IC Markets: A Comprehensive Review

IC Markets has established itself as a premier brokerage firm in the financial market, garnering a remarkable TU Overall Score of 9.64 out of 10. Its position as the third-ranked broker among 383 companies in the TU Ranking underscores its excellence, with the ranking being a product of meticulous scrutiny of over 100 criteria and a practical test on account opening procedures. Anton Kharitonov, an expert at Hercules Finance, endorses IC Markets, citing the overwhelmingly positive feedback from the broker’s clientele.

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Company Overview

Founded in 2007 in Sydney, Australia, IC Markets has evolved into a global entity, granting access to financial markets worldwide. The group’s companies are strategically located in various regions, ensuring legal operations and adherence to local laws. The group’s entities, including Raw Trading Ltd. (licensed by SFSA, Seychelles), International Capital Markets Pty Ltd. (licensed by ASIC, Australia), and IC Markets (EU) Ltd (licensed by CySEC, Cyprus), are proof of its commitment to regulatory compliance. Moreover, its membership in the Financial Commission, coupled with an insurance fund offering up to EUR 20,000 coverage per trader, speaks volumes about its reliability.

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Trading Conditions and Offerings

IC Markets shines in catering to a diverse clientele, including scalping enthusiasts, automated trading aficionados, and beginners. Its trading conditions are among the best:

• Accounts and Currency Options: Offers accounts in various currencies including USD, AUD, GBP, CHF, JPY, NZD, SGD, CAD, HKD, and EUR.
• Minimum Deposit: Accessible entry with a minimum deposit of $200.
• Leverage and Spreads: Offers leverage from 1:1 to 1:500 and competitive spreads starting from 0.6 pips for the Standard account and as low as 0.0 pips for cTrader and Raw Spread accounts.
• Trading Instruments: A vast array of over 2,100 instruments, including currency pairs, CFDs on futures, indices, commodities, metals, stocks, bonds, and cryptocurrencies.
• Margin Call / Stop Out Levels: Set at 100% and 50% respectively.
• Trading Platforms: Offers MT4, MT5, and cTrader, complemented by a mobile trading app, ensuring traders can engage the markets on their preferred platform.

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Advantages of Trading with IC Markets

IC Markets is lauded for its:

• Favorable trading conditions.
• Extensive selection of over 2,100 trading assets.
• Ultra-low spreads and high-speed order execution.
• Comprehensive collection of analytical and training materials.
• Mobile trading support and permission for trading advisors.
• Additional resources like spread monitoring, risk calculator, and more.
• Scalping and hedging capabilities, along with Islamic account options.
• High-quality customer service.
• Potential Drawbacks

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However, clients should be aware of:

• Absence of additional bonuses and contests.
• Occasional delays in payments.
• Lack of weekend trading.

For those prioritizing execution speed and high trading volume, IC Markets is a top choice, thanks to its Equinix NY4 server and fiber-optic network, ensuring rapid order execution. However, those preferring to trade actual assets over CFDs might need to consider other options.

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IC Markets’ Trading Platforms and Services

IC Social Platform

IC Markets introduces IC Social, a proprietary social trading platform allowing investors to automatically copy trades with zero delay. This platform offers features like automated copy trading, signal trading, access to a traders’ community, and manual risk management.

Partnership Program

The partnership program is another highlight, offering an array of support tools, technical assistance, and a unique transaction accounting system, potentially leading to additional income streams for clients.

Trading Hours and Platforms

IC Markets accommodates trading on popular markets around the clock. Clients can choose from a range of platforms (MT4, MT5, cTrader) and a plethora of instruments. The company prides itself on its swift order execution and low spreads, with leverages ranging up to 1:500 and minimum orders as low as 0.01 lots, making it accessible to traders of all skill levels.

Commissions & Fees

IC Markets boasts competitive commission rates, particularly for its ECN accounts (cTrader and Raw Spread), and most withdrawal methods are free of charge, except for international bank transactions.

