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IC Markets Broker Review

” IC Markets lifted up the standard of the forex brokers from their level of regulation”

Is IC Markets Good and reliable?

IC Markets, has all the required license such as CySec, ASIC and IFSC is one of the most valuable legal body. Along with that they are in market for more than 13 years now, so the broker is reliable.

Pros

Cons

What is the best thing about IC Markets?

The best thing about this broker is that the broker holds the most valuable license, has low cost and their support service is quite helpful along with that they provide impressive library for educational videos from where newbies can learn well.

Which Account type you recommend and why?

The best account type in my point of view is standard with the cheapest cost with no commission and best services amongst the other account types.

“Let’s have a look at what exactly does IC markets provide”

What can be traded with IC Markets

IC markets provides to offer a total of 291 tradeable instruments. Cryptocurrency is also possible to trade only trough CFDs. Let’s have a look at what they offer to trade in:.

Feature

IC Markets

Forex Trading

Yes

CFDs (Total)

230

Forex Pairs (Total)

61

Cryptocurrency (Physical)

No

Cryptocurrency (CFD)

Yes

Social Trading / Copy-Trading

Yes

Web and Desktop Platforms IC Markets offer MT4

This is the most common platform which is used by many of the traders throughout the world. This platform is considered best for the beginners but there is no restriction for the same even professional traders use this platform to trade. This Platform itself provide several plus points which are as follows:

1. Easy to use and Understand

2.Many types of indicators are in this platform which makes easy to analyze the market trend.

3.Access to various currency pairs, CFDs and cryptocurrency.

4.Can be used on any operating systems such as windows, mac, Linux etc.

5.Allows you to trade any time in 5 days (Monday to Friday).

The above picture shows the MT4 platform, on the left side the first partition is the market watch panel, below which the navigation panel is shown, the black screen is showing the graph of the currency pairs, the tab in the bottom is the terminal where you can see your ongoing trades.

MT5

This is a bit advance from MT4 providing everything that is needed for flexible trading. There are several powerful tools provided by this platform to analyze the market better and make right choices of investment. With the availability of 31 languages into which it can be translated, this adds plus point to the platform. There is also option to subscribe the signals, use technical indicators, run trading robots, and rent a virtual server. This platform is most suitable for professional traders.

CTrader

Ctrader is custom made for an ECN trading environment. The platform includes automated trading software and is available on mobile, desktop and the web.

One can expect complete, real time access to all accounts, including trading activity and history, balance information, personal details, margin information, and account settings – all in one single space to make your work more efficient.

Features of C Trader

1.  With a wide range of tools and clean layout ctrader provides users with a responsive trading platform.

2. The platform has variety of drawing tools and over 60 indicators preinstalled with which the charts became the most attractive part of cTrader.

3. The platform itself is the safest trading platform in the world.

4. The platform is transparent, due to which traders have maximum chance of earning profit.

5. The company Spotware who has designed this software stipulates that the broker connect with at least one recognized liquidity provider.

Mobile Trading platform IC markets Offer

There are 3 ways to trade on mobile in IC markets which are as follows:

1. You can use IC markets mobile application for trading on MT4 and MT5 platform, what I have seen is that the app is compatible to trade easily on phone.

IC Market Mobile App

The above picture shows the application which can be used to trade on mobile.

2. For cTrader you can use IC market cTrader app which will help you in doing your trades on mobile.

IC Markets C trader App

The above image is for the ctrader application, on which you can trade on ctrader platform on mobile.

3. You can also download MT4 mobile app to go on with your trades.

MT4 Mobile App

The above application is common application used to trade for various brokers MT4 platform, you are just required to select the server, enter you account id and password, and you are good to go for trading.

Account Comparison

On MT4 Platform they have two types of account first is Standard and second is Raw Spread. And for cTrader platform they have cTrader Account.

