IC Markets Forex Broker Review

IC Markets Forex Broker Review

IC Markets Forex Broker Review

Welcome to our comprehensive review of IC Markets, a leading Forex broker renowned for its advanced trading solutions and diverse offering. In this blog post, we will delve into the key aspects of IC Markets, including its legitimacy, key features, trading platforms, trading conditions, account types, funding methods, fees, and more. Whether you’re a seasoned trader or a beginner looking to dip your toes in the Forex market, this review aims to provide you with a clear understanding of what IC Markets has to offer. So, let’s get started!

 

Overview of IC Markets

 

Is IC a good broker?

 

IC Markets is often regarded as a top-tier broker in the Forex trading industry. Known for its robust infrastructure and transparency, IC Markets provides traders with a reliable and efficient trading environment. It offers a wide range of trading instruments, competitive spreads, and advanced trading platforms, catering to traders of all experience levels.

 

Moreover, IC Markets is regulated by the Australian Securities & Investments Commission (ASIC), which adds a layer of trust and security for its users. The broker also provides excellent customer service, further enhancing the trading experience.

 

However, as with any financial decision, it’s crucial for traders to conduct their own research and consider their individual trading needs before choosing a broker. While IC Markets is highly regarded, its suitability may vary depending on personal trading goals and strategies.

 

IC Markets has a strong reputation as a good broker, but the final decision should always align with the trader’s individual requirements and objectives.

 

IC Markets tightest spreads banner

Is IC market a legit broker?

 

Absolutely, IC Markets is a legitimate broker. It operates under the strict regulatory oversight of the Australian Securities & Investments Commission (ASIC), ensuring a high level of transparency and security for its traders. This regulatory framework mandates stringent standards for financial reporting and operational conduct, providing an added layer of protection for traders.

 

Moreover, IC Markets has established a strong reputation in the Forex trading industry since its inception in 2007. It offers advanced trading platforms, a wide range of trading instruments, and competitive pricing, making it a preferred choice for many traders globally.

 

In the realm of online trading, legitimacy is paramount. IC Markets ticks all the boxes in this regard, providing a secure and reliable trading environment. However, traders are always encouraged to perform their own due diligence to ensure the broker aligns with their specific trading needs and goals.

 

IC Markets tight trading pips

 

 

Is my money safe in IC Markets?

 

Yes, your money is generally considered safe with IC Markets. This is primarily because IC Markets is regulated by several top-tier regulatory bodies, including the Australian Securities & Investments Commission (ASIC). These regulatory bodies enforce strict standards to ensure the safety of traders’ funds.

 

Moreover, IC Markets holds client funds in segregated bank accounts. This means that clients’ funds are kept separate from the company’s own operating funds, providing an additional layer of security.

 

IC Markets also offers Negative Balance Protection for EU and AU retail clients. This feature ensures that traders cannot lose more than they have deposited into their accounts. Additionally, there is an Investors Compensation Fund known as ICF, covering up to €20,000 in compensation.

 

However, it’s important to note that trading always involves risks, and it’s crucial for traders to do their own research and understand these risks before starting to trade. While IC Markets takes measures to protect your money, the safety of your funds ultimately also depends on your trading decisions.

 

IC Markets crypto trading

 

Advantages and Disadvantages of IC Markets

 

Advantages of IC Markets

 

📈 Favorable Trading Conditions: IC Markets offers competitive pricing and a high speed of order execution.
🌐 Wide Range of Trading Instruments: With over 2,100+ trading assets, traders have a large choice of instruments to trade.
💰 Low Spreads: IC Markets offers low spreads starting from 0 pips.
📚 Availability of Analytical Training Materials: IC Markets provides many resources for learning and improving trading skills.
📱 Mobile Trading: The ability to trade from a mobile device is a significant advantage for traders who want to trade on the go.
🤖 Use of Trading Advisers: IC Markets allows the use of trading advisers, which can be beneficial for traders who prefer automated trading.

 

Disadvantages of IC Markets

 

🎁 No Additional Bonuses and Contests for Traders: IC Markets does not offer additional bonuses or contests for traders.
⏳ Delays in Payments: There can be some delays in payments for a couple of days.
🚫 Limited Product Selection: IC Markets is not the best choice if you invest in tangible assets such as stocks or ETFs.
💬 Support: While the support is friendly, they don’t always give thorough answers.

