IC Markets Review – Reliable Broker or Scam?

One of the most important steps in trading is certainly choosing your broker. There are no pre-established criteria, as everyone has their own requirements. However, it is wiser to take into account the opinions of other users. Here are some reviews of IC Markets.

IC Market Reviews On Trustpilot

Several traders have already expressed themselves on the forex IC Market. Generally, most are thrilled because of the quality of customer service. Indeed, the customer service offered by the broker is among the best: fast, serious, friendly, efficient according to customers. In addition to the quality of the assistance provided to them, the platform is also appreciated for its tight spreads and moderate commissions. This shows that trading with a forex broker is veryvantageux.

Who is IC Markets?

IC Markets is the official broker of the international group Capital Markets Pty LTD founded in 2007. It is headquartered in Australia, in the great city of Sydney. The forex broker was formed by financial services professionals to bridge the gap between institutional traders and retail traders.

IC Markets In A Few Key Figures

IC Markets AMF?

•         IC Market broker is one of the Australian and non-European brokers. It is therefore not regulated by the AMF.
•         On the other hand, the broker is regulated by the Australian regulator ASIC.

IC Market France, does it exist?

Although an Australian company and headquartered in Australia, IC Markets today has a presence in the international market. It therefore operates through its subsidiaries in different countries, including France.

ECN Broker or Market Maker?

When choosing a broker, one of the most frequently asked questions is whether it is an ECN/STP broker or a Market Maker. IC Market is a considered forex provider broker offering the ECN pricing model. Indeed, it uses a pricing mechanism in order to be able to offer gross interbank prices, that is to say without the intervention of the trading desk. IC Markets ECN then offers better price certainty and ensures fast trading speed.

Nevertheless, all forex providers in Australia including IC Markets have a Market Maker license. They do not consider themselves a market maker however, as they only create their own price by operating a trading desk.

Broker's Regulations

The regulation of the broker is one of the most important parameters before a possible negotiation. IC Markets is regulated by several countries around the world:

• ASIC – Australia: Being an Australian broker, it is automatically regulated by the Australian Securities and Investment Commission or ASIC.
• FSA – Seychelles: IC Market regulation is also carried out by the Seychelles Financial Services Authority. This organization is responsible for non-bank financial services in Seychelles. It then helps ensure IC Markets' regulatory compliance so that the broker maintains the same high standards.
• CySEC – Cyprus: IC Markets also has a subsidiary in Cyprus. The latter works on the CySEC license. As a result, the broker officially and legally offers services for European traders.

IC Markets also obtained regulation from the AFSL Australian Financial Services License in 2009.

What Protections At IC Markets For Client Funds?

When you decide to invest money on the internet, the question of security is always to be taken seriously into account. In reality, this parameter must be considered in the foreground. Your trading platform must therefore consider it as one of its basic values. The core values ​​of IC Markets are: Integrity, Trust, Honesty, Fairness, Transparency.

Here is how the broker secures funds for these clients:

•         They are segregated from AA banks. You therefore do not risk losing your money if the broker ever goes bankrupt.

•         They are held in separate trust accounts with Westpac and NAB for ASIC regulation. For FSA regulation, IC Markets also holds separate funds with Barclays Bank Seychelles.

•         All funds are managed in accordance with the Client Money Management Rules. As you can see, they are held separately in the funds of the IC Markets broker. Furthermore, they cannot be used for operational purposes or expenses.

•         The various transactions are also secured by Secure Socket Layer security.

•         However, with IC Markets, it is not possible to obtain negative balance protection. To avoid this, you can use balanced risk management. Also avoid overloading your account with oversized posts.

Scams with IC Markets

Online trading is regulated by an official authority. Complying with market requirements, IC Markets has regulated itself at the ASIC level. This institution, independent of the state government body, allows the broker to establish a relationship of trust with its clients. Indeed, this parameter makes it possible to assume that the broker is not a scam. In addition, forex transactions are carried out by two major banks, which are the National Australia Bank (NAB) and the Westpac Banking Corporation (Westpac). What is more, independent external auditors also carry out certain checks at the broker level. Visit their site to start a negotiation.

IC Market: What are the Fees?

