IC Markets Review 2024
Website: www.icmarkets.com
Min. Deposit: US$ 200
Leverage: 1:30 | 1:500
Trading Platforms: cTrader, MT4, MT5
Regulation: ASIC, CySEC, FSA
Headquarters: Australia
Founded: 2007
Updated on January 23, 2024
Quick Links
In our comprehensive review process, we meticulously examine and test the features and offerings of IC Markets against a rigorous set of criteria. This includes a detailed analysis comparing IC Markets across a spectrum of over 1000 brokers. Our methodology encompasses an in-depth look at the broker’s licensing, regulation, trading platforms, instruments, fees, spreads, customer support, and educational resources. We aim to provide an unbiased and thorough review to help traders make informed decisions.
IC Markets stands as a prominent Forex Trading Company, established in Sydney, Australia in 2007 by a collective of financial experts. Their mission was to diminish the gap between retail and institutional clients by providing superior trading solutions. IC Markets boasts an ECN trading environment, offering spreads as low as 0.0 pips, thanks to liquidity sourced from over 50 different banks and dark pool liquidity sources, covering 60 forex pairs. The company has significantly expanded its reach beyond its Australian headquarters, establishing a presence in international and European markets, along with a Chinese Support center, all while offering highly competitive trading conditions.
Pros
IC Markets is renowned for its reputable standing within the trading community.
Offers a diverse selection of platforms including MT4, MT5, and cTrader.
Provides highquality educational resources free of charge.
Customer support is available 24/7.
Offers a choice between spread basis and raw spread accounts.
A wide range of instruments are available for trading.
Cons
Trading conditions and offerings vary by entity, with more extensive options available through its offshore entity.
Some spreads are found to be higher than the average for certain instruments.
Is IC Markets Safe or a Scam? ▲
IC Markets is widely recognized as a secure broker. It operates under the strict oversight and auditing of renowned regulatory bodies. This ensures constant monitoring and adherence to the highest standards of financial conduct. Our analysis concludes that IC Markets is reliable, attributing a trust score of 8.0 out of 10. This score reflects the broker's long-standing history of good service, alongside its reputable licenses from the ASIC and European authorities, making its offerings available to European clients. However, it's noteworthy that international trading is facilitated via an offshore entity, so we advise thorough examination of conditions.
IC Markets offers varying leverage options based on the trading entity. Leverage is a powerful tool that allows traders to operate with significantly more capital than their initial deposit, potentially magnifying gains. However, it's crucial for traders to use leverage wisely, as it can also amplify losses beyond the initial investment. IC Markets provides a maximum leverage of 1:30 for both Australian and European clients, and an elevated leverage of 1:500 for its international offerings. The specific leverage available is contingent upon the IC Markets entity and the regulatory guidelines of the respective jurisdiction.
Account types
IC Markets offers three primary account types, each designed to cater to the varied needs and trading styles of its clientele. The first two account types provide raw spread conditions and charge a commission per trade. They also offer the choice between the MT4 platform or cTrader. Our analysis reveals several strengths and weaknesses of IC Markets accounts.
IC Markets demo account
A risk-free demo account is available on both MT4 and cTrader platforms, allowing for the practice of trading strategies in a safe environment. This is an excellent starting point for new clients. The accounts support multiple currencies, up to 12, are fully segregated from the company’s funds, and are backed by a multi-lingual customer support team. For traders adhering to Sharia principles, IC Markets also provides the option of a Swap-free or Islamic account.
The range of market instruments offered by IC Markets is designed to meet the demands of any trader. It encompasses major trading instruments as well as newer options such as Cryptocurrencies. The asset classes include FX, Equities, Commodities, Futures CFDs, Stocks, and Bonds. The cryptocurrency trading options include pairs with Bitcoin, Ethereum, Dash, Litecoin, Bitcoin Cash, and Ripple, offering the ability to go long or short with a leverage of 1:5, a margin of 20%, and a minimum lot size of 0.01. The Instrument Score for IC Markets is 4.5 out of 5, reflecting a strong proposal for Forex and CFDs trading, although the range available may vary by entity.
IC Markets establishes its trading fees based on the account type and platform selected. It's important to note that IC Markets entities in different jurisdictions may offer varied trading conditions. After conducting extensive comparisons with over 1000 other brokers, IC Markets Fees are ranked competitively low with an overall rating of 4.0 out of 5. Overall, the fees are at an advantageous level, with some deposits and withdrawals being free of charge. However, it is recommended to fully review the conditions.
