Is IC Markets Legit? Is IC Markets Safe? An Honest Review
These days, consumers have far more investment opportunities than ever before. Nevertheless, with the vast number of options on the table, it can be difficult to know which ones are legit and which ones are scams. For instance, IC markets are becoming quite popular within the investment realm. However, many people don't fully understand how the market works, which causes those interested in the platform to have more questions than confidence in the method of investing. With that in mind, the following is a closer look at IC Markets, whether or not it’s regulated, and if it’s legitimate or a scam.
What is IC Markets?
In case you are yet unfamiliar, IC Markets is a reputable trading platform based in Sydney, Australia. Although it was founded in 2007, it has become a highly revered platform by many members of the Australian investment community. Nevertheless, since many are just learning about this platform, there are plenty of questions as well as a healthy skepticism in terms of how trustworthy this platform is.
Is IC Markets Regulated by Governments?
Although some may be leery of the platform, it has been licensed and regulated by the Australian Securities & Investments Commission (ASIC) since 2009 under license number 335692. Moreover, it is known for being one of the most reputable online trade brokers on the market. In other words, IC Markets is absolutely regulated by the government.
In fact, the ASIC is known for being a highly strict and trustworthy agency that imposes firm guidelines and procedures for the platforms they are tasked with monitoring. So, although there is always a risk of fraud or other illegitimate practices, the ASIC is one of the most qualified agencies to manage such a platform.
How is IC Markets Protecting Your money?
If you are wondering how IC Markets protect your money, that’s a bit of a loaded question. First of all, any payments that are funded to IC Markets by traders are held in a segregated bank account. Moreover, IC Markets uses tier-1 banks to hold these funds to add a layer of security.
Segregated Accounts
For those who are yet unfamiliar, tier-1 banks are considered the safest and more secure banking institutions in terms of securing client capital. These banks are so trusted due to their strong core capital reserves and are able to survive sudden financial losses. In other words, these banks are capable of keeping customers' capital secure, and you will most likely be able to access these funds even if the IC Markets platform is shut down or experiences other platform-related interruptions. Therefore, your money may not be 100% safe in a Tier-1 bank. However, it is as secure as it can be when dealing with platforms such as IC Markets.
Negative Balance Protection
Additionally, IC Markets offers negative balance protection to retail customers. This is used to ensure that customers cannot be charged more than they’ve invested. Therefore, customers do not have to check their investments excessively. Even in the worst-case scenario, you may lose all the money you invested, but your fees will not go beyond that. This further contributes to the reputation and trustworthiness of the platform.
Client Insurance Funds
Lastly, IC Markets offers client insurance funds to provide even more protection. In particular, they provide insurance funds of up to $1M dollars. Moreover, this insurance is automatic, and there is no need to opt in or fill out any additional paperwork to take advantage of this coverage. The insurance covers the available balance on your account at all times.
Does IC Markets Accept My Country Residents?
If you are interested in making investments in IC Markets, it may depend on where you live. Either way, it is not available in the United States, Canada, and Israel. There may be other exceptions, but for the most part, IC Markets does business with countries all across the globe. Which countries accept IC Market you will find out in the Traders Union article.
Is IC Markets legal in Jamaica? Is it safe?Should I Trust IC Markets Account Verification?
If you are wondering about the validity of IC Markets’ account verification process, you’re not the only one. However, as a highly reputable trading platform IC Markets has an extensive account verification procedure that includes the following:
Complete the Form: The first step in the verification process is to complete the form, which requests personal details such as name, email, phone number, and country of residence. This is completed after you choose an individual account.
Referrals: Given that there are referral programs available, the platform will then ask whether someone referred you to the platform.
Choose Your Platform: Next, you need to choose your platform. Typically, it will be one of the following: Crader, Metatrader 4, or Metatrader 5, with Metatrader 4.
Select Your Account Type: After that, you will need to select your account type: true ECN or a standard account.
Experience Level: Then, you must indicate their level of experience within the trading realm.
Upload Proof: Lastly, you must upload proof of your identity. This can be done by uploading a picture of your ID, passport, driver's license, or another form of identification.
Once you have completed this step, your part of the verification process is complete. The main reason this is done is to ensure they know the identity of all clients before they begin trading on the platform. This is one of the most trustworthy ways to run such a platform. This means that they have everyone's information on file in case they need to contact them regarding their trades on the platform. Once all the questions have been answered, and the proof is uploaded, the platform usually responds in around 24-hours.
IC Markets Background
As mentioned, IC Markets was founded in 2007. The platform was created with the goal of bridging the gap between retail and institutional clients. With the help of cutting-edge tools and technologies, the platform is dedicated to making the trading process progressively smoother and more simplistic. By providing customers with guidance and first-hand experience, many customers have the ability to develop expert-level trading skills by using IC Markets.
In keeping with that notion, IC Markets goes above and beyond to provide them with the best investment tools for their skill levels and investment goals. This allows clients to make their investment portfolios as simple or as complex as they like. Moreover, IC Markets has an incredibly simple interface. This makes it possible for clients to invest in a manner that is easy to understand.
