IC Markets Broker Review 2023
IC Markets is a good choice for low-cost forex/CFD trading without being too particular about the trading platform. The Australian broker offers an array of features that make it an excellent choice for traders. It has a wide range of trading instruments with competitive spreads and a reasonable commission.
Creating an account at IC Markets is a simple process; you will have access to various deposit and withdrawal options without any fees. Please note that IC Markets may not be the ideal choice for long term investors as it does not offer the ability to trade stocks, ETFs, or funds.
Key Points of IC Markets
| Regulations | Cyprus, Australia, Seychelles |
| Min Deposit | $200 |
| Inactivity fee | No |
| Withdrawal fee | $0 |
| Trading fee | Low |
| Time to open an account | 1 day |
| Number of available base currencies | 10 |
| Demo accounts | Available |
| Max leverage | 1:500 |
IC Markets Pros and Cons
| Pros | Cons |
|---|---|
| Extremely low commissions | Live chat support is slow |
| Quick and Simple Account Creation | The lack of investor protection for Non-EU Clients |
| Standard and Raw Spread Accounts |
Fees
| IC Markets | Pepperstone | IG | |
|---|---|---|---|
| ECN commission | $3.50 commission per lot per trade | $3.50 commission per lot per trade | $3.00 commission per lot per trade |
| EURUSD Spread | 0.0 | 0.8 | 1.04 |
| GBPUSD Spread | 0.0 | 0.4 | 1.83 |
| AUDUSD Spread | 0.0 | 0.2 | 1.07 |
| S&P 500 CFD Spread | 0.3 | 0.4 | 0.5 |
| Apple CFDs | $1.8 | $3 | $0.02 cents/share |
Non-trading fees
Account opening
Opening an account with IC Markets is a simple and straightforward process. The entire process is digital, making it easy and convenient for users.
Customers all around the globe can open an account with IC Markets. However, United States, Canadian, and Israeli residents are not accepted.
Account types
IC Markets offers true ECN trading with cTrader, with low spreads and a commission of $6 per lot (round turn). They offer individual, joint, and corporate, and Islamic account.
This True ECN account offers low spreads, no commission, and is compatible with MetaTrader 4 and MetaTrader 5 platforms. It is available for individual, joint, and corporate ownership, and also offers an Islamic account.
The Standard Account from IC Markets has no commission and a bit high spreads. Similar to ECN and True ECN it is available for individual, joint, and corporate ownership and has an Islamic account option. It is accessible through the MetaTrader 4 and MetaTrader 5 trading platforms.
Opening an Account
IC Markets offers an easy and fast account opening process that takes around 10-15 minutes. The five steps involve providing contact information, entering personal information, choosing an account type and base currency, completing a survey about trading experience, and verifying identity and residency. The account can be approved as early as one business day.
Base Currencies
IC Markets offers 10 base currencies for customers to choose from: EUR, USD, GBP, AUD, SGD, NZD, JPY, CHF, HKD, and CAD.
Deposit and withdrawal
Deposit fees
Adding funds to an IC Markets account is free of charge. There is a variety of deposit options, although not all of them are available for every account base currency. For instance, BPay is only able to accept payments in AUD.
You can fund your account through bank transfer, credit/debit card and e-wallets.
When making a payment, it is important to note that a bank transfer will take several business days, whereas credit/debit card payments are instant. Furthermore, only accounts that are in the individual’s name can be used to deposit money. IC Markets minimum deposit amount is only $200.
IC Markets withdrawal fees
Funds can be withdrawn from IC Markets without any additional costs when using a credit or debit card, a bank transfer, or an electronic wallet.
To withdraw money from your account, you must first log in. Then, go to the ‘Transfers’ section and select ‘Withdraw Funds.’ If you have not already added your bank account information, you must do so before submitting the amount you wish to withdraw. Finally, click ‘Submit’ to complete the process.
