IC MARKETS REVIEW: THE LOWDOWN ON THIS TOP FOREX BROKER

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Writer : Theresia Hoeger

IC MARKETS REVIEW: THE LOWDOWN ON THIS TOP FOREX BROKER


πŸ’‘ Forex Brokers πŸ’‘

FOREX BROKERS




- Forex Brokers - IC Markets is an Australian online broker founded in 2007 that specializes in forex and CFD trading. Headquartered in Sydney and regulated by the Australian Securities and Investments Commission (ASIC), IC Markets services clients globally across Asia Pacific, Europe and the Middle East.


TOP EAS FOR YOU




πŸ“– Known for its cutting-edge ECN trading platforms and remarkably low spreads, IC Markets has built a strong reputation in the industry for providing traders access to pricing and liquidity from top tier banks and dark pools. The broker offers clients a choice between the popular MetaTrader 4 and MetaTrader 5 platforms, as well as its own next-generation cTrader platform.

πŸ“– With its focus on technology and trading conditions, IC Markets established itself early on as a go-to destination for active traders, scalpers and expert advisors. The broker hosts an active trading community and provides a robust range of tools and features for both new and experienced market participants.

πŸ“– Over the years, IC Markets has won numerous awards recognizing its trading platforms, order execution speeds, spreads and overall client satisfaction. As of 2022, the broker services over 200,000 clients and processes on average $70 billion in monthly trade volume across its three trading platforms.

Trading Platforms (βž•)



πŸ“– IC Markets offers traders access to the most popular trading platforms in the industry. Clients can choose between MetaTrader4 (MT4), MetaTrader5 (MT5), and cTrader based on their preferences.

MT4 (βž•)



πŸ“– MT4 is one of the most widely used forex trading platforms. It provides traders with advanced charting capabilities, a range of technical indicators, extensive backtesting options, and automated trading through Expert Advisors (EAs).

πŸ“– IC Markets offers MT4 with fast execution speeds, Level II pricing, and support for Expert Advisors (EAs), allowing clients to develop and implement automated trading strategies. Traders can also access a range of useful tools directly through the platform such as one-click trading, trailing stops, and guaranteed stop loss orders.

MT5 (βž•)



πŸ“– As an upgrade to MT4, MT5 provides all the functionality of MT4 along with additional features such as support for trading stocks, improved Market Depth information, and a built-in Economic Calendar. The platform supports netting and hedging accounts, algorithmic trading, and copy trading.

πŸ“– IC Markets implements MT5 with partial order fill capabilities, advanced order types, and the ability to have multiple charts open. Traders can also benefit from the Market Depth of Market tool which shows volumes of buyer and seller orders.

cTrader (βž•)



πŸ“– cTrader is tailored towards expert traders looking for direct market access and powerful charting tools. The platform provides customizable Level II Pricing, one-click trading, detachable charts, and algo trading capabilities.

πŸ“– With IC Markets cTrader offering, traders get access to cAlgo, allowing them to create custom trading robots and indicators without any programming knowledge. cMirror for copy trading, and cSignals for trade alert signals are also available.

πŸ“– So in summary, IC Markets provides clients with a choice of MT4, MT5, and cTrader, catering to different trading styles and preferences. The broker implements the platforms with enhanced tools, features and add-ons for the best possible trading experience.

Account Types (βž•)



πŸ“– IC Markets offers a variety of account types to suit different trader needs and experience levels.

Standard Account (βž•)



πŸ“– The Standard account is IC Markets' basic account option. It has a minimum deposit of $200 and offers spreads from 1.0 pips on forex pairs. This account uses a hybrid of market maker and ECN execution models. The Standard account is a good fit for beginner traders.

True ECN Account (βž•)



πŸ“– The True ECN account provides direct access to tier 1 liquidity providers through the MT4 NexGen ECN bridge. Traders get institutional grade spreads from 0 pips on forex pairs with a $200 minimum deposit. The True ECN account is optimal for experienced traders focused on low spreads and commission pricing.

Demo Account (βž•)



πŸ“– IC Markets offers a free demo account with $100,000 in virtual funds. This allows traders to test strategies and get familiar with the broker's platforms before risking real money. The demo account uses live market pricing and execution for a realistic trading experience.

Islamic Account (βž•)



πŸ“– Islamic accounts conform to Sharia law requirements by having no swap fees on overnight positions. The minimum deposit is $500 and Islamic accounts are available in Raw Spread and Standard account types. This account type caters to Muslim traders.