Is IC Markets safe?
Overall, if you are looking for a reputable platform that provides product knowledge and empowers customers to make lucrative investments, IC Markets is an amazing platform. Since it’s regulated by the Australian Securities & Investments Commission (ASIC), it is considered one of the safest investment platforms in existence. Therefore, users can focus on their investments rather than live in fear of scams and fraud. Moreover, it offers insurance and other protections to prevent clients from losing more than they invested. This makes it an ideal platform for everyone, from experts to those who are just beginning to learn about investing. Either way, this platform is highly safe for investors from all walks of life.
Top 10 Reviews on IC Markets
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Comment
I decided to use the services of IC Markets not long ago. Now I think that not all negative reviews are justified. This is a good broker and I have already withdrawn profits several times, everything went without problems. IC Markets’ rates differ from those of other brokers. But you can adapt to this problem.
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Comment
I initially paid $3000 to start with and an account manager demonstrated a growth of $500 in quick time. A specialist then came in and tried to get me to invest $25000 to which I bluntly denied and they tried with $20K, then $10K and even $5K to all of which I refused! They have now kept me hanging and I asked for a refund to which they are asking for more money from me and I don't know what more to do! Also as of yesterday, the site itself is DOWN!! I cannot log in anymore and the email contact i had from there, when i sent the email to check it came back saying that domain does not exist anymore!! I am at loss of words and my hard earned money unfortunately i was able to recover my money back with the help of Olivia teams get in touch with them oliviatrader 44 at gmail com WhatApp +1 (423) 248 - 2140
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Comment
I was looking for a reliable broker and noticed the long existence and good reputation of ICMarkets. Moreover, my friend, who has been trading for a long time, recommended contacting them. After several years, I have become a more experienced trader and I am satisfied with the work of the broker.
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Comment
I have been trading with IC Markets for some time now and I can draw some conclusions. The platform works stably, which indicates a serious approach to its work. Spreads are quite optimal, although for cryptocurrencies they are higher than average as compared to those of its competitors. Slippages occur, there is nothing you can do about it. But there are no problems with requotes at all. In general, I think it’s possible to rate IC Markets “good”.
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Comment
There are many advantages to IC Markets broker. First, of course, is the presence of a license from a reputable regulator. Accounts can be opened for citizens of many countries. Second, the platform works very well. Order execution speed is high, and you can actively trade manually or with the help of an advisor. I am quite satisfied with IC Markets as a broker.
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Comment
This is a normal broker with good conditions. If someone thinks that clients are being deceived here, I will disappoint you. I have two years of trading experience with IC Markets, and withdrawals are always smooth. I use bank cards for withdrawals, and it takes only one or two days. I have not encountered any issues with this.
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Comment
I'm new to the Forex Markets. After reading reviews of many platforms, I decided to register with IC Markets. I have opened a demo account and am working on it. My cautious tactics have so far brought me growth. If I can build my own trading strategy, most likely I will stay trading with IC Markets. There is a very convenient trading platform, professional support service, and a convenient user account.
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I feel very comfortable working with IC Markets. It's not just because of the technical aspects, which are in order with many brokers nowadays, but also because of their customer service. I never feel like I'm a nuisance or asking silly questions when dealing with their support staff. I always get detailed answers to all my queries when I contact them via email. Any issues are resolved in a way that leaves me satisfied. I highly recommend IC Markets if you want to trade calmly and stress-free.
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Comment
I continued working with IC Markets two years ago. Before that, I’d taken a break from trading and withdrawn all my money. Although I traded with IC Markets for more than a year. My review is positive. Neither before nor now have I had any reason to file a complaint with the broker. IC Markets fulfills all its obligations.
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Comment
I can confidently speak positively about IC Markets. Although I've been trading here for just over a year, I've withdrawn funds three times, and each transfer was fast and on time. I engage in scalping, so competitive spreads are important to me. IC Markets offers competitive spreads, aiding in profitable scalping.
FAQs
How Long has IC Markets Been in Existence?
IC Markets was created in 2007.
Is IC Markets available in the United States?
No, you cannot yet invest in IC Markets if you live in the United States.
Is it Safe to Invest with IC Markets?
As with all types of investments, there are risks associated with investing with IC Markets. However, the platform is highly secure and created to protect the investments of consumers.
What is the Verification Process to Invest with IC Markets?
In order to invest in IC Markets, users must complete a form with their personal details, choose which platform they want to use to trade, select their account type, enter their investment experience level, and upload proof. Once you have done so, your account can be approved in as little as 24-hours.
Team that worked on the article
Glory is a professional writer for the Traders Union website with over 5 years of experience in creating content in the areas of NFT, Crypto, Metaverse, Blockchain, or Web3 in general. Over the last couple of years, Glory has also traded on different cryptocurrency and NFT platforms including Binance, Coinbase, Opensea, and others.
“I understand a lot about this space, being familiar with CEX, DeFi, and DEX, as well as operating across the Ethereum, Binance, and Polygon networks. Also, I know the intricacies and subtleties of NFTs and crypto, thus I am able to bring to table the best content and help connect with the audience better.”
Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.
Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.