Security and Investor Protection

With licenses from top-tier regulators (CySEC, ASIC, SFSA) and additional protection measures like insurance coverage and segregated accounts, IC Markets demonstrates a strong commitment to client security and regulatory compliance.

IC Markets stands out as a robust and reliable trading partner, offering comprehensive services, a wide range of instruments, and favorable trading conditions. While it excels in many areas, prospective clients should consider their specific trading needs and preferences, particularly regarding CFD trading and the absence of weekend trading, before making a decision. The broker’s dedication to technology, customer service, and regulatory adherence makes it a noteworthy option for traders globally.

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How to open an account with ICMarkets

Opening an account and beginning trading with IC Markets is a straightforward process that can be your gateway to the global financial markets.

Here’s a step-by-step guide based on the provided information:

1. Choose Your Account Type

IC Markets offers two primary types of accounts: the Standard account and the Raw Spread account.

• Raw Spread Account: Ideal for those who prefer the raw inter-bank spread. You’ll be charged a commission of $7 per standard lot round turn, but you’ll benefit from some of the lowest spreads.
• Standard Account: More suitable for traders who prefer not to pay a commission. Instead of a commission, the spread is marked up by 1.0 pip above the raw inter-bank rate.

More details about these accounts can be found on the trading accounts overview page of IC Markets.

2. Understand Fees and Commissions

IC Markets is transparent about its fee structure:

• Standard Account: No commission, but a spread mark-up of 1.0 pip above the raw inter-bank prices.
• Raw Spread Account: A commission of $7 per standard lot round turn. However, commission rates may vary depending on your base currency account.

It’s wise to review these details to understand the costs associated with trading.

3. Funding Your Account

You can start with as little as EUR €200 or the equivalent in other currencies. IC Markets supports various account currencies, providing flexibility in funding your account.

4. Review Trading Conditions

IC Markets offers competitive trading conditions with a wide range of products over 2,500 CFDs, including Forex, precious metals, stocks, futures, and other commodities. Leverage options range from 1:1 to 1:500.

It’s crucial to understand the terms and conditions of trading, as well as the margin call and stop out levels, to manage your risk effectively.

5. Account Opening Process

Opening a live trading account with IC Markets is simple:

1. Navigate to the “Open a Live Account” section on the IC Markets website.
2. Complete the online application form with the required details.

Once your application is approved, you will receive your trading account login details and password via email.

6. Deposit and Start Trading

With your account set up, you can deposit your funds using the supported methods such as bank cards, wire transfer, or e-wallets like PayPal, Neteller, Skrill, etc.

Once your funds are deposited, you can start trading using the platform that suits you best, be it MT4, MT5, or cTrader.

7. Utilize Tools and Resources

IC Markets provides a variety of tools and resources to enhance your trading experience.

From Auto trading through Myfxbook to a range of auxiliary tools and free services like ZuluTrade and AutoTrade, you have everything you need to support your trading strategy.

8. Monitor and Manage Your Trades

Keep an eye on your positions, manage your risk, and make informed decisions using the real-time data and analysis tools available through IC Markets.

Remember to stay updated with market news and use the available tools to monitor spreads, manage risks, and calculate your trading parameters.

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Additional Considerations:

• Be aware of the withdrawal options and any associated fees, such as the commission for international bank withdrawals.
• Understand the broker’s ECN/STP model to appreciate how your orders are executed and the transparency of pricing.
• Take advantage of the customer service and educational resources provided by IC Markets to improve your trading skills.

By following these steps and utilizing the resources provided by IC Markets, you can embark on your trading journey with a firm understanding of the tools and conditions at your disposal.

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FAQs about ICMarkets’ service

1. What types of trading accounts are available at IC Markets?

At IC Markets, traders can choose between two primary account types: the Standard account and the Raw Spread account, which is widely preferred.

• Raw Spread Account: Experience the unfiltered inter-bank spread from ICMarkets’ liquidity providers, with a competitive commission of $7 per standard lot round turn.
• Standard Account: Enjoy commission-free trading, with only a nominal 1.0 pip mark-up on the spread, based on the raw Inter-bank rates from ICMarkets’ liquidity providers.