Segregated Account (βž•)



πŸ“– Segregated accounts hold client funds in a separate account from the broker's operating funds for enhanced security. It costs $200 per month but provides peace of mind for larger traders.

πŸ“– The variety of account options allows traders to choose one aligned with their capital, trading style, experience level, and personal beliefs. IC Markets accounts cater to a wide range of needs.

Spreads and Commissions (βž•)



πŸ“– IC Markets offers competitive spreads, starting from 0 pips on certain accounts. Spreads can vary based on market conditions, the instrument being traded, and the account type.

πŸ“– For major currency pairs like EUR/USD, typical spreads start around 0.1 pips for Raw Spread accounts, while standard accounts have spreads from 0.4 pips. More exotic pairs tend to have wider spreads.

πŸ“– There are no commissions charged per trade on standard accounts. Raw Spread accounts involve a small commission per trade, starting at $3.50 per side. This helps compensate for the tighter spreads offered on these accounts. Overall trading costs end up being lower for active traders using Raw Spreads.

πŸ“– On the whole, IC Markets offers very competitive spreads and commissions compared to other forex brokers. Active traders who meet the minimum deposit and volume requirements can benefit from raw spreads starting from 0 pips on certain instruments. While standard accounts don't have commission fees, spreads are slightly higher.

Leverage Options (βž•)



πŸ“– IC Markets offers leverage up to 1:500 on forex pairs and indices, 1:200 on metals, and 1:100 on commodities and stocks.

πŸ“– This allows traders to control large positions with a small amount of margin. For example, with 1:500 leverage on a $10,000 account balance, you could open positions worth $5 million.

πŸ“– However, high leverage also magnifies risk. Losses can accumulate quickly with high leverage, so it should be used judiciously based on your risk tolerance.

πŸ“– IC Markets allows traders to select their desired leverage when opening each new position. You can choose a leverage level anywhere from 1:1 up to the maximum offered on that instrument. This flexibility allows you to use higher leverage for short-term trades while reducing leverage for longer holds.

πŸ“– The high leverage amounts offered by IC Markets are significantly above the industry average. Many brokers restrict leverage to 1:30 or 1:50 on forex and 1:5 or 1:10 on indices and commodities. The ultra-high leverage at IC Markets is a major advantage for traders looking to maximize their buying power.

πŸ“– However, traders should exercise caution when utilizing such high leverage ratios. The risks are substantial, so proper risk management, position sizing, and stop losses are essential. Less experienced traders may want to reduce leverage until they become more adept at managing the amplified risks and rewards.

Research and Education (βž•)



πŸ“– As a global forex broker, IC Markets provides trading education and research for traders of all experience levels. Their learning resources help clients develop their trading skills and knowledge.

πŸ“– The IC Markets Academy contains **instructional trading videos and webinars**. Topics covered include technical and fundamental analysis, developing a trading plan, risk management, and platform tutorials. Webinars are held weekly and focus on current market opportunities.

πŸ“– The broker offers **trading ebooks and PDF manuals** that cover both introductory and advanced forex trading strategies. These are available for download from their website. There are also extensive glossaries explaining key trading terms and concepts.

πŸ“– In their Trader`s Toolbox, IC Markets has collected numerous **trading tools and calculators**. These include pip calculators, pivot point calculators, correlation matrices, and more. They help traders conduct technical analysis and test trade ideas.

πŸ“– **Daily market analysis and trading ideas** are provided by the broker's team of in-house analysts. These help clients identify potential trading opportunities suited to current market conditions.

πŸ“– Overall, IC Markets provides clients with a thorough forex education. Their learning materials make it easier for traders to improve their skills and knowledge.

Customer Support (βž•)



πŸ“– IC Markets offers 24/5 multilingual customer support via phone, email, and live chat.

πŸ“– Customers can contact support and sales teams directly through localized toll-free phone numbers in China, Malaysia, Thailand, and Vietnam. Phone support is available 24 hours a day, 5 days a week.

πŸ“– For email support, IC Markets provides localized email addresses for most of its global offices, including China, Malaysia, Thailand, Vietnam, Europe, North America, and Australia. The company aims to respond to all emailed queries within 24 hours.

πŸ“– Live chat is available 24 hours a day, 5 days a week through the IC Markets website and trading platforms. Customers can instantly connect with a support representative and get assistance with general inquiries, technical issues, and trading questions.

