IC MARKETS is one of the leading, award-winning brokerage companies in the world that deals with Forex, CFD trading, cryptocurrency, and futures. They provide their traders with access to multiple trading instruments and the most competitive leverage in the market.
In this article, we will be reviewing the different services provided by IC Markets. We will base our review on the following things; the regulatory bodies that have recognized and licensed IC Markets and deemed it secure and safe for trading, the types of trading platforms that are offered by them, funding methods for depositing money, the trading and inactivity fees, and commissions (if any), the added value of bonuses and promotions, the different types of accounts offered by them and their spreads, availability of different financial and educational tools, their customer service and many other things.
Through this review, we hope that our readers get a clear perspective of what trading with IC Markets would constitute and whether if you should open an account with IC Markets or consider another forex broker.
IC Markets – Overview:
- Safe – having been licensed and regulated by the world’s top-tier regulatory body like ASIC, IC Market has proved itself to be a safe broker.
- Good Customer Service – The customer service is easily reachable and is rather excellent in terms of the ability to convey information to their clients.
- User Friendly – Their platform is available on iOS and Android devices as well as for traditional computers as well. Their AI-based platforms have made trading hassle-free.
Company Profile – IC Markets:
IC Markets was founded in 2007 and they have had a massively successful run ever since. IC Markets is owned by a much larger group called The International Corporate Markets PTY. The company is based in Australia, with its headquarters located at Kent Street, Sydney, Australia.
IC Markets is a well-known online trading broker in Australia. Some would argue that they are perhaps considered to be the best brokerage in the entire country. With their command of trade, they have become a pioneering revolutionary in this industry by offering investment solutions that were once only offered by the exuberant investment banks and high net-worth individuals.. IC Markets have also added cryptocurrency coverage in addition to forex, and CFD trading products.
It has been stated that over 500,000 trades are executed daily with IC Markets, which really shows their reach and potential.
IC Markets- Regulations:
Forex regulations are essential to the authenticity of any broker. For this reason, the financial regulatory bodies have been classified into various groups depending upon their importance. In recent times, regulations by Europe and Australia are considered to be the most reliable forex regulations in the whole wide world.
To their benefit, IC Markets is regulated by the top-tier Australian Security and Investments Commission (ASIC).
Within the European Union, they are regulated by the Cyprus Securities and Exchange Commission (CySEC).
They are also regulated by the globally acclaimed by the Financial Service Authority (FSA) of Seychelles.
In addition to these regulations, IC Markets is a member of the Financial Ombudsman Service, whose purpose is to resolve any complaints that the clients of IC Markets might have in a reasonable and professional manner. They are also a member of the Australian Financial Complaints Authority (AFCA).
IC Market keeps the clients’ money at the National Australia Bank and the Westpac Banking Corporation.
They’ve also gone as far as to employ 2 independent auditors and have implemented policies in accordance with the Australian Anti-Money Laundering and Counter-Terrorism Financial Act of 2006.
The main benefit of these multiple regulations is that IC Markets is able to offer its clients much enhanced legal protection than its counterparts.
All in all, oversight from all of these prestigious world’s leading regulatory bodies suggests that IC Markets can be trusted by traders.
IC Markets – Trading Platforms:
They provide their traders, the infamous MetaTrader 4 platform to work with. MT4 is available for all kinds of devices, including iPads, iPhones, MacBook, Android devices, Tabs, and Windows devices as well. All of these offer multi-lingual and multi-currency trading options to its users. This platform is supported through 20 plugins. It is coded in MQ4.
They also offer the MT5 platform which is much faster and easier than the MT4 platform. However compared to the others, this platform least supports algorithmic trading.
The cTrader platform is also available for use. It allows for the addition of automated trading solutions generated by the C Language. It is available for mobile, desktop, and the web. They also give access to the Zulu trade in order to cater to the needs of social traders. Access to Myfxbook Autotrade is also given which allows traders to follow different strategies.
For continuous daily activity, IC Markets also provides the service of a VPS.
IC Markets offers its clients 3 different types of accounts with varying spreads.
- Standard Account
- True ECN Account
- cTrader Account
For the Muslim traders, Islamic accounts that are compliant with the Sharia Law of trading are also available.
The ECN account offers the least spreads, while the standard account offers relatively high spreads in comparison, but still low in comparison to other brokers. Average spreads are unusually low, of around 0.1 pips.
The entire process of opening an account with IC Markets is completely digital, fast, and hassle-free. Except for the US, Canada, and Israel IC Markets accept clients from all over the world.
The minimum deposit for any account type is $200.
They offer a demo account to traders to help them test the waters. With the demo account, users get to experience trading in a real, life-like environment but with absolutely zero risks.
Deposit And Withdrawals:
IC Markets offer 10 base currencies. They include EUR, GBP, USD, AUD, JPY, CHG, CAD, KHD, NZD, and SGD.
They charge absolutely no deposit fees. Deposits can be made using credit or debit cards, PayPal. Skrill, FasaPay, Neteller, POLI, Thai Internet Banking, Union Pay, Bpay, Rapid Pay, Klarna, and the Vietnamese Internet Banking or the usual bank transfers.
The withdrawal process is simple and most processing times are instant, with the exception of bank transfers which can take anywhere from 2 to 5 days.
Around AUD 20 is charged for international bank withdrawals, which is not ideal. However, domestic withdrawals are completely free of charge. The money can be put directly into the different E-wallets available, or into debit cards, or into the trader’s bank account. Bank wire deposits can take upwards of 2 days to 5 days to get processed.
Market And Trading Products:
IC Markets have a huge range of trading instruments and products. They offer over 80 instruments, including currency pairs (major, minor and exotic), stocks, commodities, CFDs on indices, commodities, and futures, precious metals, and crypto-currency.
Bonuses And Promotions:
The availability or non-availability of promotions and bonuses depend upon the trader’s geographical location and the policy set by the regional regulatory body.
IC Markets offers various educational services to its clients. Traders have access to many educational articles provided on the IC Markets blog. Research has been categorized into fundamental and technical analysis.
The educational center is also equipped with numerous informative video tutorials as well. These informative videos can only be watched on IC Market’s Vimeo Channel and not on any other platform or website.
Regular live webinars are also conducted by some of the expert traders and analysts of the field.
Their educational center and facilities should definitely be used by the beginner and intermediate level traders. These facilities are an excellent means that any trader can use to hone their skills.
They feature advanced charting and analysis tools and calculators for their traders. A variety of technical indicators are also made available for in-depth technical analysis.
You can contact IC Markets via phone, email, and live chat. The live chat response time is swift and excellent. The emails were promptly replied to, at max, it takes a day to get a reply. Customer service can be reached 24/7. Their Help Center was able to answer most of the common questions asked. Phone support proved to be the most convenient form of communication. Live chat was slow and non-informative.
IC Markets is regulated by several top-tier financial regulatory bodies worldwide. They are even a member of the Australian Financial Complaints Authority (AFCA). This makes trading with IC Markets a safe and low-risk option.
Their account opening process is easy and swift. They have low forex fees. There are multiple options for deposits and withdrawals. Except for international bank withdrawals, all other types of deposits and withdrawals are free of charge.
No type of inactivity fee is charged. They offer very low spreads.
Their MT4 platform and its availability are on all types of devices. Their customer service is top-notch. Their user reviews are mostly positive.
A highly informative educational section is available for the traders to benefit from over which in-house research, video tutorials, and lecture-based articles are published.