Let's start here

IC Markets is a respected and well-regulated broker, providing a wide range of trading instruments, including over 2250 options, with competitive spreads starting at 0.0 pips. You can start with a demo account to gain experience, and opening a live account only requires a $200 deposit. They offer advanced trading platforms like MT4, MT5, and cTrader. Let's now delve into this IC Markets review.

What type of broker is IC Markets？

IC Markets is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, IC Markets acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of the leverage offered. However, this also means that IC Markets has a certain conflict of interest with their clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interests of their clients.

What is IC Markets

IC Markets is an Australian-based online forex and CFD broker that provides traders access to the global financial markets. The company was founded in 2007 and is regulated by the Australian Securities and Investments Commission (ASIC). IC Markets offers a range of trading instruments, including forex, indices, commodities, and cryptocurrencies, and provides traders with advanced trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader. The company also offers 24/7 customer support and a variety of educational resources for traders of all levels.

In the IC Markets review, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.

Is IC Market legit？

IC Markets maintains regulatory compliance in both Australia and Cyprus, adhering to the respective financial regulatory standards in these jurisdictions. Regulatory oversight by ASIC and CYSEC helps ensure transparency and accountability in the broker's operations, contributing to a safer trading environment for clients.

Regulated Country	Regulated Authority	Regulated Entity	License Type	License Number
	ASIC	INTERNATIONAL CAPITAL MARKETS PTY. LTD.	Market Making(MM)	335692
	CYSEC	IC Markets (EU) Ltd	Market Making(MM)	362/18

IC Markets' Australian entity, INTERNATIONAL CAPITAL MARKETS PTY. LTD., regulated by ASIC under license number 335692, holding a license for Market Making (MM).

IC Markets' enropean entity, IC Markets (EU) Ltd, regulated by CYSEC under regulatory number 362/18, holding a license for Maket Making ( MM) as well.

WikiFX's investigation team personally visited the registered address located at Omonoias, 141, The Maritime Centre, Block B, 1st floor, 3045, Limassol, Cyprus. Notably, the IC Markets logo was prominently displayed on billboards in the vicinity of the building. Hence, their visit to the location confirmed that IC Markets was indeed operating from the officially designated regulatory address.

Market instruments

IC Markets offers a wide range of over 2250 tradable instruments to trade, including forex pairs, commodities, stocks, cryptocurrencies, indices, bonds, and futures. This provides traders with the opportunity to diversify their investment portfolio and access multiple markets and assets. The company offers competitive spreads and low commissions on all instruments, making it a popular choice among traders. With such a diverse range of trading instruments, IC Markets caters to a wide range of trading strategies and investment goals.

IC Markets Minimum Deposit

IC Markets, a well-known forex broker, requires a minimum deposit of $200 for traders to open an account. In the industry, many established brokers frequently impose minimum deposit requirements that surpass $500 or even reach $1,000. In contrast, certain major players such as Avatrade and Aixtrader only mandate minimum deposits of $100 and $0, respectively. So, IC Markets's minimum deposit requirement seems to be in the “middle”.

Here is the comparison of IC Markets minimum deposit with Avatrade, Exness, and Axitrader:

Broker	Minimum Deposit
	$200
	$100
	$1 USD
	$100

IC Markets Account Types

C Markets offers traders a range of account types with different trading platforms, commissions, and spreads. The CTrader and Raw spread accounts charge a commission of $3 and $3.5 respectively but offer spreads from 0.0 pips, while the Standard account has no commission but wider spreads from 0.6 pips. A demo account and Islamic account are also available. Although the minimum deposit of $200 may be high for some traders, the variety of account types and competitive spreads on some accounts may make up for it. However, traders should note that commissions are charged on all other accounts apart from the Standard account, and there is limited information on account features.

IC Markets Demo Account

IC Markets offers a free advanced demo account for beginner traders to practice on, which lasts for 30 days.

Users who open a demo account can enjoy the following features:

• Access to Raw Pricing

• Spreads Starting at 0.0 Pips

• Fast Order Execution

• Available on MT4, MT5 and cTrader platforms

However, demo accounts aim to mimic real markets but function in a simulated environment. This means there are significant differences compared to real accounts, including not relying on real-time market liquidity, encountering price delays, and having access to certain products that may not be tradable on live accounts.

Opening a demo account is simple:

Step 1: click the “Try a Free DEMO” button on the homepage of IC Markets.

Step 2: Fill in your personal info, including your country of residence, name, email, phone number to get a verification code.

