Experts Published Comprehensive Insights of IC Markets Broker - Hindustan Times

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Published on Sep 14, 2023 07:51 PM IST

IC Markets is a trusted, regulated broker with a strong global presence. It offers a variety of trading accounts and user-friendly platforms.

Experts Published a Comprehensive Review of IC Markets Broker

ByHT Brand Studio

IC Markets, a renowned financial trading broker headquartered in Sydney, Australia, has been a significant player in the industry since its inception in 2007. Over the past 15 years, the company has demonstrated unwavering dedication to offering premier financial trading services, earning the trust and loyalty of its clientele.

Recently, Traders Union conducted a review of IC Markets broker, evaluating the broker on more than 100 distinct criteria. The results were impressive: IC Markets secured a score of 9.01 out of 10. The platform is designed to benefit a broad range of traders, from beginners to seasoned professionals. Notably, it is an ideal choice for those keen on scalping and copy trading.

While IC Markets originated in Sydney, its aspirations have always been global. Acknowledging the significance of a diverse customer base and the benefits of a worldwide presence, the broker has launched beyond Australia. Today, it has a strong network of representative offices in key global locations.

Financial trading is tough, making compliance with regulatory standards crucial for protecting trader investments. IC Markets broker has secured licenses from multiple regulatory authorities across various jurisdictions. This makes IC Markets a regulated and safe broker.

Is IC Markets regulated?

Yes, IC Markets is a regulated broker, and its operations are regulated by multiple regulatory bodies across different jurisdictions. Here's a breakdown of its regulations:

SFSA (Seychelles Financial Services Authority)

• Location: Seychelles.
• Role: The SFSA supervises non-bank financial services within Seychelles. Its primary objective is to ensure that financial institutions operate in accordance with both local laws and international best practices.
• Relevance to IC Markets: IC Markets holds a license from the SFSA, highlighting its dedication to upholding high operational standards and its commitment to transparent and ethical practices.

ASIC (Australian Securities and Investments Commission)

• Location: Australia.
• Role: ASIC is the chief regulatory body for financial markets, securities, and financial services in Australia. It is recognized for its rigorous guidelines and meticulous oversight.
• Relevance to IC Markets: Being headquartered in Australia, IC Markets' adherence to ASIC's regulations is imperative. Possessing an ASIC license not only affirms the broker's legitimacy within Australia but also enhances its global reputation, showcasing its commitment to maintaining a high level of integrity in its operations.

CySEC (Cyprus Securities and Exchange Commission)

• Location: Cyprus.
• Role: CySEC is the primary regulatory authority for financial trading in Europe, particularly in Cyprus. It mandates that financial firms operate with transparency and adhere to ethical standards.
• Relevance to IC Markets: IC Markets' acquisition of a CySEC license emphasizes its dedication to serving European clients with integrity. This license further cements its status as a reliable broker within the European financial trading landscape.

Pros and cons of IC Markets

IC Markets is a renowned name in the financial trading industry. As with any broker, it comes with its set of advantages and disadvantages. Based on a comprehensive review by Traders Union, here's an in-depth look at the pros and cons of trading with IC Markets broker:

Pros:

• Extensive asset range. IC Markets boasts an impressive portfolio of over 2,100 trading instruments. This wide variety ensures that traders of all preferences and strategies find something that aligns with their interests.
• Swift order execution. In trading, speed is paramount. IC Markets is known for its rapid order execution, reducing wait times, and enhancing the efficiency of trades.
• Competitive spreads. One of the features of IC Markets is its ultra-tight spreads, which can start from zero. For traders, especially those who trade frequently, this can lead to significant savings and increased profitability.
• Mobile trading. Recognizing the importance, IC Markets offers powerful mobile trading solutions. This ensures that traders can access the markets anytime, anywhere.
• Analytical and training resources. IC Markets is committed to the continuous growth of its traders. They offer a wide range of analytical tools and educational materials, catering to both beginners and seasoned traders.
• No trading restrictions. IC Markets is known for its flexibility. Whether a trader is interested in using trading advisors, scalping, or hedging, the platform imposes no restrictions, allowing for diverse trading strategies.
• Additional trading tools. Beyond the basics, IC Markets offers tools like a risk calculator and spread monitoring. These are designed to help traders refine their strategies and manage risks effectively.
• Client-centric approach. Central to IC Markets' operations is its focus on the client. They prioritize the needs and concerns of traders, ensuring a smooth and supportive trading experience. Visit IC Markets and see for yourself.
• Islamic accounts. Understanding the diverse needs of its clientele, IC Markets provides Islamic accounts. These accounts adhere to Sharia law, allowing for swap-free trading.

Cons:

• No weekend trading. One of the limitations of IC Markets is the absence of trading during weekends. This can be a constraint for those who prefer trading during this time.
• Payment delays. Some users have reported delays in payments, which can extend for several days. Timely access to funds is crucial for traders, and such delays can be inconvenient.
• Lack of competition and bonuses. Unlike some brokers that offer trading competitions and bonus rewards, IC Markets does not have such incentives. For traders who value these additional perks, this might be seen as a drawback.

