IC Markets Pros & Cons | Get Information at a Glance

Introduction

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.

In this article we’re addressing the main pros and cons of IC Markets in each broker aspect.

IC Markets

Pros

Cons

Safety

  • Regulated by CySEC, FSA, and ASIC
  • Negative balance protection
  • +14 years of experience
  • Not regulated by top-tier FCA

Offering of Investments

  • Forex, Stock CFDs, ETFs, Bond CFDs, and crypto trading
  • Commodity trading
  • Social trading option
  • None

Account Opening

  • Fully-digital
  • Fast
  • Islamic account options
  • Not available in the USA

Fees and Commissions

  • Low commissions
  • Low forex fees
  • Competitive non-trading fee
  • High CFD fees

Deposit & Withdrawal

  • 10 base currencies available
  • No deposit fees
  • Many deposit and withdrawal options
  • Withdrawal fees for bank transfers outside Australia

Platforms and Languages

  • Available on MT4 and MT5 trading platforms
  • Have a customized cTrader Platform
  • Windows / Mac / Web / Android / IOS
  • Social Trading option
  • Easy-to-use
  • Price alerts
  • No two-factor authentication
  • No TouchID / FaceID

Research Tools

  • Trading ideas
  • Quality news
  • Forex calculator
  • Economic calendar
  • MT4 specialized research tools
  • No fundamental data available

Customer Service

  • Phone support
  • Live chat
  • Email support
  • Poor live chat experience

Education

  • Demo account option
  • Videos and tutorials
  • Webinars
  • Educational articles
  • None

FAQs

  1. How long does it take to verify my account?
  • It takes about 1 business day or less to verify your IC Markets account.
  1. Can I open more than one trading account?
  • Yes, you can. IC Markets allows you to open multiple accounts through your client area.
  1. Does IC Markets allow bot trading?
  • Yes, by using cAlgo which is an automated trading software that allows you to develop algorithmic trading systems.
  1. Does IC Markets give a bonus?
  • Unfortunately, IC Markets does not offer any deposit bonuses.
  1. Does IC Markets allow scalping?
  • Yes, IC Markets does allow both hedging and scalping trading strategies.
  1. Where is my money held?
  • IC Markets hold your money in segregated client trusted accounts at Westpac Banking Corporation and National Australia Bank (NAB).
  1. 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.

 

  1. 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.
  1. 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.
  1. How do I login using the MT4 mobile platform?
  • Steps:

1. Go to ‘Settings’

2. Click on ‘Manage Accounts’ or ‘Settings’

3. Then click on the small plus sign or select ‘New Account’

4. Then select ‘Log in to an existing account’

5. Search for the broker name

6. Select the server your account was set up on

7. Enter your login credentials and password

8. Click on ‘Sign In’

  1. When will my demo account expire?
  • After 30 days.
  1. When trading forex, will you lose more than your initial deposit?
  • Both our MetaTrader 4 and cTrader platforms are set to automatically close your positions when your margin requirement reaches 100% (stop out level).
  • Please note that this process is automated and is not a guarantee that your account will not enter into a negative equity situation and you should keep a balance amount in your account above your required margin.
  1. 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.
  1. 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.
  1. 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.

If you want more information, please check out IC Markets Full Review.

 



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