Generic selectors
Exact matches only
Search in title
Search in content

IC Markets Review + Opinions (2022) | Safe And Fast?

Fees
Low
*High financing rate for CFDs
Promotion
Not active
At the moment no promotion available
Minimum deposit
$200

IC Markets review

IC Markets is an online broker that offers Forex trading services to its users. In this IC Markets review we will discuss the pros and cons, the reliability and other important information of the online broker. This way you can orient yourself properly on IC Markets as an online broker.

How are the IC Markets experiences?

IC Markets was founded in 2007 and offers its users a wide range of trading instruments. IC Markets is a well-known Forex CFD provider with low commissions, whose head office is located in Australia. Below we will discuss the advantages and disadvantages of the broker.

Advantages

There are several advantages to IC Markets. Here are the most important ones in a row:

  • The company gives traders access to the MetaTrader4, MetaTrader5 and even the cTrader platform;
  • You can already execute a trade at a minimum of 0.01 Lot. This can vary depending on the type of account you open;
  • IC Markets does not set any requotes, so slippage is also not possible;
  • Scalping and hedging are allowed;
  • The firm does not charge a fee for an inactive account;
  • No commissions are charged for cash withdrawals and deposits;
  • The trading platforms are available on the web, in a desktop version and a mobile app.

Disadvantages

There are also disadvantages at IC Markets. These disadvantages are important to consider:

  • The average spread for trading EUR/USD is 1.0 pips. This is relatively high compared to an average spread for EUR/USD of 0.70 pips;
  • the average spread for EUR/USD is 1.0 pips;
  • The IC Markets login process requires one-step verification, whereas two-step verification would be more secure;
  • It is not possible to get notifications or notifications of important price changes, for example, in the web version or in the mobile app. This is only possible in the desktop version of IC Markets;
  • The educational videos of IC Markets are a bit harder to find, as they are not on the site.

★★★★★
BAMagazine score

★★★★★
BAMagazine score

★★★★★
BAMagazine score
Learn moreLearn more (review)Learn more (review)
Fees
$0
Per trade
Fees
$0
Per trade
Fees
$0
Per trade
Minimum Deposit
$50
Minimum Deposit
$50
Minimum Deposit
$50
Promotion
$50 – $5.000
Check conditions
Promotion
1 free stock
Check conditions
Promotion
1 free stock
Check conditions

Is IC Markets scam: reliability and safety

There are several components that contribute to the reliability of ICMarkets. An important part of this is that all client funds are kept in separate bank accounts. This means that the company also cannot use these customer funds for such things as investments in the company. So it provides some security in the money you invest in your account at IC Markets.

In addition, IC Markets offers some protection for client funds in case of bankruptcy. In this case visitors from the EEA (European Economic Area) are protected up to €20,000. Other countries cannot make use of such a protection of customer funds. It is striking that this is also not possible in Australia even though IC Markets is originally an Australian broker.

One element that IC Markets could still improve is a two-step verification for the login process. Such a two-step verification is a more secure way of logging in and gives less chance of fraud than the current one-step verification.

What about IC Markets’ regulation and licensing?

The company is divided into three subsidiaries called IC Markets AU, IC Markets EU, and IC Markets Global.

IC Markets AU is regulated by the Australian Securities and Investment Commission, or ASIC (AFSL #335692). There are strict requirements in Australia for brokers, as the ASIC does not offer a compensation fund in the event of bankruptcy.

Outside of Australia, IC Markets is regulated by two other parties. These parties are as follows:

  • In Cyprus, the subsidiary IC Markets EU is regulated by the CySEC (Cyprus Securities and Exchange Commission).
  • IC Markets Global is based in the Seychelles. Here the company is regulated by the FSA (Financial Supervisory Authority).

Use of SSL encryption

IC Markets uses SSL encryption on its website and in transactions. This is positive because SSL encryption ensures better online security. Your personal data is protected from third party interference thanks to this SSL encryption. All data from and to the site is sent encrypted, so your safety on the Internet is guaranteed.

1
etoro logo
Minimal deposit
$50
Exclusive promotion
Our score
10
★★★★★

0% commission

2
degiro logo
Minimal deposit
$50
Exclusive promotion
Our score
10
★★★★★

0% commission

3
ig logo
Minimal deposit
$50
Exclusive promotion
Our score
10
★★★★★

0% commission

On this place we implement a warning

How do you create an account at IC Markets?

