IC Markets Review 2023
As a response to the intense competition of the forex world, some brokers choose to follow strict niches, while others try to become all-rounders. IC Markets from Australia is an example of a good all-rounder in the forex world. This broker’s philosophy is to be good at everything it can.
IC Markets has a good regulatory framework, excellent customer service, great educational resources, and an overall excellent profile. IC Markets is also highly rated by traders for its quality of service, so It’s a great option for most traders. They are regarded as the largest trading platform in the world by volume. But, our review will help you figure out whether it’s also right for you.
Regulation and Security
The more regulated a broker is, the safer it is for traders. Being higher regulated means that a broker is less likely to commit financial fraud.
IC Markets is a highly regulated broker that’s regulated by multiple financial authorities. IC Markets is officially regulated by the ASIC (Australian Securities and Investments Commission), the Cyprus Securities and Exchange Commission (CySEC), and Financial Services Authority of Seychelles (FSA).
Is IC Markets available worldwide?
Yes, IC Markets is internationally available in over 162 countries, including most countries in Europe, Asia, Africa, and Oceania. Some of IC Markets major markets include the United Kingdom, Australia, Thailand, and China.
It reportedly also has a massive user base of over 180,000 users, making them one of the world’s largest brokers. Before you sign up for IC Markets, you should go through their country list or ask their 24/7 live chat support if your location is accepted if you are ever unsure. Countries that are typically not accepted include: the US, Canada, Israel, New Zealand, Japan, Iran, North Korea and the Democratic Republic of Congo.
IC Markets is currently available on multiple platforms, including a mobile app, web platform, and the industry-popular MetaTrader 4 and MetaTrader 5.
IC Markets has its own mobile app that is based on the MetaTrader 4 mobile app. The IC Markets App is available on both iOS and Android devices, and it has a nice diversity of charting and analytical tools. It’s also designed as a very smartphone friendly application that has useful swipe, pinch, and zoom actions.
If you want, you can also trade with IC Markets on the MetaTrader 4 mobile app, which also provides excellent service. One advantage of the MT4 mobile app is that it provides mobile push notifications to keep you updated on your trades. More than 70% of day traders make their deals using mobile app, so if you’re looking for frequent trading, you may wish to evaluate the mobile app’s features and reviews.
IC Markets also has its own web trader app that has many useful features. It has 8 different timeframes, multiple charts, and analytical tools, including a Fibonacci retracement tool. The web app also has other features like a news tab that provides new articles and analysis.
The platform also provides you over 60 currency pairs for trading, as well as major indices, precious metals, and commodities. Impressively, the web platform also provides you with an equities selection from countries like Japan, the US, and Sweden.
MT4 (MetaTrader 4)
Thankfully, IC Markets is available on the industry-favorite MetaTrader 4 (MT4) platform. MT4 has an excellent interface and built-in tools and resources for trading. Some of MT4’s most important features are that it’s a fast and reliable platform that provides support Expert Advisors (EAs) and multiple charting and analytical tools.
MT5 (MetaTrader 5)
MetaTrader 5 (MT5) is the more advanced version of MT4. It has all the benefits of MT4, plus some additional analytical tools, especially technical analysis tools. MT5 also has 21 timeframes to provide you with a detailed analysis of price movements. You also receive another 80 technical indicators and analytical tools with graphic objects, too.
But, the most important feature of MT5 is algorithmic trading, which provides automatic trading with specialized tools and applications, support for Expert Advisors. Once set up, these automated tools can operate without trader participation. MT5 also allows you to conduct automatic trading by subscribing to a signal of a successful trader after which the platform replicates the successful traders’ activities on your account. You can also choose from hundreds of free and paid signals available on both live and demo accounts with additional options for choosing your desired risk and profitability.
Overall, MT5 is an excellent platform, and it’s highly appreciable that IC Markets is available on MT5.
cTrader is another leading multi-asset Forex and CFD platform that provides an excellent set of analytical tools. This platform is also highly regarded for providing a high quality of service with fast execution and a brilliant user interface. This platform is also built using the most sophisticated backend technology.
cTrader has many impressive features including cTrader Copy, which lets anyone become a Strategy Provider, cTrader Automate, an automatic trading algorithm, and cTrader Open API, which lets you build your own applications for the platform. cTraders is also a great platform overall for traders, so it’s very appreciable that this broker is available on cTraders.
IC Markets has three different account types which all offer competitive pricing. Both the cTrader Raw Spread and Raw Spread accounts offer spreads starting at 0.0 pips.
- cTrader Raw Spread Account
This account is only available on the cTrader platform. This account’s average EUR/USD spread is 0.2 pips. This account also has no minimum spreads, and it’s almost designed for scalping and high frequency trading. This account is designed more for experienced traders and scalpers.