Let’s have a look at account features in the below table:

Account typeDefinitioncTraderRaw SpreadStandard
Trading platform
The platform on which this account can be traded
cTraderMeta TraderMeta Trader
CommissionThe fees charged by broker in order to open trades with themDiffer per currenciesUSD 7 per lot0
SpreadThis is the difference between bid and ask priceDiffer per currencyDiffer per currencyDiffer per currency
Starting DepositThe amount required to open the account withThey say to deposit USD 200 but it is not mandatory, you can deposit as much as you wantThey say to deposit USD 200 but it is not mandatory, you can deposit as much as you wantThey say to deposit USD 200 but it is not mandatory, you can deposit as much as you want
LeverageIt is the ratio of the amount which can be borrowed with the broker500:1500:1500:1
Minimum Lot SizeThe minimum size of the lot which is required to open trade0.010.010.01
Suitable forWhich type of traders are best for the account typesDay Traders and scalpersEAs and scalpersDiscretionary Traders

They have mentioned USD 200 to deposit at starting but it is not mandatory to do so, you can invest as much as you want but please keep in mind that according to your deposit only you will be able to trade.

Opening Account Procedure

Before opening account don’t forget to check the account types and decide which account you want to open.

For creating account with IC markets, you are needed to follow the below steps:

1. visit www.icmarkets.com

2. Click on start trading, the option is available on the main page itself as shown below

3. First page that will open will be of filling some basic personal details.

4. Once this is filled click on next, you will be taken to next page where you must mention some more details about yourself.

5. Configure the trading account.

6. Accept Declaration.

7. Login

8. Fund and start trading.

Deposit and Withdrawal Options

IC markets has the following deposit options:

As the above pictures describe that the platform has the smaller number of channels as compared to others, what I used to deposit my funds was firstly bank card but due to some reason my card was not working for international transaction. So, I opted to fund my account using Neteller which was quite easy to do so.

One more thing to note is that there are no charges for deposit and withdrawal.

For withdrawing funds, IC markets only offer 3 ways, which are bank transfer, Neteller and China Union Pay. The withdrawal window looks like below:

When I placed request for withdrawal through Netellar, I got my payment back in my Netellar account within few hours.

Comparison based on Spread, Swap and Commission

Spread:

Spread is basically the difference between bid and ask value. As far we also know that spread of different broker is different and thus the average calculation differs, here we have collected a week of data and have calculated the average spread.

Currencies

Standard

Raw Spread

XAUUSD

USD 23.33

USD 15.44

EURUSD

USD 10.55

USD 0.44

GBPUSD

USD 11.22

USD 1

AUDUSD

USD 10.33

USD 1.22

USDCAD

USD 12.44

USD 1.88

USDCHF

USD 11.22

USD 0.66

USDJPY

USD 10

USD 0.55

GBPJPY

USD 15.33

USD 4.66

EURJPY

USD 11.77

USD 2.22

NZDUSD

USD 12.77

USD 3.44

As per the above table we can see the difference in spread in both types of account, the table signifies to tell us about the average spread, we have calculated the same by analyzing data. Even the spread of standard account is low as compared to other brokers.

Commission:

Let’s have a look at commissions:

  1. Standard Account: Look at the below table, this account has no commission charges.

Currency

Commission

XAUUSD

USD 0

EURUSD

USD 0

GBPUSD

USD 0

AUDUSD

USD 0

USDCAD

USD 0

USDCHF

USD 0

USDJPY

USD 0

GBPJPY

USD 0

EURJPY

USD 0

NZDUSD

USD 0

2. Raw Spread Account: This account has fix commission values, it is USD 7 for both side for 1 Lot.

Currency

Commission

XAUUSD

USD 7/1 lot

EURUSD

USD 7/1 lot

GBPUSD

USD 7/1 lot

AUDUSD

USD 7/1 lot

USDCAD

USD 7/1 lot

USDCHF

USD 7/1 lot

USDJPY

USD 7/1 lot

GBPJPY

USD 7/1 lot

EURJPY

USD 7/1 lot

NZDUSD

USD 7/1 lot

3. cTrader Account: This account type has different commission value for different. It starts from USD 4 per lot for both sides.

XAUUSD

USD 12/1 Lot

EURUSD

USD 8/1 Lot

GBPUSD

USD 8/1 Lot

AUDUSD

USD 4/1 Lot

USDCAD

USD 6/1 Lot

USDCHF

USD 6/1 Lot

USDJPY

USD 6/1 Lot

GBPJPY

USD 8/1 Lot

EURJPY

USD 8/1 Lot

NZDUSD

USD 4/1 Lot

One thing to note about commission is that they are charged for both sides that means for opening the bid as well as closing the bid. For example, if you open a bid for 1 lot of USDCAD then USD 3 is the commission for opening bid and USD 3 is the commission for closing bid overall making the commission as USD 6.

