IC Markets Review: How Legit is IC Markets?
Table of Contents
Welcome to my IC markets Review
IC Markets Overview
IC Markets is one of the leading Forex broker companies across the globe. It was founded in 2007 in Australia, with the head offices located in Sidney. IC Markets offers Forex and CFDs trading opportunities for beginner and advanced traders.
It is also one of the safest Forex brokerage companies as three trading security agencies, namely regulate it:
- Australian Securities and Investments Commission (ASIC)
- The Seychelles Financial Supervisory Authority (FSA)
- Cyprus Security and Exchange Commission (CySEC)
The three regulatory agencies ensure that the client’s funds are safe, making IC Markets a credible Forex brokerage company.
Besides, IC Markets offers a wide range of trading tools for market analysis and real-time reporting. IC Markets also provides 285 trading tools across multiple markets. It does not have an independent trading platform but collaborates with three top-tier trading platforms:
- MetaTrader 4
- MetaTrader 5
IC Markets also provides three account types; the Standard account, Raw Spread account, and Islamic. It is easy to use and offers several funding and withdrawal options.
Well then, if you are looking for credible and transparent forex and trading broker, IC Markets is ideal for you. However, before we dive into the comprehensive IC Markets review, let’s look at the pros and cons of IC Markets.
IC Markets Review: Pros and cons
On the plus side, IC Markets is user-friendly and provides excellent customer support. The support staff is polite and available on phone, e-mail, and live chat.
Besides, it has a beginner-friendly interface and plenty of trading tools. For example, the Forex Brokerage Company does not charge deposit or withdrawal fees. It also allows multiple account funding methods, including Paypal and Skrill, for efficiency.
IC Markets is a safe and trustworthy broker, given the strict regulation of ASIC, CySEC, and FSA financial bodies. So you can rest assured that your funds are secure. Finally, IC Market is among the forex brokerage companies that allow hedging and scalping for advanced traders.
However, US, Canada, Yemen, and OFAC countries citizens cannot join IC markets forex broker. It also has limited products to invest in. Besides, many users do not like live chat customer support. And I agree, it takes a bit longer than phone and email customer support lines.
Nevertheless, IC Markets is an ideal broker for a trading newbie. cTrader and MT5 trading platforms offer advanced features and customizability, especially for advanced traders and money managers.
The Top 7 IC Markets Features
This review will look at the 7 top features that make IC markets stand out among traders. These are:
- IC Markets Account types
- Trading platforms (web, mobile, and desktop platforms)
- Fees and Commissions
- Trading Tools
- IC Markets Products
- Safety and Regulation
- Customer Support
Let’s dive in and explore these exciting IC Markets features below;
1.0 IC Markets Account Types
It is crucial to understand the different account types before you open a trading account. For example, IC Markets has three account types; the Raw Spread account, Standard account, and Islamic account.
You can also open a demo account to learn about trading before opening a live account. IC Markets allows you to test their services via MT4 trader.
Raw Spread account is IC Markets’ top account offering spreads from 0.1 pips. The account attracts a low commission fee of $3.5 but also offers fast execution. Raw Spread is the primary IC Markets account type, an excellent suit for expert traders and advisors. The account has deep liquidity, which makes it flexible for day traders and scalpers. Users can access both MT4 and MT5 trading platforms when using the Raw Spread account.
The Standard account allows users to trade currencies, indices, and commodities. It has a 1:500 leverage and spreads from 0.5 pips. Traders can opt for either MT4 or MT5 trading platforms. Besides, as with the Raw Spread account, traders can open accounts for ten significant currencies in forex trading.
Traders use leverage to gain experience and market exposure without incurring the total cost of investment. When using leverage, IC Market offers credit, leaving you to pay only a part of the money you invest.
The IC Markets Standard account does not have trading restrictions. This makes it perfect for beginner traders and investors.
