IC Markets Review

Legal Company NameInternational Capital Markets Pty Ltd.
Websitehttps://www.icmarkets.com
Year Founded2007
Offices LocationsAustralia (Sydney)
RegulatorsASIC (AFSL No. 335692)
Broker TypeECN
Minimum Deposit$200
Maximum Leverage500:1
Minimum Spread0.0 pips
Deposit & WithdrawalCredit Card, Bankwire, POLi, Paypal, Neteller, Skrill & Many More
Currency Pairs65+
Trading PlatformMetaTrader 4, MetaTrader 5, cTrader, MT WebTrader, Mobile Apps
Web-based PlatformsYes
Mobile AppsYes
Marketed as a True ECN broker, ASIC Regulated, and operating with MetaTrader4 and cTrader platforms; this broker comes highly recommended to new and old traders alike.  New traders will find this broker’s account structure welcoming, and simple to understand.  Swap-free account options are available upon request.

Headquartered in downtown Sydney, IC Markets is a genuinely Australian broker.  As an Australian forex site, we appreciate being to present local (but Global), reputable, and competitive brokers we have personally enjoyed.  IC Markets – they can’t do much wrong in our view.

Account Types

IC Markets offers traders two different real accounts and a demo account.  A swap-free option is available on all accounts, so if you are of Muslim faith, this option is available for you to remove all payments of interest.

Demo account

The IC Markets demo account does not expire unless you are inactive for 30 days.  The demo account does give you a starting balance, but should you use all this capital, a customer support agent can top it up again.

Each of the real accounts has a 200 USD minimum deposit, maximum leverage of 500:1 and 64 currency pairs to trade.  It is quite rare for brokers to offer this similarity in features across two very different account types.

Standard

The standard differs in how IC Markets make their money from trades. This account does not charge any commission on trades, but the spreads are wider than on the True ECN account.  Pips start at 1.0 pips making this account the better option for those who trade once and a while, or with a limited balance.

True ECN

The True ECN account is for more professional traders or those trading hiring volumes. If you are a scalper, or open and close many trades during a day, this is the best option for you.  The spreads are tight, starting at 0.0 pips, but there is a commission of USD 3.50 per standard lot.

Cryptocurrency Trading

IC Markets offers a reasonably wide range of cryptocurrencies. A considerable set of brokers will only provide a minimal set of cryptocurrency pairs and will limit them to less appealing account types.  Limited cryptocurrency pairs are not the issue with IC Markets.

IC Markets offers Bitcoin, Bitcoin Cash, Ethereum, Dash Coin, Ripple & Litecoin.  These pairs are available for all account types, and trading conditions allow short trades on cryptocurrencies.

Leverage is limited to these products to 1:5 which is standard for these products, as volatility can be extreme at times.

Trading Platforms

IC Markets offers clients MetaTrader 4, 5 and cTrader.  MetaTrader 4 & 5 are downloadable software that has mobile apps, while cTrader is software that runs in a browser and on mobiles.  Which software a trader uses is a personal choice, as they all offer the same fast trading and advanced charting tools.

IC Markets has a technical support team for technical issues.  They are open seven days a week, and 24 hours a day and contactable via phone, email and the chat service offered on their website.

Regulation

Fully regulated by ASIC under Australian Financial Services Licence Number 335692, IC Markets seems to want to keep the business focus local.  IC Markets have introduced trusted Australian banks Westpac and NAB to hold client funds, keeping them safe and separate from the IC Markets core business.  Should anything happen to IC Markets, client funds are secure, and IC Markets has Professional Indemnity Insurance through Lloyds of London.

Spread and Leverage

Spreads are tight on the True ECN account, and standard 500:1 leverage is offered on all Fiat currencies.  The standard account has a minimum spread of from 1 pip, and the same standard leverage of 500:1.

Cryptocurrency leverage maxes out at 5:1. Spreads on these currencies are variable and are significantly higher than Fiat currencies but in line with other brokers.

Deposits and Withdrawals

Deposit by Credit/Debit card, Paypal, Skrill, Neteller, Qiwi, Webmoney, Moneybookers, China Union Pay, FasaPay, Bank wire transfer, Bpay, broker to broker transfer and branch deposits.  Most deposits are completed immediately, and a vast majority within 12 hours.

All withdrawals received before 12:00 AEST/AEDT are processed the same day but note that additional time is required before you receive the funds.  This varies on the withdrawal method you are using.  Depending on the withdrawal method used there can be provider fees or restrictions.  However, IC Markets does not charge any additional withdrawal fees, which is standard practice with other similar brokers.

Customer Support

I usually have suggestions on how customer service can be improved, but I have never had issues contacting the staff and getting straight answers quickly.  Bottom line – I don’t trade with brokers who are unable to provide the support to their service.

Compare IC Markets

IC Markets Vs. XM Global

 ICmarketsXM
FundingCredit Card, Bankwire, POLi, Paypal, Neteller, Skrill & Many MoreBank wire, Visa/Mastercard, Skrill , Neteller
RegulatedASIC (AFSL No. 335692)EU CySEC License No. 120/10, UK FCA Registration No.705428, ASIC No. 443670
Broker TypeECNMarket Maker
Currency Pairs65+55+
Minimum Spread0.0 pips0.0 pips
Minimum Deposit$200$5
Max Leverage500:1500:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit ICmarketsVisit XM

IC Markets Vs. FXpro

 ICmarketsFXpro
FundingCredit Card, Bankwire, POLi, Paypal, Neteller, Skrill & Many MoreBank wire, Visa/Mastercard
RegulatedASIC (AFSL No. 335692)FSCA No.45052, FCA, CySEC
Broker TypeECNPure STP
Currency Pairs65+70+
Minimum Spread0.0 pips0.6 pips
Minimum Deposit$200$100
Max Leverage500:1500:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit ICmarketsVisit FXpro

Overall

IC Markets is a very traditional broker and what you would expect from a qualified investment company.  Their regulation is strong; they are local, they protect clients – all while offering some of the best trading conditions available on platforms traders want to use.

If you are new to trading and looking for a new broker, IC Market will help you get set and going.  If you are an old trader who needs better conditions and faster execution, IC Markets will be easy to get going on your MT4 and arrange a broker to broker fund transfer.  They are nothing short of solid.

IC Markets
3.3
IC Markets logo

Product Name: IC Markets

  • Trading Conditions
  • Platform Choice
  • Regulation & Oversight
  • Customer Support

Pros

  • ASIC Regulated
  • True ECN
  • MetaTrader4 and cTrader platforms

Cons

  • The standard account needs tighter spreads
Comments Rating 0 (0 reviews)


Leave a Reply

Sending

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
+ +