IC Markets Review for Beginners
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $200
- MT4
- MT5
- cTrader
- TradingView
- ASIC
- CySEC
- and FSA
- 2007
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $200
- MT4
- MT5
- cTrader
- TradingView
- ASIC
- CySEC
- and FSA
- 2007
Our Evaluation of IC Markets
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
IC Markets is one of the top brokers in the financial market with the TU Overall Score of 8.98 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by IC Markets clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews prove that the broker’s clients are fully satisfied with the company.
IC Markets Trading Company is a great broker for scalping enthusiasts, automated trading lovers, and beginner traders.
Brief Look at IC Markets
IC Markets stands out as a highly reputable broker offering trading with 2,250+ instruments across Forex, stocks, commodities, cryptocurrencies, and more.
The broker provides ultra-fast execution with order speeds up to 40 milliseconds facilitated by its top-tier liquidity partners and processes over $29 billion in Forex trades daily. With a strong focus on active traders, it offers ECN accounts with raw spreads from 0 pips and leverage up to 1:500 (based on which regulator's rules apply to a trader's account). Copy trading is also well-supported through integration with ZuluTrade, cTrader Copy, and other platforms.
IC Markets clients benefit from robust security and regulatory licenses from ASIC, CySEC, and others.
- Availability of three licenses;
- Wide range of assets;
- Standard and ECN account types for trading on different platforms;
- Mobile apps for Android and iOS-based devices;
- Scalping, hedging, and algorithmic trading are allowed;
- Minimum delay when executing orders and ultra-fast market execution;
- Competitive trading fees;
- Wide choice of social trading and copy trading platforms;
- 24/7 support via live chat;
- Demo accounts on MT4, MT5, and cTrader;
- Swap-free accounts are available for Muslim traders.
- Education materials available on the website are not very informative or diverse;
- Rebates are available outside Australia and the European Economic Area;
- Not all clients are equally protected since compensation for investment is subject to the trader's country of residence.
TU Expert Advice
Financial expert and analyst at Traders Union
IC Markets has many years of experience in financial markets. It was incorporated in 2007 and provides its services in strict accordance with regulatory requirements so as not to lose its licenses and client trust. The broker constantly improves its services, ensuring software technical stability, a high level of data protection, and favorable trading conditions.
IC Markets has been in Traders Union's top 20 Forex brokers for many years and is a constant partner. TU can recommend IC Markets to traders with different backgrounds, who use both short- and mid-term strategies, as well as expert advisors and custom indicators.
The important advantage of IC Markets over other brokers is diversity. The company offers plenty of trading instruments: 60+ currency pairs, CFDs on futures, indices, commodities, metals, 2,100+ stocks (Nvidia stock, Apple stock, Google stock, Tesla stock etc.), bonds, cryptocurrencies. A wide range of account types, and a good choice of platforms for active and social trading. Other IC Markets advantages are three regulatory licenses, membership in the Financial Commission, and participation in several compensation schemes.
- Speed of execution is critical to you, and you operate round the clock. IC Markets uses the Equinix NY4 server and a fiber-optic network, ensuring order execution as fast as 40 milliseconds. All company clients can obtain a free VPS for 24/7 trading.
- High trading volume and liquidity are important to you. IC Markets has consistently ranked in the top 5 global Forex brokers in terms of trading volume.
- You prefer to work with the actual assets rather than CFDs. The broker primarily offers contracts for difference (CFDs).
