IC Markets Review: 11 Key Takeaways for 2024| Arincen.com

Item: IC Markets
Rating: 7

Key Takeaways

The IC Markets Group was founded in Australia during 2007.
International Capital Markets Pty Ltd is regulated by the Australian Securities and Investments Commission (ASIC).
IC Markets (EU) Ltd is a limited company registered in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC).
The company has entities licensed to trade in the Seychelles and the Bahamas.
IC Markets clients are covered by the Investor Compensation Fund (ICF) up to €20,000 per affected trader.
The broker provides Contracts for Difference (CFD) access to markets in asset classes, such as FOREX, indices, commodities, stocks, bonds, cryptocurrencies and futures.
IC Markets offers highly competitive spreads and commissions across its account types, and it does not charge withdrawal or deposit fees, merely passing on third-party fees as they apply.
The company offers ultra-fast execution, enabled by state-of-the-art servers in New York and London.
The broker provides clients with platform access to MetaTrader4 (MT4), MetaTrader 5 (MT5), MetaTrader WebTrader, cTrader and cTrader Web.
IC Markets offers a swap-free account option for clients who require a Sharia-compliant account.
IC Markets prides itself on its raw spreads model, meaning no requotes and no price manipulation.

IC Markets Evaluate - research result

Overall Evaluation 7.63

Regulations

Deposits and Withdrawals

Commissions

9.3

Assets

8.8

Trading Platform

Research and Development

Customer Service

Mobile App Trading

Learning

Experience with broker

7.5

Trading Tools

9.5

Website

7.5

Overall Summary

Founded in Australia in 2007, IC Markets is an online broker that is motivated to give traders access to the lowest spreads in the market. The broker’s powerful technologies have helped it build partnerships with some of the biggest liquidity providers to offer traders fast execution and deep liquidity.

IC Markets employs top-of-the-range equipment at its NY4 & LD5 data centers in New York and London, respectively. Its trade servers contain leading fiber optic technology that connects to its pricing partners to ensure low latency and rapid trade execution.

IC Markets does not place any restrictions on the type of trading that can take place on its platforms, with scalping, hedging and automated trading all allowed. The broker’s raw spread account starts from zero pips, holding true to its promise of trying to be one of the best priced brokers out there. With generous leverage in selected territories, multi-currency deposit methods, and flexible lot trading, this broker works hard to provide its clients with an attractive trading environment.

Using a combination of MT4, MT5 and cTrader, the company offers clients a range of trading platforms, including a handy spread monitor, a trade risk calculator, and advanced order types that support a better trading experience.

IC Markets prides itself on its raw spreads model, meaning no requotes and no price manipulation. The broker is regulated by the ASIC in its home market of Australia, and it also enjoys quality regulation by the CySEC in Cyprus.

IC Markets

Rating

Foundation Year

2007

Main Branch

Australia

Other Branches

Seychelles

Languages

16 languages including English

Work Hours

Market Opening Hours

Who Is IC Markets Good For?

IC Markets has a balanced range of tools and platforms designed to provide something for every type of trader. The broker offers a quality trading experience, filled with good supporting technology to novice traders, up-and-comers and elite traders alike.

Although it is a global broker, IC Markets only enjoys top-tier regulation in Australia and Europe, meaning that clients in other areas would be advised to approach the broker with caution as they would not be well protected. Here some key factors to consider before engaging with this broker:

Pros

Authorized and regulated by the tier-1 ASIC and the CySEC.
Offers negative balance protection.
Flexible leverage up to a maximum of 1:500.
Low spreads from zero pips and consistently good overall pricing.
No restrictions on trading styles or strategies.
Deep liquidity from prestigious banking partners.
Offers access to high functioning MT4, MT5 and cTrader accounts.

Cons

Does not cater to US clients.
Only regulated by two regulators.

Is IC Markets Safe?

