IC Markets Review
Free Low latency collocated VPS
|Headquarters||International Capital Markets Pty Ltd Level 6 309 Kent Street Sydney NSW 2000 AUSTRALIA|
|Support Number||+61 (0)2 8014 4280|
|Support Types||Phone, email, live chat|
|Languages||Arabic, Chinese, Czech, English, French, German, Greek, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Slavic, Slovenian, Slovakian, Spanish, Thai, Turkish, Vietnamese|
|Trading Platform||MetaTrader 4, MetaTrader 5, MT WebTrader, MT iPhone/iPad, MT Android, MT Mac, cTrader, cTrader Web, cTrader iPhone/iPad, cTrader Android, cTrader cAlgo|
|Minimum 1st Deposit||$200|
|Minimum Account Size||$1|
|Minimum Trade Amount||$1|
|Maximum Trade Amount||none|
|Bonus||Free Low latency collocated VPS|
|Payout||Within 2 working days|
|Leverage||1:1 up to 1:500|
|Spread||from 0.1 pips|
|Free Demo Account||Open Demo|
|Regulation||International Capital Markets Pty Ltd (ACN 123 289 109) (trading as IC Markets) holds an Australian financial services licence (AFSL No. 335692) to carry on a financial services business in Australia, limited to the financial services covered by its AFSL. The trading name, IC Markets, used by International Capital Markets Pty Ltd is also used by other entities.|
|Fee Info||$3 - $3.50 per 100k USD traded|
|Commission Info||$3 - $3.50 per 100k USD traded|
|Account Types||cTrader RAW ECN, Raw Spread Account, Standard Account|
|Deposit Methods||Credit and Debit Cards, Paypal, Neteller, Neteller VIP, Skrill, UnionPay, Wire Transfer, Bpay, FasaPay, Broker to Broker, Poli, Thai Internet Banking, Rapidpay, Klarna, Bitcoin Wallet, Vietnamese Internet Banking|
|Withdrawal Methods||Credit and Debit Cards, Paypal, Neteller, Neteller VIP, Skrill, UnionPay, Wire Transfer, Bpay, FasaPay, Broker to Broker, Poli, Thai Internet Banking, Rapidpay, Klarna, Bitcoin Wallet, Vietnamese Internet Banking|
|Trading Methods||hedging, scalping|
|Number of Assets||250+|
|Types of Assets||forex, CFDs and cryptocurrencies|
|Account Currency||EUR, USD, GBP, AUD, CHF, NZD, JPY, SGD, CAD and HKD.|
|US Traders Allowed|
IC Markets is an Australian forex broker that also offers CFD trading. The brokerage company is founded in 2007. IC Markets is seen as a reliable and truthworthy broker because it’s under supervision and regulation of a top-tier Australian regulator: The Australian Securities and Investments Commission (ASIC).
CFDs are complex trading instruments which carry a high amount of risk with them. This is mainly because of the offered leverage. Between 74 and 89 percent of retail traders lose money when trading CFDs. It’s smart to learn how CFDs work before you lose real money.
In this article you can learn more about how CFDs work:
IC Markets is recommended for forex traders that want to easily open an account and don’t want to pay deposit and withdrawal fees.
IC Markets Pros and Cons
With IC Markets you sadly do not have negative balance protection nor can you only trade a limited amount of forex pairs and crypto.
IC Markets Spreads, Fees and other commissions
|Asset||Fee Level||Fee Details|
|US Stocks Fees||Low||$0.02 per share|
|EUR/USD Fees||Low||cTrader ECN: $3,90 per open, $3,93 per closing, 0.1 pips spread fees|
|USD Tech Funds Fees||N/A||N/A|
|Inactivity Fees||Low||No Inactivity Fees|
With IC Markets you sadly do not have negative balance protection nor can you only trade a limited amount of forex pairs and crypto.
IC Markets is a very low-cost broker. You only pay $0,02 per American share, no inactivity fees and on cTrader ECN only $3,90 commission per open and $3,93 per close. IC Markets does only charge 0.1 pips spread fees.
