IC Markets Review 2023, Safety, Platforms and Fees - FX Empire

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The IC Markets entity regulated by the FSA of Seychelles offers 3 main account types. Raw Spread cTrader, Raw Spread MetaTrader and the Standard Account. Each is fast and simple to open with a low minimum deposit of $200.

IC Markets offers a good range of account types for beginner and advanced traders. The Raw Spread accounts are commission-based with spreads from 0 pips. The Standard Account is commission-free with spreads from 0.6 pips.

We feel this level of customisation to your own needs is great and the offering is above the industry average. After all, every trader is looking for something different so the more options you have the better.

Opening an account was a fast and simple process and only took us around 4 minutes. You can also access Islamic swap-free accounts and a demo trading account. You can also choose the option on which regulator you want to trade with.

IC Markets does not provide services to residents in the United States, Iran, North Korea and some other regions.

Why is Choosing the Right Account Type Important?

The account you opened will impact nearly every aspect of your trading. Different accounts will often have different fees, tradable instruments and platforms so choosing the right one for your own needs is important.

What Account Types does IC Markets Offer?

The IC Markets global entity regulated by the FSA of Seychelles offers 3 account types that are suitable for beginner and advanced traders. Some of the features are highlighted below:

Source: IC Markets (Raw Trading Ltd)

One of the main differences between the accounts is the fact the Raw Spread accounts have spreads from 0 pips but is commission based.

The commission charged per lot (100,000 units of currency), per round turn (to enter and exit) is $6 when using the cTrader platform and $7 when using the MetaTrader platform.

You can access the same account types and conditions from other entities under IC Markets. However, the main difference will be how much leverage you have access to.

For example, opening an account in Europe or Australia would mean the broker needs to comply with leverage restrictions imposed by the regulator (CySEC and ASIC).

This means you can open the same account with access to the same commissions and spreads but the CySEC and ASIC regulated accounts will only offer a maximum of 30:1 leverage to retail traders.

What is CFD Leverage?

Leverage in CFD trading allows you to open a large position with a smaller deposit. For example, a 30:1 trading leverage means you can have $30,000 exposure with only a $1,000 investment. A 500:1 trading leverage means you can have a $500,000 exposure with only a $1,000 investment.

But leverage is a double-edged sword. It can amplify your winning and losing trades. This is one reason regulators such as CySEC, ASIC and the FCA cut the leverage brokers can offer retail traders – to make it safer for beginners.

As the IC Markets global entity (Raw Trading Ltd) is regulated offshore by the FSA of Seychelles, they do provide access to higher leverage up to 500:1.

How to Open an Account with IC Markets

We found opening an account with IC Markets was a fast and simple process. In fact, it took less than 4 minutes to open a Standard Account. Everything is done digitally so you can be up and running in just a few minutes.

Here is the step by step process we used to open an account with the IC Markets FSA of Seychelles regulated entity.

  • Step 1: To start the process you just need to input your name, email and phone number.
  • Step 2: Provide some more details about yourself such as financial information and experience.
  • Step 3: Choose your account configuration – the account type, platform and base currency of your account.
  • Step 4: Deposit funds and start trading.

To withdraw funds you will also need to verify your identity which is standard procedure for regulated brokers. We found this process to be easy as you just need to upload proof of ID (passport or driver's licence) and proof of residence (utility bill or bank statement).

You can upload your documents, access your trading accounts, platform downloads and additional features all through the IC Markets client portal area. This customised area is great to manage all of your trading activity.

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