Abstract：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.
|Regulated by||ASIC, CYSEC|
|Year(s) of establishment||10-15 years|
|Trading instruments||Forex pairs, commodities, stocks, cryptocurrencies, indices, bonds, futures|
|Minimum Initial Deposit||$200|
|Minimum spread||0.0 pips onwards|
|Trading platform||MetaTrader4, MetaTrader5, cTrader|
|Deposit and withdrawal method||neteller, skrill, bank transfer, VISA, Mastercard, paypal, credit card, debit card, unionpay, poli, wire transfer, rapidpay, klarna|
|Customer Service||Email, phone number, address|
|Fraud Complaints Exposure||No for now|
It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
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Low spreads and commissions across various account types and platforms.
Multiple deposit and withdrawal options available without additional fees.
High leverage up to 1:500.
Robust selection of educational resources.
24/7 customer support through phone and email.
Limited product range focused only on forex, CFDs, and commodities.
No social trading or copy trading options available.
Limited research tools compared to other brokers.
Limited availability of credit card withdrawals.
Withdrawal requests cut off time of 12:00 AEST/AEDT, which may be inconvenient for some traders.
What type of broker is IC Markets？
|IC Markets offers tight spreads and fast execution due to its Market Making model.||As a counterparty to its clients' trades, IC Markets has a potential conflict of interest that may lead to decisions that are not in the best interest of its clients.|
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. It is important for traders to be aware of this dynamic when trading with IC Markets or any other MM broker.
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 following article, 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.
|A wide range of over 2250 instruments including forex pairs, commodities, stocks, cryptocurrencies, indices, bonds, and futures||None mentioned|
|Opportunity to diversify investment portfolio|
|Access to multiple markets and assets|
IC Markets offers a wide range of over 2250 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.
|Low spreads starting from 0.0 pips||Commissions may be higher than other brokers|
|Variety of account types to choose from||High spreads on some account types|
|Transparent commission structure||Some accounts require higher minimum deposits|
|No hidden fees or charges||Some withdrawal methods may have fees|
|Scalping and hedging allowed||Inactivity fees after 12 months of no activity|
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 accounts available in IC Markets
|Wide range of account types||High minimum deposit requirement|
|Demo account available||Standard account has wider spreads|
|Islamic account available||Commission charged on some accounts|
|Different trading platforms||Limited information on account features|
|Competitive spreads on some accounts|
IC 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.
|Support for popular platforms: MetaTrader4, MetaTrader5, cTrader||Limited selection of platforms|
|Variety of trading tools and indicators||Limited customization options for cTrader|
|Advanced charting capabilities||Steep learning curve for cTrader|
|Ability to use EAs and automate trading strategies||MetaTrader4 and MetaTrader5 are similar, which can be confusing for some traders|
|Mobile trading apps available for all 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.
|Allows for high potential profits with small capital||Increases the potential for high losses with small capital|
|Provides traders with flexibility in trading||Can lead to traders taking on more risk than they can handle|
|Can amplify the effectiveness of trading strategies||Requires careful risk management to avoid excessive losses|
|Allows traders to access larger positions in the market||May not be suitable for inexperienced traders|
|Enables diversification of investment opportunities||High leverage may be restricted in certain jurisdictions due to regulatory restrictions.|
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.
|Various deposit options||Intermediary and beneficiary fees for international bank wire transfers|
|Withdrawals are free of charge||Withdrawal cut off time at 12:00 AEST/AEDT|
|Credit/debit card withdrawals are processed free of charge||Withdrawal time may take up to 10 business days depending on bank|
|Instant withdrawal processing for Paypal/Neteller/Skrill||Credit card withdrawals may not be available for all countries|
|Withdrawals must be made from same account as deposits|
|No additional fees charged by IC Markets for deposits and withdrawals|
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.
|Wide range of educational resources available, including economic calendar, market reports, video tutorials, and calculators.||Some of the educational resources may not be suitable for beginners.|
|IC Markets' educational resources are updated regularly to ensure the information is relevant and up-to-date.||The resources may be overwhelming for beginners due to the large amount of information available.|
|The glossary is useful for understanding forex terms and concepts.||Some of the educational resources may require prior knowledge of forex trading.|
|The video tutorials cover a wide range of topics, from basic concepts to advanced strategies.||IC Markets' educational resources may not be as comprehensive as some other brokers.|
|IC Markets' blogs provide insights into the forex market, which can be useful for making informed trading decisions.||The educational resources may not be tailored to individual traders' needs.|
|The calculators are helpful tools for calculating risk, margin, and position size.||The educational resources may not be as interactive as some other brokers.|
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.
|24/7 customer support available||No live chat option for immediate assistance|
|Multiple ways to contact support (phone, email)||Phone support may have international charges|
|Prompt response times to email inquiries|
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.
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.
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.