Be your best trader with the IC Markets Trading Platform. In this article, we are going to discuss type of accounts, fees, deposits and more. Read full IC Markets Review now.
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What is IC Markets?
IC Markets is an Australian broker that deals in forex. It was established in 2007 and has several branches as well.
IC Markets is regulated by the top-tier financial authorities like Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA), and the Australian Securities and Investments Commission (ASIC).
IC Markets’ account opening process is user-friendly and fully digital. IC Markets accepts customers from all over the world. Notable exceptions include the US, Canada, and Israel.
What is the minimum deposit at IC Market?
IC Markets requires a minimum deposit of $200.
Types of account with their fees
|True ECN with cTrader||True ECN with MetaTrader||Standard|
|Commission per lot||$6||$7||No Commission|
|Spread||Low spreads||High spreads|
|Trading platform||cTrader||MetaTrader 4 and MetaTrader 5||MetaTrader 4 and MetaTrader 5|
|Available accounts by ownership||Individual, joint, corporate||Individual, joint, corporate||Corporate, joint, individual|
How to open your account?
The account opening process is easy and fully digital: an online application takes roughly 10-15 minutes. While if you opt for a paper account opening, it will roughly take 2-3 days for processing your account.
IC Market account opening takes four steps:
- Register your email and password; confirm your email; then proceed to the Secure Client Area.
- Fill in your personal information and set the base currency of your account.
- Complete a trading expertise survey.
- Upload a copy of your passport/ID and a utility bill or some other proof of address.
If a problem occurs, you can get help via email or live chat. You can send them their documents and they’ll upload them for you.
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IC Markets has no non trading fees, it doesn’t even charge inactivity or account fee.
IC Market fee snapshot
|EURUSD||MetaTrader 4 Raw account pricing: $3.5 per lot plus spread cost. 0.1 pips are the average spread cost during peak trading hours.|
|GBPUSD||MetaTrader 4 Raw account pricing: $3.5 per lot plus spread cost. 0.4 pips are the average spread cost during peak trading hours.|
|S&P 500 CFD||The fees are built into the spread, 0.6 points are the average spread cost during peak trading hours.|
|Inactivity fee||No inactivity fee|
IC Markets forex benchmark fees of a $20,000 held for one week
|EURUSD benchmark fee||$7.0|
|GBPUSD benchmark fee||$5.4|
|AUDUSD benchmark fee||$6.1|
|EURCHF benchmark fee||$5.1|
|EURGBP benchmark fee||$7.5|
IC Markets CFD fees for a $2,000 long position held for one week
|S&P 500 index CFD fee||$1.7|
|Europe 50 index CFD fee||$1.7|
Deposit and Withdrawal
It provides various means for deposit and withdrawal of money. IC Market offers you 10 types of base currencies: AUD, USD, SGD, HKD, JPY, NZD, EUR, CHF, CAD, and GBP.
IC Markets charges zero deposit fees. It provides bank transfers, credit/debit cards, and E-wallets as options for fund deposition.
IC Markets offers the same method for withdrawal as for deposition. It offers free of cost withdrawal from credit/debit cards. But charges withdrawal through some of the e-Wallets.
Bank transfer withdrawals are also free in the EU and Australia, but cost AU$20 for clients in other countries.
IC Markets does not own any kind of platform. It supports a third-party MetaTrader4 platform. MetaTrader platforms are highly customizable and are user-friendly. It offers three third-party trading platforms:
- MetaTrader 4
- MetaTrader 5
MetaTrader platforms are available in 41 different languages.
The mobile trading app and desktop platform are also provided by MetaTrader4 only. The mobile application is available for both IOS and Android.
The only difference between desktop and web platforms is that one lacks a price alert facility and the other offers the same.
IC Markets allows you to trade in Forex and CFDs. This means that you can only trade in commodities, stock indices, share CFDs, and cryptos. It lacks assets like real stock and ETFs.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
IC Markets Product Selection
|Currency pairs (#)||61|
|Stock index CFDs (#)||25|
|Stock CFDs (#)||110|
|Commodity CFDs (#)||20|
|ETF CFDs (#)||30|
|Bond CFDs (#)||9|
IC Markets provides good customer service. You can connect with them via; phone, email or live chat. In live chat you do not have to wait for the operator to come to address your issue, they are easy to connect.
The drawback here is that the customer support is not available on weekends. Which means no 24/7 support.
|Low forex fees||Limited product selection|
|Free deposit and withdrawal||No investor protection for non-EU clients|
|Low non-trading fees||High financing rate for CFDs|
|Several account base currencies||AUD 20 fee for international bank withdrawal|
|Quality news flow||Does not hold a banking license|
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Is IC Markets regulated?
Yes, it is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA), and the Australian Securities and Investments Commission (ASIC).
Is IC Markets Safe?
IC Markets secures funds for its clients under consumer protection scheme. Different protection amounts are allocated to different entities, as follows.
|Country of Clients||Protection Amount||Regulator||Legal Entity|
|EEA, excluding Belgium, Switzerland, Latvia||€20,000||Cyprus Securities and Exchange Commission (CySEC)||IC Markets (EU) Ltd|
|Australia||No protection||Australian Securities and Investments Commission (ASIC)||International Capital Markets Pty Ltd|
|All other countries, except Australia||No protection||Seychelles Financial Supervisory Authority (FSA)||IC Markets (SC) Ltd|
IC Markets is a great CFD and Forex broker. It is regulated by top financial institutions which makes it safe to invest with.
Account opening process is fast, with no minimum deposit requirement. Customer service is good but lacks 24/7 support. Research tools are average.
On the other hand, it has a limited product portfolio, but you can try as it has no inactivity fee and no minimum deposit for a standard account.