IC Markets Forex Trade Platform and Broker Review

IC Markets Forex Trade Platform and Broker Review

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IC Markets Broker Review

Headquartered in Sydney, IC Markets is an Australian retail Forex and Contract for difference broker trading in financial derivatives. IC Markets specializes in CFDs over Forex, stock indices, commodities, bonds, and equity markets in Asia, Latin America, Middle East, Australia, and Europe.

IC Markets was established in 2007 and is an ECN broker, which means using a no-dealing-desk and no other forms of trade intervention between the trader and that of the market. In 2020 the company employed about 260 people.

Is IC Markets Regulated?

Yes, IC Markets is owned by True ECN Trading Ltd regulated by the Australian Securities & Investments Commission (ASIC) since 2009, the Financial Services Authority (FSA) in Seychelles, the Securities Commission of the Bahamas, and IC Markets (EU) is regulated by the Cyprus Securities and Exchange Commission (CySec) and conforms to recent ESMA restrictions on leverage, etc. 

According to the broker’s website, IC Markets is also a member of the Financial Ombudsman Service (FOS) which aids in the resolution of disputes that may arise between consumers and financial service providers.

IC Markets’ regulations promise a high standard of safety for clients’ funds, guaranteeing that it is kept segregated from the company’s own funds in major international banks.

Is IC Markets Regulated in the United States?

No, IC Markets is not regulated in Virginia or any other United States state.

Is IC Markets Regulated in Europe?

Yes, IC Markets IC Markets (EU) is regulated by the Cyprus Securities and Exchange Commission (CySec) and conforms to the European Securities and Markets Authority (ESMA) restrictions. 

Is IC Markets regulated in a Tier-1 Jurisdiction?

Yes, according to the legal information on IC Markets’ website, the broker is regulated under Tier-1 jurisdiction.

Tier-1 jurisdiction gives IC Markets authorization to operate in countries like Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is IC Markets regulated in Tier-2 Jurisdiction?

According to official IC Markets sources, IC Markets is regulated under the Tier-2 jurisdiction which authorizes the broker to operate in the following countries: British V.I., Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in IC Markets?

IC Markets offers traders three high-quality trading platforms – the popular MetaTrader 4 and 5, as well as cTrader. 

  1. MetaTrader 4 is a tried and tested platform that is popular due to its trading tools, competitive pricing, and management tools. It provides IC Markets traders with one-click trading solutions, customizations for market depth analysis, technical indicators, advanced charting tools, a wide range of Expert Advisers, and extensive back-testing options. In addition, traders can use MetaTrader4’s mobile apps for both Android and Apple, or the web-based MetaTrader platform from any desktop.
  2. MetaTrader 5 is the upgraded and expanded version of the MetaTrader4 platform and sports additional features and an enhanced trading environment like the availability of Expert Advisors, analytical charting tools, detachable charts, trailing stops, and one-click trading. 
  3. cTrader is custom-made for an ECN trading environment like that of IC Markets and includes automated trading software on mobile, desktop, and the web. For auto-trading, traders can choose from; ZuluTrade, Myfxbook’s AutoTrade, and Signal Trader’s mirroring technology.

Does IC Markets Have a News Blog for Forex News?

Yes. IC Markets publishes a news blog called “Information Hub for Serious Traders” on its official website. The blog contains fundamental analysis, technical analysis, trading data, and news that will assist users in analyzing and understanding important market proceedings which may influence their trading outcomes.

Does IC Markets Have a Traders Dashboard?

Yes, the IC Markets Traders Dashboard gives traders an overview of the current markets and updates on the latest news from around the world.

Does IC Markets Have an Educational Section?

Yes, IC Markets has an education section for Forex Traders. Educational content is offered free of charge directly on IC Markets’ website under the “More” tab. It comprises a variety of Trading Knowledge ranging from an elementary Education Overview to advanced tutorials and Web TV.

What is the content of IC Markets Forex Education?

