IC Markets is one of the world’s largest and most popular online Forex and CFD brokers. Founded in 2007, IC Markets offers traders access to various financial instruments, including Forex, commodities, stocks, indices, bonds, and cryptocurrencies.
IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (FSA), ensuring high security and transparency for its clients.
This IC Markets review will examine the main features and benefits of trading with IC Markets and some potential drawbacks.
IC Markets Background Information
IC Markets is based in Sydney, Australia, and has offices in Cyprus and Seychelles. The broker serves over 200,000 active clients from more than 160 countries, with a monthly trading volume of over US$1 trillion.
This regulated broker is known for its low spreads, fast execution, and advanced trading platforms. The broker also supports various trading styles and strategies, such as scalping, hedging, algorithmic, and social trading.
Licensing & Regulation of IC Markets
IC Markets holds licenses from two reputable regulatory authorities: ASIC in Australia and FSA in Seychelles. ASIC is one of the most stringent regulators in the world, requiring brokers to comply with strict rules on capital adequacy, client funds segregation, risk management, and fair dealing.
FSA is a relatively new regulator that aims to provide a conducive environment for financial services providers while protecting investors’ interests.
This broker also participates in the Australian Financial Complaints Authority (AFCA) and the Financial Services Compensation Scheme (FSCS) in the UK, which offer dispute resolution and compensation services to clients in case of any issues with the broker.
IC Markets Account Types
IC Markets offers three types of trading accounts:
- cTrader Raw Spread
- Standard
- Islamic
The cTrader Raw Spread account is designed for traders who prefer to trade on the cTrader platform with raw spreads from 0.0 pips and a commission of $3 per lot per side.
The Standard account is suitable for traders who prefer to trade on the MetaTrader 4 or MetaTrader 5 platforms with no commission and spreads from 1.0 pips.
The Islamic account is a swap-free account that complies with the Sharia law and charges an administration fee instead of interest on overnight positions.
Leverage Ratios of IC Markets
IC Markets offers flexible leverage ratios up to 1:500 for Forex and CFDs trading. The leverage ratio depends on the account type, the instrument traded, and the client’s country of residence.
For example, clients from Australia can enjoy up to 1:500 leverage on Forex pairs. In contrast, clients from Europe can only access up to 1:30 leverage due to the European Securities and Markets Authority (ESMA) restrictions.
Leverage can magnify profits and losses, so traders should use it wisely and responsibly.
Research & Education
IC Markets provides various research and education resources to help traders improve their skills and knowledge. The broker offers daily market analysis, webinars, video tutorials, trading guides, eBooks, glossaries, FAQs, and a blog covering various trading-related topics.
This broker also partners with Trading Central, a leading technical analysis and market insights provider. Trading Central’s signals and indicators are integrated into this broker platform, giving traders access to valuable information and trading ideas.
Trader Support
IC Markets has a dedicated customer support team available 24/7 via live chat, phone, email, and social media. The support team can assist clients with various issues and inquiries related to account opening, funding, withdrawal, platform usage, technical problems, and more.
The support team can communicate in multiple languages, including English, Chinese, Japanese, Korean, French, Spanish, and Arabic.
This broker also has a comprehensive help center with answers to frequently asked questions and helpful information about the broker’s services and policies.
IC Markets Spreads & Commissions
IC Markets offers competitive spreads and commissions for its clients. The broker claims to have some of the tightest spreads in the industry, with an average spread of 0.1 pips on the EUR/USD pair.
The spreads vary depending on the account type, the platform, the market conditions, and the liquidity providers. This broker charges a commission of $3 per lot per side for the cTrader Raw Spread account, while the Standard and Islamic accounts have no commission.
The broker also charges swap fees for holding positions overnight and other fees such as deposit and withdrawal, inactivity, and currency conversion fees.
IC Markets Welcome Bonus Offer
IC Markets does not offer any bonus or promotional offers to its clients. This is because the broker is regulated by ASIC and FSA, which prohibit brokers from offering any incentives that may influence clients’ trading decisions or expose them to excessive risks.
Instead, this broker focuses on providing high-quality trading services and conditions that can benefit its clients in the long term.
IC Markets Trading Platforms
IC Markets supports three popular trading platforms: MetaTrader 4, MetaTrader 5, and cTrader. MetaTrader 4 and MetaTrader 5 are the most widely used platforms in the Forex industry, offering advanced charting tools, technical indicators, expert advisors, backtesting capabilities, and more.
cTrader is a newer platform with a user-friendly interface, fast execution, level II pricing, advanced order types, and more. All platforms are available in desktop, web, and mobile versions, allowing traders to access the markets from anywhere and on any device.
Range of Financial Instruments
IC Markets offers its clients a wide range of financial instruments to trade. The broker has over 2,100 tradable instruments across various asset classes, including:
– Forex: 61 currency pairs, including majors, minors, and exotics
– Commodities: 24 commodities, including metals, energies, and agricultural products
– Stocks: over 2,100 stocks from the US, UK, Australia, Hong Kong, and Europe
– Indices: 25 indices from global markets
– Bonds: 9 bonds from the US and Europe
– Cryptocurrency CFDs: 21 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple
To Trade or Not to Trade with IC Markets
IC Markets is a reputable and reliable broker that offers traders access to a wide range of financial instruments with low spreads, fast execution, and flexible leverage. The broker is regulated by ASIC and FSA, ensuring high security and transparency for its clients.
The broker also supports various trading platforms and styles and provides research and education resources to help traders improve their skills and knowledge.
However, this broker also has some drawbacks that traders should know before opening an account. These include:
– No bonus or promotional offers
– Some fees may apply for deposits and withdrawals
– Limited leverage for European clients due to ESMA restrictions
– No US clients accepted
In conclusion, IC Markets is a good choice for traders looking for low-cost, high-performance brokers that cater to their diverse trading needs and preferences.
However, after reading this review, traders should also weigh the pros and cons of trading with IC Markets and compare it with other brokers before making a final decision.