Money can only be withdrawn to accounts that are registered in your own name.
Web trading platform
IC Markets does not have a proprietary trading platform; instead, its most popular platform is MetaTrader 4, which is provided by a third-party. It also offers MT5 and cTrader for advanced traders.
With MT 4 platform, traders have access to a range of order types, including market, limit, and stop-loss orders. Additionally, they can also choose from a variety of order time limits, such as Good ’til canceled (GTC), and Good ’til time (GTT).
Mobile trading platform
IC Markets MetaTrader 4 mobile platform is available for both iOS and Android devices. We tested the platform on both and found that you need to access the ICMarkets-Live server to get started.
It’s possible to change the language, but it’s a bit more complicated on Android devices, as you have to alter the default language of the mobile device. The same order types and order time limits that are available on the web trading platform can be utilized on the mobile app.
Desktop trading platform
IC Markets provides MetaTrader 4 as a desktop trading platform. It is designed with the same user interface, is offered in the same languages, and provides the same order types with the additional option of a trailing stop. Furthermore, it is equipped with the same search functions and has portfolio and fee reports that match those of the web trading platform.
You can set up alerts and notifications on a desktop trading platform in the form of either mobile push notifications or emails. To do this, you’ll need to add your email address and MetaQuotes ID, which can be found in the settings of the MT4 app. To access the settings, go to ‘Tools’ and select ‘Options’.
IC markets desktop trading platform.
Markets and products
IC Markets offers an expansive selection of CFDs and cryptocurrencies compared to its competitors. Its forex products are similar to that of other companies.
It is important to note that the Financial Conduct Authority (FCA) prohibited the sale of crypto derivatives to UK customers in January 2021.
| IC Markets | Pepperstone | |
|---|---|---|
| Currency pairs | 61 | 62 |
| Stock CFDs | 2100 | 1400 |
| Stock Index CFDs | 25 | 25 |
| Commodity CFDs | 22 | 32 |
| ETF CFDs | 40 | 110 |
| Cryptos | 23 | 21 |
Copy Trading
IC Markets offers the ability to social trade via the ZuluTrade platform. This service allows users to find experienced traders who have achieved success as ranked by ZuluRank, a unique performance evaluation algorithm. Trades made by these traders can be replicated in an individual’s broker account.
Customer support
IC Markets offers multiple ways to contact their customer service, such as live chat, phone, and email. We experienced great phone support, being connected to a representative within a minute and receiving relevant answers. Email support also worked well, with all our questions answered within a day.
Live chat, however, could be improved, having an average wait time of more than 10 minutes and not always relevant responses. We noticed some improvement in the last few months, though. One thing that we commend is the 24/7 availability of customer support.
Support options at IC Markets.
Education
At IC Markets, you can learn about trading through various methods. For example, you can practice trading through a demo account, watch tutorial videos, view general educational videos, attend webinars, and read quality educational articles. All of these educational materials can be found in the ‘Education’ section and on the IC Markets blog. Both sources are well-structured and provide useful topics such as technical analysis and risk management. Additionally, the general educational videos are of high quality and can be found on IC Markets’ Vimeo channel.
IC Markets education section
Regulation and safety
IC Markets, established in 2007 and based in Australia, is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA) and the Australian Securities and Investments Commission (ASIC). This broker offers negative balance protection to retail customers; if the balance on their account drops into the negative, it will be covered.
The 20,000 Euros capital protection is currently only available under Cyprus Securities and Exchange Commission (CySEC). Residents of EEA, excluding Belgium, Switzerland, and Latvia can benefit from it.
Conclusion
IC Markets is an excellent choice for forex trading, with low fees and hassle-free account opening. Depositing and withdrawing money is free and the process is convenient. The educational material available on the website is of excellent quality. However, IC Markets only offers forex and CFD products for trading and their live chat customer support could use improvements. Moreover, clients from outside the EU are not protected by any investor protection scheme.
