December 5, 2020

IC Markets Review

IC stores forex broker

Regulators: ASIC

Cryptocurrencies: YES

Minimum Deposit: $200

Maximum Leverage: 1:500

Spreads: Low

My Score: 7.9

IC Markets is based in Australia and a few of Australia’s most significant forex brokers competing with Pepperstone. IC Markets has come to be one of those forex brokers understood across the globe as a result of spreads, competitive pricing along with high-quality customer services. Therefore I chose to write anIC Markets review that I presume will be helpful for investors.

IC Markets, such as Pepperstone, is just one of Australia’s biggest forex brokers. Even after all I started this review site, I have usually been demand todo ICMarkets reviews. The business possesses a high quantity of investors from various nations around the earth. As a result of similar capabilities, lots of traders are comparing IC stores compared to Pepperstone. Both offer quality assistance, nevertheless, the IC Markets internet site has roughly 4 times longer visits. Probably the range of investors is currently roughly 4 times more than Pepperstone. Inside this ICMarkets review, it is possible to get the differences between two brokers.

Regulation and Investor Protection

IC Markets was set in 2007 at Sydney-Australia and continues to be governed by ASIC after all 2009 together with all the permit amount is 335692. Australia’s ASIC law is just one of the very reliable regulators in the world.ASIC demands licensed brokers to adhere to several rules and also to satisfy certain requirements. Customers ‘ money is to be held in segregated trust accounts, separated from the companies’ operating capital. In terms of the minimum funding requirement, forex brokers needs to endure slightly 1 million to establish their good economic position and also to use lawfully.

IC Markets also has insurance compliance to the safety of shareholders as Professional Indemnity Insurance by Lloyds of London. The Business operates with Australian National Bank and Westpac Banking Corporation out of Australia’s top-tier banks. Your customer money is held at your customer assessed trust balances. ICMarkets broker can’t use those funds for almost any operational expenses or intentions.

IC Markets is currently a part of the Financial Ombudsman Service (FOS). FOS is a licensed Australian external dispute resolution system which independently and fairly resolves disputes between consumers and penis financial services providers.

I will say it’s a trusted broker for people who are stressed that’s IC Markets scam or maybe not.

IC Markets Spreads and Account Types

IC Markets provides 4 distinct account forms for investors. As stated by the buyer type, each account has advantages and pitfalls. It’s possible to decide on the most suitable accounts fully for the own trading program. The Kinds of reports located in IC Markets are the Following:

Account type/Platform Minimum residue Maximum leverage Spreads & Commissions Swap-free
(MT4) Standard $200 1:500 1.1 pips on EUR/USD Yes
(MT4) True ECN $200 1:500 0.1 pips on EUR/USD
$3.5 per regular bunch per facet
Yes
cTrader ECN $200 1:500 0.1 pips on EUR/USD
commission of $3.00 per regular bunch per facet
No

There isn’t any commission on the normal accounts type, however, there are varying spreads from 1.0 pips. Because you can observe from the table beneath, spreads to the typical accounts are around average 1.1 to your EURUSD parity. But, spreads in ECN Accounts have reached 0.1 degree. By comparison, ECN reports have commissions.I can declare that propagates are all competitive. If you want to know more about other licensed brokers offering competitive spreads.

Let’s discuss the IC Markets’ commission rates. If you open a Meta Trader 4 True ECN Account, the commission on this account is $ 3.5 per standard lot (100k units). This is just a commission when opening a single deal. The similarly commission will be charged when the deal is locked. So the round turn commission is $ 7 in True ECN Account. If you use a cTrader ECN account, the commission is $ 3. The round turn commission is $ 6.

IC Markets spreads

Spreads comparison according to accounts in IC Markets

The fourth type of account is the swap-free a.k.a IC Markets Islamic account. This account usually uses by Muslim investors who do not want to earn or pay interest because of religious beliefs. To open an Islamic forex account, you before all else need to open a standard account or an ECN account in IC Markets. You should then contact IC Markets to apply for an Islamic account. IC Markets Australia may ask you to document your religious beliefs. It also has the right to reject your application.

IC Markets offers 1: 500 leverage to investors. Maximum leverage is 1: 500. The minimum deposit is 200 dollars.

Trading Platforms

ICMarkets support variety trading platforms such as MetaTrader4 (MT4), MetaTrader5 (MT5) and cTrader. This is an improvement to offer three popular platforms compared to other brokers which offer just MT4.

MT4 is still one of the best forex trading platforms for traders. You can use the platform on your Mac, iPhone/iPad, Android smartphones and the WebTrader version. MT4 provides all the tools and resources a trader needs: many technical indicators, advanced charting package, a wide range of Expert Advisors (EAs). EAs are especially useful for experienced users. When EAs allow the platform of trades, the software does all the work without even having to touch it. There is also the Multi Account Manager (MAM/PAMM) option on MT4.

