Founded in 2007, IC Markets has made a big name for itself in a short time. Being known for offering some of the lowest spreads and highest leverages in the forex industry definitely helps with making a name and bringing in the customers. Owned by International Capital Markets PTY out of Sydney, Australia, this forex broker has earned its place in the discussion of “best in country”.
In this article we will review IC Markets, and the advantages and disadvantages it might give you. From types of accounts and trading platforms to your banking options, we will cover the basics of what you can expect when trading with IC Markets.
To begin from the top, when you decide to start using IC Markets, before the funding and trading, you will need to choose an account type. This Australian online broker offers 3 options for their customers to choose from; these choices are Standard, True ECN, and cTrader ECN accounts. All three accounts come with a $200 minimum deposit and offer a 500:1 leverage for their customers. Standard and True ECN both run on MetaTrader 4 platform, which we will get to in a second. True ECN and cTrader offer spreads starting at 0.0 pips while Standard starts at 1.0 pips.
While creating your account, remember to take advantage of the free live demo. In this demo, you can play around with virtual currency and build a proper strategy and get some useful practice for when you are ready to play with real money.
IC Markets keep par with rest of their competitors by offering the most popular 3 trading platform choices available. With MetaTrader 4, MetaTrader 5, and cTrader platforms, this company presents you with a good selection of choices and makes sure to play the classics to keep the crowd happy.
- MetaTrader 4: deservedly so, has become the most used trading platform in the industry. Offering a variety of customization options for your trading experience, and features such as One-click trading, and EAs (expert advisors), MT4 delivers for the traders.
- MetaTrader 5 takes what MT4 does best and tries to improve upon them. While they do offer new features and bells and whistles, most people still prefer the reliability and high usage of MT4.
- cTrader offers you the ability to trade most of the same assets, including the 64 forex pairings offered with all 3 accounts, but they also offer a service called cAlgo Trader which lets you connect anywhere in the world through a computer and carry out your trading needs. CTrader also comes with the option to carry out automated trades, if you want to do this you will need to choose from ZuluTrade, Myfxbook’s AutoTrade, and Signal Trader’s mirroring tech. Set your own boundaries and trade even when you are not online.
There are a number of choices of trading on the go with IC Markets. They provide separate apps for MT4 on Android, and IOS, and same with their CTrader app. These apps come with all assets, speeds and spreads accessible through a computer. Also a range of charts, tools, and features like one click trading make it a complete experience.
Combining the two strategies of mobile and computer-based trading can provide you with more options and with more advantageous tools at your disposal.
There is a slew of options you can choose from when it comes to funding your account with IC Markets. While making your decision, you need to research into the transaction fees that come with each method of funding, some such as the Credit and Debit cards might charge a percentage rather than a flat fee, making depositing your money an expensive ordeal.
The choices available are:
+ Credit and Debit Cards + Local Bank Transfers + Wire Transfers
+ Broker to Broker Transfers + eWallets: Neteller, BPAY, Webmoney, FasaPay
With any of these methods you can deposit money into your account to get started. You can choose from USD, AUD, GBP, JPY, EUR, NZR, CHF, and SGD for your base currency.
When you want to withdraw your money, all these same options will be available to you. While the International customers might have to wait 3-5 business days, Domestic Bank and eWallet users will have their withdraw requests processed in one day for free.
Spreads and Commissions
Whether you are an active day trader or you are using EAs, the offering of one of the best and tightest spreads in the industry is sure to get your attention, and probably business. With an average spread offering of 0.1 pip on EUR/USD, it is really difficult to argue with IC Markets claim to have one of the best options out trade. Except for the spreads, the commission system in place with this broker really makes trading here a hard offer to turn down.
While the spread and commissions change based on your account type, with every account you have different advantages available to you. While the Standard account will have a slightly higher spread, it runs commission free, and the ECN account has lower spreads but charges a small commission.
IC Market, doesn’t leave much question in the mind of the trader when it comes to choosing their accounts and the leverages they will get. All three account types offered by IC has a 500:1 leverage. Meaning regardless of which account you choose you will be able to trade at the same margin as the others.
Always keep in mind, while trading on a margin with a great leverage can be wonderful and help make you good profits, it is also dangerous when you lose more than you have. So, when you are looking into trading on a leverage, make sure to never risk more than you have to lose.
Regulations & Security
Since being registered in July 2009, IC Markets is regulated by one of the toughest forex regulatory bodies in the world with the Australian Securities & Investments Commission or ASIC. Along with subjecting to the regulations of ASIC, IC Markets also joined on as a member in Financial Ombudsman Service (FOS) to make sure not only that their customers will be safe to trade here but to let all their customers know their complaints are handled with haste.