IC Markets also allows Muslim traders to open Islamic accounts to evade paying interests on open currencies and commodity trades. This account is also known as the ‘no swap accounts.’ This is because it excuses Islamic traders from paying the swap fees incurred from holding trade positions overnight. Islamic account holders must, however, abide by Sharia laws.
I always encourage traders to open the IC Markets demo account to test the features and pricing using the MT4 trading platforms. This will give you an insight into IC Markets’ performance and trading process.
2.0 IC Markets Trading Platforms
IC Markets lacks an independent trading platform. However, the Forex brokerage company collaborates with third parties to deliver efficient and transparent trading opportunities. IC Market provides the three most popular trading platforms, namely;
- MetaTrader 4 (MT4)
- Metatrader 5 (MT5)
MetaTrader 4 is the most popular trading platform for individual investors. On the other hand, MT5 is an advanced version and is suitable for expert traders and advisors. cTrader allows users to trade with a no-dealing desk broker and automated trading options.
IC Markets MetaTrader 4 Trading platform
MT4 is the most used platform in IC Markets. This could be because it is a free platform, but we cannot ignore its efficiency and viability. You can access the MT4 trading platform via desktop or mobile applications.
It comes with plenty of built-in tools for market analysis. Besides, MT4 gives you access to multiple trading opportunities in the market.
Experienced traders can also use the MQL4 programming language to customize and automate EAs, Indicator, and trading scripts. Besides, you will receive instant notifications via a pop-up, email, and even SMS. (Click here to learn more about the EA Builder Software to help you building customized trading systems without the need to know anything about MQL4)
I liked that IC Markets’ MT4 platform is customizable in terms of working space and chart modes. You also become a part of a unique online community that will help you sail through trading with IC Markets.
Simultaneously, it can be difficult to find most of the features of the MetaTrader 4 trading platform. I think they could do better with navigation and user interface.
MetaTrader 5 (MT5)
MetaTrader 5 trading platform is more inclusive and up-to-date as compared to the MT4 platform. You can trade forex, stocks, indices, bonds, and even Cryptocurrencies via the MT5 trading platform. It is also accessible for both Raw Spread and Standard accounts.
What I loved about the MT5 trading platform are the advanced technology features. For example, the order management tools help you analyze and watch the market positions to gain control. MT5 also allows you to select forex VPS (virtual hosting services) for faster execution.
You will also access trading bots in an online trading community when using the MT5 trading platform.
cTrader trading platform for IC Markets
The cTrader platform is one of the most customizable trading platforms. It has an easy-to-use interface that lets you customize the charting area. You can always detach the charts that you do not want to see. In addition, it is easy to change the chart color schemes and chart mode. Overall, I think cTrader offers an excellent trading experience.
Additionally, the platform allows no-dealing desk investments and automated trades. It is also available via desktop and mobile applications for both Android and iOS devices.
cTrader also allows experienced traders to use the cAlgo programming language to customize the platform. You will also have the opportunity to join the cTrader online trading community.
If you are just getting started, I would suggest you start with the MT4 trading platform. It is easy to use, offers several exclusive trading and market reporting tools to get you started. Besides, it is available for both Raw Spread and Standard account holders.
3.0 IC Markets Fees and Commissions
One of the pecks of using IC Markets is the low forex fees. IC Markets allows a minimum deposit of $200 and does not charge transaction fees. At the same time, the brokerage company does not charge you to withdraw money from your account. However, depending on your type of payment, banks may charge you for a wire transfer.
IC Markets makes it easy to invest by allowing up to 19 payment methods. They include Paypal, Skrill, Neteller, wire transfer, Visa, and many more. I think this is a great way to encourage traders from across the globe.
So, what about withdrawing your funds from IC Markets? You must use the same payment method for both deposits and withdrawals. In most cases, you will receive your funds instantly when using Paypal and Skrill to withdraw funds. The wire transfer will take at least one working day to process your payment, while credit/debit card withdrawals can take up to 5 days.