The Standard Account, accessible through MetaTrader4 and featuring CNS VPS Cross-Connect, offers spreads from 1.0 pips on a spread-only basis. The True ECN account, or Raw Account, enables micro lot trading from 0.01 size, offers deep institutional grade liquidity, ECN spreads from 0 pips, and charges a commission of $3.50 per 100k traded on MT4. The cTrader ECN account, preferred by professional traders for larger trades, provides similar features to the MT4 account but differs in the platform used. The spread starts at 0.0 pips, with a commission of $3.00 per 100k traded, executed through Equinix LD5. IC Markets Spreads are rated 4.0 out of 5, making it an excellent choice for currency trading due to its low spreads compared to the industry. However, fees and spreads may vary based on the entity and are slightly higher than average for some instruments.
Pros
Competitive spreads and low trading fees
Wide range of market instruments including cryptocurrencies
Multiple account types catering to different trading styles
Access to both MT4 and cTrader platforms
Option for Islamic accounts
Cons
Fee structures and spreads may vary by jurisdiction
Some instruments have slightly higher fees than average
Overnight Fee
The overnight fee, or swap rate at IC Markets, is determined by the overnight interest rate differential between the two currencies involved in the trade and depends on whether the position is a buy (long) or sell (short). This fee varies from one currency pair to another, and traders should be aware of its potential impact, which could either be negative or positive for their accounts.
IC Markets introduces a selection of 10 flexible funding options across 10 major base currencies including AUD, GBP, JPY, HKD, SGD, NZD, CHF, CAD, EUR, USD. This diversity is advantageous as it allows traders to select the most suitable option for themselves, thus avoiding unnecessary conversion fees.
IC Markets' funding methods receive a solid rating of 4.0 out of 5. The minimum deposit requirement is relatively average, but the small fees and the ability to benefit from account-based currencies to dodge conversions are notable positives.
Pros
Variety of deposit options including cards, PayPal, and bank transfers
No additional fees for deposits and withdrawals
Cons
Charges for international bank wire withdrawals
Deposit options include a secure client area where funds can be managed through various methods such as cards, PayPal, bank transfers (including local ones), Neteller, Skrill, WebMoney, Qiwi, China UnionPay, FasaPay, and more.
The minimum deposit for IC Markets is $200 for a Standard Account on MetaTrader4, with two other account types also available. This is in contrast to the minimum deposit of $500 required by most other brokers.
Withdrawals at IC Markets can utilize popular methods like bank transfers, WebMoney, cards, and e-wallets, with no additional fees for deposits and a $0 fee for withdrawals. However, for international bank wire withdrawals, IC Markets passes on the transfer fees charged by the company's banking institution, which is approximately AUD20.
The processing time for withdrawals varies by payment method, with IC Markets' accounting team confirming transactions within 1-2 business days.
IC Markets offers a suite of advanced software options including MetaTrader 4, MetaTrader 5, and cTrader, all providing direct access to its ECN trading environment. These platforms are recognized for their technical sophistication and the range of features they offer, earning IC Markets a high platform rating of 4.5 out of 5.
Pros
Availability of market leading platforms MT4, MT5, and cTrader
Comprehensive tools and research options for all platforms
Cons
The overwhelming choice for beginners without guidance
The desktop versions of these platforms allow for full customization, while web and mobile versions ensure traders can access their accounts and trade from anywhere. Functionalities such as one-click trading, market depth, and advanced order types enhance the trading experience.
Mobile apps for Android and iOS devices offer the flexibility to manage accounts and stay updated on market conditions on the go. Additionally, IC Markets supports auto trading through EAs on MT4 or MT5, myfxbook on the cTrader platform, and ZuluTrade for social trading. For those interested in partnership opportunities, IC Markets provides MAM and PAMM systems, as well as a FIX API for high-volume traders, and the possibility of free VPS usage under certain conditions.
IC Markets emphasizes the importance of high-quality customer service and support, offering assistance 24/7 across various global regions. This commitment to supporting traders earns the broker a customer support rating of 4.5 out of 5.
Pros
Fast and knowledgeable responses
Multilingual support and 24/7 availability
Cons
Limited availability of direct contact options in some regions
Understanding the needs of traders, IC Markets provides a wealth of educational materials and research tools. These resources, including technical analysis reports, video tutorials, webinars, and an economic calendar, are freely available and contribute to an education rating of 4.0 out of 5.
Pros
Comprehensive educational materials and research tools
Regular updates and trading ideas available through platforms
Cons
Some brokers offer more professionally run educational programs
IC Markets presents a robust trading offering that caters to a wide range of trading preferences, whether in terms of instruments, platforms, accounts, or trading styles. The broker's technical optimization is among the industry's best, reflected in its execution, platform optimization, and the range of tools and support provided.
Based on our comprehensive review and expert opinions, IC Markets is highly recommended for:
Beginning traders
Professional traders
Those who prefer MT4, MT5, or cTrader platforms
Traders interested in EAs, algorithmic, or API trading
Currency trading enthusiasts
Traders employing a variety of strategies