To explain more about the fees charged by IC Markets, I’ll explain the following:
– Trading fees take place when you trade. These can come in the form of either commissions or spreads.
– Financing rates or overnight rates are being charged when you keep your leveraged positions open for longer than one trading day. A leveraged position means you borrow money from the broker to trade.
– Non-trading fees are costs like withdrawal fees or inactivity fees.
In this IC Markets review I will compare the fees at IC Markets with another popular Australian broker: Pepperstone.
IC Markets Trading Fees
The trading fees at IC Markets are low. Different account types have different fees and commissions. I have compared the fees of the True ECN cTrader account at IC Markets with the same account type at Pepperstone.
Because of it being very different comparing trading fees between forex brokers, I have done it this way: I calculate the total fees on two typical forex trading pairs EUR/USD and EUR/GBP.
In a typical scenario you buy $20,000 with 30:1 leverage and you sell this position within a week.
This benchmark contains the spreads, financing rates and overnight fees of IC Markets and Pepperstone.
In the table below you can see the result.
|EUR/USD Benchmark Fees||$15,70||$17,60|
|EUR/GBP Benchmark Fees||$12,00||$14,10|
Apart from just forex, you can also trade CFDs, including stock CFDs at IC Markets. IC Markets uses a volume based pricing system on stock CFDs: $0,02 per share. This is very low compared to other brokers.
The financing rates at IC Markets are average and are quite the same as those at other brokers. Keep in mind that if you want to trade on margin or keep your positions open for a long while, these financing rates do add up.
|EUR/USD Financing Rates||3.8%||4.2%|
|EUR/GBP Financing Rates||2.6%||3.0%|
IC Markets has no non-trading fees. At this broker there are no inactivity fees, account opening fees or withdrawal fees. This is a huge advantage compared to other Australian brokers, like Pepperstone.
Opening an Account at IC Markets
Opening an account at IC Markets is easily done. Just follow the process and your account will be activated within a day.
Can I open an account at IC Markets?
IC Markets accepts clients from around the globe. There are however, a few exceptions: USA, Canada, New Zealand and Japan.
Minimum deposit at IC Markets
The minimum first deposit amount at IC Markets is $200. This is quite low, as there are brokers where you have to deposit at least $500, $2000 or even $10,000 to open an account with them.
IC Markets Account Types
There are three different accounts available at IC Markets, with each having a different fee structure.
|True ECN with cTrader||True ECN with MetaTrader||Standard|
|Costs||Commissions and low Spreads||Commissions and low Spreads||No Commissions but higher Spreads|
|Trading Platform||cTrader||MetaTrader 4 and MetaTrader 5||MetaTrader 4 and MetaTrader 5|
|Available Accounts||Individual, Joint and Corporate||Individual, Joint and Corporate||Individual, Joint and Corporate|
|Islamic Accounts available||Yes||Yes||Yes|
Islamic accounts are also called swap-free accounts. On Islamic accounts a fixed commission is charged when you keep open your leveraged position(s), instead of percentage based financing rates.
In this article you can learn more about Swap-Free or Islamic Trading:
One of the best features of IC Markets is that you can have multiple sub-accounts within your account, within a different currency. This way you avoid unnecessary forex exchange fees.
How to open an account at IC Markets?
Signing up for an account at IC markets is very easy and all-digital. The online registration process takes about 10 to 15 minutes and your account is usually approved within a day.
The 5 steps to open an account at IC Markets are as following:
1. Fill in your contact details like name and email address.
2. Fill in personal details like your date of birth and street address.
3. Choose what account type you want and a base currency.
4. Fill in a short survey about your trading experience.
5. Verify your identity by uploading a copy of your passport, national ID card or drivers license.
IC Markets Deposits and Withdrawals
IC Markets is a reliable and low cost broker compared to other brokers. There are no deposit or withdrawal fees whatsoever and you can choose from a wide range of payment systems.
Account Base Currency
You can choose to set your IC markets account up in 10 different currencies: EUR, USD, GBP, AUD, CHF, NZD, JPY, SGD, CAD and HKD.
This is the same as competitor Pepperstone, where you can also fund and set your base currency in the same 10 currencies.