Yes. IC Markets can be considered safe (average risk). The broker is regulated by two high trust tier-1 regulators. As aforementioned, International Capital Markets Pty Ltd is regulated by the ASIC with License No. 335692. IC Markets (EU) Ltd is a limited company registered in Cyprus and is regulated by the CySEC with License No. 362/18. The company also has entities licensed to trade in the Seychelles and the Bahamas.

The company’s Australian head office ensures that client money is held in segregated client trust accounts at National Australia Bank (NAB) and Westpac Banking Corporation (Westpac), which are both AA rated Australian banks. The company also works hard to ensure that its cyber technology is well-protected, with electronic payments handled using Secure Socket Layer (SSL) technology that features strong encryption.

Through the Investor Compensation Fund (ICF), the compensation scheme associated with the CySEC, IC Markets offers affected clients up to €20,000 in the event of broker insolvency. As per European rules, the broker also offers negative balance protection.

Trading Account Information

Account Currency

USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD

Minimum Deposit

200$

Segregated Accounts

Yes

Payment Methods

Bank Transfer, Credit Card, Electronic Banks, Crypto

America Accepts

Available Markets

FOREX, Commodities, Stocks, Cryptocurrencies, Indices

Trial Duration

30 Days

Offering of Investments

FOREX CFD: Featuring 61 currency pairs, tight spreads from zero pips, and up to 1:500 leverage for traders not based in Europe, FOREX clients will have everything they need.
Indices CFD: Traders can get access to the world’s biggest equity markets through this broker’s global indices CFDs. Spreads start from 0.4 points, and up to 23 global indices are available.
Commodities CFD: Clients can select from over 22 energy, agriculture or metals products to trade as a CFD. Adaptable lot sizing from 10c per point is available to give traders the flexibility they need.
Stocks CFD: Traders can access over 1,600 stock CFDs drawn from the ASX, NYSE and the NASDAQ.
Bonds CFD: Clients can select from several bonds issued by governments around the world, including Japan, Europe, the UK and the US. With over 11 bonds from which to choose, this no-commission product is an attractive option.
Crypto CFD: Drawn from 13 of the most popular cryptocurrencies in the world, traders can take part in this market that is open seven days a week.
Futures CFD: Clients can trade on futures without paying commissions and enjoy up to 1:200 leverage in markets outside of Europe.

Available assets

Markets	Available	Number of Assets
Currency Pairs		61
Stocks		2100
Commodities		20
Crypto		21
Indices		25
ETFs

Account types

IC Markets offers three main account types. Using powerful servers in New York and London, traders can take advantage of low latency and fast execution.

1. cTrader Raw Spread Account: Built for demanding audiences, cTrader combines the broker’s raw trading and rapid execution to take clients to the next level. Spreads start from as low as zero pips, and non-European leverage can go as high as 1:500.

2. Raw Spread Account: Based on the MT4 and MT5 trading platforms, this account offers raw pricing, low spreads from zero pips and deep liquidity.

3. Standard Account: The Standard Account allows traders to enjoy all the benefits of raw pricing with an inclusive spread starting from 0.6 pips and zero commissions. Traders can access this account via MT4 and MT5 to enjoy deep liquidity and flexible trading.

Account Opening

Opening an account is a simple process. After uploading the required documents, such as identification details and proof of address, traders can make a deposit via one of the many account funding methods.

Demo Account

IC Markets offers a demo account, where traders can practice risk-free. It takes only a few minutes to open a demo account in which all account types, platforms and products are supported.

Islamic Account

IC Markets also offers a swap-free account option for clients looking for a Sharia-compliant choice. This account can be accessed on all the account types, via the MT4, MT5 and cTrader platforms. Traders will have access to over 90 instruments with attractive spreads and flexible leverage.

Bonuses and Promotions

In line with ASIC regulation, IC Markets does not offer any bonuses or promotions.

