IC Markets Review

IC Markets is a big Forex Trading Company. It started in Sydney, Australia, in 2007. Financial professionals formed it. They wanted to connect retail and institutional clients by offering trading solutions. IC Markets is a broker regulated in multiple places. It offers trading on MetaTrader, TradingView, and cTrader platforms. You can trade over 2,250 instruments with them. IC Markets serves more than 200,000 clients around the world. Every day, they process over 500,000 trades. Their monthly trading volume is almost $1.4 trillion as of June 2024. Now, let’s review whether IC Markets is a reliable broker or not.

🏢 Headquarters	Australia
📅 Year founded	2007
🗺️ Regulation	FSA (Seychelles), ASIC (Australia), CySEC (Cyprus)
💻 Trading platform:	MT4, MT5, cTrader,
💰 Account currency:	EUR, USD, GBP, CAD, AUD, HKD, NZD, CHF, SGD, and JPY
📊 Accounts:	Demo, Standard МТ4, Standard МТ5, Raw Spread МТ4, Raw Spread МТ5, Raw Spread cTrader, and Islamic (Swap Free)
💵 Withdrawal:	Wire Transfer, Neteller, Skrill, Credit Card, PayPal, Visa, Mastercard, Union Pay, Bpay, Broker to Broker, Poli, Klarna, Local Transfer
🚀 Minimum deposit:	$200
⚖️ Leverage:	1:500 (FSA), 1:30 (ASIC), 1:30 (CySEC )
☪️ Islamic account (swap free)	Yes
🎮 Demo Account	Yes
💱 Spread:	Standard: 0.6 pips; Raw Spread, MT4/MT5: 0 pips; Raw Spread, cTrader: 0 pips
🔧 Instruments:	Cryptos and Forex CFDs on indices, commodities, stocks, bonds, and futures
📋 Orders execution:	Market execution
☎ Customer Support:	24*7
📚 Education	Yes (Extensive online education)

What is IC Markets?

IC Markets Global is a well-known Forex CFD provider. They offer trading for both experienced traders and beginners in forex. A team of financial professionals started IC Markets Global. They were key to the success of one of the largest regulated CFD providers. IC Markets Global gives its clients modern trading platforms, fast connections, and good liquidity. They’re changing how online forex trading works. Now, traders can access prices that were once only for big banks and rich people.

Their management team has lots of experience in Forex, CFD, and stock markets in Asia, Europe, and North America. This experience helps them choose the best technology and pricing providers.

Pros and Cons

Pros	Cons
IC Markets offers three licenses to choose from.	The educational materials on the website aren’t very informative or diverse.
They provide a wide range of assets for trading.	Rebates are available only outside Australia and the European Economic Area.
You can choose between Standard and ECN account types for trading on different platforms.	Compensation for investment isn’t equally protected for all clients, depending on the trader’s country of residence.
They have mobile apps for Android and iOS devices.
Scalping, hedging, and algorithmic trading are allowed.
Orders are executed quickly with minimal delay.
Their trading fees are competitive.
IC Markets offers various social trading and copy trading platforms.
They provide demo accounts on MT4, MT5, and cTrader.
Swap-free accounts are available for Muslim traders.

Regulation and Safety

IC Markets has three legal entities registered in Australia, the EU, and Seychelles. Also, since 2021, IC Markets has been a member of the Financial Commission. This commission solves problems between brokers and their clients, compensating clients up to €20,000. CySEC has its own compensation fund, ICF, which pays clients of bankrupt brokers. Having licenses from these regulators allows IC Markets to offer brokerage services to traders in over 100 countries.

Is IC Markets safe or a scam?

IC Markets is a safe broker. Licensed and regulated trading companies constantly oversee and audit it under an external reputable authority.

Commissions & Fees

When you trade, you might have to pay fees. These include spreads, fees for each lot you trade, and swaps. At IC Markets, the spreads can change. On the Standard account, spreads start from 0.6 pips, and on the ECN account, they start from 0 pips. This means the cost of trading can change depending on the time of day and the market.

Fees for each lot only apply to ECN accounts. On MT4/MT5, it’s $7 per lot, and on cTrader, it’s $6 per lot.

Swaps are fees you pay when you keep a position open overnight. But if you have an Islamic account, you won’t have to pay these fees.

Other fees, called non-trading fees, aren’t related to trading. At IC Markets, the only non-trading fee is for withdrawing money using international bank transfers. There aren’t any other non-trading fees charged by the broker.

Account Types

Ic Markets has two types of accounts: STP and ECN. STP accounts are Standard accounts for MT4, MT5, and TradingView. ECN accounts are raw spread accounts for MetaTrader and cTrader. All account types don’t have swaps, so they can be changed into Islamic accounts.

To start trading, you need to open a trading account.

STP Account (MT4 and MT5)

• This is a regular Forex account with standard trading terms, suitable for all types of traders.
• You pay spreads.

ECN Account (MT4, MT5, and cTrader)

• Raw Spread is a professional account suitable for scalping and algorithmic trading.
• It has high execution speeds and top-tier liquidity.
• Spreads are almost zero.
• You pay $6 for cTrader or $7 for MetaTrader per full lot.

Deposit and Withdrawal

IC Markets offers 10 different ways to deposit money into your account and withdraw it in 10 major currencies like AUD, GBP, JPY, and more. This is great because you can choose the one that’s best for you and avoid extra fees for converting money.

Minimum Deposit at IC Markets

The minimum deposit you can put into your IC Markets account is $200 for a Standard Account on MetaTrader4. There are two other account types available at IC Markets as well.

Withdrawal at IC Markets

You can withdraw money using popular methods like Bank Transfer, WebMoney, Cards, and e-wallets. IC Markets doesn’t charge extra fees for deposits and only applies a $0 fee for withdrawals. However, for International Bank Wire withdrawals, IC Markets passes on the transfer fees charged by the company’s bank. This is usually around AUD20, which is taken from your withdrawal amount.

Different payment methods take different amounts of time to process withdrawals. IC Markets’ accounting team usually confirms transactions quickly, within 1-2 business days.

Customer Support

You can chat live on the broker’s website anytime. You can call from Sunday 22:00 to Friday 22:00 (GMT) if you trade CFDs, and from Monday to Friday, 9:00 to 17:00 (AEDT) if you trade real stocks in Australia. If you need more information, contact technical support.

Education

The IC Markets team has lots of experience in forex trading. They know exactly what traders want and need. You can access educational materials for free. These include technical analysis reports, video tutorials, tools for information, webinars, and more. You also get research tools like analysis tools on the platforms, the IC Markets Market Analysis Blog, an Economic Calendar, and trading ideas through platforms. These tools are useful for both beginners and professional traders.

Conclusion

In conclusion, IC Markets is a reliable and legitimate broker. It offers advanced trading options. You can choose from many options for trading, like which instrument to trade, which platform to use, what type of account to open, whether to use auto trading or social trading, or even become a partner. IC Markets is strong in execution, platform optimization, and providing good support. Our findings and financial experts say IC Markets is good for beginners, professionals, traders who like MT4, MT5, or cTrader platforms, traders using EAs, algorithmic or API traders, currency trading, and various trading strategies.