- Raw Spread Account
This account has some of the industry’s lowest spreads with an average EUR/USD spread of 0.2 pips and $3.50 commissions per lot payable on each side. IC Markets also provides deep liquidity and fast execution for this account. Like the cTrader Raw Spread account, the Raw Spread account was also designed for scalpers and experienced traders.
- Standard Account
The standard account is a fast execution and inclusive spread, starting from 0.6 pips, a trading account that’s offered for both beginners and experienced traders.
Note: IC Markets offers Islamic accounts (also known as swap free accounts) for clients who cannot earn or pay interest due to their religious beliefs. The swap free option is available on both the Raw Spread and Standard account types on the MT4, MT5 and cTrader platforms.
IC Market account has a fast account sign-up process that’s thankfully entirely online. It takes no more than 10 to 15 minutes to open an account, and you can expect your account to be approved in as little as one business day.
Opening an IC Market just involves providing your contact, personal, and professional information to the broker. You’ll also provide your proof of identity and proof of residence for security reasons through your ID card or passport and your bank statement and utility bill, respectively.
So, it’s a good feature that IC Markets has a quick sign-up process, but it’s nothing specifically fast compared to other brokers. You can find the registration form on the official website here.
Deposit and withdrawals
IC Markets does not have any deposit charges. You can add funds to your account using different payment methods, some of which are only usable for specific currencies. The most commonly used payment methods are debit/credit card deposit which is instant and bank transfer which takes 2-5 business days. But you can only deposit using accounts that are listed under your name.
The average withdrawal from IC Markets takes around 2 business days, so the company is relatively fast in terms of withdrawal speeds. IC Markets is a generally good broker in terms of its deposit and withdrawal charges and processes.
Commissions and fees
IC Markets is a competitive broker with low to no trading fees. It doesn’t have any inactivity or withdrawal fees, which many other brokers charge. IC Markets has different charges for different accounts, with most accounts having low charges. The highest fees It charges are its financing rates for CFDs.
Overall, IC Markets is a very good broker in terms of trading costs and fees. This broker is a very desirable choice for traders who want to experience the lowest possible fees.
IC Markets provides flexible leverage that ranges from 1:1 to 1:500, which is a very high range. You’re also allowed to change your leverage through your client area in your trading account.
The specific leverage you receive also depends on your location and the regulations you fall under. Compared to other brokers, IC Markets provides a range of leverage options. So, this is a very good broker for traders who want higher leverage.
Analysis and Education
IC Markets has genuinely good educational services along with great analytical tools on its website. It provides new traders with a useful demo account along with trading videos and educational articles. IC Markets also have other educational resources including webinars and platform tutorial videos.
You can find these educational resources under the IC Markets website’s Education and blog. These resources are generally high-quality, and IC Markets has invested many resources into them. One of this broker’s stranger choices was only providing general educational videos on its Vimeo channel.
As for its research resources, IC Markets posts multiple daily articles on its blogs, which include technical and fundamental forecasts. Traders have noted that its research quality is generally good, not exceptional, so It’s not providing anything you can’t get from other brokers.
Overall, IC Markets has good educational and analytical resources that match what most other major brokers also provide. So, you definitely won’t feel like you’ve been cut short with IC Markets, but you also won’t feel like it offers any exceptional resources.
IC Markets has great customer service with 24/7 multilingual support. Customer service is available through live chat, phone, and email. Traders have overwhelmingly positively rated IC Markets’s customer service.
You can expect to connect with a phone representative in less than a minute and receive an email reply in a day. The live chat takes relatively longer at 1 to 5 minutes, but even that isn’t too problematic.
For these reasons, IC Markets generally has one of the best customer services in the forex industry. So, this is a great broker if you want the best customer service. You can connect with the IC Markets support team here.
Reputation amongst Traders
IC Markets has exceptionally high reviews among traders with a 4.9 out of 5 rating on TrustPilot from over 25,000 traders and 4.5 out of 5 of FXscouts. Traders cite the company’s fast withdrawal times and fast customer support as one of the biggest factors for this high rating.
Can beginners trade with IC Markets?
Yes, IC Markets is a beginner-friendly broker that beginners can work with. It has a user-friendly design, plentiful educational resources, and excellent customer service for new traders.
IC Markets is one of the forex world’s better brokers. It’s well-regulated, provides decent customer protection, has low fees, and offers excellent customer service. IC Markets also have low spreads, fast withdrawal times, and it’s beginner friendly. So, it’s a great broker for most traders, even new ones.
Along with it’s excellent spreads offered, the broker also offers traders the ability to trade a wide range of instruments. Including currencies, traders can trade stocks, futures, commodities, cryptocurrency and bonds. It’s no wonder why IC Markets remains as one of the most popular brokers available online.