Account types

Account Type	Minimum Deposit	Spread Commission	Commission	Swap Commission	Deposit Commission	Withdrawal Commission
Standard account	200$	Starting from 0.6 pip	0$	No	0$	0$
Raw account	200$	0 pip	3.5$	No	0$	0$
cTrader account	200$	0 pip	3$	No	0$	0$

Deposits and Withdrawals

IC Markets provides multiple ways for traders to fund their accounts. To speed up the processing time, traders must first initiate deposits and withdrawals from inside their Secure Client Area. From there, traders can fund their accounts in real time using all the available transfer methods.

Account Funding

Deposits and withdrawals can be made through the following methods:

Credit and debit cards.
PayPal.
Neteller.
Skrill.
UnionPay.
Wire transfer.
BPay.
Fasapay.
Broker to broker.
Poly.
Thai Internet banking.
Rapidpay.
Klarna.
Vietnamese internet banking.

The broker does not charge any additional fees for deposits or withdrawals. As normal, there may be processing fees incurred from third-party banking institutions. In practice, traders will still have to pay a fee for withdrawals and deposits. The broker indicates that for international bank wire transfers, its own bank charges an AUD20 processing fee. This is then deducted from any withdrawal or deposit the client makes.

Advantages of Trading

Maximum Leverage

1:500

Minimum Lot Size

0.01 Lot

Available FOREX Pairs

61 Currency pairs

Scalping

Yes

Hedging

Yes

Spread

Starting from 0.6 with a Standard account

Trailing Stop

Yes

Islamic Account

Yes

Trading Platforms

cTrader, Web platform, MT4, MT5

Regulatory Bodies

ASIC

Broker Type

STP

Customer Service

IC Markets has a detailed Help Center where traders can find answers to most frequently asked questions. For contract methods, the broker offers a helpful 24/7 live chat service, as well as a telephone contact number and a range of email addresses.

Commissions and Fees

IC Markets is proud of its tight spreads, which it touts as “Some of the lowest you will find among all FOREX brokers globally.” The average spread on the EUR/USD is 0.1 pips, which, in our view, is one of the tightest average spreads on this currency pair.

Using a pricing connector, IC Markets aggregates pricing offers from up to 25 different pricing partners, which ensures that its spreads are always razor thin.

Traders will find variable spreads among MT4, MT5 and cTrader. However, our analysis reveals that no matter the trading platform, this broker’s fees remain consistently competitive.

Leverage

As per European guidelines, the maximum leverage available to retail clients is 1:30 for major FOREX pairs. Minor pairs can be leveraged up to 1:20 and commodities up to 1:10. However, in non-European markets, the broker can arrange leverage as high as 1:500.

Platforms and Tools

IC Markets offers a range of platforms from which to choose:

MT4: With market-leading spreads and low commissions, traders can use this popular platform to access minimum lot sizes of 0.01, super-fast order execution, raw pricing and the platform’s noted charting functionality.
MT5: Clients can easily trade FOREX, stocks, indices, bonds, cryptocurrencies and commodities on this market-leading platform. With IC Markets’ raw pricing, active traders will appreciate MT5’s low latency rapid execution.
MetaTrader WebTrader: Traders can access their MT4 or MT5 trading accounts from any Web browser with the MetaTrader WebTrader.
CTrader: Featuring ultra-high-speed execution and a user-friendly interface, cTrader is the perfect choice for what the broker calls, “discretionary FOREX traders.”
cTrader Web: Clients can access their cTrader account from anywhere with the cTrader Web interface. No downloads are required to give traders access to 16 Indices and leverage up to 1:500.

Mobile Trading

The cTrader platform, MT4 and MT5, can all be used while on the go. Both MetaTrader tools, as well as cTrader, are compatible with Android and Apple devices. Traders can access their account from anywhere, and take advantage of the best of IC Markets, such as its deep liquidity and execution speed. Mobile traders can enjoy one click trading, customizable layouts and advanced charting.

Research and Development

IC Markets has a strong research and market analysis section. The company has commissioned a regular blog that features insights from internal experts. The commentary is designed to educate and inform traders on fundamental and technical matters related to trading.

