IC Markets – Broker Review and Trader Feedback

IC Markets prides itself as a true ECN broker, offering raw spreads which start from 0.0 pips with no hidden charges and no restrictions. The ECN offering allows IC Markets to connect its traders to pricing and order execution from over 50 liquidity providers across the world. IC Markets presents its trading conditions as being suitable for scalpers, use of Expert Advisors (EAs) and specifically for institutional, high-volume traders.

Very low spreads: These start from 0.0 pips and go to an average of 1.1 pips for the benchmark EUR/USD

Wide selection of assets: Over 240 trading instruments to choose from across Forex, commodities, Indices, Cryptocurrencies, metals and bonds.

Highly regulated: Regulated by the Australian Securities and Investment Commission (ASIC).

Industry leading platform: Modern and sophisticated trading platforms including the MT4 and the cTrader

Round the clock customer support: 24/7 customer support as against 24/5 provided by most brokers.

No bonuses or promotions: No bonuses, rewards, contests or promotions as a result of being regulated by ASIC

Generally, the spread offered is very low when compared to other brokers. For the popular EUR/USD currency pair, the spread is at an average of 0.1 for the true ECN Account holders. But for the standard account holders, it averages 1.1 pips. IC Markets makes its money from spreads on trades as well as commissions (depending on the account type). The spread on indices start from 0.5 pips; no commissions are charged. The maximum leverage obtainable is 1:500 and the minimum amount required to open any account type is $200. Swap fees apply for open positions after midnight except for the Islamic accounts which have been made swap-free. Inactivity fees are not charged on dormant trader accounts.

IC Markets provide access to trade over 65 currency pairs ( major, minor and exotic pairs), 17 indices, 19 commodities (energies, precious metals and agricultural products) over 120 stocks from the Australian and U.S markets. Other assets include 6 Bonds, 4 CFD futures and 10 of the most popular cryptocurrencies. In total over 240 trading instruments can be traded on the IC Markets trading platforms.

Here are the trading platforms offered to clients by IC Markets.

Meta Trader 4 (MT4): The sophisticated, robust and popular MT4 trading platform is provided by IC Markets. IC Markets insists that its version of the MT4 provides true ECN connectivity and ultra-fast order processing. It supports 10 base currencies, multiple charts, technical analysis, indicators and so much more. MT4 is downloadable as a windows desktop application or on the Mac OS.

MT5: This is a newer version of the very popular MT4. It contains virtually all the features of the MT4 with some additions and improvements. MT5 gives access to multiple instruments, more timeframes, more technical indicators, advanced charting and an economic calendar. The MT5 is downloadable on a windows PC running windows 7 or higher. It can also be installed on a Mac OS.

WebTrader: With the IC Markets MT WebTrader, clients can access their MT4 or MT5 accounts with any system or device that runs a web browser. The MT WebTrader eliminates the need to download and install any application. It is compatible with all operating systems and the newer versions of all the major internet browsers.

cTrader: IC Markets provides the cTrader platform which was explicitly designed for ECN connectivity. It is very fast, efficient and loaded with pertinent features. It gives access to forex and CFD quotes from multiple sources in real time. It has multiple order types, detachable charts, real-time reports and many other features. The trader’s “smart stop out” feature protects the traders account. Scalping and hedging are allowed as there are no restrictions with IC Markets.

cTrader is available for download on a PC that runs on windows 7 or higher. It is also available as cTrader web which is accessible from a web browser.

How is mobile trading on IC Markets conducted?

MT4 and MT5 iPhone/iPad App

The MT4 and MT5 trading platforms are available as iOS apps. This app performs many features like layout customization, charting, technical analysis and one-click trading. The app is for the iPhone, iPad or iPod touch devices that run on iOS 7 or later versions.

MT4 and MT5 for Android

With the MT4 and MT5 mobile apps for Android devices, traders can access their accounts and execute trades swiftly from different screens and customised layouts. These apps also boast of advanced charting and over 30 technical indicators. The app is available for android devices that run on android 4.0 or higher. It is downloadable from the Google Playstore.

cTrader for Android

This android app can execute trades, access charts and other important analytical tools. Just like the desktop application, it provides true ECN connectivity in real time. The cTrader app is downloadable on android devices running on version 4.1 or later.

cTrader for iOS

This is the cTrader app for iPhone or iPad. It provides the similar features as the cTrader desktop and android apps. It offers mobile trading, technical analysis and fast order executions. It is downloadable on devices running iOS 6 or later.

A demo account is provided for all account types. The purpose of this account is for prospective or beginner traders to familiarize themselves with the platforms or to learn forex and CFD trading. IC Markets understand this, so, unlike most brokers, IC Markets allow prospective traders to choose the amount of virtual money to trade within the demo account as opposed to allocating a fixed amount. Besides, it makes complete sense to demo trade the same amount you will trade with on a real money account. The account also features currencies, true ECN spreads and access to all the trading platforms.

Irrespective of the account type, the minimum amount required to open an account is $200. There are two basic types of accounts:

True ECN Account:  This account type is available on the MT4 and MT5 trading platforms. The spread starts from 0.0 and a commission of $3.5 per lot per side is charged the broker.

True ECN (cTrader) Account: The commission charged on this account type is $3 per USD100,000. Spreads start from 0.0. This account is suitable for traders who wish to trade raw ECN spreads using the cTrader platform.

Standard Account: Commission is not charged on the Standard Account. However, clients are charged based on the spread which starts from 1.0 pip. This account type is only available on the MT4 and MT5 platforms.

Islamic Accounts: This account type is available on request. The client has to open a true ECN or Standard Account first before requesting for an Islamic account. Rollover fees are not applicable on this account in compliance with the provisions of the Islamic religion.

To open an account with IC Markets, prospective clients have to fill a form. The first step is to fill out personal details such as names, address, email and phone numbers. Login details are sent to the client’s specified email address. Upon email verification, Know Your Customer (KYC) is required. In line with the ASIC regulation, a government issued photo id and “proof of address” are required. Scanning and uploading these documents completes the KYC process. The minimum deposit of $200 is next. There are multiple payment methods which includes debit/credit cards, bank transfer, Paypal, Skrill, Neteller, Qiwi, Fasapay, Rapidpay and Klarna.

IC Markets states that withdrawal requests submitted before 12:00 ACST are processed on the same day. After 12:00, it is processed on the next day.

Domestic bank transfers are free but international bank wire transfers attract a charge of AUD20. It takes 3-5 working days to complete the transfer process. IC Markets does not process withdrawals to third parties.

Withdrawals requested through e-wallets such as Paypal, Neteller, Skrill must be made from the same account used for deposits. The transactions are processed instantly. IC Markets does not charge fees for withdrawals and deposits.

IC Markets provide trader education but the training is suitable for beginners. There are video trainings and articles. Occasionally, webinars are held on the website. A forex glossary and ‘FAQ’ page are also available. The IC Markets website also features a market analysis blog.

There are several reasons why you should trade with IC Markets broker. They have been in business for over a decade and have proven themselves a reliable brokerage. Over the years, they have received very good reviews and ratings from clients. The complaints are very few and therefore negligible. They offer very low charges, cutting edge platforms and multiple trading instruments. They are fully regulated and so, provide secured trading environment, safety of trader deposits and quality customer support. New traders can take advantage of the free training and flexible demo account.