IC Markets UK - Is It a Good Broker in 2024?

IC Markets UK: General Information

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Your capital is at risk.
Up to 75.93% of the broker’s non-professional clients incur losses when trading CFDs.

As reflected in the table below, IC Markets supports several currencies, including the British pound sterling (GBP). You’ll also notice that the platform offers high leverage, narrow spreads, and various currency pairs to trade. To open an IC Markets account, you need a minimum of $200 deposited.

IC Markets UK Review

IC Markets is a safe and reliable global broker that caters to all traders regardless of their experience level or knowledge. The broker offers analytical trading materials, educational tools, various account types, and many trading instruments.

Each of these features combines to make a comprehensive platform that suits traders with different needs, including UK clients.

Trading Conditions

IC Markets offers some of the most favorable trading conditions on the market. That’s because it’s an ECN broker, which means it doesn’t use a no-dealing desk (NDD) and other forms of trade interventions between the trader and the market.

This essentially means that there’s no middle man. Therefore, an ECN connects major brokers and individual traders so they can trade directly between themselves, and then, passing the orders to the liquidity providers.

As an ECN broker, IC Markets is able to offer faster order execution at more favorable prices and tighter spreads, thanks to its many liquidity providers.

Educational Tools

What sets IC Markets from many other forex brokers in the industry is that it offers a wide range of educational materials that are suitable for traders of all levels. These materials include tutorial videos, technical analysis reports, informational tools, webinars, and more.

IC Markets caters to all traders, from educational materials for beginners to help them learn the ropes to advanced trading tools that help give established traders a competitive advantage.

Account Types

IC Markets offers two types of MetaTrader accounts: the Standard account and the Raw Spreads account. These accounts are available in multiple currencies, including GBP for clients in the UK.

And for Muslim traders who follow Sharia law, IC Markets offers a swap-free or Islamic account. Plus, if you’re a beginner trader, you can open a demo account so that you can actively trade but won’t have to risk losing real money.

Trading Instruments

IC Markets gives UK clients access to the most popular and liquid markets across the world. Below are the major trading instruments the broker has to offer:

Is IC Markets UK Regulated? Is This Сompany Safe?

IC Markets is regulated by various financial authorities, including:

Unfortunately, IC Markets isn’t regulated by the UK’s Financial Conduct Authority (FCA). However, the broker still has an excellent reputation and is regulated by top-tier authorities in other jurisdictions.

If you’re a British client, you’ll be onboarded through IC Markets’ Seychelles-based entity, regulated by the Financial Services Authority of the Seychelles. Keep in mind that this financial authority has little regulatory oversight.

You may feel more at ease that IC Markets offers a few security features to keep your funds safe, including segregated accounts. Instead of storing your funds on the platform, IC Markets puts your money into a separate banking account to show that they don’t intend to misappropriate your funds in any way. Your funds are also insured in case anything bad happens.

You may also gain peace of mind knowing that the broker offers negative balance protection, which prevents your account from going below zero if the value of a trade exceeds how much money you have in your trading account.

IC Markets UK: Fees

IC Markets doesn’t charge commissions on its Standard account. However, it does apply a spread markup of 1 pip above the Raw inter-bank prices received from their liquidity providers. On the Raw Spread account, IC Markets charges a commission of GBP 5.00 per standard lot round turn.

Summary: Is IC Markets UK a Good Broker?

Overall, IC Markets is a trustworthy and reliable forex broker to work with. It’s available to UK clients, supports British currency, and offers negative balance protection to clients in the European Union (EU). In addition, IC Markets offers low fees, tight spreads, and high leverage, combining to create the most favorable trading conditions possible.