IC Markets Full Review
IC Markets Full Review
IC Markets is a leading forex and CFD broker founded in Sydney in 2007. It has a number of offerings of investments like stock indices, crypto currencies, commodities, bonds, and equity markets.
Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules.
Learn more about CFDs for muslims.
IC Markets Full Review - Key Statistics
Safety
a. Is IC Markets regulated?The IC Markets broker is regulated by many financial authorities in different countries like:
b. Is IC Markets a scam?IC Markets safety is divided into 2 parts: the safety of the broker itself and the safety of the client.
IC Markets has a long track record since 2007 and has survived from a lot of financial disasters up-till-now. It also has more than 180,000 clients worldwide and trading volume of US$950 Billion in February 2021.
The client of IC Markets has a protection amount according to his address of residence as the following table shows. IC Markets Legal Entities Table
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Offering of Investments
IC Markets provide a number of instruments form investment like forex, CFDs, crypto, and ETFs trading. It also provides an option for social trading by copying other investors' orders. Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules. Learn more about CFDs for muslims. IC Markets Offering of Investments
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Account Opening
a. Countries availableIC Markets accept clients from all over the world, but due to some government restrictions prohibit IC Markets from opening accounts for residents in some countries including US and Canada. b. Account typesIC Markets offers 3 types of accounts: Raw spread (cTrader), Raw Spread, and the standard account. Each one of them has its own specifications and features as the following table shows: IC Markets - Account comparison
Notes:
c. Min depositThe minimum deposit for any IC Markets account is $200. d. How to open an accountYou can open an IC Markets account in minutes through these steps:
IC Markets - Account opening |
Fees and Commissions
a. CommissionsIC Markets’ commissions for forex and other trading fees are low when compared to other competitors. On the other hand, the CFD fees are relatively high. b. Trading Fees
IC Markets charges an average spread of 0.1 pips.
IC Markets charges a fee of $1.7 for $2,000 and a long position held for one week.
IC Markets does not charge any additional fees or commission for CFD indices trading.
IC Markets does not charge a fee when you transfer money between your trading accounts. Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules. Learn more about CFDs for muslims. d. Non-trading fees
(you can check the full withdrawal fees in withdrawal fees section)
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Deposit and Withdrawal
a. Account CurrenciesThe IC Markets account has 10 base currencies which are AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, and CHF. Notes:
b. Deposit1. OptionsIC Markets deposit methods
IC Markets supports depositing using different payment methods like:
2. FeesIC Markets does not charge any deposit fees except for the bank transfers according to the bank’s policy itself. 3. TimeDepositing in IC Markets is instant most of the time, and has a fast transfer time on all of the payment methods generally. IC Markets Deposit Options and Transfer Time c. Withdrawal1. OptionsIC Markets has several withdrawal options like credit/ debit cards, bank transfers, and electronic wallets. IC Markets withdrawal methods and fees
2. FeesIC Markets does not charge any withdrawal fees on all payment methods except for the international bank transfers that have quite high fees of 20 AUD. Note:
3. TimeThe withdrawal in IC Markets does not take much time and happens instantly. For bank transfers, the transfer happens within 2 business days. |
Platforms and Languages
IC Markets supports two popular platforms which are MT4 and MT5 as well as the customized platform cTrader. The MT4 and MT5 platforms have Web / Windows / Android / IOS / Mac versions. The IC Markets trader has Web / Windows / Android / IOS / Mac versions.
This is a customized platform for IC Markets broker that has a beautiful UI with easy navigation and Professional support 24/7. The main cons is that it does not have a two-step verification method for login. a. LanguagesIC Markets is an international broker with clients in a lot of countries and available in a variety of languages like English, Arabic, Spanish, Japanese, French, and more. b. User interface (UI)The UI of the cTrader platform is simple, attractive, and beautiful. With the main information about trading shown in the home page. cTrader - Mobile Version - UI c. Login and SecurityUnfortunately, there’s no option of two-step verification for logging in using the IC Markets Trader, and there’s no fingerprint authentication as well. On the other hand, you can login using your social network account. cTrader - Mobile Version - Login d. SearchingThe searching functionality in the IC Markets Trader is very fine and you can find the trading asset you want just by typing the name of it. There’s also an option to search by category if you want. cTrader - Mobile Version - Search e. Placing ordersThere are 4 main types of orders:
cTrader - Mobile Version - Place orders f. Notifications and alertsYou can set notifications and alerts on the mobile version of cTrader to notify you with market changes, price alerts, news, and trading signals.
a. LanguagesMetaTrader 4 is available in a number of languages like: MT4 Languages
b. User interface (UI)MT4 has a very customizable UI that you can adjust according to your needs and preferences. On the other hand, it seems hard to find some of the features inside. MT4 - Mobile Version - UI c. Login and SecurityUnfortunately, the MT4 does not provide a two-step verification method for logging in, and it does only support a one-step login. d. SearchingSearching using the MT4 platform has its pros and cons.
