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How to use IC Markets copy trading to earn money

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IC Markets is a major international broker from Australia established in 2007 and currently providing services in the majority of countries. The broker is considered reliable, as it is regulated in Australia (ASIC, AFSL) and EU (CySEC).

IC Markets is known for offering exceptional services for active traders, providing them with some of the lowest commissions in the market and excellent order execution quality. The broker also features great opportunities for earning passive income. In this review, we will take a look at the copy trading services offered by IC Markets, which are provided in partnership with ZuluTrade and MyFxBook Autotrade, top social trading platform providers (link to the term).

We have prepared an IC Markets copy trading review. Learn how to find a successful trader and start copying their trades, about the important trading conditions and also the pros and cons of this type of earning.

What does copy trading mean?

Copy trading is an area of social trading (link to the term). Using social trading platforms, the investors and beginners of the financial markets can copy the traders of successful traders from all across the world. The traders make all trading decisions, while the investors, following a subscription, receive trading signals from them, which are copied on the trading account automatically or manually.

Copy trading solves several issues of the novice traders:
  • 1

    It provides faster entry to the financial markets without spending a lot of time on learning;

  • 2

    The earnings can potentially be at the level of the most successful traders of the platform;

  • 3

    Comparatively low entry threshold on the majority of social trading platforms.

Naturally, copy trading also has some drawbacks. The thing is that excellent results of managing traders in the past do not guarantee the same outcomes in the future. Just as any investment service, copy trading on IC Markets involves the risk of loss.

IC Markets copy trading pros and cons

👎 Cons

Trading results of the traders in the past do not guarantee the same outcome in the future

1.5 pips markup to the spread

The service is available only on the Standard account

How to get started with IC Markets copy trading?

IC Markets is a broker in the category of those who do not have a proprietary copy trading platform, which is why the broker has partnered with the top social trading platform providers ZuluTrade and MyFxBook Autotrade. We will review ZuluTrade on IC Markets in more detail, show how to search for signal providers, copy trades and also discuss the main trading conditions.

In order to start working with ZuluTrade Platform on IC Markets, you need to take the following steps:
  • 1

    Register on ZuluTrade Platform;

  • 2

    Open an account on IC Markets and wait for your documents to be verified;

  • 3

    Request a document from the broker, confirming that you allow to connect your account to ZuluTrade software and agree to trading conditions. The guidelines on further actions are attached to it as well.

Video about ZuluTrade platform

Copy trading on demo account

You can learn to copy trades in a demo mode on ZuluTrade by going through a simple registration. You will instantly receive virtual $100,000 to try to search for and copy traders. If you are happy with the results, you will need to open a live account on ZuluTrade and link your IC Markets account to it.

What is ZuluTrade network in 2021?

ZuluTrade is currently one of the top social and copy trading platforms in the world. The platform works with 34 brokers and offers an opportunity to subscribe to signals of over 1,000 traders, including many highly successful ones.

Copy trading platform ZuluTrade
Regulation Greece and EU (HCMC), USA (CFTC), Japan (KFB)
Platforms MT4, MT5, ZTP
Number of brokers that offer it 34
Top brokers AvaTrade, IC Markets, IC Markets, TickMill, EverFx, WelTrade, Axi, InstaForex, FX Open, AAAFx, Oanda, Swissquote
Minimum investment for copying Set by the broker. From $50 to $1,000 on average
Combos Service – from $2,000
Service use fee Profit Sharing Plan: $30 monthly subscription + 25% share of profits
Classic Plan – depends on the chosen broker. $20 on average per standard lot in a currency pair.
Brokerage commission Commission for order execution is charged according to the conditions of your broker.
Account types Profit Sharing, Classic
Size of the network Over 1,000 strategy providers

How to find the right trader to copy with IC Markets?

There are two ways to copy traders using ZuluTrade on IC Markets:
1

The easiest way is to follow the recommendations of ZuluTrade, the algorithms and editors of which publish the most successful signal providers in the Top Traders section. They are divided into selections based on different criteria: number of copiers, return growth dynamics, amount under management, etc.

2

The second method implies that you independently search for traders using the filters on ZuluTrade. You can search by such criteria as performance, slippage, experience, etc. Practice shows that this method is effective rather for more experienced users. The beginners would still be advised to use the recommendations.

When selecting traders, you can be guided by the following rules of common sense:
  • Pay attention not to outstanding performance, but rather at consistency. If a trader allows deep slippages and trades with return a month later, it is best to avoid him, because subscribing to him at the wrong time, you risk losing everything.

  • The longer the positive return history the signal provider on the platform has, the better. It reduces the risk of his good result being pure luck.

  • Diversify investment among several traders with different strategies.

How to get started copying trades with IC Markets

It is quite simple to start copying trades from ZuluTrade to the IC Markets account. After you decide on the signal provider, you will need to subscribe to him/her by pressing Follow in the profile. After you’ve subscribed, the trades of the trader will be copied on your IC Markets account for a predetermined amount.

A window will pop up, where you will need to set the amount you want to use to copy the trades. The minimum deposit on IC Markets is $200, but some signal providers from ZuluTrade may set a higher entry threshold. For the most successful managers, the minimum amount can range from $500 to several thousand dollars.

Also, it is worth looking into the additional options for copying traders, such as ZuluGuard, which allows you to protect your capital. If the trader goes into the red, the system will automatically stop copying. It is also possible to stop copying or change the investment amount manually in your personal account on ZuluTrade.

