|Legal Company Name||International Capital Markets Pty Ltd.|
|Offices Locations||Australia (Sydney)|
|Regulators||ASIC (AFSL No. 335692)|
|Minimum Spread||0.0 pips|
|Deposit & Withdrawal||Credit Card, Bankwire, POLi, Paypal, Neteller, Skrill & Many More|
|Trading Platform||MetaTrader 4, MetaTrader 5, cTrader, MT WebTrader, Mobile Apps|
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.
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.
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.
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.
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.
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.
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.
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.
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
|Funding||Credit Card, Bankwire, POLi, Paypal, Neteller, Skrill & Many More||Bank wire, Visa/Mastercard, Skrill , Neteller|
|Regulated||ASIC (AFSL No. 335692)||EU CySEC License No. 120/10, UK FCA Registration No.705428, ASIC No. 443670|
|Broker Type||ECN||Market Maker|
|Minimum Spread||0.0 pips||0.0 pips|
|Expert Review||Read review||Read review|
|Visit Website||Visit ICmarkets||Visit XM|
IC Markets Vs. FXpro
|Funding||Credit Card, Bankwire, POLi, Paypal, Neteller, Skrill & Many More||Bank wire, Visa/Mastercard|
|Regulated||ASIC (AFSL No. 335692)||FSCA No.45052, FCA, CySEC|
|Broker Type||ECN||Pure STP|
|Minimum Spread||0.0 pips||0.6 pips|
|Expert Review||Read review||Read review|
|Visit Website||Visit ICmarkets||Visit FXpro|
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.
Product Name: IC Markets
- Trading Conditions
- Platform Choice
- Regulation & Oversight
- Customer Support
- ASIC Regulated
- True ECN
- MetaTrader4 and cTrader platforms
- The standard account needs tighter spreads