By performing actions on the broker, you will often have to pay some fees. It is important to know them in order to better manage your expenses on the platform. Here are some fees related to the broker IC Markets.

spreads

Depending on the traded currency and account type, the IC Market spread starts from 0,0 pips. The IC Market zero spread corresponds to foreign exchange transactions on a real ECN account. For an STP or standard account, IC Market spread is determined from 1,0 pip.

Here are tables summarizing the spreads at IC Markets according to market and account type:

• Forex Spreads (RAW Spread Account)

• Forex Spreads (Standard Account)

• Commodity Spreads

• Spreads on Indices

• Metal Spreads (RAW Spread Account)

• Metal Spreads (Standard Account)

• Bond Spreads

Commissions

Commission fees with IC Markets also vary by account type and currency. A real ECN account claims a commission of $3,5. A standard account, on the other hand, will come with $0 commission.

swaps

Like most brokers, IC Market also charges swaps. These are calculated in points and determined by the difference in the overnight interest rate between the two currencies in the pair if the position is long or short. Each currency pair has its own swap fees. They are measured on a standard lot size 1,0. IC Market swap generally fluctuates with the movement of the market. To find out the current rates, you can consult the official IC Market broker blog. MetaTrader4 (IC markets MT4) and MetaTrader5 trading terminals also communicate the latest swaps on their platform.

Management fees

One of thevantages of IC Markets is that it does not charge you any management fees. In fact, there are no inactivity fees with this broker.

Other expenses

Apart from management fees, IC Markets also does not apply any fees on deposits. Moreover, even IC Market withdrawal does not require any fees. What is more thanvantageux compared to competitors.

Islamic Account Fees

The Islamic account is, as its name suggests, intended for customers of the Islamic faith. In fact, because of their religion, they do not choose interest accounts. By the way, Islamic accounts are also called swap-free accounts. Because of this, if a leveraged position is held overnight, a flat fee is charged instead of percentage-based funding rates.

Real Account IC Markets

Opening an IC Markets real account is particularly simple. First, you must follow this link: Opening Account. Once on the platform, start by filling out the form with the required personal information: first name, last name, email, telephone number. Next, the broker will ask you to confirm your identity according to ASIC regulations through additional information. However, you will have to provide some documents:

•         An identity document: identity card numbering on both sides, passport or driving license.

•         Proof of address less than three months old: utility bills, a bank account or a bank statement may be sufficient to confirm the address you provided on the form.

Once your documents are verified, you can set up your investment account and make your first deposit.

The IC Markets Demo Account

For most traders, the first forex trading account is often a demo account. Indeed, this type of account allows above all to practice trading in complete safety. Fortunately, IC Market trading offers a Demo account for the most novice customers.

One of the particularities of the IC Markets demo account is that it is unlimited in time. Once opened, your account will be active all the time. Moreover, it is quite possible to open an unlimited number of IC Market demo accounts with the same details. Thus, you can practice new strategies and conquer new markets for free.

IC Markets: Which Types of Accounts Should I Choose?

Depending on the tastes and preferences of clients, IC Markets offers them a multitude of accounts. Thus, you will be able to explore the different trading instruments through the one you have chosen.

cTrader account

The cTrader account, as the name suggests, is for the cTrader trading platform. It operates in a true ECN environment with leverage of 1:500. With this type of account, liquidity is incredibly deep and orders are executed quickly. With commissions from $3 per $100 and spread starting at 000 pips, cTrader account lot sizing is flexible.

True ECN Account

A true ECN account is an account that allows you to take advantage of all the notable features of an ECN type account. It is used on the MetaTrader 4 platform with commissions from $3,5 per lot per side and a spread from 0,0 pips. Leverage is set from 1:500. With this type of account, you can enjoy trading from 64 currency pairs, 15 major stocks and IC Market indices. A true ECN account, on the other hand, accepts all major monetary units in transactions.

Standard Account

The standard account, as its name suggests, is suitable for all types of users, from the most experienced to the most novice. It is used on the MetaTrader 4 and MetaTrader 5 platforms. With a very fast order execution speed, the standard account does not charge any commission in trading. It is intended for high frequency trading and scalping.

Demo Account

The demo version of IC Markets accounts is intended for new clients and enthusiasts. It is possible to open an IC Market demo account on MT4 to train you in the basics of trading. In this case, you will still use virtual funds to simulate your operations on the platform.

Islamic Account

The Islamic account can be used on cTrader, MT4 and MT5 platforms. Being interest-free, Islamic account also denotes a type of exchange-free account.

