IC Markets is an Australian broker offering forex and CFD trading. The broker is supported by three trading platform options: MetaTrader4, MetaTrader 5, and cTrader.
IC Markets excels in terms of tight spreads and a wide range of instrument offerings. Despite setting a relatively high minimum deposit, this ECN broker provides traders with access to powerful trading tools, including Trading Central, VPS services, and copy trading.
IC Markets' legality is widely recognized, including by a number of leading brokerage authorities, such as ASIC, FSA, and CySEC. Unfortunately, this does not apply to the domestic scope. Because CoFTRA, as the agency authorized to regulate brokers in Indonesia, has yet to appear to issue IC Markets licenses in this country.
What is IC Markets
IC Markets is headquartered in Sydney, Australia and has been around since 2007.
IC Markets has received awards, including:
- Best Forex Broker award 2022 according to Daytrading.com
- Best ECN Forex Broker 2021 according to FX Scouts
- Best MT5 Forex Brokers 2020 according to FX Scouts
- Best Forex Broker Award 2020 by Daytrading.com
- Best ECN Broker 2019 according to ADVFN International Financial Awards
- Winner of Best Retail Broker 2013 according to Forex Magnates Awards
- Financial Institutions of 2012 according to the Asia-Pacific Financial Investment Association
Financial Instruments at IC Markets
There are 7 types of financial instruments that can be traded on IC Markets, namely:
- Forex: There are 64 forex currencies ready to trade through IC Markets, including major, minor and exotic currency pairs.
- Stock CFDs: IC Markets options are 1,600 share CFDs, including stocks listed on the ASX, NASDAQ and NYSE. Trading stock CFDs through IC Markets is only available on the MT5 platform.
- Bonds: IC Markets offers 11 bonds for traders to trade.
- Futures Contracts: A total of 4 global futures contracts are provided by IC Markets. The four include DXY, BRENT, VIX, and WTI.
- Indices: IC Markets facilitates futures and cash contracts on 23 international indices, including the S&P 500, NASDAQ and FTSE 100.
- Cryptocurrencies: There are 18 cryptocurrencies available for trading through IC Markets, including Ripple, Bitcoin, Ethereum, Dash Coin and Litecoin.
- Commodities: IC Markets offers 13 types of commodities, covering the categories of metals, energy and agriculture.
Account Types at IC Markets
IC Markets has three account types with different leverage, minimum spreads and trading fees:
Standard - MetaTrader
This commission-free account requires a minimum deposit of 200 USD with spreads starting from 0.60 pips on EUR/USD, which is tight compared to competitors. This account type is available for the MetaTrader 4 and MetaTrader 5 trading platforms.
Raw Spreads - MetaTrader
This account type is only available on both MetaTrader platforms. With the same minimum deposit, spreads tend to be tighter at 0.1 pips for EUR/USD.
Unlike standard accounts, this MetaTrader-only Raw Spread charges a commission fee of 7 USD, which is the industry average for the broker.
Raw Spreads - cTrader
This Raw Spread Account type is only available on the cTrader trading platform. Spreads start from 0.0 pips on EUR/USD with a commission of 6 USD per standard lot. The minimum deposit that is set also applies equally to other accounts.
In terms of a minimum deposit, this broker requires a fairly large nominal, where on average the broker only pegs 100 USD or does not even require a minimum deposit at all.
How to Register, Login
The following is how to open a trading account at IC Markets:
- Tap the “Open Live Account” option and enter your email address and password.
- Complete personal details, including address and date of birth.
- Choose your base currency preference and the type of account you want to open.
- Prospective traders must complete a short quiz about trading experience. This step is IC Markets' commitment to measuring and adjusting the level of risk for each trader.
- Confirm identity and address by uploading two documents, namely:
- An identity card containing a photo of a potential trader, such as an ID card, passport or driver's license; and
- Utility bill (water/electricity) or bank statement in the last three months. Full name and address must be clearly visible.
- The account is ready to be used for trading after the application for account registration has been approved.
IC Markets is supported by a choice of three trading platforms, namely MetaTrader 4, MetaTrader 5, and cTrader. This is a plus point for IC Markets because most brokers usually only provide one to two trading platform options.
This MetaQuotes platform is one of the most popular in the world of forex and CFD trading. Although a newer platform was released by the same developer, MT4 is still being adopted by most brokers today.
Despite the limitations of complex features, MT4 is an intuitive trading platform and is equipped with supporting features. Traders are advised to access MT4 via desktop in order to use the optimal selection of features.
Released five years after MT4, MT5 is equipped with more sophisticated and varied features. Performance-wise, the MT5 is also faster and more efficient than its predecessor.
Similar to MT4, this platform can also be accessed either through the mobile application or through the desktop. For a better trading experience and feature accessibility, traders can operate MT5 via desktop.
Apart from setting lower commissions and trading fees, the use of the cTrader platform is no less supportive than MetaTrader. With a modern look and integrated educational features, cTrader is a beginner-friendly trading platform.Traders can download the mobile app version of cTrader, install via desktop, or access it via cTrader Web.
Deposits and Withdrawals
IC Markets supports 10 base currencies, consisting of USD, EUR, GBP, NZD, AUD, SGD, JPY, CHG, KHD and CAD. These varied options make it easy for traders to make deposits and withdrawals without incurring conversion fees.
The transaction methods provided by IC Markets consist of:
- Credit/Debit Card
- International Bank Transfer
- Domestic Bank Transfer (Australia)
- e-Wallet, including: PayPal, Neteller, Skrill, UnionPay
All deposit methods are free of charge. Withdrawals are also free of charge, except for withdrawals via international bank transfer, a fee of 20 AUD is charged with a maximum processing time of 14 days.
Trading Features on IC Markets
Some of the features offered by IC Markets are as follows:
To support the optimization of clients' trading activities, IC Markets provides access to various trading tools, which include:
- Trading Central
- MAM/PAMM Account
- MT4 Advanced Trading Tools
- Myfxbook Autotrade
The customer service provided by IC Markets is open for 7 full days. Method options are available via telephone, live chat, and email, in a number of languages, namely English, Arabic, Ukrainian, Russian, Urdu, Spanish, Greek, Romanian, Italian, Portuguese, Chinese, Korean, Vietnamese, and Czech.
Although it tends to be limited, IC Markets offers pretty good analytical material. The article contains an analysis of market movements and the most active instruments that traders can use, especially to measure market sentiment and calculate tactical trading strategies.
Traders with different levels of trading knowledge can access educational materials from IC Markets. The provision of this feature is also structured and presented in a structured manner.
The learning components facilitated by IC Markets consist of:
- Forex Basics
- Technical Analysis
- Fundamental Analysis
- Risk management
- Trading Psychology
- Trading Plan
Beginner traders are also provided with video tutorials, as well as free access to a demo account to practice technical understanding of trading.
Advantages of IC Markets
Some of the advantages of IC Markets include:
- Tight spreads.
- Various platform options.
- Free of inactivity fees.
- The scale of the assets offered is wide.
Weaknesses of IC Markets
Some of IC Markets' weakness points include:
- Withdrawals via international bank transfers incur high fees, and take a long time.
- Limited analytical material.
- High minimum deposit.