Why this matters? Because if you deposit the same currency as in your bank account, you avoid paying unnecessary exchange fees.
An easy way to save on exchange fees, is by opening a multi-currency bank account. Both Revolut and Transferwise offer multi currency bank accounts with physical card. Another possible option is getting yourself an EO.finance card and e-wallet. Opening one of these accounts just takes 5 minutes of your time and it takes about a week for the physical card to arrive at your door step.
So, we know now that depositing and withdrawing money to and from your IC Markets account is free. As stated before, there are a lot of methods you can use to deposit or withdraw money to or from IC Markets. Some options however, are not available for certain currencies. Like BPay only accepts Australian Dollars.
A normal wire transfer can take up to a few days. Credit card transactions are instant. Please note that you can only deposit from bank accounts and sources that are under the same name as the name used in the IC markets trader account.
IC Markets Trading Platforms
IC Markets only offers third party trading platforms. I have tested cTrader myself, what I consider a great trading platform. It’s nicely designed and user friendly. However, two-factor authentication is missing.
So, IC Markets has no own trading platform. It does however, have three different trading platforms: cTrader, MetaTrader 4 and MetaTrader 5. It can be quite difficult for beginner traders to choose the right platform. For this reason I always suggest beginner traders to start with cTrader, which is probably the easiest one to learn and master.
The cTrader web trading platform is available in 23 different languages. In the table below you can check if cTrader is available in your language.
IC Markets Trading Platform Layout
IC Market’s web trading platform is user friendly and looks sleek. You will find all functions and features easy by navigating the user friendly interface. You can customize different charts and panels.
Login and Security
The login process is easy but does not contain two factor authentication.
IC Markets research features work well and like you expect them to work. There is a drop-down menu available on the left hand side where you can search for a particular stock, forex pair or cryptocurrency. The search feature only gives relevant results, as you might expect.
Placing an order at IC Markets
At IC Markets you can place four different order types:
– Market order
– Limit Order
– Stop Loss Order
– Trailing Stop Loss Order
IC Markets Alerts and Notifications
You can set price alerts in the form of pop-up notifications on your smartphone, tablet and PC.
IC Markets Portfolio and Fee Reporting
IC Markets has clear portfolio and fee reporting built-in. You can see many different statistics about your trades, like your most profitable trade, and the amount of winning and losing trades. Also, you can see clearly how much you paid in fees for your trades.
IC Markets Mobile Trading Platform
cTrader’s mobile trading platform is designed in a sleek and user friendly way. However, you cannot enable any sort of two factor authentication.
Just like the web trading platform, I tried out the cTrader mobile trading platform. This platform is available on all iOS and Android devices. I have tried it on an Android device.
The mobile trading platform has the same ease-of-use and features as the web trading platform.
IC Markets Desktop Trading Platform
IC Markets offers third party trading platforms. As I have tested cTrader, this is almost the same as using the web trading platform.
You can use the desktop trading platforms from cTrader, MetaTrader 4 and MetaTrader 5. Just like with the web and mobile trading platforms, I have tried cTrader. In design and functionalities it’s practically the same as the web trading platform.
IC Markets Assets, Markets and Products
On IC Markets you can trade in forex, CFDs and cryptocurrencies. The broker lacks real stocks, bonds, options and futures.
Note that IC Markets is mainly a forex broker, but it also offers CFDs. You can learn more about what CFDs are in this article:
|Asset Class||IC markets||Pepperstone|
|Stock Index CFDs||16||14|
CFDs are complex financial instruments which carry a high amount of risk, due to workings of leverage. Between 74 and 89 percent of all retail traders lose money whilst trading CFDs. Please understand how CFDs work and know if you can afford to risk losing money before you start trading them.
Although IC Markets offers less forex pairs, compared to Pepperstone, the broker does offer a greater variety of products.
*Stock CFDs are only available on the MetaTrader 5 trading platform.