The Financial Instruments Offered on IC Markets

In the context of trading, financial instruments represent securities or contracts on which transactions can be concluded. At IC Markets, you can take advantage of over 200 financial instruments including:

• 60: currency pairs
• 6: precious metals
• 17: stock market indices
• 4: Futures
• 119: CFDs per share (22 Australia, 97 United States)
• 6: debentures
• 11: goods

Leverage IC Markets in

Since 2018, there has been an extreme limitation of the leverage effect of Forex and CFD derivative financial products in Europe. Indeed, the leverage offered to clients could not exceed 1:30. This regulation aims to protect private investors.

However, IC Markets is not included in the European Economic Area. This means that the broker is not affected by this regulation. Thus, it is quite possible for traders to maintain a maximum leverage of 1:500.

IC Markets Trading Platforms

While other brokers offer two or three forex trading platforms, IC Markets has a number, each with unique features.

MetaTrader 4

MetaTrader 4 is arguably the most well-known downloadable platform in the trading world. Generally, it is used to make an investment.

MetaTrader 5

MetaTrader 5 is the evolution of MetaTrader 4. Among other new features, the platform can manage multiple charts at the same time. However, it could not dethrone MetaTrader as king.

cTrader

This downloadable platform is one of the best and most innovative. Traders can get the best prices on all financial assets here. With a very easy to use interface, cTrader also offers fast order execution.

cTraderWeb

The platform is derived from cTrader. However, it can be used on any browser and therefore does not require a Forex download.

WebTrader

WebTrader is well known for its user interface. Customizable, it does not need to be downloaded by the trader.

MAMM/PAMM MetaTrader 4

As the name suggests, this platform is based on MT4. It allows you to manage several MT4 accounts at the same time, which is what makes it special.

Slippage and Order Execution IC Markets

Slippage is a very common phenomenon in the financial markets. This is the difference in price that may occur between the time an order is placed and its execution. So whether you are trading contracts, stocks or commodities, you will likely experience this slippage.

Stop Loss orders execute as a market order. They cannot therefore guarantee order execution at the price at which you place the stop loss.

IC Markets Training

To help customers get started with trading, IC Markets has a training center on its site. So you can learn the basics of trading there. Additionally, a demo account is also available. It will be easier to simulate your trades with IC Markets free demo account.

On the YouTube video site, you are given tutorials for different tasks. An investor dictionary and client webinars are also available.

IC Markets Analysis Tools

To help investors make the most of their profits and protect them, IC Markets provides them with various analysis tools:

• cTrader Smart Stop Out
• trading calculator
• Market Sentiment
• Economic Calendar
• AutoChartist
• Innovative features on cTrader, MT4 or MT5: multi-period charting, trend charts, advanced profit-taking systems, stop losses, custom indicators, etc.

How to Become an Affiliate at IC Markets?

IC Markets offers an affiliate program for investors. By recommending new clients to the broker, you can then take advantage of shared commissions and even IC Markets bonuses.

This model is called “win/win/win”. On the one hand, customers gain in terms of profitability with better trading conditions. On the other hand, Affiliates and IC Markets earn through happier customers that produce more trading volume.

IC Markets Customer Service

According to several reviews on IC Markets, the broker's customer service is among the best. In reality, the broker is one of the best rated on this criterion. The speed of support and problem handling is exceptional thanks to their 24/24 support. In addition, more than 7 languages ​​are available on the site.

You can thus reach the customer support by chat, telephone, e-mail. In addition, a help center with the most frequently asked questions is also available to customers on the site.

How to contact IC Markets?

To get in touch with IC Markets, you can use the different channels made available to you:

• Chat: The broker's online chat support is available 24/24.
• Telephone: +61 (0)2 8014 4280 (general) or +61 (0)2 8072 2120 (fax) for international calls. The broker also has a special service for toll-free numbers: +1300 600 644.
• Email: you can also contact this email for customer relations [email protected].

Comparison IC Markets With Other Brokers

In order to give you an idea of ​​where IC Markets stands, we have made a comparison of the broker with other brokers.

IC Markets VS FXCM

IC Markets vs FXCM? Which broker is the best?

Comparing brokers is not always so easy. Several criteria must be applied.