Creating an account at IC Markets is done entirely online. You will need the following documents to do so:

  • A utility bill (gas, electricity or water) from the past 3 months, clearly showing your address. This bill is needed to confirm your residential address.
  • A valid identity document such as a passport, ID card or driver’s license. Make a (color) copy of this document.
Next you will be asked some questions about online trading. These questions are designed to gain insight into your trading experience, in order to provide an optimal experience in the platform.

The application process at IC Markets is similar to that of other online brokers. The application takes an average of 10 minutes, after which your account will be registered and verified by the broker.

Please note that it may take several business days before your account is verified. You can explore the platform immediately, but your account must be approved before you can execute trades through IC Markets.

account ic markets

Account overview

Below you can read more about the different types of accounts you can open at IC Markets. It is also possible to have several sub-accounts that operate in a different currency. All types of accounts require a minimum deposit of $200, except for the demo account. Furthermore, there are also no fees for maintaining an inactive account.

Demo account

Like many competitors, IC Markets offers a demo account for new users. In this account you can get to know the platform and online trading without any immediate risks or your own capital. A minimum deposit is not required with a demo account.

Standard account

With a standard account, no commissions are charged per Lot. Spreads start from 1.0 pips for EUR/USD. This is relatively high as 0.7 pips is the average for EUR/USD. This account type is very suitable for discretionary traders.

Raw account

The raw account is the only account type of IC Markets that allows users to access the cTraders platform. A commission of $3 is charged per $100,000. With this account type, spreads start at 0.0 pips. This account is very suitable for Day Traders & Scalpers.

Raw-spread account

This account gives access to both MetaTrader platforms and charges commissions of $3.50 per lot per side. Spreads start from 0.0 pips. This type of account is very suitable for EA’s & Scalpers.

Islamic account

This type of account allows you to use IC Markets and trade according to the rules of Sharia.

accounts IC markets

IC Markets payment methods

A minimum deposit of $200 is required at IC Markets. There are no fees for depositing or transferring money into your account. In addition, you can deposit using a variety of payment methods, including:

  • Bank wire transfer
  • Paypal
  • Credit cards such as Visa and Mastercard
  • Skrill
  • Neteller
  • Rapid
  • YouPay
  • POLi
  • Bitcoin Wallet

Payment methods are processed immediately in most cases. Bank transfers can sometimes take a little longer (12 to 48 hours) and payments with the Bitcoin Wallet can also take a little longer to process (1 to 2 hours). Please take this into account at all times.

ic markets withdraw money

Withdrawing money at IC Markets

There are no fees for withdrawing money at IC Markets. You can make a withdrawal at the ‘Transfers’ menu at the IC Markets website. Here you can simply add your bank account information (if not already filled out) and enter the desired amount. Please note that it may take some time for this transaction to be processed. Always allow for a transaction time of 12 to 48 hours for an IC Markets withdrawal.

Available currencies

It is possible to open accounts at IC Markets in 10 different currencies. These currencies are: EUR, USD, GBP, AUD, SGD NZD, JPY, CHG, KHD and CAD.

Offerings at IC Markets

The offerings at IC Markets are diverse. Through the company, you can trade in the following types of investments:

  • 60 different currency pairs, including minor, major and exotic currency pairs;
  • Cryptocurrency;
  • 120 different indexed and Share CFDs (stocks from the United States, United Kingdom, Japan and Germany);
  • 19 different rounding CFDs including agricultural products, energy and metals;

In addition, IC Markets offers access to the MetaTrader4, MetaTrader5 and even the cTrader platform.

Education

IC Markets offers several components to educate IC Markets users. These include tutorials on how the platform works, general instructional videos on the online trading market, and various webinars and articles that go into these topics in greater depth.

The practice account that IC Markets offers can also be seen as part of education, as people can use this practice account to learn about the platform at a leisurely pace, without any immediate risks. However, the videos that belong to the educational resources are not easy to find. This is because they are not on IC Markets’ website, but on IC Markets’ Vimeo account.

There are also no direct links from IC Markets’ website to these videos. The blogs and articles, on the other hand, are easy to find and conveniently displayed on the website.

ic markets education

Trading ideas

A useful feature of IC Markets are the ‘trading ideas’. This is part of the research tools offered by the platforms, and gives ideas for online trading. These ideas are based on technical tools such as indicators and price levels.

News feed

‘Market Buzz’ is the news feed of IC Markets. Here, new analytical data and indicators are published for IC Markets users. The Market Buzz interface is attractive and accessible. This feature is a good addition for users as it allows them to stay up-to-date on the trading market.

