IC Markets Review 2021 – Be Your Best Trader

By | May 16, 2021

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 Review

 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).

Account Opening

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. 

Account Types

Types of account with their fees

IC Markets Accounts
True ECN with cTraderTrue ECN with MetaTraderStandard
Commission per lot$6$7No Commission 
SpreadLow spreadsHigh spreads
Trading platformcTraderMetaTrader 4 and MetaTrader 5MetaTrader 4 and MetaTrader 5
Available accounts by ownershipIndividual, joint, corporateIndividual, joint, corporateCorporate, joint, individual
Islamic accountYes YYes 

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:

  1. Register your email and password; confirm your email; then proceed to the Secure Client Area.
  2. Fill in your personal information and set the base currency of your account.
  3. Complete a trading expertise survey.
  4. 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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Fees

IC Markets has no non trading fees, it doesn’t even charge inactivity or account fee. 

IC Market fee snapshot 

AssetsFee
EURUSDMetaTrader 4 Raw account pricing: $3.5 per lot plus spread cost. 0.1 pips are the average spread cost during peak trading hours.
GBPUSDMetaTrader 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 CFDThe fees are built into the spread, 0.6 points are the average spread cost during peak trading hours.
Inactivity feeNo inactivity fee

Forex Fees

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

CFD fees

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 Deposit and Withdawal

Trading Platform 

IC Markets Trading Platform

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
  • cTrader

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

Products Offered

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 Commodities

IC Markets Product Selection 

Currency pairs (#)61
Stock index CFDs (#)25
Stock CFDs (#)110
Commodity CFDs (#)20
Cryptos (#)10
ETF CFDs (#)30
Bond CFDs (#)9
IC Markets Bonds

Customer Support

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. 

Pros/Cons

ProsCons
Low forex feesLimited product selection
Free deposit and withdrawalNo investor protection for non-EU clients
Low non-trading feesHigh financing rate for CFDs
Several account base currenciesAUD 20 fee for international bank withdrawal
Quality news flowDoes 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).

IC Markets Forex Account

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 ClientsProtection AmountRegulatorLegal Entity
EEA, excluding Belgium, Switzerland, Latvia€20,000Cyprus Securities and Exchange Commission (CySEC)IC Markets (EU) Ltd
AustraliaNo protectionAustralian Securities and Investments Commission (ASIC)International Capital Markets Pty Ltd
All other countries, except AustraliaNo protectionSeychelles Financial Supervisory Authority (FSA)IC Markets (SC) Ltd

Bottom Line 

IC Markets Customer Service

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. 


IC Markets review

9.2

Fees

9.1/10

Account Types

9.0/10

Products Offered

9.3/10

Customer Service

9.4/10
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