For more detailed comparisons and specifics, please refer to ICMarkets’ comprehensive trading accounts overview page.

2. What are the fees and commissions associated with IC Markets trading?

IC Markets proudly presents two MetaTrader account frameworks: the commission-free Standard account and the market-favored Raw Spread account. The Standard account incorporates a slight 1.0 pip spread mark-up over the raw inter-bank prices. For the Raw Spread account, ICMarkets offers the true inter-bank spread from ICMarkets’ liquidity providers, with a clear commission structure of $7 per standard lot round turn.

Commission rates may vary by base currency, detailed as follows:

AUD 7.00 round turn
USD 7.00 round turn
EUR 5.50 round turn
GBP 5.00 round turn
SGD 9.00 round turn
JPY 700.00 round turn
CHF 6.60 round turn
NZD 9.00 round turn
HKD 54.25 round turn

3. What’s the minimum deposit required to open a trading account with IC Markets?

Starting your trading journey with IC Markets is accessible with a minimal initial deposit of just EUR €200 or its equivalent in other currencies.

4. What trading conditions can I expect at IC Markets?

The mission at IC Markets is to furnish traders with ultra-competitive spreads and the swiftest execution available, spanning over 2,500 CFD products including Forex, precious metals, stocks, futures, and commodities. ICMarkets’ robust technological infrastructure and strong partnerships with leading price providers underscore the commitment. Explore ICMarkets’ diverse product range on the trading pricing spreads page and ensure a thorough understanding of the Terms and Conditions.

5. Does IC Markets function as an ECN/STP broker or a Market Maker?

IC Markets positions itself as a foremost forex provider operating on an ECN pricing model, without engaging in a proprietary trading book. ICMarkets prioritizes offering competitive pricing by seamlessly passing on rates from their liquidity providers directly to you, eliminating any dealing desk interference. ICMarkets’ operational model is designed to deliver enhanced price certainty and swift execution speeds without the need to hedge every position, thus enriching your overall trading experience.

6. How can I initiate a live trading account with IC Markets?

Embarking on your trading journey with IC Markets is a breeze. Simply navigate to the ‘Open a Live Account’ section on ICMarkets’ website and fill out your application form. Upon approval by ICMarkets’ accounts team, your trading account details and password will be sent to you via email, getting you all set to dive into the world of trading.

How do I open a live trading account with IC Markets?

Starting a live trading account with IC Markets involves a few simple steps:

1. Register to create an IC Markets profile.
2. Verify your email through the link provided.
3. Complete your application, submit required documents, and await approval.

Once approved, log into your IC Markets Trader’s Portal, create a live MT4 account, fund it, and you’re ready to trade!

What documents are needed for account verification?

For identity verification, a government-issued ID with a clear photo, document number, full name, date of birth, and expiry date is required. For residential verification, a document such as a bank statement, utility bill, or any official document showing your name and address, issued by a recognized institution, is needed.

How long does account approval take?

Post submission of your application with the required documents, your account will typically be processed within 2 business days.

Is IC Markets a regulated entity?

Absolutely, IC Markets operates under the regulation of the Cyprus Securities and Exchange Commission (CYSEC) with CIF License no 362/18, ensuring a trustworthy and regulated trading environment.

Why should I trade with a regulated company?

Trading with a regulated firm like IC Markets ensures you’re engaging with a reliable provider, adhering to stringent rules and regulations designed to protect the interests of retail clients.

Who can apply under IC Markets (EU) Ltd?

Residents from a broad range of European countries, including Austria, Germany, France, Spain, and many more, are eligible to apply under IC Markets (EU) Ltd.

Are my personal details secure with IC Markets?

IC Markets places paramount importance on the confidentiality of your personal details. Rigorous measures are in place to ensure your information is securely encrypted and stored, accessible only to a very limited number of authorized personnel.