4.0 IC Markets Trading Tools
Forex trading requires you to be aware of the market prices and changes at all times. IC Market gets even more efficient, thanks to its multiple trading tools. These tools will help you make better trading decisions via insightful market analysis reports.
In this review, we shall look at the trading tools for MetaTrader 4 since it is the most popular platform for IC Markets traders.
Note that the trading tools you access depend on your preferred trading platform.
MetaTrader 4 trading system is the most common trading platform for IC Market traders. It offers all common indicators and drawing tools an experience trader needs. Other valuable tools include Depth of Market and Spread monitoring. It also allows users to use the risk calculator to enhance their trading decisions.
I think that trading using a VPS is one of the best-advanced features of the MT4 trading platforms. It allows you to manage your trades in the cloud. You do not need an app or desktop to execute your trades. This makes it a popular tool for expert advisors and money managers who run automated trading setups. It is also an excellent feature for people who don’t have a stable internet connection that could interrupt your trading.
IC Market also allows access to the ZuluTrade platform (Risk Disclaimer: Trading carries risk – Read more here) to offer trading strategies for users. It is an essential tool, especially if you are a beginner in forex trading. ZuluTrade allows you to observe and copy strategies from other experienced traders. The device will help you minimize your trading risks and learn more about the forex markets.
IC Markets offers multiple trading tools, including MyFxBook AutoTrade and Multi-Account Manager for advanced traders and brokers. It won’t hurt to explore these tools and how they work before you start trading.
5.0 IC Markets Products
IC Markets is a trustworthy forex brokerage company that also allows CFDs. However, if you are a beginner trader, it is safer if you stay away from CFDs. CFD means ‘contract for difference,’ which is a mechanism forecasting financial markets for commodities, shares, and stock using a leverage to increase your potential gains and loses.
The point is to determine the difference between the current market price and the future projections of an asset or commodity. Then, the buyer and the seller enter a contract where the former pays the value difference between the current market price and the projected future price. Thus, traders use CFDs to earn from market prices changes. Unfortunately, CFDs can result in high risks since the market prices are constantly fluctuating.
IC Markets offer a wide range of products as listed below:
- Currency pairs (Forex)
- Index CFDs
- Stock CFDs
- ETF CFDs
- Commodity CFDs
- Bond CFDs
However, you can only trade stock CFDs when using the MetaTrader 5 trading platform.
6.0 Safety and Regulations
IC Markets is one of the most trustworthy and safe forex brokerage companies across the globe. As highlighted in the introduction, it is regulated by the ASIC, CySEC, and FSA commissions. These financial organizations set strict regulations to ensure safe and protected investments. They also have strict rules that forex brokerage companies must comply with to remain in business.
Besides, IC Markets have separate client funds accounts and the company financial accounts. This means that your funds are safe.
I must also insist that your country of residency determines the financial protection you receive. For instance, people outside the EU and Australia are protected by the Seychelles Financial Authority. Those living in Australia and European countries receive financial protection from ASIC and CySEC. So yes, it is safe to invest in Forex trading via IC Markets Brokerage Company.
7.0 Customer Support
IC Markets has reliable customer support staff eager to answer all your questions. Besides, they have different customer care lines, including email, live chat, and phone. Even though the live chat is not as efficient, IC Markets offer excellent phone support 24/7.
IC Markets also offer high-quality educational content and resources for beginner traders. You can learn about trading via educational video tutorials, web TV, and the content-rich blog. In addition, beginners will find IC Markets education center resourceful to enhance their trading experience and knowledge.
The brokerage company also hosts occasional webinars to teach about Forex trading and market analysis.
IC Markets is one of the best Forex brokerage companies across the globe. It is ideal for both beginner and experienced traders, thanks to its versatile trading platforms. It is also one of the safest platforms for forex trading as three financial bodies regulate it. Besides, it offers over 280 trading tools based on your preferences.
In addition, IC Markets has a supportive customer service staff ready to handle all your trading questions. Besides, it offers a user-friendly interface for easy customization and general executions.