IC Markets’ Forex educational content comprises platform tutorials, educational videos, Webinars as well as educational articles, and a Forex Glossary under the headings Education Overview, Advantages of Forex, Advantages of CFDs, Video Tutorials, Web TV, Webinar, and Getting Started (10 Lessons).

  1. Education Overview

This overview explains general concepts about the Forex (foreign exchange) market for traders to become familiar with the basics. With this, traders will understand the way the forex market operates, learn the basics of technical and fundamental analysis and understand what influences the forex market.

  1. Advantages of Forex

Traders can read articles about the many benefits of trading the forex market and discover why it can be seen as one of the last true arenas of fair market competition.

  1. Advantages of CFDs

Articles elaborate on the many benefits of trading Index CFDs and traders can discover why the Index CFD trading market has become so popular.

  1. Video Tutorials

IC Markets offers several educational videos to teach new forex traders to use the MetaTrader 4 platform. The instructional videos give traders an overview as to how to install the platform, use the market watch, navigator, trade terminal, and place different order types.

  1. Web TV

Actionable trade ideas and market commentary is offered in a short video format. The footage is recorded daily from the floor of the New York Stock Exchange and presented in association with Trading Central to provide coverage on global equities, currencies, and commodities.

  1. Webinars

IC Markets hosts a series of webinars by experts within the field covering a variety of topics within the industry. Recent webinars covered topics like:

  • Trading Biden
  • Introduction to Forex
  • Introduction to Support & Resistance
  • Inside a Price Action Trading Strategy
  • Understanding Trade Management
  • Fibonacci Retracement Trading Strategy
  • Advanced Fibonacci Extension Trading Strategy
  1. Getting Started

This is a 10 step educational guide that teaches new traders about the forex market with the help of interactive videos on how the forex market works.

Is IC Markets Legit?

Yes, IC Markets is a legit forex broker and trade platform. IC Markets has legal certificates to perform forex broker and trading services from the Australian Securities & Investments Commission (ASIC), the Financial Services Authority (FSA), the Securities Commission of the Bahamas, and the Cyprus Securities and Exchange Commission (CySec).

Is IC Markets Safe?

IC Markets is a reliable and safe Forex Trade platform in terms of regulation and other safety protocols. The broker is regulated in several global jurisdictions, as described below:

  • In Australia by the Australian Securities & Investments Commission (ASIC), 
  • In Seychelles by the Financial Services Authority (FSA), 
  • In the Bahamas by the Securities Commission of the Bahamas 
  • In Cyprus by the Cyprus Securities and Exchange Commission (CySec)

Being a member of the Financial Ombudsman Service (FOS) that resolve any complaints between customers and brokers promptly and professionally, gives traders additional protection and customer satisfaction by knowing they will be protected if any problems would arise

IC Markets maintains its regulatory status in tier-1 jurisdiction and tier-2 jurisdiction, making it a safe, average-risk broker for forex and CFDs trading. 

Is IC Markets a Good Broker?

Yes, IC Markets is a good broker according to this Forex Suggest review. 

In terms of security, traders that do at least 15 standard lots, are offered several third-party Virtual Private Servers (VPS) services to host client algorithms.

In terms of trading speed, IC Markets averages an execution speed of under 40ms once the order is received by them, which positioned them as a broker that caters to scalpers and high-frequency algorithmic traders. With servers in New York (Equinix NY4) and London (Equinix LD5), IC Markets executes over 500,000 trades per day, of which 60% are algorithmically driven, totaling more than $15 billion in daily volume.

In terms of online support, IC Markets excels with multilingual support 24 hrs a day, 5 days a week via live chat, email, and a global telephone support hotline. A support section on the website also offers answers to frequently asked questions.

In terms of crypto currencies, clients can trade the most popular cryptocurrencies, such as Bitcoin and Ethereum.

What is the Offering of Investment in IC Markets?

The investment offerings of IC Markets are tabled below.

Feature IC Markets
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) Yes
Cryptocurrency (CFD) Yes
Social Trading Yes

Does IC Markets have Nasdaq?