Step 3: Choose to demo accounts on your preferrable trading platform, MT4, MT5, or cTrader. Then choose your account currency, virtual funds, starting from $200 to $5,000,000, your desired leverage level.

Step 4: Log into your demo account and start trading.

Spreads and commissions

IC Markets is known for its tight spreads and low commissions, making it a popular choice among traders. The broker offers a variety of account types to choose from, including the Raw Spread account with spreads starting from 0.0 pips and a $3.5 commission per lot traded, and the Standard account with spreads starting from 0.6 pips and no commission. The cTrader account also offers low spreads starting from 0.0 pips, with a $3 commission per lot traded. It's important to note that while some account types may have higher commissions, the broker is transparent about its commission structure and there are no hidden fees or charges. The broker also allows scalping and hedging strategies. However, there are inactivity fees after 12 months of no activity. Additionally, some withdrawal methods may have fees.

Trading platforms

IC Markets offers its clients a variety of trading platforms, including the popular MetaTrader4 and MetaTrader5 platforms as well as the cTrader platform. Each platform offers unique advantages and disadvantages, and traders can choose the platform that best suits their needs. The MetaTrader4 and MetaTrader5 platforms are similar and offer a range of trading tools and indicators, as well as the ability to use Expert Advisors (EAs) and automate trading strategies. The cTrader platform, on the other hand, offers advanced charting capabilities and a variety of order types. However, it has a steeper learning curve and limited customization options compared to the MetaTrader4 and MetaTrader5 platforms. Additionally, traders should note that IC Markets has a limited selection of platforms compared to some other brokers in the industry. Overall, IC Markets offers a solid selection of trading platforms that should satisfy the needs of most traders.

Maximum leverage of IC Markets

IC Markets' maximum leverage offering of up to 1:500 can be beneficial for experienced traders who know how to manage their risks well. The high leverage can potentially magnify the profits of a successful trade, enabling traders to take advantage of larger positions in the market. However, it is crucial for traders to exercise caution when using high leverage as it also increases the potential for significant losses. Inexperienced traders may not be suited for high leverage as it requires a thorough understanding of risk management. It is important to note that certain jurisdictions may have regulatory restrictions on high leverage, and traders should comply with the relevant regulations.

Deposit and Withdrawal: methods and fees

IC Markets offers a variety of deposit and withdrawal options, including neteller, skrill, bank transfer, VISA, Mastercard, paypal, credit card, debit card, unionpay, poli, wire transfer, rapidpay, and klarna. IC Markets does not charge any additional fees for deposits and withdrawals, however, additional fees may occur at some banking institutions. Withdrawal requests have a cut off time at 12:00 AEST/AEDT, and may take up to 10 business days to process depending on the bank. International bank wire transfers may take up to 14 days and incur additional intermediary and/or beneficiary fees. Credit/debit card withdrawals are processed free of charge and may take 3-5 business days to reach your credit card. Paypal/Neteller/Skrill withdrawals are processed instantly and free of charge, but must be made from the same account as the initial funds were sent from.

Educational resources in IC Markets

IC Markets offers a comprehensive range of educational resources that cater to traders of all levels. These resources include an economic calendar, market reports, video tutorials, a glossary, blogs, and calculators. The educational resources are updated regularly to ensure the information is relevant and up-to-date. The glossary is particularly useful for understanding forex terms and concepts, while the video tutorials cover a wide range of topics, from basic concepts to advanced strategies. The blogs provide insights into the forex market, which can be useful for making informed trading decisions. The calculators are also helpful tools for calculating risk, margin, and position size. However, some of the educational resources may not be suitable for beginners and may require prior knowledge of forex trading. Additionally, the educational resources may not be as comprehensive or interactive as those offered by some other brokers.

You may also watch videos on their official YouTube channel. For example, this is a video named 7 Common Mistakes New Traders Make, which would be useful for newbies.

Customer service of IC Markets

IC Markets provides a strong customer care dimension with 24/7 availability for customer support. Clients can reach out to the support team via phone or email, and can expect prompt response times to email inquiries. However, there is no live chat option available for immediate assistance, and phone support may have international charges, which could be a disadvantage for some clients. Overall, IC Markets provides a reliable and responsive customer support experience.

Conclusion

IC Markets is a reputable forex broker that offers traders a wide range of instruments, account types, and trading platforms to choose from. With low spreads, competitive commissions, and high leverage options of up to 1:500, traders can enjoy a flexible and customizable trading experience. The company's educational resources, including market reports, video tutorials, and a glossary, are extensive and informative, providing traders with valuable insights into the forex market. Additionally, IC Markets' customer support is available 24/7, ensuring that traders can always receive timely assistance. The company's variety of deposit and withdrawal methods also makes it easy for traders to manage their accounts efficiently. Overall, IC Markets is a reliable and trustworthy broker for both novice and experienced traders alike.