πŸ“– IC Markets also provides an Online Help Centre with an extensive FAQ database. Customers can search for answers to common questions here or submit a support ticket if they cannot find a solution.

πŸ“– Overall, IC Markets offers robust multilingual customer support through various channels to serve its global client base. The availability of localized phone numbers and email addresses is a plus for non-English speaking customers.

Safety and Regulation (βž•)



πŸ“– IC Markets is regulated by top-tier financial authorities, which helps ensure the safety of client funds and provides certain investor protections.

πŸ“– - IC Markets is authorized and regulated by the Australian Securities and Investments Commission (ASIC). ASIC is Australia’s corporate, markets and financial services regulator that aims to promote fair and transparent financial services.

πŸ“– - They are also regulated by The Seychelles Financial Services Authority (FSA) to offer their services globally. The FSA licenses and monitors non-bank financial services in Seychelles.

πŸ“– - For European clients, IC Markets (EU) is regulated by the Cyprus Securities and Exchange Commission (CySEC). CySEC supervises the operation of investment firms based in Cyprus.

πŸ“– - The Financial Conduct Authority (FCA) in the UK also regulates IC Markets (UK) Ltd. The FCA is responsible for regulating financial services firms and protecting consumers in the UK

πŸ“– This multi-tiered regulatory oversight helps provide transparency and protections for IC Markets clients globally. The broker must comply with strict standards related to capital adequacy, segregation of client funds, reporting, and more. This can give clients greater confidence in the safety of their trading account and activities. However, it's still important for traders to do their own due diligence and research when choosing a broker.

Pros and Cons (βž•)



πŸ“– - Large selection of tradable assets across various markets, including forex, metals, energies, indices, shares, ETFs, and cryptocurrencies. This gives traders diverse investment opportunities.

πŸ“– - Multiple advanced trading platforms to choose from, like MetaTrader 4, MetaTrader 5, cTrader, and Iress. The platforms offer powerful charting tools, indicators, and automated trading options.

πŸ“– - Fast trade execution speeds and tight spreads, which is beneficial for scalping strategies and allows traders to get into positions quickly.

πŸ“– - Good leverage up to 1:500 available. This allows traders to take on larger positions with less capital. However, leverage also magnifies losses, so managing risk is crucial.

πŸ“– - Excellent educational resources and daily market analysis provided. This helps traders make informed decisions. There are also expert analysts available for consultation.

πŸ“– - Regulated by top-tier authorities like ASIC and FCA, offering security of client funds. IC Markets is a reputable and established broker.

**Cons:** (βž•)



πŸ“– - Does not accept clients from certain restricted jurisdictions like the USA, Canada, Iran, and North Korea. This limits the broker's availability to traders globally.

πŸ“– - Customer support could be improved. Phone support is only available during Australian trading hours. Response times via email can also be slow at times.

πŸ“– - The high leverage levels offered carry significant risks if trades go the wrong way. This may not be ideal for inexperienced traders.

πŸ“– - Deposits/withdrawals via PayPal are not supported currently. Other e-wallet options would improve payment flexibility.

πŸ“– - Complex order types like trailing stops are unavailable on certain platforms like cTrader. Lack of advanced order options may be limiting for some traders.

πŸ“– - Inactivity fees apply after a 12-month account dormancy period. This encourages frequent trading even during quiet markets.

Final Verdict (βž•)



πŸ“– Would I recommend IC Markets? The answer depends on the type of trader.

πŸ“– For active day traders and scalpers who make many trades per day, the tight spreads and fast execution speeds make IC Markets an excellent choice. The available leverage up to 1:500 also suits high-volume traders.

πŸ“– Long-term investors who hold positions for weeks or months will appreciate the expansive selection of trading platforms. IC Markets offers MT4, MT5, cTrader and Iress, so you can choose your favorite platform.

πŸ“– Beginner traders will benefit from the extensive educational materials and 24/5 customer support. IC Markets wants to help new traders succeed.

πŸ“– Overall, IC Markets is a great option for most traders. They offer competitive pricing, multiple trading platforms, and good research tools. The regulatory oversight provides security for your funds.

πŸ“– I would recommend IC Markets for active traders seeking low spreads and high leverage. Long-term investors will also appreciate the platform choice. Beginners can learn the ropes with the ample education. IC Markets has something for everyone.