The sections are curated around a Help Center, FOREX Calculator, Economic Calendar, and Frequently Asked Questions. There is also a FOREX Glossary that explains many common FOREX terms that new traders might not understand. The research section is detailed and insightful. Traders can access extensive written content, videos and graphical storytelling.

Education

The education section is well-constructed and filled with information. Traders will find extensive articles and educational videos for new and experienced investors alike. Traders will be able to access video tutorials and Web TV, which contain “Actionable trade ideas and market commentary in a short video format. Recorded daily from the floor of the New York Stock Exchange, our WebTV presented in association with Trading Central.”

The section is filled with articles that cover handy topics such as “Advantages of FOREX” and “Advantages of CFDs.” Billed as an “Information hub for serious traders,” this section does not disappoint, with a range of high-level educational items on offer.

Final Thoughts

IC Markets is well regulated by two tier-1 regulators. With comprehensive market access, competitive trading fees, and a range of account types from which to choose, all types of traders can be satisfied that this broker caters to their needs.

The company has access to good liquidity and has advanced trading platforms. Its market access is broad and ever growing. Traders can use MT4-, MT5- and cTrader-enabled platforms that have rich functionality, and that are loaded with helpful analysis, graphics and charts.

Users get access to a wide range of trading signals and market analysis from the powerful research and education sections that have been well-researched and curated. Traders will also be comforted by the good levels of regulation and the extra steps the broker has taken to keep investor funds safe.

Conclusion

IC Markets is a young but well-regulated broker that is always trying to improve the success rate and trading experience of its clients. With intuitive and immersive platforms, vast amounts of insightful market analysis and advice signals, traders will find a home here.

Fees are competitive, and the broker strives to continually improve everything in its stable from execution speeds, platform robustness, fee competitiveness and research capabilities. IC Markets is an online broker that is determined to keep improving.

IC Markets in Brief

IC Markets’ overall offering is strong and dependable, backed by progressive research and educational sections. The broker has spared no effort at creating a rich and detailed trading environment with its leading platforms. Traders interested in a strong FOREX partner will not go wrong with this broker.

Review Methodology

The team at Arincen collected over 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:

Companies’ Websites.
Other Websites that have ranked FOREX companies.
A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise.

We have identified 12 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets etc.

Afterward we validated the data by:

Registering with FOREX companies as a secret shopper and/or as Arincen.
Survey number “2,” in which we asked these companies’ customers for important feedback and past experience.

The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.

To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.

FAQ

Where is IC Markets regulated?

IC Markets is regulated by two tier-1 (high trust) regulators: the CySEC in Cyprus and the ASIC in Australia.

In what other ways does IC Markets protect me?

The company’s Australian head office ensures that client money is held in segregated client trust accounts at NAB and Westpac, which are both AA rated Australian banks. The company also works hard to ensure that its cyber technology is well-protected, with electronic payments handled using SSL technology that features strong encryption. Through the ICF, the compensation scheme associated with the CySEC, IC Markets offers affected clients up to €20,000 in the event of broker insolvency. As per European rules, the broker also offers negative balance protection.

Which countries does IC Markets serve?

The broker serves customers in over 80 countries. However, it does not offer its services to US traders.

Does IC Markets offer cryptocurrency trading?

Yes. IC Markets offers cryptocurrency CFD trading.

Does IC Markets provide any extra offerings?

Due to regulatory restrictions, this broker shies away from bonuses and promotions.

How do I fund my account?

Deposits and withdrawals can be actioned using the following methods: credit and debit cards, PayPal, Neteller, Skrill, UnionPay, wire transfer, BPay, Fasapay, broker to broker, Poly, Thai Internet banking, Rapidpay, Klarna and Vietnamese Internet banking.

Which trading platforms does IC Markets offer?

IC Markets offers five main trading platform tools: MT4, MT5, MetaTrader WebTrader, cTrader and cTrader Web.

How can I access customer service?

The broker offers a helpful 24/7 live chat service, as well as a telephone contact number and a range of email addresses.