IC Markets account types

IC Markets offers various account types, each for specific trading needs and preferences. Whether you're a day trader, scalper, or discretionary trader, IC Markets has an account type designed to optimize your trading experience. The broker's commitment to transparency, competitive spreads, and a client-centric approach makes it a preferred choice for many traders globally. Here's a brief about each:

cTrader Raw Spread Account

• Trading Platform: cTrader
• Commission: $3.0 per USD 100k (equivalent to $6.0 per lot round turn)
• Spreads: Starting from 0.0 pips
• Minimum Deposit: $200
• Leverage: Up to 1:500
• Maximum Position Orders: 2000 per account
• Server Location: London
• Currency Pairs: 61
• Stop Out Level: 50%
• Trading Styles: All styles allowed, including scalping and hedging
• Programming Language: C#
• Suitable For: Day Traders & Scalpers

Raw Spread Account (MetaTrader)

• Trading Platform: MetaTrader
• Commission: $3.5 per lot per side (equivalent to $7.0 per lot round turn)
• Spreads: Starting from 0.0 pips
• Minimum Deposit: $200
• Leverage: Up to 1:500
• Maximum Position Orders: 200 per account
• Server Location: New York
• Currency Pairs: 61
• Stop Out Level: 50%
• Trading Styles: All styles allowed, with a focus on Expert Advisors (EAs) and scalping
• Programming Language: MQL4
• Suitable For: Expert Advisors (EAs) & Scalpers

Standard Account (MetaTrader)

• Trading Platform: MetaTrader
• Commission: None ($0.0)
• Spreads: Starting from 0.6 pips
• Minimum Deposit: $200
• Leverage: Up to 1:500
• Maximum Position Orders: 200 per account
• Server Location: New York
• Currency Pairs: 61
• Stop Out Level: 50%
• Trading Styles: All styles allowed
• Programming Language: MQL4
• Suitable For: Discretionary Traders

Does IC Markets have a demo account?

IC Markets provides a demo trading account, specifically designed for individuals who are new to Forex trading or those looking to practice their trading strategies in a risk-free setting. This demo account is a valuable tool for beginners, allowing them to gain hands-on experience in the Forex market without the worry of financial loss.

The primary features and benefits of the IC Markets demo account are:

• Risk-free environment. The demo account is entirely free of charge, ensuring that traders can practice their strategies without any financial implications. This means that any trades made within this account won't result in real monetary gains or losses.
• Designed for learning. The primary purpose of the demo account is educational. It gives users the opportunity to familiarize themselves with the trading platform, understand market movements, and refine their trading techniques.
• Duration. One thing to note is that the IC Markets demo account is not indefinite. It expires after 30 days of inactivity. This encourages traders to actively use the platform and learn continuously.
• Real market conditions. Even though the demo account operates with virtual funds, it simulates real market conditions. This ensures that the experience gained from the demo account is as close as possible to real trading scenarios.
• No investment required. The demo account is not just risk-free in terms of potential losses, but it also requires no initial investment. This makes it accessible to everyone, regardless of their financial situation.

Trading platform and key features

Trading platform of IC Markets

According to Traders Union IC Markets provides its clients with access to the renowned MetaTrader WebTrader platform, a web-based trading solution known for its user-friendly interface. This platform allows traders to seamlessly engage in the IC Markets trading environment without the interference of a dealing desk, ensuring a direct and efficient trading experience.

The standout feature of IC Markets is its integration with the award-winning MetaTrader 4 platform. Recognized globally, MetaTrader 4 stands out as the preferred choice for forex traders. Its popularity derives from its intuitive design, comprehensive features, and the capability to support automated trading.

Traders can access and utilize the platform from any location worldwide, ensuring flexibility and convenience. The platform's ease of use combined with its rich functionalities makes it suitable for both novice and experienced traders. Furthermore, its automated trading capabilities allow traders to set strategies and let the platform execute trades based on predefined conditions. You can visit IC Markets to find out more information.

Key features of IC Markets

Here's a detailed look at the key features of IC Markets broker:

