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 truly Australian broker. As an Australian forex site, we really 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 demo account – The IC Markets demo account does not expire, unless you are inactive for a period of 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, a 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 a trade. 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 $3.50 USD per standard lot.
IC Markets offers a reasonably wide range of cryptocurrencies. A considerable set of brokers will only offer a very limited set of cryptocurrency pairs and will limit them to less appealing account types. This is not the issue with IC Markets.
IC Markets offers trading in Bitcoin, Bitcoin Cash, Ethereum, Dash Coin, Ripple & Litecoin. This is available for all account types, and trading conditions allow for cryptocurrencies to be shorted.
Leverage is limited to these products to 1:5. This is a standard figure 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 have mobile apps, while cTrader is software that runs in a browser and on mobiles. Which software a trader uses is a pure 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 7 days a week, and 24 hours a day and contactable via phone, email and via the chat service offered on their website.
Fully regulated by ASIC (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 safe, and IC Markets has Professional Indemnity Insurance through Lloyds of London.
Spread and Leverage:
Spread are very tight on the True ECN account, and standard 500:1 leverage is offered on all Fiat currencies. The Standard account offers a 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:
Deposits are taken 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.
Withdrawals are processed same day as long as they are received before 12:00 AEST/AEDT 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 common a practice with other similar brokers.
I usually suggestions 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.
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 actually 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.