IC Markets Review
With so many Forex brokers on the market, finding your perfect match may be quite challenging. Many brokers seem to be thrilled with IC Markets – but is it the perfect choice for everyone? Who would benefit from it the most? Are there any drawbacks to using this broker? Read our IC Markets review and see what we learned about them.
Who Is IC Markets For?
IC Markets is a great choice for scalpers, high-volume traders, and EA traders that are looking for low-fee Forex apps. Due to its ease of use, it is the perfect alternative for traders who wish to save up on money.
It is also a great option for casual traders, as it does not charge any inactivity fees. You only go on the app when you have the time or the mood for it, without being constrained into it by any potential extra charges.
Things We Like
We liked the fact that despite the professionalism of the platform, the Forex fees are actually very low. This is great when you are only beginning to work with Forex and don’t want to gamble too much with the fees. It’s an affordable option overall, making it a great choice for those who are on a budget.
We also like how easy it is to open an account. A couple of clicks, some documents to prove who you are, and you are done. You will have to wait for the approval, but that should not take too long, and the process should be finalized within a day. The platform also provides some attractive trading options that execute flawlessly.
Things We Don’t Like
We didn’t particularly like the fact that it has a $200 minimum deposit. While manageable, it is still higher as compared to other brokers. The platform is also limited when it comes to product selection, as you may only go for CFD, Forex, and Crypto.
Live chat support is also quite slow, and we found that it might take some time until you get a response. Some clients got their replies immediately, but others received them within a few hours. This suggests that client support is not available for contact at all times.
Pros / Cons
- Low fees on Forex
- Account opening is fast and hassle free
- Deposit and withdrawals are free of charge
- Selection of sophisticated trading platforms
- No protection on negative balance
- Lack of research tools
- No investor protection
Safety and Regulation
Before deciding whether you should trust a broker or not, you must find out as much as you can about them. Here are a few important details about IC Markets.
Who Is IC Markets?
IC Markets is a Forex broker from Australia that was founded in 2007, functioning as a low-fee broker. It is led by a team of financial advisors who wish to make trading easier and available to international clients. The broker handles a variety of Forex instruments, providing raw spreads and standard accounts to those who are interested in day trading.
Is IC Markets Regulated?
Like many brokers of the kind, the company is regulated by many top-tier authorities. This includes ASIC, FSA, and CySEC. With these regulations and the fact that the platform has been functioning since 2007, the broker can easily be considered trustworthy.
Is IC Markets Safe?
IC Markets is seen as an average-risk app, which means that it’s not any riskier compared to other brokers. As long as you are smart with your investments, there should be no issues with you getting returns. Plus, clients from the EU have investor protection – meaning that if something were to happen to the platform of the company, you’ll be reimbursed your money.
Countries It Accepts Clients From
Like many other brokers, due to the nature of the regulations, IC Markets does not accept clients from the United States and Canada. With that in mind, countries with weak economic systems may also not be allowed to enter (i.e., North Korea, Syria, etc.). Aside from these exceptions, IC Markets can be accessed worldwide.
While IC Markets is appreciated as a trusted Forex broker, there are no high-grade awards to be mentioned. It is, however, widely accepted as a veteran within Forex brokers.
Range of Offerings and Products
IC Markets offers a variety of products and trading instruments that you can enjoy. You have more than 60 currency pairs, 19 commodities, and 120 CFDs and stocks. For a more detailed view, here is what you may trade with IC Markets:
- Exotic Forex pairs
- Major Forex pairs
- Minor Forex pairs
- Agricultural commodities
- US shares
- UK shares
- Japanese shares
- German Shares
The overall choice depends on what you are most comfortable with. Whether you want to go for Forex or CFDs depends on what you expect from your trading endeavors.
IC Markets works on MT4 and MT5 platforms, which are the most popular when it comes to trading Forex. You can choose which one you want to trade with, but both are equally easy to comprehend. You won’t have any difficulty browsing around.
That being said, you have three login options to choose from. You can use the desktop platform that has you downloading an app, a web platform that has you using only an Internet browser, and a mobile platform that allows you to install the app on your phone.
All of these platforms are convenient to use for their own purposes, but there is a drawback to all of them: you do not have a two-step login option. You can only log on by the password, for example, but you can’t use a facial ID or fingerprint to log in. The design is also quite poor for the desktop and web platforms, which makes the mobile platform your best choice.
Opening an account on IC Markets is very easy and intuitive, and the average time for receiving approval occurs within a day. You have three types of accounts that you may go for, depending on the trading platform that you use: Standard, Raw, or the cTrader account.
These accounts are divided into various categories, and you may choose between spread accounts, individual accounts, joint accounts, corporate accounts, and Islamic accounts. The online application only takes about 10 minutes – the rest of the time going to the approval process.
IC Markets offers all the standard deposit methods. You have the classic bank transfer, the debit and credit card, but also electronic wallets. You have multiple e-wallets to choose from, including but not limited to Neteller, Skrill, PayPal, and Bpay.
With a bank transfer, it may take a couple of business days until the money reaches your account. However, with electronic wallets and credit/debit cards, the transfer is instant. The only condition is that the money needs to come from an account that has your name on it.
IC Markets has a minimum deposit of $200, regardless of the transfer options that you use or the account type. However, the advantage is that there aren’t any withdrawal fees to be concerned about. You may use any of the deposit options mentioned above.
Withdrawals are typically free of charge, and you may use any of the options that are most convenient for you. The only option exception to this is the international bank transfer, which will cost you AUD 20 (approximately $15). Depending on the transfer method that you use, it may go through instantly or it may take a couple of business days.
IC Markets also offers its user a demo account for them to test out the platform. Using virtual funds, you may learn how to place a trade and see whether IC Markets is a good fit for you or not.
IC Markets Promotions
IC Markets does not have any promotions that we know of. There aren’t any deposit bonuses, welcome bonuses, or any other standard bonuses that newcomers may enjoy upon signing up. The occasional promo code may arise, but you will have to keep a close eye on your inbox, as these are rare.
Client Support and Education
IC Markets offers multiple ways in which you can contact the client support staff, going from live chat to phone support and email. The live chat is rather slow when you place a request, but the phone and email support are fairly reliable. The answers you get are also relevant and helpful. You may contact them 24/7, so even if the problem occurs during the weekend, you may receive assistance.
In terms of education, you can also benefit a lot from IC Markets. The demo account, for one, can offer some pretty convenient insight into how to place a trade. You also have several tutorials that you can watch, as well as a variety of educational videos. The only drawback here is that it may be difficult to find the videos that you need on the website.
Verdict – Overall Rating
IC Markets is a good Forex broker for those looking for something easy to use. The account opening process is user-friendly, and there aren’t any deposit or withdrawal fees to consider. Beginner and advanced traders might reap a lot of benefits from using this platform.
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.
The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.
What helps us stand out is that we always test our brokers with an anonymous live account, to ensure we deliver the most accurate information and experience to our readers. Finally, our reviews and evaluation are always independent of any financial compensation we may receive from the brokers.
There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
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