• Low spreads. IC Markets prioritizes offering traders the lowest possible spreads. They have made significant investments in technology and fostered strong ties with some of the most reliable liquidity providers in the market. This ensures traders get the best possible conditions in the industry.
• Fast execution. Recognizing the importance of speed in trading, IC Markets broker has set up its trade servers in the NY4 & LD5 data centers in New York and London. These servers are collocated with the data servers of their pricing providers, ensuring the fastest possible trade execution for clients.
• Superior technology. IC Markets collaborates with leading trading technology companies to offer cutting-edge trading tools. These tools include Depth of Market (DoM), built-in spread monitoring, ladder trading, automated close of trades with custom order templates, and more. Their mobile trading applications for iPhone and Android are optimized for an unparalleled mobile trading experience.
• Flexible trading conditions. IC Markets is designed with traders in mind. They allow scalping, hedging, and automated trading. Their Raw Spread account offers spreads starting from 0.0 pips, flexible leverage options up to 1:1000 and accepts deposits in 10 major currencies.
• Better fills. IC Markets broker allows trades ranging from 1 micro lot to 200 lots. Their technology ensures real-time execution of large trades over multiple pricing providers, ensuring the best price for any trade size.
• Unrivalled customer service. IC Markets broker emphasizes offering top-notch customer service. Their team, with extensive experience in the forex industry, understands traders' needs. They offer support 24/7, ensuring traders' queries and concerns are addressed promptly.
• Advanced trading tools. IC Markets enhances the MetaTrader 4 platform with tools like a one-click trade module, market depth, spread monitor, trade risk calculator, and advanced order types. These additions make for a more enriched trading experience.
• Diverse trading platforms. IC Markets offers MetaTrader 4, MetaTrader 5, and cTrader - three of the best trading platforms available. They provide traders with direct access to Raw Pricing across these platforms.
• Trust and transparency. These core values underpin IC Markets' operations. They are a regulated Forex CFD provider that offers Raw Spreads on its primary account type. This ensures no requotes, no price manipulation, and no restrictions.
• Regulation: IC Markets Global is regulated by the Financial Services Authority of Seychelles (FSA). They meet strict capital requirements, and all client funds are held in segregated client trust accounts with top international banks.
  • A clear and visible photo of yourself.
  • An ID card issued by a government agency.
  • The ID should clearly display your name, signature, expiry date, and date of birth.
  • A document, like a utility bill or bank statement, that's no older than 3 months.
  • It should have the same name and address as the one you'll use in your account application.

Deposits and withdrawals

According to Traders Union IC Markets broker doesn't add any extra charges for depositing or withdrawing any money. But, when depositing or withdrawing through international banks, you might face extra fees. IC Markets isn't responsible for these bank charges.

Assets and leverage

IC Markets broker offers a wide range of 2,100 assets for trading. These include things like currency pairs (money from different countries), company stocks, digital currencies like Bitcoin, bonds (a type of loan), and CFDs (contracts based on price changes) related to metals, goods, market groups, and future predictions. Additionally, they provide different levels of leverage, ranging from 1:1 to 1:500. This means you can trade with more money than you actually have, but it also comes with risks.

Is IC Markets legit and safe?

According to Traders Union IC Markets is one of the best Forex brokers. They have many trading options like money pairs from different countries, market groups, and goods like gold or oil. Their trading system is safe and trustworthy. Taking out your money is quick, and if you need help, their support team is really good. They are known for making trading easy and reliable for everyone. You can visit IC Markets and familiarize yourself with the internal terms and conditions to avoid conflicts.

How to register and sign up on IC Markets

Opening an account with IC Markets is a straightforward process. Traders Union experts have prepared a step-by-step guide:

Documents you need. Before diving into the account creation process, ensure you have the necessary documents ready:

1. Photo & ID card:
2. Proof of address:

Remember, any document not in English must be translated, and IC Markets won't accept any that are hard to read.

Opening the account: Step-by-step guide

1. Choose the right account type

• IC Markets offers three main account types: Standard, Raw Spread, and cTrader.
• Standard account is ideal for beginners and requires a minimum deposit of 200 USD.
• Both Standard and Raw Spread accounts are compatible with MetaTrader and cTrader platforms.
• If you're looking for even better trading conditions with tighter spreads, consider the cTrader Raw Spread Account.
• Start by selecting the type of brokerage account that suits your needs.
• Next, you'll need to fill out a questionnaire. This will ask for basic details like your name, date of birth, address, nationality, and place of employment.
• Depending on the broker's requirements, this step can vary in complexity. Some might ask about your trading history or require you to answer security questions to ensure you're authorized to trade.
• Once your account is verified and active, you'll need to deposit money to start trading.
• Transfer the necessary amount to your broker account. If there's no specific amount required, you can deposit any sum you're comfortable with.
• With the funds in your account, you're all set to begin trading and become a shareholder.

1. Provide personal information.
2. Fund your account

Let's summarize

According to Traders Union IC Markets is a renowned forex broker known for its diverse trading options and user-friendly platforms. With a wide range of over 2,100 assets, including currency pairs and commodities, they offer a secure trading environment with competitive spreads and fast execution. Their account setup is straightforward, requiring specific documentation for verification. They provide multiple account types for both beginners and experienced traders, all highlighted by their commitment to transparency and client support. Whether you're a new or a seasoned trader, IC Markets offers a comprehensive trading experience according to your needs. You can read the full review and find out more information about the IC Markets on theTU website.

FAQs

Is IC Markets trustworthy?

Yes, IC Markets is backed by two high-trust Tier-1 regulators. However, they also have endorsements from two higher-risk Tier-4 regulators.

Is IC market good for beginners?

Despite some drawbacks, IC Markets excels in offering beginner-friendly features like low fees and user-friendly platforms. It stands out as a top choice, if not the best, for newcomers.

Can you withdraw money from IC Markets?

Yes, you can withdraw money from IC Markets. IC Markets charges $0 for withdrawals.

What is the minimum investment for IC Markets?

The minimum deposit at IC Markets is $200.

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