 

 

Key Features of IC Markets

 

What are the trading instruments offered by IC Markets?

 

IC Markets offers a wide array of trading instruments to cater to the diverse needs of traders. Here’s a breakdown:

 

1. Forex CFDs: IC Markets provides access to 61 currency pairs, allowing traders to take advantage of the world’s most liquid financial market.

2. Indices CFDs: Traders can gain exposure to the world’s largest equity markets through IC Markets’ offering of global Index CFDs.

3. Commodities CFDs: IC Markets offers the opportunity to trade energy, agriculture, and metals contracts against the USD or as a Futures CFD.

4. Stocks CFDs: With IC Markets, traders can access over 2100 stocks from American and European Exchanges.

5. Bonds CFDs: IC Markets offers a range of CFDs on Bonds issued by governments around the world and by the European Union.

6. Crypto CFDs: Traders can go long or short across a range of the world’s largest and most popular Cryptocurrencies.

 

This extensive range of trading instruments makes IC Markets a versatile platform for traders with different investment preferences and strategies. However, it’s always important for traders to understand the risks associated with each trading instrument before making a decision.

 

IC Markets Flash sign

 

How competitive are IC Markets spreads and fees?

 

IC Markets is known for its competitive spreads and fees. The broker offers two distinct pricing options: the Standard Account and the Raw Account.

 

1. Standard Account: This account type is ideal for beginners, offering straightforward pricing with no commission fees. The spreads start from 0.6 pips, which is considered quite competitive in the industry.

2. Raw Account: This account type is more suited for experienced, high volume, and algorithmic traders due to its lower spreads and commission-based structure. The spreads start from 0.0 pips, which are some of the lowest in the industry.

 

In addition to competitive spreads, IC Markets also offers reasonable commission rates. The broker provides a wide range of funding methods without having to worry about hidden fees or charges. This transparency in pricing further enhances the trading experience with IC Markets.

 

However, as with any broker, it’s important for traders to understand the fee structure and how it might impact their trading activities. Always make sure to review the fee details provided by the broker and consider them in the context of your trading strategy and goals.

 

IC Markets Black logo

 

What is IC Markets customer service like?

 

IC Markets is often praised for its customer service. The broker provides multiple channels for customer support, including live chat, phone, and email, ensuring that help is readily available for traders.

 

The customer service team at IC Markets is known for its prompt and efficient responses. Many traders have commended the support team for their patience and helpfulness. Whether you’re a beginner investor or an experienced trader, you can expect a customer service that is fast and truly helpful.

 

Moreover, IC Markets’ customer service is available 24/7, providing answers to your questions on short notice. This round-the-clock availability is particularly beneficial for traders operating in different time zones or those who prefer trading at unconventional hours.

 

However, like any broker, the quality of customer service can vary from person to person and situation to situation. It’s always a good idea to test out the customer service yourself to see if it meets your expectations and needs. Overall, IC Markets has a strong reputation for providing excellent customer service to its traders.

 

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IC Markets Trading Platforms

 

What platform does IC Markets use?

 

IC Markets uses several platforms to cater to the diverse needs of its traders. Here are the platforms offered by IC Markets:

 

1. MetaTrader 4 (MT4): This platform is a popular choice among traders worldwide due to its user-friendly interface and comprehensive trading tools.

2. MetaTrader 5 (MT5): An upgraded version of MT4, MT5 offers advanced charting technology and sophisticated order management tools. It’s designed to provide everything a trader needs to navigate the markets effectively.

3. cTrader: Known for its intuitive design and advanced capabilities, cTrader is another platform offered by IC Markets. It’s particularly favored by traders interested in Forex and CFD trading.

4. TradingView: IC Markets has integrated with TradingView, providing traders with access to advanced charting tools and a global community of investors.

 

Each platform has its unique features and advantages, so traders can choose the one that best fits their trading style and strategies. However, it’s always recommended for traders to familiarize themselves with the platform’s functionalities before starting to trade.

 

IC Markets tight trading pips

 

What are the features of MetaTrader 4 and 5?