Swap:

The below table signifies the swap short value of various currencies.

S. No

Currencies

Standard

Raw Spread

C Trader

1

XAUUSD

1.1

1.1

1.099

2

EURUSD

(-0.45)

(-0.45)

(-0.0452)

3

GBPUSD

(-2.68)

(-2.68)

(-0.2683)

4

AUDUSD

(-2.01)

(-2.01)

(-0.2009)

5

USDCAD

(-2.94)

(-2.94)

(-0.2938)

6

USDCHF

(-3.97)

(-3.97)

(-0.3972)

7

USDJPY

(-3.13)

(-3.13)

(-0.3128)

8

EUJPY

(-1.34)

(-1.34)

(-0.1341)

9

NZDUSD

(-2.37)

(-2.37)

(–0.2371)

10

GBPJPY

(-4.8)

(-4.8)

(-0.4801)

The below Table shows the swap long values for different currency pairs.

S. no

Currencies

Standard

Raw Spread

C Trader

1

XAUUSD

(-3.79)

(-3.79)

(-3.789)

2

EURUSD

(-4.26)

(-4.26)

(-0.426)

3

GBPUSD

(-3.13)

(-3.13)

(-0.3128)

4

AUDUSD

(-1.96)

(-1.96)

(-0.1959)

5

USDCAD

(-2.94)

(-2.94)

(-0.2727)

6

USDCHF

(-0.04)

(-0.04)

(-0.01)

7

USDJPY

(-1.58)

(-1.58)

(-0.1575)

9

EURJPY

(-3.58)

(-3.58)

(-0.3583)

9

NZDUSD

(-1.95)

(-1.95)

(-0.1946)

10

GBPJPY

(-2.26)

(-2.26)

(-0.2262)

Swap is the interest rate that is charged when the trade is open over midnight, you may be able to understand that different currency pair has different swap values but there is no change is swap for different account meaning EURUSD swap is same for all the account, similarly GBPUSD has the same swap in all the types of account.

Customer Support

They have good chat support system, and they are available 24*7 days, you can get in touch with them whenever you are stuck.

The Chat option is available on dashboard and on main page as below shown:

When you click on chat the small window will open as shown below:

There will be a bot first asking you few questions about your query and once it get the information it transfers the call to the agent. Here is the example of some questions which the bot asks. The support system is overall good and satisfy and clarify all the point you have while getting in touch with them along with that there are not long queues to wait for long time.

Research and Education

For getting information about education click on the more option on their webpage, in that you will find option for education in which you can get all the relevant material to know about how to trade.

They provide you the overview of the education after which how to trade or trading knowledge is given.

There are a lot of more options available to learn with them including video tutorial, Web TV, and Webinar.

Along with the education material they also provide tools for calculation which are as per the below image

Therefore, with the help of the tools, they provide you can analyze the market better.

Trading Experience

There is no fix trading experience required to trade with IC markets because they broker seems to provide material for learning also which simply means that they are welcoming newbies as well. The platform and the website are simple and easy to use so there is no issues with trading for beginners as well. Just be sure to choose the easiest account type for your better understanding. In my opinion I prefer to go with standard account at the beginning.

Conclusion

IC markets is an Australian based global forex broker, founded in 2007. They are regulated by Cyprus Securities and Exchange Commission (CySec), the Seychelles Financial Supervisory Authority (FSA) and Australian Securities and Investment Commission (ASIC).

IC Markets primarily offers their traders forex trading, but also had some choices of future, indices, and commodities.

IC markets offers low spread and fees, and much more. They don’t charge any fees on deposit and withdrawal. The most likeable part of the broker is that their support system is quite good because when I faced the first issue where I was not able to login onto MT4 platform, along with that the deposit procedure was not happening with the usage of card, which was due to my bank only, so I opted for the funds transfer to be done using Netellar.

The broker also has lowest cost as compared to few brokers, the spread and the commission values are low. Opening account procedure is also important along with that they don’t charge any fees on deposit and withdrawal which is also a good thing.

The broker also doesn’t take much time to credit the funds back to your account, when I placed request for my withdrawal within few hours, I received the funds in my account. Overall, you can definitely use this broker as your trading partner.