We checked the office of the IC Markets brokerage company in Cyprus, which is located at the following address according to the information on the company’s website:
86 Franklinou Roosvelt,4th floor, Office 401, 3011 Omonoia, Limassol, Cyprus
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The company is located at the stated address
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We were able to speak to a company representative
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We were able to visit the office as clients
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Video of the company’s office
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IC Markets Summary
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
💻 Trading platform: | MetaTrader 4, MetaTrader 5, TradingView and cTrader |
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📊 Accounts: | Demo, Standard, Raw Spread and Islamic (Swap Free) |
💰 Account currency: | EUR, USD, GBP, CAD, AUD, HKD, NZD, CHF, SGD, and JPY |
💵 Replenishment / Withdrawal: |
All countries: Wire transfers, Visa, Mastercard, Skrill, PayPal, Neteller, RapidPay, and Klarna; Restricted methods: UnionPay, POLI, Fasapay, BPAY, internet banking (Thailand and Vietnam), WebMoney, and Broker to Broker |
🚀 Minimum deposit: | $200 |
⚖️ Leverage: |
1:500 (FSA); 1:30 (ASIC and CySEC) |
💼 PAMM-accounts: | No |
📈️ Min Order: | 0.01 |
💱 Spread: |
Standard: 0.8 pips; Raw Spread: 0 pips; |
🔧 Instruments: | Cryptos and Forex CFDs on indices, commodities, stocks, bonds, and futures |
💹 Margin Call / Stop Out: | 50%/100% |
🏛 Liquidity provider: | Westpac and National Australia Bank |
📱 Mobile trading: | Yes |
➕ Affiliate program: | Yes |
📋 Orders execution: | Market |
⭐ Trading features: |
Scalping and expert advisors; Maximum number of orders is 200 for MT4/MT5; and 2,000 for cTrader. |
🎁 Contests and bonuses: |
Rebates for the Global division; Free VPS. |
IC Markets offers high execution speeds due to servers located in New York and London. Trading conditions differ subject to the regulator that supervises the activities of a certain division. For example, clients of IC Markets regulated by CySEC can trade 13 cryptocurrencies 24/5, while clients of ASIC- and FSA-regulated divisions can trade 24/7.
IC Markets clients from all jurisdictions can trade on STP and ECN account types with floating spreads, leverage, and various deposit/withdrawal methods. The company doesn’t have proprietary trading platforms. It offers classic MT4, MT5 and TradingView, as well as a more complicated cTrader. These platforms are available in desktop, web, and mobile versions to ensure the most comfortable trading conditions.
IC Markets Key Parameters Evaluation
Video Review of IC Markets
Trading Account Opening
To reduce expenses on spreads for trading with IC Markets, open a trading account with the broker through the Traders Union website. Registration using the TU referral code allows traders to receive rebates. Below is a detailed description of the procedure.
IC Markets - How to open, deposit and verify a trading account | Firsthand experience of TU
To start registration with the broker, click the “Start Trading Now” button on its website. If the representative office that owns this website doesn’t work with residents of your country, you will receive a warning and will be redirected to the appropriate website.
When opening an account: log in, provide your personal information, choose the account configuration, and upload scans of your documents. Agree to the broker’s terms and conditions. Activate your user account following the instructions from the email sent to you.
The user account offers all the necessary tools to start trading:
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Deposit menu;
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Links to install desktop and mobile trading platforms;
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Section with detailed statistics on trades and monetary transactions.
Regulation and safety
IC Markets includes three legal entities registered in Australia, EU, and Seychelles. They are licensed by local ASIC (ACN: 123 289 109), CySEC (362/18), and FSA (SD018) regulators, respectively. Also, since 2021, IC Markets has been a member of the Financial Commission that resolves disputes between brokers and their clients and compensates the latter with up to €20,000. CySEC has its own compensation fund ICF and pays to clients of bankrupt brokers. Availability of three licenses of key global regulators provides the company with a possibility to offer brokerage services to traders in more than 100 countries.
Moreover, IC Markets partners with Lloyds Bank (London) to cover client losses in case of its insolvency. Each trader is compensated for their account balance and amounts of all open positions, but not more than $1,000,000.
Is IC Markets safe? An Honest Review
Advantages
- Rights and obligations of both the broker and the client are clearly stated in the agreement
- The broker’s clients can file official claims with regulators
- Coverage from Lloyds Bank is available
- Client funds and the company’s capital are held separately
Disadvantages
- Limited leverage up to 1:30 for clients of offices regulated by ASIC and CySEC
- Negative balance protection isn’t available in all countries
Commissions and fees
Account type | Spread (minimum value) | Withdrawal commission |
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Standard | $8 | Bank fees apply |
Raw spread MT4/MT5 | $0 | Bank fees apply |
Raw spread cTrader | $0 | Bank fees apply |
Islamic | $0 | Bank fees apply |
TU experts have compared IC Markets’ fees to those of other brokers and compiled the comparative table below.
Broker | Average commission | Level |
---|---|---|
|
$1.5 | |
|
$1 | |
|
$8.5 |
Account types
The broker offers STP and ECN account types. STP types are the Standard account for MT4, MT5. ECN types is the raw spread account for TradingView and cTrader. All account types are swap-free, which means that they can be transferred into Islamic accounts.
The first step to start trading is to open a trading account.