 

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two of the most popular trading platforms offered by IC Markets. Both platforms are developed by MetaQuotes Software Corp and are known for their advanced trading and analytical technologies. Here are some of the key features of each:

 

MetaTrader 4:

 

  • Forex Trading Focus: MT4 primarily focuses on forex trading, providing access to various currency pairs widely traded in the forex market.
  • User-Friendly Interface: MT4 is known for its user-friendly interface that is easy to navigate, making it suitable for both beginners and experienced traders.
  • Advanced Trading Tools: MT4 offers a range of trading and analytical tools, including charts, indicators, and automated trading capabilities.
  • Mobile Trading: MT4 is available on desktop, mobile, and web, allowing traders to manage their trades anytime, anywhere.

 

MetaTrader 5:

 

  • Diverse Trading Instruments: MT5 expands beyond forex to include other financial instruments such as commodities, stocks, and futures.
  • Advanced Order Management Tools: MT5 offers more advanced order management tools compared to MT4, including fill policies and pending order types.
  • Enhanced Charting Technology: MT5 provides advanced charting technology, allowing traders to analyze the market trends more effectively.
  • Algorithmic Trading: One of the key strengths of MT5 is its support for algorithmic trading, which allows the use of automated trading systems.

Both platforms offer unique features catering to different trading needs. Therefore, the choice between MT4 and MT5 would depend on the individual trader’s requirements and trading style. It’s always recommended for traders to familiarize themselves with the platform’s functionalities before starting to trade.

 

IC Markets crypto trading

 

How does cTrader compare to other trading platforms?

 

cTrader is a sophisticated trading platform that stands out for its robust charting and algorithmic trading capabilities. Here’s how it compares to other popular platforms:

 

1. Compared to MetaTrader 4 (MT4): While MT4 is known for its simplicity and wide library of automation bot programs, cTrader offers superior charting functionality and market depth. MT4 is primarily designed for Forex trading, whereas cTrader is an all-in-one multi-asset trading software with more advanced capabilities.

2. Compared to MetaTrader 5 (MT5): MT5, like MT4, is developed by MetaQuotes Software and is known for its advanced trading and analytical technologies. However, cTrader provides three options for assessing the market depth, whereas MT5 offers only a single market depth feature. cTrader also boasts advanced take-profit/stop-loss levels, market sentiment, and Smart Stop-out features, which are not available in MT5.

3. User Experience: cTrader is popular among users for its visual aspects, regularity, and ease of use. Its platform interface embodies a modern design, in contrast to MT4’s more traditional layout.

4. Accessibility: cTrader supports a variety of markets including forex, CFDs on indices, cryptocurrencies, metals, and other commodities. The availability of these markets will depend on your broker.

 

Whilst each platform has its unique features and advantages, cTrader is often preferred by advanced traders due to its superior charting functionality, market depth, and ease of use. However, the choice of platform should align with the trader’s individual requirements and objectives.

 

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IC Markets Trading Conditions

 

Does IC Markets have slippage?

 

Yes, IC Markets does experience slippage. Slippage is a common occurrence in financial markets and happens when the market price changes between the time you place an order and when it gets executed. This is common in all types of trading, including stocks, futures, commodities, and Forex.

 

IC Markets’ policy on slippage is clear, although some traders have alleged that IC Markets applies it unfairly. Some traders have lodged multiple public complaints against IC Markets’ slippage on high-profile online forums. They claim that they experience negative slippages frequently, even during normal market hours.

 

However, IC Markets maintains that slippage is a normal part of trading and can occur in any financial market. They also state that slippage can increase when markets become volatile, such as over news releases.

 

On average, the slippage for forex trading on IC Markets is usually less than 0.3 pips. They pride themselves on maintaining a level of accuracy and speed that is unparalleled in the industry.

 

It’s important to note that while slippage is a common occurrence in trading, the extent and frequency of slippage can vary between different brokers. Traders are encouraged to understand how slippage works and consider this factor when choosing a broker.

 

IC Markets tight trading pips

 

Is HFT allowed on IC Markets?

 

Yes, High-Frequency Trading (HFT) is allowed on IC Markets. HFT, which involves the use of sophisticated algorithms to analyze market data and execute trades at high speeds, is a common practice in various financial markets, including forex and cryptocurrencies.