Yes, through IC Markets’ MT% trade in over 730 large-cap Stocks CFDs across the ASX, NYSE, and NASDAQ stock exchanges are offered with superior execution and tight pricing. The Nasdaq exchange is the global electronic marketplace for buying and selling securities and Nasdaq100 consists of the traded shares of the largest 100 companies by market capitalization on the exchange.

What are the Awards of IC Markets?

Forex Trading broker IC Markets’ awards are listed below.

  1. Best Overall Broker 2020 – DayTrading.com
  2. Best Trading App 2020 – DayTrading.com

How to Use IC Markets for Forex trading?

To use IC Markets, a forex trader have to open an account with the broker, for which a person must:

  1. Have a copy of identification documents
  2. Have proof of residential address
  3. Be 18 years or older
  4. Be able to afford the minimum deposit of $200

How to open a Forex trader account with IC Markets?

The IC Markets account opening process is simple and fully digital and should not take more than a few minutes. Accounts may be approved within one business day. 

The steps to open an IC Markets account are:

  1. Go to the “Start Trading” tab on the website, which will take you to the Live Trading Account Application page.
  2. On the application form, you need to first supply your personal details
  3. Next you need to give some information about your trading background
  4. This is followed by the Trading Account Configuration
  5. Finally, a declaration is needed
  6. Lastly, you need to fund the account and then you can start trading

What are the Forex Trader Account Types with IC Markets?

Forex Trading broker IC Markets has 4 different live account types, each with different features and conditions.

IC Markets Account Types are listed below.

  1. CTtrader Raw Spread Account

  2. Raw Spread Account

  3. Standard

  4. Islamic Account

  5. Demo Account

  • CTtrader Raw Spread Account

This account uses cTrader as a Trading Platform and is suitable for EAs & Scalpers 

The minimum deposit required is $200

Leverage of up to 1:500 can be used

Commission is $3.0 (per USD 100k)

Spreads start from 0.0 (pips)

  • Raw Spread Account

The Trading Platform used with this account is MetaTrader and it is suitable for Day Traders and Scalpers

The minimum deposit required is $200

Leverage of up to 1:500 can be used

The commission is $3.5 (per lot per side)

Spreads start from 0.0 (pips)

  • Standard Account

Meta Trader is used as a trading platform with the Standard Account, which is suitable for Discretionary Traders

The minimum deposit required is $200

Leverage of up to 1:500 can be used

The commission is $0 (per lot per side)

Spreads start from 1.0 (pips)

  • Islamic Account

IC Markets offers swap-free accounts to traders who cannot earn or pay the interest due to their religious beliefs. The swap-free option is available on both the Raw Spread and Standard account types on the MT4, MT5, and cTrader platforms. Traders of Islamic faith can apply with the broker to open a Raw Pricing trading account where no interest fees will be credited or debited. Islamic accounts offer state-of-the-art trading infrastructure and execution speeds that allow traders to gain a competitive edge.

  • Demo Account

The IC Markets free demo account allows traders to practice trading in a risk-free environment in a simulated trading environment before opening a live account. The demo comes with virtual funds, so no actual gains or losses are incurred while valuable experience is gained.

How to Withdraw Money from IC Markets?

To withdraw money from IC Markets, all account holders are required to submit withdrawal requests from inside the Secure Client Area. Traders who do not yet have access to the Secure Client Area must first follow the Access Instructions.

Thereafter the following procedure must be followed:

  • Log in to your IC Markets Secure Client area and select the option to withdraw funds.
  • Withdrawal requests cut-off time is 12:00 AEST/AEDT. A withdrawal submitted before this time will be processed on the day of receipt. Withdrawals submitted after this time will be processed on the following business day.
  • IC Markets does not charge withdrawal fees, but you may incur fees on payments to and from some international banking institutions.
  • For International Bank Wire Transfers, a processing fee of 20 AUD or currency equivalent is charged.
  • Credit / Debit Card withdrawals are processed free of charge and may take 3-5 business days to reach the credit card. 
  • PayPal / Neteller / Skrill withdrawals are instant once processed but must be made from the same account the funds were sent initially and are processed free of charge.

