icmarkets-forex-broker-review

IC Markets Review

Is IC Markets a good broker to trade with ?

With so many brokers out there in the market it’s likely that you don’t know which brokers are good and which are scammers. Is IC Markets one of the good guys or one of the bad guys? They are probably on the good guys side, but that’s not all you have to ask yourself. The most important question is: “Is IC Markets a good broker to trade with?”

The answer to that question will depend on the kind of trading that you do. Are you an Scalper? Are you a Money Manager? Or, are you a Position Trader? Trading conditions are key to know if a broker is good for you.

In this article we will give you all the information you need to know about IC Markets so that you can choose wisely whether is good for you to work with them or not.

About IC Markets Forex Broker

IC Markets is a FX broker that was found in 2007 in Sydney, Australia.

IC Markets it’s considered a big player in the FX industry as it’s one of the biggest brokers in Asia. On May 2018 the company got an average daily trading volume of US$19.4 billion. This means that on average there are around US$19.4 billion that are traded every day by IC Markets’ clients.

ICmarkets forex broker website

Company’s Regulation

The company has the following regulations :

  • International Capital Markets PTY. LTD: This company is under ASIC regulation
  • IC Markets (EU) Ltd: This company is under CySEC regulation

Products offered by IC Markets

The company offers the following products:

  • Forex: It has 60 FX crosses to trade with.
  • Indexes: The company offers 17 global indexes.
  • Commodities: With IC Markets you can invest in Silver, Gold and another 17 commodities.
  • Stocks: It has more than 120 stocks and ETF’s that you can trade with.
  • Bonds: IC Markets offers you 6 bonds available to trade.
  • Cryptos: The company offers 6 cryptos to trade with. Such as Bitcoin, Ethereum and 4 more.
  • Futures: You can trade with 4 different Futures.

Types of Accounts

The broker has 5 types of accounts that you can use to trade. Each one offers different trading conditions that we will see in here:

IC markets account types

Demo Account

A demo account is a free account where you will receive a certain amount of “fake money” to trade with. You will be able to open trades in several instruments to simulate transactions as if you were trading with real money. The great thing about demo accounts is that you have zero risk of losing money because it’s a free account. You just need to register and that’s all.

ECN Real Account ( cTrader )

This is a trading account that works only with the cTrader trading platform. Some characteristics of this account are:

  • You can deposit as few as US$200.
  • The minimum spread is 0.0 pips.
  • Maximum leverages are 1:500.
  • Minimum size of lots is 0.01.
  • US$3 commissions per lot.

ECN Real Account ( MT4 )

This is an ECN account that offers you the possibility to work using the MT4 platform. It has similar features to the previous one:

  • You can deposit as few as US$200.
  • The minimum spread is 0.0 pips.
  • Maximum leverages are 1:500.
  • Minimum size of lots is 0.01.
  • US$3.5 commissions per lot.

Standard Account

This is a classic account that doesn’t charge you commissions per lot traded but it has higher spreads than the previous ones. This account works with MT4.

Account’s conditions:

  • You can deposit as few as US$200.
  • The minimum spread is 1 pip.
  • Maximum leverages are 1:500.
  • Minimum size of lots is 0.01.
  • US$0 commissions per lot.

Islamic Accounts

All the accounts that we mentioned above can be turned into Islamic accounts. The Islamic account doesn’t include swap. For example, you can have an ECN Real Account (Islamic).

Trading Platforms

IC Markets offers 3 platforms to all their clients. According to their website the platforms offered are:

  • MT4 & MT5.
  • cTrader

These 3 platforms are available online using WebTrader, for Android, for iOS, Mac and Windows. You can find all the .exe files in the broker’s website.

MT4 & MT5 are well-known trading platforms that were developed by MetaQuotes. They are the most used platforms in the world and are easy to use. The cTrader platform was developed by the company Spotware and it’s a platform that works quite well with ECN connectivity.

Features of IC Markets

IC markets broker features

The main advantage of IC Markets is that it’s an ECN broker which is great for clients who’s trading rely on having short spreads. Being ECN allows them to offer spreads as low as 0 pips which it’s excellent for traders with trading styles such as Scalping or DayTrading.

Another great feature is that the broker has lots of financial instruments to trade with such as Stocks, ETF’s, FX and more. This is a great advantage because you won’t have to settle with the usual instruments. Most brokers offer the same instruments (the standard ones) but this one offers a lot more which is something not common in this industry.

The broker also offers PAMM and MAM accounts which is great for Money Managers. If you are interested in managing your clients’ accounts, then this is a good place to do it. With a MAM account and spreads as low as 0 pips you should bet all set to trade without any problem.

Education / Training

The education section of this broker isn’t such a great thing. Compared to other brokers the education section of IC Markets is pretty much the same.

The information that they offer is good for new traders who know nothing or really few about the market. They have things like technical analysis 101 or trading psychology 101 which are good pieces of education for novice traders.

You also have some tutorials on how to use the platforms that the broker offers. This is something good because not all brokers care much about helping their clients to better understand how to trade.

Unfortunately, if you are seeking for more advanced information you won’t be able to find it in here. However, you can always go to a good trading academy if you are searching for something more specific.

Deposit / Withdrawal Methods

The broker offers several deposit / withdrawal methods such as:

  • Payment, Money Transfer and wallet companies such as Paypal, Skrill, Neteller, QIWI, UnionPay, BPay, Fasapay, Poli, Rapidpay, Klarna and Bitcoin Wallet.
  • Debit and Credit cards from Visa and Mastercard.
  • Wire Transfer.
  • Thai Internet Banking.
  • Broker to Broker.

The deposits are instant with most of the deposit methods. Wire Transfers, Thai Internet Banking and Broker to Broker transfer can take longer. Withdrawals to your credit/debit card can usually take between 3 to 5 days to reach your account. Wire transfers may take that long too.

In the case of wallets or companies such as Skrill or Neteller it’s usually sooner as withdrawals are processed instantly.

Customer Support 

According to the company’s website they offer 24/7 customer support. They currently have an office in Sydney and another one in Limassol, Cyprus.

The company has a main phone line where you can call if you need any help. They also have a chatbot available from their website where you can contact customer support directly. They work from Monday to Sunday according to their web.

You can expect a response from customer support within 24 hours, so you should not worry about not getting a reply about any inquiry that you may have.

Bonus offers and Loyalty Programmes at IC Markets

The company is not currently offering bonuses. They don’t have a loyalty program implemented either.

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