 

IC Markets is known for its robust infrastructure that can handle the rapid order execution required for HFT. The platform’s MetaTrader 4 and 5 have no restrictions on trading, making it an ideal choice for scalping and high-frequency trading. This allows traders to place orders between the spread as there is no minimum order distance and a freeze level of 0.

 

However, it’s important to note that while HFT can provide certain advantages, such as the ability to quickly take advantage of market movements, it also comes with risks. Traders should fully understand these risks and ensure they have the necessary risk management strategies in place before engaging in HFT. As always, it’s recommended to do your own research and consider your individual trading needs and goals when choosing a trading strategy.

 

IC Markets crypto trading

 

What is the highest leverage in IC market?

 

IC Markets offers a high level of leverage, up to 1:500 for certain trading instruments. This means that for every dollar you deposit, you can trade with up to 500 dollars. This high leverage can potentially lead to larger profits, but it also comes with increased risk, as losses can be amplified.

 

However, it’s important to note that the maximum leverage offered can vary depending on the type of trading instrument and the regulatory body overseeing the financial markets in a particular country or region. For instance, different regulators have different rules and restrictions in place to protect retail investors, but most top-tier regulators have standard limits for the maximum leverage for trading.

 

In some cases, IC Markets has been known to offer leverage of up to 1:1000 to pave the way into the forex market for retail traders. However, such high leverage is typically associated with higher risk.

 

As always, it’s crucial for traders to understand the implications of using leverage and to manage their risk appropriately. It’s recommended to use leverage wisely and within your risk tolerance levels.

 

IC Markets Forex Broker Review

 

Account Types and Funding Methods

 

What are the different account types offered by IC Markets?

 

IC Markets offers a variety of account types to cater to the diverse needs of traders. Here’s a breakdown:

 

1. Standard Account: This account type is ideal for beginners, offering straightforward pricing with no commission fees. The spreads start from 1.0 pips.

2. Raw Spread Account: This account type is more suited for experienced traders due to its lower spreads and commission-based structure. The spreads start from 0.0 pips, with a commission of $3.50 per lot per side on MetaTrader platforms and $3.0 per USD 100k traded on cTrader platform.

3. cTrader Raw Spread Account: This account type is designed specifically for use with the cTrader platform, offering spreads from 0.0 pips and a commission of $3.0 per USD 100k traded.

4. Islamic Account: IC Markets also offers an Islamic account (also known as a swap-free account) for traders who want to comply with the Islamic Sharia law. This account type incurs no swap or rollover charges on overnight positions.

 

In addition to these, IC Markets also provides demo accounts for traders who wish to practice their trading strategies without risking real money. Each account type has its own set of conditions and features, so traders can choose the one that best fits their trading style and strategies.

 

IC Markets tightest spreads banner

 

How can I fund my IC Markets account?

 

IC Markets offers several convenient methods for funding your trading account:

 

1. Credit and Debit Cards: You can instantly deposit funds into your account using your credit or debit card.

2. PayPal: PayPal is another instant, secure, and convenient method to fund your account.

3. Neteller: Neteller is a global online payment service that provides instant transfers.

4. Skrill: Skrill is an e-commerce platform allowing payments and money transfers to be made online.

5. UnionPay: UnionPay is a bank card service provider, and it’s a popular funding method for traders in China.

6. Wire Transfer: You can also fund your account via wire transfer, although it may take 2-5 business days for the funds to appear in your account.

7. Bpay: Bpay is an electronic billing system used in Australia. The processing time is usually 12-48 hours.

8. Broker to Broker Transfer: This method allows you to transfer funds directly from another broker to IC Markets.

 

Remember, it’s always important to check the specific deposit methods available in your region and understand any potential fees or processing times associated with each method. Always ensure that you are comfortable with the funding method you choose.

 

IC Markets tight crypto spreads

 

What is the minimum deposit for IC market?

 

IC Markets has set a minimum deposit requirement to ensure a smooth trading experience for its users. The minimum deposit amount required to open a broker account with IC Markets is $200. This amount is considered standard when compared to most other brokers in the industry and should present a low barrier of entry to most new traders.