How many days do deposits take with IC Markets?

Deposits with IC Markets can be done via more than 15 flexible funding options in 10 different base currencies. Deposits are processed instantly and for free.

What are the costs and fees with IC Markets?

Forex trading costs will apply for using the IC Markets brokerage services and can be charged in different ways. IC Markets charges three types of costs – commission costs, spread costs, and swap costs.

Commissions are charged on round trades and do not apply to all accounts. Spreads are the difference between the bid and the asking price and are named in pips while swap fees are the interest charged on positions held open overnight.

The following Forex trading fees apply to IC Markets accounts:

Spreads can go as low as 0.0 pips for EURUSD on the MetaTrader and cTrader Raw Spread platforms. The average spread on the Raw Spread account is 0.1 pip. With a commission equivalent of 0.6 pips added on the cTrader account, the all-in costs would be 0.7 pips (or 0.8 on MetaTrader in the Raw Spread account).

On the Standard account, the EURUSD spread can go as low as 1.0 pip with an average of 1.1 pips.

The cTrader account has a commission of about a tenth of a pip lower than the Raw Spread account. The cTrader charges 43.0 per side or $6.00 per standard RT and the Raw Spread account uses either MT4 or MT5 and charges $3.5 per side for 1 standard lot.

IC Markets swap rates are determined by the overnight interest rate differential between the two currencies involved in the pair and whether the position is a buy ‘long’ or sells ‘short’.

What are the Trading Fees with IC Markets?

IC Markets charges no deposit or withdrawal fees but does charge swap fees, which is interest accrued on positions held overnight. These fees are not charged on Islamic or Swap-Free accounts, due to incurring interest being prohibited by Sharia law.

What is the minimum deposit in IC Markets?

The required minimum amount to open any of the accounts with IC Markets is $ 200. 

What are the contract specifications in IC Markets?

Feature IC Markets
Forex Trading Yes
CFDs 230+
Forex Pairs 61
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 2
Social Trading Yes

Does IC Markets have promotional offers?

No, IC Markets does not provide promotional offers or bonuses to either new or existing clients. Since IC Markets (EU) is regulated by the Cyprus Securities and Exchange Commission (CySec) it also conforms to recent (2018) European Securities and Markets Authority (ESMA) restrictions on leverage and promotions/trading bonuses.

Does IC Markets have a welcome bonus?

No, IC Markets does not offer new traders any sort of welcome bonus, but the brokerage is worthwhile trading with since it has a strong reputation and the IC Markets trading environment offers some of the most aggressive pricing and flexible trading conditions globally. They remain ideal for traders who demand the best execution quality and lowest spreads.

Does IC Markets have a deposit bonus?

No, IC Markets does not offer any deposit bonus since it neither wants to encourage overtrading nor misrepresent its products via incentives. The broker however offers more than 15 flexible funding options in 10 different base currencies. Traders can deposit instantly and for free with most of these methods.

Is there a commission-free trade bonus in IC Markets?

No, IC Markets does not offer a commission-free trade bonus, but IC Markets’ spreads are among the lowest across all major and minor currency pairs with its average EUR/USD spread of 0.1 pips one of the lowest in the world.

Is there a VIP bonus in IC Markets?

No, IC Markets does not offer a VIP bonus, but the online broker is considered to be the best online brokerage available for all types of traders due to its high available leverage in Australia, low spreads and fees, and adherence to safety protocols and regulations. IC Markets narrows the gap between retail clients and big institutional investors by offering investment solutions once only offered by investment banks to high net worth individuals.

Can you start trading with no money at IC Markets?

No, you cannot start trading without money at IC Markets since a no deposit bonus is not offered. When opening a trader account, new traders must first deposit their own funds – at least $200 – before they can start trading.

How does leverage work with IC Markets?

Leverage allows traders to open larger positions than they would have been able to with their account balances, with funds that are actually borrowed from the broker. Using leverage in this way can amplify potential profits, but the opposite can also happen, and losses can only increase.