• FXCM gains in seniority, because it was founded in 1999 against 2007 for IC Market.
• If FXCM is publicly traded, IC Markets is not.
• IC Markets is not authorized in the European Union, while FXCM is.

On the other hand, IC Markets gains a few points on other criteria.

• The minimum initial deposit with IC Markets is $200 versus $300 on FXCM.
• IC Markets is available with PayPal (deposit/withdrawal), but not FXCM.
• FXCM is not available on MT5 and cTrader platforms.
• Currency pairs: 39 (FXCM); 61 (IC Markets)
• Total CFD offered: 82 (FXCM); 230 (IC Markets)

IC Markets VS HotForex

Here is a simple IC Markets VS HotForex comparison to make it easy for you to choose the right broker for you.

• IC Markets has been around for 13 years while HotForex has only been around for 12. In terms of seniority, IC Markets earns points.
• Funding methods are much more varied with IC Markets: credit card, wire transfer, PayPal, Neteller, Skrill. HotForex does not offer any of these methods.
• IC Markets has applications Apple, Android and Windows, which is not the case for HotForex.
• HotForex does not support MT5, cTrader platforms.
• The minimum initial deposit at HotForex is $50 versus $200 at IC Markets.

IC Markets VS Oanda

A comparison of IC Markets VS Oanda will help you judge the effectiveness, ease of use, and reliability of both brokers.

• Year of foundation: 1996 (Oanda); 2007 (IC Markets).
• Both are not yet listed on the stock exchange.
• Currency pairs: 70 (Oanda); 61 (IC Markets).
• Total CFD offered: 55 (Oanda); 230 (IC Markets).
• The minimum initial deposit is $0,00 on Oanda versus $200 on IC Markets.
• Oanda is not available on the cTrader platform while IC Markets is.

IC Markets VS Pepperstone

IC Markets VS Pepperstone ? Which broker to choose?

• Year of foundation: 2010 (Pepperstone) ; 2007 (IC Markets).
• Both are not listed on the stock exchange.
• They offer the same currency pairs: 61.
• Total CFD offered: 127 (Pepperstone) ; 230 (IC Markets).
• For the minimum initial deposit, it will require $200 whether on Pepperstone or on IC Markets.
• Both brokers are all available for withdrawal or deposit with PayPal.
• The trading platforms offered by each broker are the same: MT4, MT5, cTrader

Benefits

• Customer service: fast, responsive and available 24/7.
• Regulation: IC Markets is regulated by numerous strict regulatory bodies including ASIC.
• Platform: the broker is available on a wide range of trading platforms (MT4, MT5, cTrader, MAMM/PAMM, WebTrader)
• Real ECN Account: It is a real ECN forex broker thanks to the connectivity with direct access to the interbank liquidity it has.
• Funding method: a wide range of deposit methods are offered to customers, which makes the broker more accessible (PayPal, credit card, China Union Pay, bank transfer, Bpay, Skrill, Neteller, Qiwi, Fasapay, Webmoney, Broker to Broker.
• Currencies: over 9 major currencies accepted.
• Education: To educate customers, news, market reviews, calendars, calculators and video tutorials are available.
• Orders are executed quickly.

Drawbacks

The disadvantages are less:

• The broker is not authorized by US traders, as it does not have NFA regulations.
• It has no negative balance protection.

IC Markets: Best Forex Broker?

Overall, IC Markets is one of the best Forex brokers. However, we believe that Vantage, FXPRIMUS or XM are better options for trading Forex.

⚖️ Is IC Markets Regulated?

IC Markets is authorized and regulated by the FSA or Financial Services Authority of Seychelles. You can trade with peace of mind knowing that IC Markets is regulated by one of the strictest financial authorities.

❓ What Type of Broker is IC Markets?

IC Markets is a well-known brokerage firm for offering ECN pricing models.

What is the Minimum Deposit on IC Markets?

The minimum deposit at IC Markets is $200.

Does IC Markets have The NASDAQ?

Indeed, IC Markets offers more than 100 stock CFDs on the ASX, NYSE and NASDAQ exchanges.

What is the Best Alternative to IC Markets?

Our trading community particularly appreciates the following brokers: Vantage (for its welcome bonus and leverage), Axi (for its advanced trading tools) and eToro (for its simplicity).

Have you used IC Markets before and want to share your experience? Leave us a comment !