- Low forex fees
- Easy and fast account opening
- Free deposit and withdrawal
- Offers standard and raw spread accounts
- Limited product selection
- Slow live chat support
- No investor protection for non-EU clients
Reviewed broker: IC Markets
Regulation: FSA is the financial services regulator in Seychelles
Location: headquarters in Sydney as an Australian company
Other entities of the group include:
International Capital Markets Pty Ltd with registration number 123 289 109, is regulated by the Australian Securities and Investments Commission with License No. 335692.
IC Markets (EU) Ltd is a limited company registered in Cyprus and is regulated by the Cyprus Securities and Exchange Commission with License No. 362/18.
IC Markets Ltd, registered in The Bahamas with registration number 76823 C, is regulated by the Securities Commission of The Bahamas with License No. SIA-F214.
Trading Conditions and Features
Trading instruments: Currency pairs, CFDs and Crypto
Maximum leverage up to 500:1
Segregated accounts: yes. Segregated trust accounts with Westpac and National Australia Bank (NAB).
Key factors that help IC Markets achieve the lowest spreads worldwide is the brokers:
- Direct access to liquidity including 50+ banks and dark pool providers
- No dealing desk execution with no spread markups on trades
- Leading-edge Electronic Communication Network (ECN) technology setup
- High trading volume
Average Spreads on Standard Account:
- AUDUSD Australian Dollar vs United States Dollar 1.22
- EURUSD Euro vs United States Dollar 1.77
- GBPUSD British Pound vs United States Dollar 1.28
- USDCAD United States Dollar vs Canadian Dollar 1.22
- USDCHF United States Dollar vs Swiss Franc 1.23
- USDJPY United States Dollar vs Japanese Yen 1.14
- NZDUSD New Zealand Dollar vs United States Dollar 1.38
IC Markets offer the highest leverage level of up to 500:1 from its offshore FSA regulatory division in the Seychelles. This leverage varies across the broker’s 65 currency pairs and other CFDs (such as cryptocurrencies). The brokers offshore branch offers the following leverage:
- Forex, gold and commodities 500:1
- Indices, futures and bonds 200:1
- Shares 20:1
- Cryptocurrency 5:1
IC Markets offers a wide variety of order types, including limit and market orders. Stop loss and take profit features are also available.
With the help of ZuluTrade, IC Markets allows you to engage in social investing (i.e. copying the investments of other investors). A small investment script can be generated to guide you with your trading using IC Markets’ platform, which allows you to use algorithmic trading – be aware that this is not an easy task.
Guaranteed Stop-Loss Orders
A guaranteed stop loss order such as that offered by IC Markets is when you can pre-set the maximum amount your willing to lose on an individual trade. Regardless of market conditions, this predetermined entry or exit price selected is guaranteed with no chance of slippage.
This differs from icmarkets.com stop-loss order facility, which allows a trader to set the maximum loss. But in high volatility environments, losses may exceed this amount.
Negative Balance Protection
IC Markets provide an advanced margin call facility that detects when a trader is approaching a $0 balance and exits the trader automatically. The key issue is that in extreme market events (i.e. the floating of the Swiss Franc) this software may not have the ability to exit the market fast. This can lead to losses exceeding deposits, and the Australian forex broker may request for the outstanding debt to be paid.
IC Markets Account Types
Demo accounts can be created for MetaTrader and cTrader, which are flexible and easy to use.
IC Markets broker offers 3 different account types:
- No commissions on trades, rather larger spreads
- Use of the MetaTrader 4 forex trading platform
- Designed for beginner forex traders
Raw Spread Account
- Lowest ECN broker spreads + $3.50 per lot commission
- Use of MetaTrader 4 forex trading platform
- MLQ4 programming language
- Ideal if you are looking to create Expert Advisor or day trading strategies
cTrader Raw Account
- Low ECN broker spreads + $3.00 USD per lot commission
- Use of cTrader forex trading platform
- C# programming language
- Provides an institutional-grade trading environment
Islamic Account: available
IC Markets Trading Platforms
IC Markets offer the three most popular forex trading platforms worldwide. The MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader forex platforms offer the best desktop trading platforms and mobile trading app options. This includes all mobile devices, i.e. iPhone, iPad and Android applications, with both demos and live accounts available.
- Predominantly a forex trading platform (other CFDs are available although not stock CFDs).
- The world’s most popular trading platform for beginner and intermediate forex traders, as well as those executing scalping trading strategies.
- The interface is easy to use with prompt order management functionality and risk management tools.
- Expert Advisors can be used for algorithmic trading. You can download EAs from the MetaTrader Marketplace online or write your own using the MQL4 programming language.
- A multi-asset trading platform with share CFD trading permitted.
- CFD and forex trading can automated using EAs and the MQL5 programming language, with a built-in Market of trading robots for easy algorithmic trading and automation.
- Includes the Virtual Hosting service (Forex VPS) for ultra-fast execution speeds.
- Access to the MQL5 community, including free trading robots.
- A forex trading platform that provides an institutional-style trading environment.
- The interface that can be personalised with detachable charting options and iPhone and android apps.
- Direct access setup to liquidity pools designed for algorithmic forex trading using cBots.
- cTrader platform back-testing facilities based on past market data.
Payment Options at IC Markets
A minimum deposit of $200 is required. You can add funds to your IC Markets account via bank transfers, Visa, and MasterCard. Additional electronic payment methods include Neteller, PayPal, Skrill, Klarna, and Rapid Transfer. It may depend on the country in which you live (e.g. in the EU) and whether or not you have access to more or fewer options for depositing funds). No fees are charged for any of these methods.
IC Markets allows withdrawals using the same methods as deposits without incurring fees. However, if you withdraw funds via bank transfer, you may be charged a fee for transferring from their bank to yours. Withdrawals usually take 3-5 days to process, but they can take as long as ten days.
Customer Support and Educational Material
IC offers 24/7 customer support via email, Skype or by phone. Live chat customer service is also offered by the CFD provider.
IC offers various research tools and support when forex trading, including:
- A blog offering fundamental and technical analysis
- Content from 3rd parties including Trading Central
- An economic calendar
- Myfxbook news headlines
- ZuluTrade social copy trading
- FX Blue LLP Advanced Trading Tools
How was the rating of IC Markets performed compared to other brokers?
This 2023 Forex Broker Review has been conducted though thorough research and assessment of rating and ranking among almost 300 international forex brokers. The final grade is given based on IC Markets FX broker performance and features.
Overall our online IC Markets review was conducted with the details obtained from the demo trading and the forex brokers website. If you would like to add details to this online IC Markets or you find inaccurate details IC Markets broker review please get in touch with us and the changes will be applied.