Frequently asked questions about IC Markets

• Q1. What is the minimum deposit required to open an account with IC Markets？

• A1. The minimum deposit required to open an account with IC Markets is $200.

• Q2. What are the available deposit and withdrawal methods on IC Markets？

• A2. IC Markets offers various deposit and withdrawal methods, including neteller, skrill, bank transfer, VISA, Mastercard, paypal, credit card, debit card, unionpay, poli, wire transfer, rapidpay, and klarna.

• Q3. What trading platforms are available on IC Markets？

• A3. IC Markets offers three trading platforms: MetaTrader4, MetaTrader5, and cTrader.

• Q4. What is the maximum leverage offered by IC Markets？

• A4. IC Markets offers a maximum leverage of up to 1:500.

• Q5. Does IC Markets charge any additional fees for deposits and withdrawals？

• A5. IC Markets does not charge any additional fees for deposits and withdrawals. However, additional fees may occur at some banking institutions.

• Q6. What educational resources are available on IC Markets？

• A6. IC Markets offers various educational resources, including an economic calendar, market reports, video tutorials, glossary, blogs, and calculators.

• Q7. What is the customer support available on IC Markets？

• A7. IC Markets offers 24/7 customer support via phone and email, and they have an online chat feature available during trading hours.

What is TriumphFX？

TriumphFX was founded in 2009 and is based in Cyprus, providing professional online trading services to investors, traders, and institutional clients through a robust NDD and STP order processing model.

TriumphFX is regulated by Federal Financial Supervisory Authority (BaFin) and Cyprus Securities and Exchange Commission (CySEC). TriumphFX is also registered with Financial Conduct Authority (FCA) and Vanuatu Financial Services Commission (VFSC), but these two licenses have already been revoked.

TriumphFX has been brought into a series of scandals about the inability to withdraw funds, illegal brokers, as well as failing to log in to its official website, etc. Please be aware of the risk.

Pros & Cons

TriumphFX offers competitive trading conditions with low spreads, multiple account types, and MT4 trading instrument. Additionally, the broker is regulated by reputable authorities and offers negative balance protection. However, too many complaints from users saying that they have difficulty withdrawing. And their educational resources, research and analysis tools are limited compared to other brokers.

Note: The above table is based on general information and may not be comprehensive. Pros and cons may vary depending on individual experiences and circumstances. Each trader has unique needs and preferences, so it is important to carefully consider your own trading style and goals when selecting a broker.

TriumphFX Alternative Brokers

There are many alternative brokers to TriumphFX depending on the specific needs and preferences of the trader. Some popular options include:

• XM: This is a popular forex broker that is known for its low spreads, multiple trading platforms, and excellent customer service. They are regulated by multiple top-tier authorities, including the ASIC, CySEC, and FCA, which makes them a safe and reliable choice.

• Pepperstone: This broker offers a wide range of trading instruments, low spreads, and fast trade execution speeds. They are also regulated by top-tier authorities such as the FCA and ASIC, which ensures that they are a trustworthy option.

• IG: This broker offers a variety of trading instruments, competitive pricing, and a user-friendly trading platform. They are also regulated by top-tier authorities such as the FCA, which ensures that they adhere to strict financial regulations and are a safe and reputable broker.

Is TriumphFX Safe or Scam？

Based on the information provided on TriumphFX's website, as well as their regulatory status, it seems that TriumphFX takes measures to protect its clients' interests and promote a safe trading environment. They are licensed and regulated by reputable authorities, and have implemented several security measures to ensure the safety of its clients' funds, such as segregated accounts and negative balance protection. However, there have been some negative reviews from clients regarding withdrawal issues, which is a red flag.

How are you protected？

It's important to note that while TriumphFX takes steps to protect its clients, no broker can guarantee complete protection against all risks. Clients should always do their own research and carefully consider the risks involved in trading before making any investment decisions.

Market Instruments

TriumphFX offers investors a small range of trading instruments, including over 60 pairs of the most popular major currency pairs in the Forex market, minor currency pairs, exotic currency pairs, as well as precious metals such as gold and silver.

Accounts

To meet the investment needs and trading experience of different investors, TriumphFX offers three different types of accounts, namely Classic Accounts, Gold Accounts, and Premium Accounts. The minimum deposit requirement is 100. The base currencies of the accounts are EUR, USD, and GBP, and the minimum trade lot size is 0.01. Demo accounts are also available.

