IC Markets is one of the most popular forex brokers in the world and has been now for many years. However, are they really a good forex broker? We’ve tried and tested IC Markets to compile this in-depth review.
IC Markets is a great brokerage for forex traders, with over 2250 tradable instruments, microlots and up spreads as low as 0.0 pips on major pairs. This makes for a perfect trading environment for day traders, scalpers and swing traders alike.
When scouting online for the best forex trading brokers, you can’t scroll far without seeing IC Markets popping up constantly and that’s for good reason! Regardless, it’s wise to conduct your due diligence thoroughly before trusting any forex broker.
IC Markets is an Australian based forex broker, founded in 2007. They operate on and offshore, allowing traders to capitalize on the increased leverage this brings, whilst staying compliant with regulations in all jurisdictions. IC Markets has expanded their offering to now allow cryptocurrencies, stocks, ETFs, Indices and more.
Here is a high level overview of IC Markets, as of September 2023:
IC Markets - Raw Trading LTD
2250 - Forex, crypto, CFD, ETFs, stocks, indices, metals.
24/7 Live support, email, phone and office addresses.
Free Demo Accounts
Yes - FSA (Financial Services Authority)
Inactive Trader Fee
ECN - $7 Commission per lot
Raw Spread - $6 Commission per lot
Standard - $0 Commission, Spreads from $0.6
MT4, MT5, cTrader, Mobile Platforms
IC Markets is widely renowned as one of the best forex brokers in the world, with excellent trading conditions, industry leading fees and a diverse range of tradable instruments. The lightning fast execution, coupled with high leverage and low spreads make IC Markets perfect for traders looking to intraday trade the markets.
IC Markets Features: Pros and Cons
Here are the advantages of using IC Markets as your forex broker:
- Industry leading spreads
- High leverage available
- MT4, MT5 and cTrader platforms
- Low trading commissions
- Fast & free withdrawals
- Free demo and islamic accounts
- A range of free charting tools and analysis services
- Free forex VPS for traders with sufficient trading volume
Here are the disadvantages of using IC Markets as your forex broker:
- Certain residents cannot sign up for a trading account. This includes Canada, US, Israel, New Zealand, Iran and North Korea.
Which IC Markets Account Should You Use?
IC Markets offers 3 different trading accounts, along with a demo account. These are the accounts:
- IC Markets Raw Spread
- IC Markets Standard
- IC Markets Raw Spread (cTrader)
The Raw Spread and Standard accounts are available on MT4 and MT5, whereas the Raw Spread (cTrader) is only available on the cTrader platform.
Raw Spread accounts have no spread on the instruments but instead have a commission on every lot traded. The Standard account has a spread on all instruments but no commission per trade.
Therefore, the Raw Spread accounts are better suited for scalpers, intraday traders and EA traders. The Standard account is better suited for day traders, swing traders and position traders that aren’t concerned about the spread.
All 3 account types offer micro lot trading from just 0.01 lot size, which is perfect for beginner traders looking to dip their toes in the market. Every kind of trading is allowed, along with all kinds of signals, EA’s and indicators!
Do IC Markets Have Demo Accounts?
IC Markets do have demo accounts for traders. Open a free $100,000 demo account here . You can get registered and set up with an IC Markets demo account in minutes and have a choice of using either MT4, MT5 or cTrader.
Demo accounts are perfect for learning the ropes and testing the trading conditions that IC Markets offers traders, before committing to a live account.
IC Markets Trading Platforms
IC Markets offers MetaTrader 4, MetaTrader 5 and cTrader - all of which come with a desktop app, mobile app and web app for traders.
The platforms are super lightweight, contain over 100+ indicators, built in expert advisors and have marketplaces where traders can purchase further tools if needed.
All platforms contain trade copy services, allowing traders to copy trades or run their own PAMM services for clients - which IC Markets allows. If you are trading over 20 lots per month, a free VPS will be provided too, allowing you to set up terminals in the cloud.
MT4, MT5 and cTrader are available on Windows, Mac, iOS and Android.
IC Markets Minimum Deposits & Withdrawals
The fee for entering and closing trades with IC Markets is much lower than industry standards. This is one of the primary reasons traders choose to use the broker - due to its low costs.
