IC Markets Review

MIN. DEPOSIT $200
Up to 500:1
No BONUS
0 Users (0 votes)
Odds0
Services0
Support0

Overview

Company Information IC Markets is an Australian brokerage company that provides Forex, indices, commodities and futures trading services. Headquarters of the company are located in Sydney, Australia, but they also… more

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Details

BrokerIC Markets
Website URLhttp://www.icmarkets.com/
Founded2007
HeadquartersSydney, Australia
Support Number+61 (0)2 8014 4280
Support Emailinfo@icmarkets.com
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish, Chinese, Japanese, Russian
Minimum 1st Deposit$200
Minimum Trade Amount0.01 lots
Maximum Trade Amount200 lots
BonusNo
PayoutUp to 500:1
Free Demo AccountYes
Regulated Yes
RegulationAustralian Securities and Investments Commission (ASIC)
Account TypesStandard, True ECN, cTrader ECN
Deposit MethodsVisa, MasterCard, Skrill, Wire Transfer, Neteller VIP, Local Bank Transfer (outside Australia), WebMoney, BPAY Deposit (Australia Only), Branch Cash Deposit (Australia Only), China UnionPay, Neteller, Broker to Broker Transfer, Fasapay, Qiwi
Withdrawal MethodsVisa, MasterCard, Skrill, Wire Transfer, Neteller VIP, Local Bank Transfer (outside Australia), WebMoney, BPAY Deposit (Australia Only), Branch Cash Deposit (Australia Only), China UnionPay, Neteller, Broker to Broker Transfer, Fasapay, Qiwi
Types of AssetsForex, Metals, CFDs
Account CurrencyAUD, USD, EUR, CAD, GBP, SGD, NZD, CHF, JPY, HKD
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

IC Markets is an Australian brokerage company that provides Forex, indices, commodities and futures trading services. Headquarters of the company are located in Sydney, Australia, but they also have offices in Hong Kong and Viet Nam. The company started its operations in 2007 and is the property of International Capital Markets Pty Ltd. Their online services were launched in 2008. IC Markets acquired their ASIC license in 2009. The company is also a member of FOS (Financial Ombudsman Service) which is an independent body that resolves complaints against companies who are part of the organization. It is an excellent way of protecting clients from broker frauds and confirms that IC Markets wants to protect their customers’ interest. The company is and ECN type of broker where there’s no intervention from a dealer’s desk. It ensures fast trading possibilities and a hassle free experience at the platform. Despite the high level of protection against fraud, every trader should know that Australian forex brokers don’t have any compensation scheme (unlike many European ones).

 

Trading Information

Currently, IC markets offer three types of accounts. The Standard one gives you the benefits of $0.00 commission and excellent spreads from 1.0 pips. There are 64 currency pairs offered, and the leverage is set at 500:1. The minimum deposit for this account is $200. The second one is their True ECN that has a bit different benefits despite having the same minimum deposit of $200. The commission here is $3.50 per lot and spreads are starting from 0.00 pips. This account is suitable for scalpers and EAs. All other options here are the same as the Standard account, even the leverage of 500:1. Last but not least is their cTrader account option. The starting deposit here is $1000, and the spreads can start from -0.3 pips. Even from the name it’s evident that here you’ll use the leading cTrader platform, but we’ll get into that later in this review. Commissions here are $3 per $100 000 (USD). Leverage again is 500:1. The main difference here is that there is no Islamic Account option like the previous two. This account is most suitable for scalpers and day traders.

 

Trading Platforms

It’s no surprise that a company like IC Markets that already has a lot of history behind has chosen several platforms for their services. The most used and famous MT4 platform is available and is supported for all desktop and mobile devices. It has been proven throughout the years and using it, usually is like a walk in the park. Now, the only downside to this platform is that it needs a download and installation. It means it’s not suitable for people who would like to have access from devices that cannot install it. But this is where the cTrader platform comes to the rescue. Of course, to use it you’ll have to make a larger deposit, but it also provides many benefits. It can offer fast trade execution a lot of customizability, small commissions, and inverse spreads. The interface is very pleasant (if you find that the one in the MT4 is a bit outdated). Unlike the MT4 the cTrader provides a WebTrader and MobileWeb variant, where you don’t need to download or install anything on your devices. It works on Windows, Apple, and Android devices.

 

Security and Customer Services

In the first paragraph, we discussed how IC Markets are a part of the FOS organization in Australia that protects clients against frauds. Well, it’s not surprising that they have implemented an SSL encryption protocol on their Registration page. It protects all personal data and makes it available only to company’s employees. The site also has a very impressive language support with the platform translated into over 30 languages. Customer support is 24/5 and their office working times are mentioned on their “Contact Us” page. There are several ways you can contact the company’s representatives for help. There are three global phone numbers, fax number, postal addresses and of course email addresses. Last but not least, there is a Live Chat support system where you can solve a problem with platform right away. Social media accounts on Facebook, Twitter, Instagram, Google+ and Youtube, are also available.

 

Deposits and Withdraws

Depositing money at your IC Markets account is made hassle free, and there are a lot of money transferring methods available. They support transfers in 10 different currencies and also have a Secure Client are where you can deposit money from different methods in real time. There are many methods you can use but, it’s best you choose the ones that are fastest (usually credit/debit cards and digital wallets). There are no mentioned deposit fees on their website, and there will be probably just the ones that you bank has. Withdrawing money can be made the same way you deposited the funds. Withdrawal processing times are very quick and can happen in the same business day if they are before 01:00 GMT. You’ll have to fill a withdrawal form beforehand. There are no withdrawal processing fees for domestic banks. However, for international withdrawals, you have a 20 AUD processing fee for every transfer.

 

Deposit Bonus and Loyalty Programs

Currently, there are no bonus offers provided by IC Markets, but there is an Affiliate program that you can check out. Surely, they will include some in the future.

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