trading decisions.

Personalized indicators

The cTrader platform allows traders to create their own indicators and customize them according to their needs. This helps traders in making better trading decisions by seeing the markets in a different light.

Trading accounts

IC Markets offers three trading accounts, which are as follows:

Raw Spread (cTrader)

This account best suits scalpers, day traders, and swing traders. The minimum deposit to open this account is 200 USD and it features a 0.0 pip spread. This account is best for traders who want to minimize their trading costs. The commission (per lot) is $3.0 ($6.0 per lot round turn and the currency pairs that can be traded are 61. Moreover, the stop-out level for this account is 50%.

Raw Spread (MetaTrader)

It's an ideal account for EAs & Scalpers. The minimum deposit is 200 USD, and it offers a 0.0 pip spread, along with the ability to open 200 maximum position orders per account. The commission (per lot) is $3.5 ($7.0 per lot round turn). With 60+ currency pairs, the stop-out level for this account is 50%.

Standard (MetaTrader)

It's a perfect trading account for discretionary traders. This account requires a minimum deposit of 200 USD, and it offers commission-free trading with a 0.8 pip spread and the ability to open 200 maximum position orders per account. In addition, with 61 available currency pairs, the stop-out level for this account is 50%.

How to open an account?

Follow the below steps to open an IC Markets account:

• Go to the website and click on 'Open Account'.
• Enter the details, including name, email, and country of residence.
• Select your trading account.
• Choose your deposit method and currency.
• Enter your investment amount and click on 'Confirm'.

Customer Support

IC Markets provides 24/7 multilingual customer support to its clients. The customer support team can be reached through live chat, email, and phone. In addition, the customer support team is always available to help its clients with any queries regarding trading services, from account opening to technical assistance.

Education resources

IC Markets offers a variety of educational resources to its clients. The broker provides training courses on forex trading and an extensive library of e-books, webinars, videos, and tutorials. Moreover, the broker has a weekly webinar series that caters to traders of all levels. The topics covered range from basic trading concepts to advanced market analysis.

Trading tools

IC Markets provides various trading tools to its clients. The broker offers more than 50 technical indicators which can be used for performing complex analyses. The broker also provides multiple charting tools to help traders make informed decisions while trading.

IC Markets also offers an advanced Economic Calendar, which helps clients stay updated with the latest economic news and events.

IC Markets Review in a nutshell

IC Markets is an excellent choice for both experienced traders and new traders. The broker offers various financial instruments, including forex, commodities, indices, bonds, stocks, and futures.

The platform supports the most popular trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader. Moreover, as a regulated broker, IC Markets offers various safety measures for clients, including segregated accounts and Negative Balance Protection. IC Markets is an excellent choice for experienced and new traders.

FAQs

What is the minimum deposit on this platform?

The minimum deposit is 200 USD.

What is the maximum leverage offered?

The maximum leverage offered is up to 1:1000 on specific forex pairs.

Do IC Markets offer a demo account?

Yes, IC Markets offers a full-fledged demo account.

Is IC Markets a regulated broker?

Yes, it is a highly regulated broker, and the company operates under CySEC.

Do they offer educational content?

Yes, they offer a comprehensive resources and tools section.

Can US residents open accounts with this broker?

US residents can not open an account with this broker.

How can you change my password on this broker platform?

You can change your old password by going to the client portal and clicking on the "change password" button.

What account types do they offer?

They offer three accounts — Raw Spread (cTrader), Raw Spread (MetaTrader), and Standard (MetaTrader).

Is this broker good for scalping?

This broker is suitable for scalping.

What are the deposit and withdrawal methods available?

Multiple deposits and withdrawal methods are available, including wire transfers and credit/debit cards.

How to open your account with the broker?

You can open your account with IC Markets by going to their website and filling out the easy registration form.

Does this platform support MT4 & MT5?

Yes, they support MT4, MT4, and cTrader also.

What are the spreads available on this platform?

The spreads start from 0.0 pips.

What is the minimum trade size for this broker?

The minimum trade size is 0.01 lots.

How to contact customer support?

You can contact their customer support via live chat, email, or call.