e. Placing ordersMT4 has a simple order types which are:
In addition to those 4 types, there are other orders which are the time limit ‘Good ‘til time’ (GTT) and ‘Good 'til canceled’ (GTC). There’s also an order confirmation feature in MT4. f. Notifications and alertsUnfortunately, the MT4 web trading platform does not have an option to set price alerts and notifications unlike the desktop and mobile versions. g. Portfolio and reportsUnder the ‘History’ tab, you can find your portfolio reports with a clear fee description. 3. MT5 Platform
a. LanguagesMT5 is available in 7 main languages: English, Russian, Spanish, Portuguese, Bulgarian, Chinese and Italian. b. User interface (UI)MT5 has a very customizable UI that you can adjust according to your needs and preferences with the dark theme option. On the other hand, it seems hard to find some of the features inside. MT5 - Mobile Version - UI h. Login and SecurityUnfortunately, the MT5 does not provide a two-step verification method for logging in, and it does only support a one-step login. i. SearchingSearching using the MT5 platform has its pros and cons.
MT5 - Mobile Version - Search j. Placing ordersMT5 has a simple order types which are:
There’s also an order confirmation feature in MT5. k. Notifications and alertsUnfortunately, the MT5 web trading platform does not have an option to set price alerts and notifications unlike the desktop and mobile versions. MT5 - Mobile Version - Notifications Settings
Under the ‘History’ tab, you can find your portfolio reports with a clear fee description. MT5 - Mobile Version - Portfolio IC Markets Platforms Comparison Table
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Research Tools
IC Markets does provide a variety of useful research tools that can be helpful in a lot of trading scenarios. a. SourcesThe research tools of the IC Markets come from 2 main sources:
b. Trading ideasBased on technical tools and indicators, IC Markets does provide ‘trading ideas’ tool that you can find in the ‘Trading Central’ or in the ‘Featured Ideas’. IC Markets - Trading Ideas c. Fundamental dataUnfortunately, IC Markets lacks the fundamental data in the research tools. d. ChartingIC Markets does provide charting options using a variety of indicators such as trendlines and Fibonacci retracement. On the other hand, it seems difficult to use some features as the design is outdated. IC Markets - Charting e. NewsfeedThere’s a newsfeed tab provided by IC Markets where you can find events, financial, and crypto news. You can find this tab under the name ‘Blotter’ in the cTrader. cTrader - Mobile Version - Blotter f. Other toolsThere are other useful tools that you can find helpful like:
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Customer Service
a. OptionsIC Markets supports different customer service channels like live chat, phone, and email. b. LanguagesThe languages available for customer service are many with the support of major 14 languages. c. Experience
IC Markets customer support |
Education
IC Markets provides a variety of educational materials on trading including videos, webinars, and educational articles. There’s also an option of opening a demo account to start trading with 0% risk. IC Markets Education
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FAQs
a. How long does it take to verify my account? It takes about 1 business day or less to verify your IC Markets account. b. Can I open more than one trading account? Yes, you can. IC Markets allows you to open multiple accounts through your client area. c. Does IC Markets allow bot trading? Yes, by using cAlgo which is an automated trading software that allows you to develop algorithmic trading systems. d. Does IC Markets give a bonus? Unfortunately, IC Markets does not offer any deposit bonuses. e. Does IC Markets allow scalping? Yes, IC Markets does allow both hedging and scalping trading strategies. f. Where is my money held? IC Markets hold your money in segregated client trusted accounts at Westpac Banking Corporation and National Australia Bank (NAB). i. What happens to my funds if the bank which holds my funds goes insolvent? IC Markets holds client’s money in segregated client trust accounts across multiple banks to reduce the credit risk and counterparty exposure. j. Is my credit card information safe with IC Markets? IC Markets takes the matter of your personal information -including your credit card information- seriously. It has in place policies and procedures to safeguard these information. k. How to enable the swap-free option in my account? For islamic traders, they can choose to open a swap-free account during the registration process. In case if you did not choose the islamic account option during the registration process, you can send an email to support@icmarkets.com. l. How do I login using the MT4 mobile platform?
l1. When trading forex, will you lose more than your initial deposit?
m. Can I login to more than one account from the same computer? Yes, you can do such a thing by using the MT4 Multi Terminal. n. Can I login to the same account through different devices? Yes, you can login to the MetaTrader 4 platform using the same password and username through different devices. o. Does IC Markets accept payments from third parties? No, as all deposits into your trading account must come from a bank account in your name. |
IC Markets Full Review - Reviews
IC Markets Full Review - Review Conclusion
- Overall & individual ranks
- Pros: negative balance protection, social trading, swap-free option, low commissions
- Cons: no CFD fees, and no two-step verification
- Best for: CFD and forex trading
- Regulated by: CySEC, FSA, and IFSC
- Headquarters: Sydney, Australia
- Foundation year: 2007
- Min Deposit : $200
- Deposit and withdrawal methods: credit/ debit cards, electronic wallets, and bank transfers
- Deposit fees: $0
- Withdrawal fees: $0 except for bank transfers from outside Australia
- Base currencies: AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, and CHF
- Offering of investments: forex, commodities, indices, crypto, stocks, and futures
- Platforms: cTrader, MT4, and MT5
- Number of users: 180,000