Traders have the option of either using a spread based fee structure or a commission based fee structure, both of which are highly competitive in the industry.
In terms of minimum deposits, the initial minimum deposit with IC Markets is $200. However, once you have made that first deposit, you can make deposits lower than $200 in the future.
Deposits will be credited to your trading account instantly if you’re using an online wallet such as PayPal. Bank wires may take slightly longer.
Withdrawals are processed typically within a few hours and online payment processors like PayPal should receive them instantly.
Bank wires will take up to 3 business days to clear - but you will be made aware by IC Markets when they have sent payment from their end.
If you have any issues or questions throughout, the support team are on hand 24/7 to assist and raise any issues that need addressing regarding withdrawals or deposits.
IC Markets Reputation & Reviews
IC Markets has one of the best reputations of all online forex brokers, with over 30,000 positive reviews on Trustpilot, coming in at a rating of 4.8/5.
The reason for this is IC Markets have provided one of the safest trading environments for over a decade now, with industry leading technology, spreads, commissions and customer service.
Is IC Markets Reputable & Safe?
IC Markets is a completely safe and regulated broker. It’s crucial to work with a regulated broker to avoid the risk of fraudulent practices being used by a broker.
IC Markets is regulated by the Financial Services Authority and has a Securities Dealers License number of SD018. They have a completely transparent company structure and have operated in this manner for over a decade.
The accounts and books are audited by a third party auditor and client funds are segregated and insured, to ensure no malpractice is possible.
Thus, IC Markets is completely safe, legitimate and a reputable broker you can trust with your trading accounts.
How To Sign Up With IC Markets?
The registration and signup process with IC Markets is extremely simple, meaning it only takes minutes to start your trading journey. Here are the step by step instructions to getting your new IC Markets account setup:
- Visit IC Markets website and click ‘Start Trading Now’
- Choose your country and fill in your personal details
- Select your trading account
- Setup leverage and trading account currency
- Sign the declaration, confirming all information provided is correct
- Click ‘Open Trading Account’
You will now have registered a trading account with IC Markets. Next, to deposit funds, you’ll need to submit your ID to have this verified. This takes a few minutes to do and ID’s are normally verified within 15-30 minutes, if not instantly.
Next, you’ll want to deposit funds and download your trading platform. Most traders will use MT4 at this step. Once complete, you’re trading!
IC Markets Leverage Options For Traders
IC Markets offers a minimum of 1:2 leverage and a maximum of 1:500 leverage to clients. The leverage possible depends on your jurisdiction, as the broker remains compliant with all local regulations.
It’s incredibly rare to have 1:500 leverage from a regulated trading broker and it’s a very powerful tool if used correctly. However, leverage is a double edged sword to be very cautious not to over leverage and over risk your trading capital.
Frequently Asked Questions
Q - Is IC Markets Suitable For Beginners?
IC Markets is a great broker for beginners, as well as veteran traders. The free trading account and low barrier of entry makes it easier than ever to get started. Trading resources and materials will also be available to all traders to speed up the learning process.
Q - What Is The Minimum Deposit For IC Markets?
The minimum deposit for IC Markets is $200.
Q - How Much Does It Cost To Use IC Markets?
IC Markets charge $0 to set up a trading account. The minimum deposit to start trading live markets is $200, however, you do not need to deposit if you’re just looking to use demo accounts to practice your trading.
Q - Can You Hedge Trades With IC Markets?
IC Markets does allow hedging of trades on all currency pairs and most other trading instruments provided.
Q - Who Is IC Markets Recommended For?
IC Markets is recommended for all traders that are looking to use a reputable, regulated broker with industry leading trading conditions.
It’s the perfect broker for experienced traders that need great conditions, low spreads and low latency.
Likewise, it’s the perfect broker for beginner traders who want to learn to trade in a safe environment, knowing their broker has their best interest at heart.
Q - Can We Trust IC Markets In 2023/2024?
Simply put, IC Markets is one of the most trustworthy, transparent and reliable brokers in the industry. They’re an A-Book broker, meaning they do not trade against clients - they want clients to succeed! It is highly regulated and operates legally in all jurisdictions, complying with local laws and regulation.
The business segregated client funds and it independently audited, ensuring safety, security and compliance.
Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.