Spreads are charged.
High execution speeds and tier-1 liquidity.
Spreads are near zero.
Fees per full lot are $7.
No swaps for trading currencies, indices, and metals.
Additional fees of $5-$80 per lot are charged for other instruments.
Before opening a live account, traders can test the broker’s trading conditions on a demo account available on all platforms. Broker’s accounts are also available as a mobile app to make your trading available whenever and wherever you are. If you want to learn how to make money on IC Markets, read the Traders Union article.
IC Markets - How to open a trading account? | Firsthand experience of Alex Smith by Traders Union
Deposit and Withdrawal
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Only verified clients who have confirmed their identity and address can submit withdrawal requests;
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Requests are submitted in trader user accounts. If requests are submitted before 12:00 (AEST/AEDT), the company processes them on the same day. If clients submit their requests after 12:00, they are processed on the next business day;
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Traders can withdraw their profits in the account currency without fees, or pay a conversion fee for withdrawing in another currency;
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If traders use WebMoney, Poli, BPAY, Fasapay, RapidPay, or Klarna, they can withdraw their funds only using a bank transfer. Amounts withdrawn to bank cards cannot exceed amounts deposited from them;
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Bank transfers outside Australia cost AUD 20. IC Markets doesn’t withhold withdrawal fees. WIthdrawals through Skrill, PayPal, and Neteller are free;
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The crediting period for e-wallets takes only several minutes; for bank transfers and cards, it is 3-5 business days; and for international bank transfers, it takes 3-14 days.
Details of deposits and withdrawals at IC Markets
How to withdraw money from IC Markets | Firsthand experience of Oleg Tkachenko
Investment Options
IC Markets offers different passive income options. Certain investment services or products are subject to countries and regulators.
Passive income options offered by IC Marketspass
IC Markets’ office is regulated by FSA and offers the most advanced opportunities for passive income. Subject to the broker’s division, the following investment income options are available:
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IC Social, cTrader Copy Trading, and Myfxbook social platforms in the Signal Start format — FSA;
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ZuluTrade — ASIC and FSA;
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cTrader Automate, MQL4, and MQL5 — all jurisdictions;
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IC Shares to invest in stocks on the Australian Securities Exchange — ASIC.
ZuluTrade, MQL, and cTrader Copy Trading allow traders to completely automate the trading process, which means that trades of chosen providers are copied without the participation of investors. Myfxbook and IC Social are apps for social trading, that is investors decide themselves what trades to copy. cTrader Automate is designed for algorithmic trading and is suitable for experienced traders.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Partnership programs
The broker offers a referral program where existing clients can earn from inviting new ones. How to receive partner rewards from IC Markets:
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Upon registration with the broker, apply for participation in the partnership program;
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Share a unique referral link on thematic platforms, social media, etc.;
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Wait for referrals to start trading.
Each standard lot closed by a referee, brings 0.4 pips of the broker’s spread to the inviting client.
Additional Trading Tools
The following additional useful options are available upon registration with the broker:
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VPS (Virtual Private Server). It provides for continuous 24/7 operation of expert advisors even in a bad internet environment. Clients with monthly trading volume of 15 lots and more, have free access to three VPS services. IC Markets compensates for subscriptions subject to monthly trading volume requirements.
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Advanced tools for MetaTrader 4. The broker’s existing clients with active accounts can connect 20 advanced tools for MT4 to improve the quality of trade management and to get access to more advanced market analysis and data for more informed trading decisions. These include Alarm Manager, Correlation Matrix, Mini Terminal, Session Map, etc. The tools are free, however, they aren’t available for all countries.
Additional free services:
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Economic calendar. This tool helps to monitor important financial indicators and fundamental data;
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TeamViewer. This is an app for remotely solving technical problems;
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Blog with useful market data, technical analysis, trading ideas, and expert opinions on financial markets;
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Demo account to test the broker’s trading conditions without depositing real money;
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Signal Start. This is a social trading platform to copy trades from MT4 and MT5.
The company’s website provides a brief description of each service.
Customer support
Live chat on the broker’s website is available 24/7. Phone calls are available from Sunday 22:00 to Friday 22:00 (GMT) for CFD traders and Monday through Friday from 9:00 to 17:00 (AEDT) for real stock traders from Australia. If you need more information, contact technical support.