 

However, it’s important to note that while the minimum deposit is set at $200, the actual amount you choose to deposit can greatly influence your trading experience. A larger deposit can provide more flexibility and potential for profit, but it also comes with increased risk. Therefore, it’s crucial to consider your individual trading strategy and risk tolerance when deciding on the amount to deposit. As always, it’s recommended to do your own research and understand the risks associated with trading.

 

IC Markets start trading with a well known broker

 

What is the minimum withdrawal from IC Markets?

 

IC Markets has a very trader-friendly policy when it comes to withdrawals. There is no set minimum withdrawal amount, meaning you can withdraw any amount from your trading account. This flexibility allows traders to manage their trading funds according to their individual needs.

 

However, it’s important to note that while IC Markets itself does not charge any withdrawal fees, fees may be incurred depending on the withdrawal method used. For instance, certain banks or payment processors may charge a fee for processing the withdrawal. Therefore, it’s recommended for traders to check the specific withdrawal methods available in their region and understand any potential fees associated with each method.

 

As always, ensure that you are comfortable with the withdrawal method you choose and understand the terms and conditions associated with it. It’s always recommended to do your own research and understand the risks associated with trading.

 

IC Markets tight trading pips

 

Account Fees, Spread and Swaps

 

How much does IC Markets charge per account?

 

IC Markets offers a variety of account types, each with its own pricing structure. Here’s a breakdown:

 

1. Standard Account: This account type is commission-free. The cost of trading is included in the spread, which starts from 1.0 pips.

2. Raw Spread Account (MetaTrader): This account type charges a commission of $3.50 per lot per side, with spreads starting from 0.0 pips.

3. cTrader Raw Spread Account: This account type charges a commission of $3.0 per USD 100k traded, with spreads starting from 0.0 pips.

 

It’s important to note that while IC Markets itself does not charge deposit or withdrawal fees, fees may be incurred depending on the payment method used. For instance, certain banks or payment processors may charge a fee for processing the deposit or withdrawal.

 

As always, it’s recommended for traders to understand the fee structure and how it might impact their trading activities. Always make sure to review the fee details provided by the broker and consider them in the context of your trading strategy and goals.

 

IC Markets crypto trading

 

How much commission does IC Markets take?

 

IC Markets charges a commission on certain types of accounts. For the Raw Spread Account on MetaTrader platforms, IC Markets charges a commission of $3.50 per lot per side, which totals to $7 per round turn. For the cTrader Raw Spread Account, the commission is $3.0 per USD 100k traded.

 

However, it’s important to note that the Standard Account does not have any commission fees, as they are incorporated into the spread. This means that traders using the Standard Account only need to consider the spread cost when calculating their trading expenses.

 

As always, it’s recommended for traders to understand the fee structure and how it might impact their trading activities. Always make sure to review the fee details provided by the broker and consider them in the context of your trading strategy and goals.

 

IC Markets tightest spreads banner

 

What is the spread of IC markets?

 

IC markets, often linked with the forex market, is known for its fluctuating spreads. A spread is the gap between the purchase and sale price of a currency pair. With IC markets, the spread can be as minimal as 0.0 pips.

 

IC Markets, a significant entity in this sector, is recognized for offering some of the smallest spreads across all major and minor currency pairs. For example, their average spread for the EUR/USD pair is around 0.1 pips, which is one of the lowest globally.

 

The spread in IC markets can differ based on the trading platform and the account type. IC Markets provides variable spreads on their MetaTrader 4, MetaTrader 5, and cTrader forex trading platforms. Their Raw Spread Account offers spreads from 0.0 pips, while the Standard Account offers spreads starting from 0.8 pips.

 

The spread of the IC market is a crucial consideration for traders, particularly for those dealing with high volumes, scalpers, and robots who require tight spreads and optimal execution.

 

IC Markets start trading with a well known broker

 

Conclusion

 

In the realm of forex trading, IC Markets has established itself as a noteworthy player. With its competitive spreads, diverse trading platforms, and a range of account types, it caters to various trading needs. The importance of understanding the market’s intricacies, such as the influence of account types and trading platforms on spreads, is highlighted in this review. The review concludes that IC Markets stands out for its commitment to providing tight spreads and optimal execution, which are vital for high volume traders, scalpers, and automated trading systems. As the forex market continues to evolve, staying informed and adaptable is the key to success. Here’s to profitable trading with IC Markets!

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