IC Markets offers flexible leverage options ranging from 1:1 to 1:500. A trader can change the leverage on his trading account via his own Client Area.

Where are the headquarters of IC Markets?

IC Markets has operating units in several countries. The Australian head office is at Level 4, 50 Carrington Street, Sydney, NSW 2000, Australia.

IC Markets (EU) Ltd is headquartered at 141 Omonoias Avenue, The Maritime Centre, Block B, 1st floor, 3045 Limassol, Cyprus.

Who is IC Markets’ CEO?

The CEO/founder of IC Markets is Andrew Budzinski, a successful business manager, and entrepreneur with decades of experience in exchange-traded and over-the-counter derivatives. He holds a B Comm from the University of Western Australia.

What are the social media accounts of IC Markets?

Traders can follow IC Markets on the following social media accounts:

  • Twitter
  • Facebook
  • Instagram
  • Plus.Google.com

How many employees do work for IC Markets?

IC Markets had about 260 people employed in 2020.

What are the opinions about IC Markets?

IC Markets has a very good reputation and standing in the industry and receives good trader reviews. IC Markets appeals primarily to algorithmic traders who need agency execution accompanied by competitive spreads and low commissions. IC Markets achieves significantly higher trading volumes than some of its peers due to the fact that they cater to high-frequency traders.

What are IC Markets Contests?

IC Markets does not currently run any contests but did run a Demo Trading Contest in 2015 for new and existing clients. Participants had to register an account for the contest and the Ratio of Gain to Drawdown determined the winner. That Forex contest was not applicable for the residents of some countries.

Does IC Markets have online support?

Yes, IC Markets has an online support team waiting to assist trade account users. The support team can be contacted at any time by clicking on the chat button on IC Markets’ official website market as “24/7 Support”.

Does IC Markets offer demo accounts for Forex trading?

Yes, IC Markets offers a demo account free of charge. 

The demo account can be opened from the official website in the following steps:

  1. Navigate to the demo account application form by clicking on the “Try a free demo” button on top of the website
  2. Fill in your personal details and contact details and register the account.
  3. Your demo account will be configurated with virtual funds and a confirmation email sent to your email address. 
  4. Confirm the email link to open your demo account and start practicing.

Does IC Markets have a mobile app for Forex trading?

Yes, IC Markets offers the very best mobile apps for FX trading on both Android and iOS devices. 

The iOS app gives traders access to the broker’s tight spreads and fast execution speeds directly from their iOS devices to enjoy the same core functionality as cTrader Web, with even faster launch times and an easy-to-use interface.

The cTrader Android app is ultra-responsive and supports a special split-screen interface for tablets.

cTrader for iOS and Android gives you all the tools you'll need for effective technical analysis, including common trend indicators, oscillators, volatility measures, and line drawings, all accessible from directly within the chart.

Does IC Markets publish an economic calendar?

Yes, IC Markets does offer an economic calendar on its website. An economic calendar keeps Forex traders up to date with any relevant economic information that is scheduled to be released or events that would take place, which may impact the currency markets.

IC Markets’ economic calendar allows traders to view all upcoming global economic news events and their importance in one place.

What is the communication information of IC Markets?

IC Markets publishes several office addresses, each with relevant phone numbers and email addresses.

  1. Seychelles: 

Address – Eden Plaza, Office 209, Eden Island, Mahe, Seychelles

Contact number – +248 467 19 76

Email address –  [email protected]

  1. Australia: International Capital Markets Pty Ltd 

Address – Level 4, 50 Carrington Street, Sydney, NSW 2000

Email: [email protected]

Contact number – +61 (0)2 8014 4280

Fax – +61 (0)2 8072 2120

  1. Cyprus: IC Markets (EU) Ltd

Address – 141 Omonoias Avenue, The Maritime Centre, Block B, 1st floor, 3045 Limassol, Cyprus

Contact number – +35725123504

Email: [email protected]

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