Besides, IC Markets offers the cTrader platform, which is custom-made for use in the ECN environment. The IC Markets cTrader suite includes a PC, web and mobile versions, as well as automated trading software cAlgo.

Trading Products

ICMarkets offers a wide range of stores such as forex currencies, commodities, indices, bonds, cryptocurrencies, shares and futures. In the forex store, traders can take improvement of the tightest IC Markets’ spreads, IC Markets’ leverage across 60 currency pairs. It also offers to trade in some of the most popular cryptocurrencies – Bitcoin, Ethereum, Litecoin, Dash and Bitcoin Cash.

If we look at the swap rates, IC Markets swap rates offer long and short for all of their currency pairs and metals.

Customer Service

IC Markets supports a wide range of languages. The company has support staff that speaks English, Mandarin, Cantonese, Japanese, Korean, Italian, Spanish, French, Polish, Russian and Hungarian. Besides these, it provides mail support for 57 different languages. When you simply write down your problem, it is answered in a similarly language.

IC Markets vs Pepperstone

I want to compare the two Australian forex broker in this review. Both have advantages for each other. Let’s see which one is better.

The before all else comparison is about Regulation. Pepperstone is regulated by ASIC and FCA. IC Markets is regulated by ASIC. So, Pepperstone is leading in this step. When we look at the account types IC Markets offers almost the similarly conditions with Pepperstone. In platforms and tools, Pepperstone is one step ahead. However, about the product portfolio, IC Markets is closing the gap.

In this Pepperstone vs IC Markets comparison, I could not decide which one is better but if you are looking at a more trustable broker Pepperstone is for you. It doesn’t mean IC Market is undependable but Pepperstone has just two reputable licenses. You are able to observe every detail from the Pepperstone review in regards to the broker.

IC Markets’ Withdrawal and Funding Methods

IC Markets accepts a large number of funding and withdrawal methods. I do not think anyone who says I’m having trouble depositing money. The methods of withdrawing and depositing IC Markets are as follows:

Methods Processing Times
(Deposit)
Currencies

Instant AUD, USD, JPY, EUR,
NZD, SGD, GBP, CAD
24 – 72 hours
Mon – Fri
AUD, USD, JPY, EUR, NZD,
SGD, GBP, CAD, HKD, CHF
Instant USD
12 – 48 hours
Mon – Fri
AUD
Instant RMB
Instant USD
Instant AUD, USD, JPY, EUR, NZD,
SGD, GBP, CAD, HKD, CHF
Instant AUD, USD, JPY,
SGD, GBP, EUR
Instant AUD, USD, JPY,
SGD, GBP, EUR, CAD
Instant USD, EUR, RUB
24 – 72 hours
Mon – Fri
AUD, USD, JPY, EUR, NZD,
SGD, GBP, CAD, HKD, CHF

You can also fund with 10 different currencies. These currencies are as follows:

  • AUD – Australian Dollar
  • USD – United States Dollar
  • EUR – Euro
  • CAD – Canadian Dollar
  • GBP – British Pound (Sterling)
  • SGD – Singapore Dollars
  • NZD – New Zealand Dollars
  • JPY – Japanese Yen
  • HKD – Hong Kong Dollar
  • CHF – Swiss Franc

According to the information stated on the IC Markets website, Any withdrawal requests submitted through the secure client portal by 01:00 GMT (12:00 AEST) will be processed on the similarly day.

Trading Instruments Overview

IC Markets offers a large number of trading instruments. You can trade in FX pairs, indices, cryptocurrencies and commodities. Let’s take a closer look at these.

Forex Pairs: You can trade in 60 different FX pairs. Major pairs are all included. The majority of minor parties and some of the exotic parties are also included. Maximum leverage is 1: 500 for trading at FX pairs and the minimum deposit is $ 200.

Indices: IC Markets offers 15 different indexes as CFD for trading. IC Markets offers 15 different indexes for trading. This includes preferred indexes such as US30, US100, DE30, ES35.

Futures: Futures at IC Markets include ICE dollar index futures, CBOE VIX index futures, Brent crude oil futures, WTI crude oil futures, etc.

Commodities: You can trade commodities as CFD. They include palladium, platinum, gold and silver, spot energy contracts, sugar, wheat, corn, soybean, and coffee, etc.

Bitcoin: You can choose to trade on Bitcoin. The leverage is 1:5 if you trade bitcoin.

Final Thoughts

To summarize all my writings, IC Markets is a licensed and trusted forex broker known all over the world. It has millions of visitors and investors from different countries. Besides these, the company offers a wide spectrum of trading instruments from commodities to bitcoin and indices. IC Markets’ customer care is quite nice and multilingual. One of those forex brokers I will suggest.

IC Markets

7.8

Trust

8.0/10

Commissions and charges

7.0/10

Customer Service

8.0/10

Platform & Tools

7.0/10

Product Portfolio

9.0/10

Pros

  • Strong regulation
  • Low ECN Spreads
  • Segregates customer funds
  • Supports replicate trading platforms

Cons

  • Maybe not available mended spreads