Customer service

The company’s customer service is available in many different languages, including Dutch, German, English, Danish, Polish, Japanese and Chinese. You can reach the company through a live chat feature on the website or by sending an email to customer service.

It is also possible to reach the company by phone to ask your question personally to a knowledgeable employee. The customer service is available 24/7, which means that you can ask all your questions at any time.

IC markets customer service

Conclusion about IC Markets

IC Markets is a present player in the market of CFDs and Forex trading. The online broker is especially interesting because of its low commission costs for Forex and CFDs. In addition, there are no fees for depositing or withdrawing money. The IC Markets website has a section dedicated to educating its users. There is a lot of educational content available including videos, webinars, blogs and articles. This education makes the platform interesting for beginners.

The supply in Forex and CFDs is fairly large. Besides these two options, there are no other products available to trade.

  • EU residents using IC Markets are protected up to $20,000. Users outside of Europe are not similarly protected;
  • Scalping and hedging are possible;
  • IC Markets requires a minimum deposit of $200.

This is relatively low, as several competitors in the CFD and Forex market require a minimum deposit of $2000.

IC Markets is regulated by ASIC in Australia, CySEC in Cyprus and the FSA of the Seychelles. These regulations contribute to the reliability of IC Markets. The trading ideas can be of interest to traders and IC Market’s news feed can also add value. All in all, this IC Markets review is positive. IC Markets seems like a good online broker to get started with.

Compares IC Markets with its competition

In this IC Markets review you have read the most important information about the company. Are you curious about how IC Markets scores against other online brokers? Then use the comparator on this page. The comparator provides a clear overview of online brokers and the differences between them. This makes choosing a reliable and appropriate broker easier!


★★★★★
BAMagazine score

★★★★★
BAMagazine score

★★★★★
BAMagazine score
Learn moreLearn more (review)Learn more (review)
Fees
$0
Per trade
Fees
$0
Per trade
Fees
$0
Per trade
Minimum Deposit
$50
Minimum Deposit
$50
Minimum Deposit
$50
Promotion
$50 – $5.000
Check conditions
Promotion
1 free stock
Check conditions
Promotion
1 free stock
Check conditions

Frequently asked questions

IC Markets has two MetaTrader account types, a Standard account and our market leading, The Raw Spread account. IC Markets does not charge a commission on Standard accounts but instead applies a spread mark up of 0.6 pip above the Raw inter-bank prices received from our liquidity providers. IC Markets Raw Spread account shows the raw inter-bank spread received from the liquidity providers. On this account IC Markets commission of $7 per standard lot round turn.

Below are commission rates for different base currency accounts:

  • AUD: 7.00 round turn
  • USD: 7.00 round turn
  • EUR: 5.50 round turn
  • GBP: 5.00 round turn
  • SGD: 9.00 round turn
  • JPY: 700.00 round turn
  • CHF: 6.60 round turn
  • NZD: 9.00 round turn
  • HKD: 54.25 round turn

IC Markets is a privately owned company. IC Markets’ management team is comprised of individuals with over 20 years’ experience in derivative products. IC Markets’ founders were instrumental in the success of one of the largest CFD provider.

IC Markets offers flexible leverage options ranging from 1:1 to 1:500. You can change the leverage on your trading account via your Client Area.

Does IC Markets accept US Clients? No, IC Markets does not accept US clients. US CTFC regulation prevents US clients from trading with brokers outside the US.

IC Markets offers 6 cryptocurrency CFDs, available to trade against the US dollar, including Bitcoin and Bitcoin cash.

When funding your trading account, client money is held in Segregated Client Trust Accounts at AA rated Australian Banks. Electronic payments are processed using SSL (Secure Socket Layer) technology and are encrypted to ensure security.

IC Markets offers its customers several ways of depositing funds into their trading account. Common deposit methods include bank / wire transfer, Paypal, credit card, Skrill, Neteller, UnionPay, Bpay, FasaPay and Poli.

Share this information
Share on facebook
Facebook
Share on twitter
Twitter
Freddy Agard
Freddy Agard

Freddy Agard writes daily about financial products and specializes particularly in the equity markets. He is happy to tell you more and enjoys reducing complex material to manageable and understandable information. Questions? Leave a comment at the bottom of the page!

etoro logo

Our score
★★★★★

degiro logo

Our score
★★★★★

ig logo

Our score
★★★★★

Newsletter

Recent News

Table of Contents

etoro logo

Our score
★★★★★ 10/10

0% commission

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Related News

Leave a comment

Your email address will not be published.

en_USEnglish