IC Markets: Official Review, Pros and Cons 2024

IC Markets is an Australian broker started in 2007 and specializes in offering trading in Forex and CFD markets. Its headquarters are in Sydney and there are various branches around the world including Cyprus, as well as in the Seychelles and Bahamas.

IC Markets has established itself as one of the leading brokers in the world. In June 2018, it recorded an average daily transaction volume of $19.4 billion, for a total monthly average volume of $447 billion.

In this review, we will analyze the trading service offered by IC Markets, the assets available for trading, the advantages of the trading platforms available to clients, costs and commissions, account types, etc.

Should you use IC Markets for online trading? Here are our opinions.

Let's start with the analysis of this broker's transparency and reliability, the first element that a trader must consider when deciding which trading platform to use for their investments.

IC Markets (EU) Ltd. is based in Limassol, Cyprus, therefore it falls under the European Union MiFID II regulation for the regulation of financial markets. This broker operates under the control and supervision of the Cyprus Securities and Exchange Commission (CySEC), with company registration number HE 356877.

IC Markets is also under the supervision of the Financial Conduct Authority (FCA), the financial regulatory body of the United Kingdom, in order to operate in Great Britain and Northern Ireland.
IC Markets (EU) Ltd. is in the UK’s temporary permissions regime for EEA-based firms that previously passported into the UK.

Since IC Markets is based in the European Union, UK traders can benefit from protections for the investor provided for by European legislation, namely:

• The Financial Services Compensation Scheme (FSCS) is a compensation fund that compensates clients up to a maximum of £85,000 (in cash or financial instruments) in the event that the broker is unable to return them to clients;
• The segregation of client assets: the separation of client assets from those of the broker, so that, in the event of bankruptcy of the trading platform, no creditor of the broker will have the opportunity to claim the funds deposited by the clients;
• Each account is protected against a negative balance: this helps customers avoid a loss on their account that exceeds the cash balance (i.e. the total amount of money paid into the account).

IC Markets offers two types of accounts, Live (with real money) and Demo (with virtual money), both with similar opening procedures.

The demo account is a strategic tool for novice traders who want to practice online trading operations without risking their own capital, but instead use virtual money in simulated trading.

The procedure to open an IC Markets account is simple and quick, just connect to the broker's website and follow the following steps:

• Upload personal data via a form or by registering with Facebook or Gmail
• Choose the type of account you wish to open (individual, joint or corporate) and enter nationality and tax code
• Choose the type of trading platform to use (MetaTrader5, cTrader or MetaTrader4), and the type of account (Standard Account or Raw Spread)
• Select the base currency for the account. There are three options: USD, EUR and GBP
• Select your current trading experience level (basic, intermediate, advanced) and declare authorization for data processing
• Deposit funds and start trading activities

IC Markets requires a minimum deposit of 200 GBP. The platform accepts four deposit methods:

• Credit and debit card, Visa and Mastercard circuits
• Neteller (FCA regulated)
• Skrill
• Bank transfer (via TransferWire)

Withdrawals have a fairly rapid procedure. A maximum of 24 hours for processing and approximately 2-5 working days for a transfer to the customer's bank account.