MyFxBook Autotrade from IC Markets

myfxbook

IC Markets also works with the social trading platform MyFxBook Autotrade. It is distinguished by a good choice of signal providers and detailed statistics on them, but a bit more complicated in terms of connecting and setting up.

👎 MyFxBook Autotrade Cons

No filters for searching traders

Outdated interface

Complicated connecting

Provider main features

Regulation The provider does not accept funds from the users; does not require a license
Platforms MT4, MT5, cTrader
Number of brokers that offer it 39
Top brokers Tickmill, IC Markets, FxOpen, Pepperstone, Axi (Axitrader)
Minimum investment for copying 1,000 USD
Service use fee 0%*
Signal providers 162

Can I make money by copying traders on IC Markets?

Yes, it is possible to earn money by copying traders on IC Markets. The broker has all the conditions required for that:
  • License from the top regulators of Australia and EU.

  • Partnerships with top copy trading platform providers.

  • Beneficial trading conditions, low commissions.

However, one should always keep in mind that financial results of traders in the past do not guarantee the same outcome in the future. When starting to copy trades on IC Markets, all trading risks must be taken into consideration.

How much does IC Markets copy trading cost?

ic-markets

IC Markets is distinguished by the low level of commissions. In particular, on the Raw Spread account, the commission is only USD 3.5 per lot (one side) at the average spread for EURUSD at 0.1 pips, which is one of the best offers on the market. However, the trading conditions for trading with ZuluTrade are not as good.

Specifically, only the Standard account type is available for working with copy trading, where the average spread is 1 pip. And there is a markup to the spread, which is 1.5 pips. Therefore, the average spread for EURUSD is 2.5 pips and for other trading pairs it could be even higher.

Is IC Markets copy trading safe?

Yes, we believe that IC Markets is a reliable broker. The company’s headquarters are located in Australia. The broker holds the licensees of a respected regulator Australian Financial Services License (AFSL No. 335692). Also, the broker is licensed in the EU by the Cyprus Securities and Exchange Commission (CySEC License Number 362/18).

ZuluTrade social trading platform provider is also licensed by the Cyprus Securities and Exchange Commission and operates in compliance with the EU rules.

Summary

IC Markets works with the top social trading platform providers – ZuluTrade and MyFxBook Autotrade, which provides the broker’s customers a great foundation for starting to copy trades. In particular, the platforms together have around 2,000 signal providers and dozens thousands of clients.

In addition, the regulation of the broker in Australia and EU is worth mentioning, as well as its good trading conditions: diverse Forex and CFD markets, low commissions and top quality order execution.

However, conditions of IC Markets for copying traders with ZuluTrade are worse due to the 1.5 pips markup to the spread and availability of the service only on the Standard account, which does not have the best conditions in terms of commissions.

We also recommend reviewing the offers of eToro, the leader of our rating of social trading platforms. The broker does not charge a manager fee and offers the biggest number of signal providers – over 100,000.

Expert Commentary

Antony Robertson

Antony Robertson, Traders Union Financial Analyst

IC Markets has created excellent conditions both for active trading and for investment. The broker really has some of the lowest commissions in the market and excellent order execution speed, which is valued by scalpers and algorithmic traders. There is also little doubt about the reliability of the Australian company.

Partnership with MyFxBook Autotrade and ZuluTrade is a cherry on top of the cake for the beginners, who are not prepared to trade on their own yet, but are ready to invest. These platforms offer a truly impressive choice of signal providers and a potential of a good return.

However, one must keep in mind that copy trading on IC Markets is not the Holy Grail. Even experienced traders make mistakes and can lose money, which is why it is recommended to start with a demo account, carefully approach the choice of providers and also monitor their performance.

IC Markets Social and copy trading reviews

I’ve been trading on ZuluTrade from an account on IC Markets for several months now. For the most part, I’m happy with everything; I already added 6% to my deposit. However, for some reason the broker failed to mention it on its website that there is a markup to the spread for this service. You learn this during the registration. Due to this, the return rate on the account on IC Markets is lower than it could have been.
José Montaguem, 39
Investor
Madrid, Spain
I didn’t like Myfxbook much. First of all, the registration procedure is complicated. The selection of traders is excellent and there is a lot of statistics, but in my case the real result turned out to be not as good as expected. As soon as I subscribed to two signal providers, their trading results got worse. I don’t know whether it is just a coincidence or everybody experiences this.
Cheyenne Courtois, 25
Beginner Trader
Paris, France
I think it is possible to earn a profit on ZuluTrade and on Myfxbook; you just need to observe certain rules – build a portfolio of several subscriptions, avoid slippages and stay realistic. Many people get disappointed that they don’t earn 500%. As for me, I am happy that I earned 15% in 4 months on Myfxbook.
Inderjit Nascimbeni, 27
IT Recruiter
India

FAQ

What is the minimum deposit for copy trading on IC Markets?

On MyFxBook Autotrade the minimum deposit is $1,000, and on ZuluTrade - $200. However, signal providers can set their own requirements for the minimum deposit.

What is the average return rate of copy trading on IC Markets?

There is no average return rate, as it depends on a multitude of factors: chosen trader, market situation, etc. You should be well aware that there is a chance you will earn money and that you may also lose money.

In which cases should I stop copying a trader?

Considerable slippages on the trading account should not be allowed. If a trader trades in the red or his results are volatile (alternating between profit and loss) for over 1-2 months, it is best to unsubscribe from him.

Does IC Markets have additional copy trading fees?

Yes, the broker uses a markup for the spread of 1.5 pips.