Advantages
- Support is available in over 10 languages
- 24/7 live chat
- A call-back option is available
- Many international phone numbers are provided
Disadvantages
- Communication with a bot when launching a live chat
- Chat operators don’t respond to all questions about trading conditions
The following communication channels are available:
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telephone — direct calls or call-back requests;
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live chat on the website or in the user account;
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email;
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Facebook, X, Instagram, and LinkedIn.
Contacts
Foundation date | 2007 |
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Registration address |
Raw Trading Ltd: Eden Plaza, Office 222, Eden Island, Mahé, Seychelles; IC Markets (EU) Ltd: 86 Franklinou Roosvelt, 4th floor, Office 401, 3011 Omonoia, Limassol, Cyprus; International Capital Markets Pty Ltd: Level 4, 50 Carrington Street, Sydney, NSW 2000, Australia. |
Regulation | ASIC, CySEC, and FSA |
Official site | www.icmarkets.com, www.icmarkets.eu, and www.icmarkets.com.au |
Contacts |
Global: +248 467 19 76, support@icmarkets.com;
EU: +35725010480, support@icmarkets.eu; Australia: +61 02 8014 4280, support@icmarkets.com.au. |
Education
The Education section on the broker’s official website contains the basics of over-the-counter (OTC) trading on the Forex market. Forex glossary is available in the Help & Resources block. The Australian office also has podcasts with their infographic text decoding.
To virtually trade without risking real money, open a demo account on MT4, MT5, or cTrader.
Comparison of IC Markets with other Brokers
IC Markets | RoboForex | Exness | TeleTrade | FxGlory | 4XC | |
Trading platform |
MT4, cTrader, MT5, TradingView | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5 | MT4, MobileTrading, MT5 | MT5, MT4, WebTrader |
Min deposit | $200 | $10 | $10 | $10 | $1 | $50 |
Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:3000 |
From 1:1 to 1:500 |
Trust management | No | No | No | No | No | No |
Accrual of % on the balance | No | No | No | No | 8.00% | No |
Spread | From 0 points | From 0 points | From 1 point | From 0.8 points | From 2 points | From 0 points |
Level of margin call / stop out |
100% / 50% | 60% / 40% | No / 60% | 70% / 20% | 20% / 10% | 100% / 50% |
Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Instant Execution, Market Execution | Market Execution |
No deposit bonus | No | No | No | No | No | $50 |
Cent accounts | No | Yes | No | No | No | No |
Detailed Review of IC Markets
IC Markets is a globally recognizable Forex brand. It has three regulatory licenses, it partners with major world banks, and provides tier-1 liquidity. The broker’s clients have access to popular trading platforms and the best analytics. IC Markets constantly expands its range of trading instruments and adds new services and solutions for passive investment in the Forex market.
IC Markets' parent company was registered in Australia in 2007. Since 2018, it’s been authorized to provide its services to traders from the European Economic Area. Currently, IC Markets is available worldwide through its regional offices.
IC Markets is a broker for many strategies and trading styles
IC Markets allows all trading styles that, combined with STP and ECN account types and low fees, enables traders with many strategies for beginners and experiences to close trades with a profit. The broker is suitable for both mid- and short-term strategies, including scalping.
IC Markets doesn’t prohibit the usage of expert advisors for algorithmic trading and ensures high order processing speeds in the ECN network for their efficient work. Liquidity provided by such reputable providers as National Australia Bank (NAB) provides for trading with the best market quotes. Servers located in London LD5 and New York NY4 allow traders to minimize execution delays.
IC Markets allows traders to choose trading platforms convenient for them. They range from the simplest MT4 mobile apps to desktop cTrader and MT5 with advanced analytical tools. The minimum deposit is $200 and the broker’s leverage allows traders to execute trades with larger amounts than they have.
Tools to improve trading efficiency:
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Forex calculators. These tools are used to calculate the exchange rate, pips, fees, and margins;
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Web TV. This tool offers daily updates from the New York Stock Exchange, current technical analysis, and data from Trading Central.
Advantages:
High execution speeds on all platforms provide for both intraday trading and scalping;
No deposit or maintenance fees;
Demo accounts are available on both MetaTrader and cTrader;
Trading fees are average as compared to other top brokers;
Copy trading, algorithmic trading, and investment in real stocks for Australian clients are available;
Webinars and free educational materials for novice traders are provided;
24/7 multilingual technical support;
Free VPS for clients with a monthly trading volume of 15 lots and more.