The maximum leverage is higher on all asset classes, except for EU based traders. This is because IC Markets is based and licensed in Australia and trading laws are different there.
|Stock Index CFDs||200:1||1:1|
|Soft Commodities (coffee, wheat, etc.)||100:1||1:1|
One of the best features at IC Markets is that you can set your own leverage on your trades. This is a feature which is quite unique among brokers and so far only a few other brokers offer this. One of the brokers that features this as well is XM.
IC Markets has great research tools available. You can find charts of high quality, news and recommendations within the interface and on their website but no fundamental data. IC Market’s research tools are easy to use but only available in English.
IC Markets offers so called trading recommendations which are based on technical analysis. You can find them under the sub heading ”Trading Central”. Here you can find stock pick advice, forex signals, bonds, commodities and indices advice. In one word: excellent!
Fundamental data is not present at IC Markets for the time being, the might add this feature in the near future.
IC Markets has great charting. The charts are responsive, so they fit any screen size and are easy to adjust. You can also apply more than 50 technical indicators on your charts and you have the option to save these.
It’s also possible to use pattern recognition tools under the ”Featured Ideas” sub menu. There you will also find Auto chartist, a third party service provider.
IC Markets offers informative and well-constructed economic news on their website. It would be even better if this was also available from within the trading platforms.
IC Markets – Other Tools you might like
If you prefer API trading, you can do so on IC Markets, using cAlgo, which uses the c# programming language.
IC Markets Customer Service
IC Markets has great phone and email support, but the live chat could be better.
You can contact IC Markets by the following methods:
– Live Chat
IC Market has excellent phone support. They reply within a minute and you don’t have to hold the line for an hour before you get assistance.
The email support works great. I have sent them an email regarding some introducing broker questions and got a reply within a day. The reply was helpful and relevant.
The live chat can be improved. Compared to other brokers, the live chat was quite slow and I had to wait about 10 minutes before I got assistance. The replies weren’t spot on and I had to ask multiple questions before I got to know how the finance rates work on IC Markets.
I do, however, have to say that it’s great that the IC Markets support department is available 24/7.
IC Markets Traders Education
IC Markets has a great traders education section on their website. It offers multiple educational tools from good quality. You can open a demo account, watch training videos and read informative trading tutorials.
On IC Markets you can learn to trade using the follow methods:
– Demo Account
– Trading videos
– Educational videos
– Educational articles and tutorials
The education section you can find on the IC Markets website, under the sub-heading: ”IC Markets Blog”. The articles and blog posts cover subjects like technical analysis and risk management.
The all round educational videos are of good quality. You can only watch them at the IC Markets Vimeo channel and not directly via their website or trading platform.
IC Markets Safety
IC Markets is licensed by a top-tier Australian financial regulator: the ASIC. On the other side, the broker doesn’t offer negative balance protection.
IC Markets is an Australian based broker since 2007. Is IC Markets reliable or a scam? To find out, I have researched two important factors: how are you, as a trader, protected if anything goes wrong with the company? and What is the background of this brokerage firm?
How well are you protected whilst trading on IC Markets?
IC Markets offers it’s services via an Australian company. This company is under regulation and supervision by the Australian Securities and Investments Commission (ASIC). This matter a lot, because the ASIC doesn’t require Australian brokers to compensate their traders in the unlikely case of bankruptcy. IC Markets also does not offer negative balance protection.
IC Markets Background Information
IC Markets is founded in 2007. The longer the track record of a broker, the more evident if becomes that they can withstand a financial crisis or two.
Because IC Markets is being licensed and regulated by a top-tier regulatory body and exists for such a long while, despite missing negative balance protection, we can confirm that IC Markets is a reliable broker.
IC Markets Review Conclusion
IC Markets is a good forex, CFD and crypto broker. The costs are low and opening an account is hassle-free and easily done. Depositing and withdrawing money is both free and happens instantly.
On the flip side, IC Markets only offers forex, CFD and crypto trading.
If you liked this in-depth review of IC Markets, feel free to share it with your friends on social media or open a demo or real money account by clicking on the visit broker button below.
- Free demo available
- Low minimum deposit required of just $200
- True Raw Spread ECN accounts available from 0.1 pips spread
- Institutional trading available
There is no review.