Leverage

TriumphFX, as a Cyprus-regulated broker, offers the maximum trading leverage of up to 1:30 for retail clients. Traders can adjust the leverage according to their knowledge and experience, and professional clients can trade with a maximum leverage of up to 1:500.

It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads & Commissions

All spreads with IMS FX are a floating type and scaled with the asset class. The minimum spread on the TriumphFX platform is 0.4 pips for EURUSD, 0.1 pips for EURGBP, 1.2 pips for GBPUSD, 0.8 pips for USDJPY, 1.7 pips for XAUUSD, and 1.7 pips for XAGUSD. It seems that there is no commission charged.

Below is a comparison table about spreads and commissions charged by different brokers:

Note: Spreads can vary depending on market conditions and volatility.

Trading Platforms

TriumphFX offers traders the flexibility to choose from the market-leading and widely acclaimed MT4 trading platform, as well as MT4 Windows, MT4 iOS, and MT4 Android. MT4 is known as the ideal forex trading platform with powerful charting and data analysis tools, an intuitive and clear interface, and support for EA intelligence. MT4 can develop suitable trading strategies for traders of different levels, helping traders to trade with ease.

See the trading platform comparison table below:

All four brokers offer MetaTrader4 and have mobile, web, and desktop versions available. XM and Pepperstone also offer MetaTrader5, while IG has a wider range of trading platforms including ProRealTime, L2 Dealer, and its own IG Trading Platform.

Trading Tools

TriumphFX offers several trading tools designed to help traders stay informed and up-to-date with the latest market trends and developments. The economic calendar provides real-time updates on upcoming economic events and their potential impact on the markets, while the FX analysis and news section offers daily market commentary and analysis from TriumphFX's team of experts. These tools can be especially useful for traders who rely on fundamental analysis to make informed trading decisions.

Additionally, TriumphFX offers access to a variety of technical analysis tools, including charting and indicators, that can be used to identify trading opportunities and potential market trends. Overall, TriumphFX's trading tools can be a valuable resource for traders looking to stay ahead of the markets and make more informed trading decisions.

Deposits & Withdrawals

TriumphFX supports clients by depositing and withdrawing funds to their investment accounts via Visa, MasterCard, Bank Wire, Neteller, and Skrill/Moneybookers.

The minimum deposit amount is $/€/£100.

No commissions are charged on deposits. For any deposit equivalent or above $500, TriumphFX will reimburse the Intermediary Bank Charges. Regardless however, all Local Bank Charges incurred by the sending bank will not be reimbursed. Your deposits will be processed within 2-3 business days from the day your funds are sent from your bank account. After confirmation of your deposits, your funds will be immediately credited into your trading account.

Traders withdrawing funds via NETELLER and Skrill/Moneybookers pay 1% commission and while via VISA & MasterCard, the withdrawal fee is $3/€2/£2. For Bank Wire withdrawals, if your withdrawal amount is less than €1,000, the fees will be $30/€20/£25, and any above will be charge + 0.15%. All withdrawals are subjected to intermediary bank charges ranging from $25 to $75 per transaction. It will take 2-5 business days to process your request.

TriumphFX minimum deposit vs other brokers

TriumphFX Money Withdrawal

In order to create a Withdrawal Request please:

Step 1: Login to your trading account ( https://secured.triumphfx.com/login ) .

Step 2: Go to the Withdrawals Section.

Step 3: Click Create Withdrawal and choose the method you want to withdraw your Funds.

Step 4: Fill in all the required fields.

Step 5: Submit the web form.

Customer Service

TriumphFX offers customer support via phone, email, and online messaging. You can also follow this broker on social networks such as Facebook, Instagram and LinkedIn. Overall, the customer service of TriumphFX appears to be satisfactory.

Education

TriumphFX offers a range of educational resources to help traders improve their trading knowledge and skills. These resources include Forex essentials and Forex glossary. Additionally, TriumphFX offers a demo account for traders to practice their trading strategies and get familiar with the platform before trading with real money. Overall, TriumphFX's educational resources can be a valuable asset for both new and experienced traders looking to improve their trading skills.

Conclusion

All in all, TriumphFX seems to be well-regulated, but there are numerous negative reviews from users. Many users have reported difficulties in withdrawing funds, and some have even accused TriumphFX of being an illegal Ponzi scheme. Despite offering attractive trading conditions, the high number of negative reviews and accusations of illegal activity should be a red flag for potential investors. It is important to thoroughly research any broker before investing and to exercise caution when dealing with TriumphFX.

Frequently Asked Questions (FAQs)