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IC Markets: Review and Pros & Cons

4.2 su 5

Alfredo de Cristofaro   October 26, 2021

Author of the review
Alfredo de Cristofaro Author
Alfredo de Cristofaro
Co Founder

Graduated in Economics of Financial Intermediaries, after having worked for several years at one of the main financial brokers in Europe, he decided to make available to investors the knowledge gained over the years. On QualeBroker.com he's responsible of reviewing the stockbrokers, making sure that the highest standards of safety and transparency are guaranteed.

 
 Pros:   Cons:
Low commissions and spreads.     Maximum allowable leverage x30.
Quick and easy account opening.     Does not act as a withholding agent.
Has many years of experience subjected to MiFID regulations.     Platforms not suitable for beginners.
Great customer service and educational offers.     CFD trading only available.

Pros:

Low commissions and spreads.
Quick and easy account opening.
Has many years of experience subjected to MiFID regulations.
Great customer service and educational offers.

Cons:

Maximum allowable leverage x30.

Does not act as a withholding agent.
Platforms not suitable for beginners.
CFD trading only available.

 

IC Markets Online Broker: Reviews and Opinions

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.

Overall Rating: 81/100

How do we assign rates?

» Check out our methodology

Safety: 90/100
Fees and Costs: 87/100
Products and markets offering: 93/100
Platform and Research: 96/100
Mobile trading: 83/100
Ease of use: 61/100
Tax regime: 70/100
Customer Support: 74/100
Education: 82/100
Banking services: 25/100

Safety

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 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.

» How to open an IC Markets account

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

» Deposits and Withdrawals

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.

Products

On IC Markets it is possible to trade a wide range of financial assets through CFDs, including cryptocurrencies, stocks and the Forex market. More specifically:

  • 61 Forex currency pairs
  • Over 22 raw materials
  • 25 stock indices
  • Over 11 CFDs on bonds on 18 different types of cryptocurrencies, including Bitcoin, Ethereum, Dogecoin and Binance
  • Over 1,600 stocks
  • 4 global futures

A total of approximately 1,700 assets are available for trading on IC Markets.

» Financial Leverage

Like all British brokers, IC Markets (EU) Ltd. also operates under ESMA constraints. Among these constraints there is a limit on the maximum leverage brokers can grant to retail clients.

This limit varies depending on the underlying asset traded. 

IC Markets offers specific limits for each of the tradable assets:

  • Leverage up to 1:30 on Forex
  • Leverage 1:10 on commodities
  • 1:20 leverage on equity indices
  • 1: 5 leverage on bonds
  • 1: 2 leverage on cryptocurrencies
  • 1: 5 leverage on futures

Commissions and Costs

Another important aspect to evaluate is commissions and costs related to trading that should be carefully analyzed to understand the general convenience of this broker.

IC Markets is one of the most competitive brokers on the market for commissions applied to transactions and the cost items related to the spread, differentiated according to the type of account chosen by the client:

In particular, the average EUR/USD spread of 0.1 pip is one of the lowest in the industry.

Trading Platform

IC Markets provides different platforms for traders:

  • MetaTrader 4
  • MetaTrader 5
  • cTrader

» MetaTrader 4

MetaTrader 4 is presented by IC Markets as an award-winning trading solution, as well as the most popular in the world for forex traders due to its ease of use, rich functionality and automatic trading capabilities.

More specifically, the platform offers the following features:

  • Low spreads and low commissions
  • Leverage up to 1:30
  • Minimum lot size of 0.01
  • Flexible withdrawal and deposit options
  • No restrictions on trading
  • Quick order execution

Traders who choose MetaTrader 4 as a platform for their online trading activities are able to count on rapid order execution, thanks to an average latency of less than 1 millisecond, a speed that favors trading and automatic scalping. Furthermore, there is no restriction on trading operations and the spread starts at 0.0 Pip, averaging 0.1 Pip 24/5 (on EUR/USD), currently one of the lowest average EUR/USD spreads globally.

» MetaTrader 5

MetaTrader 5 is the all-in-one solution for trading on the forex market, stocks, indices, bonds, cryptocurrencies and commodities.

Specifically, the platform offers the following features:

  • Raw pricing connectivity
  • Spread from 0.0 pips
  • Leverage up to 1:30
  • Low latency trading
  • Deep liquidity
  • Multi-asset platform

Traders who choose MetaTrader 5 as a platform for their online trading activities will be able to use the raw pricing connectivity that offers reduced spreads as well as optimal trading conditions. Furthermore, the Depth of Market functionality allows you to have full transparency of the liquidity available for each currency at any given time. Lastly, similar to the MetaTrader 4 platform, MetaTrader 5 also guarantees rapid execution of orders, no restrictions on trading and a spread starting from 0.0 Pip.

» cTrader

The competitive advantage of the cTrader platform is the sophisticated design, an elegant user interface and advanced functions for trading on global markets ensuring high execution speed.

More specifically, the platform offers the following features:

  • Connectivity Raw Pricing
  • Leverage up to 1:30
  • Minimum lot size of 0.01
  • Flexible withdrawal and deposit options
  • No restrictions on trading
  • Ultra fast order execution

In addition to the features in MetaTrader 4 and 5, i.e. no restrictions on trading activities, full transparency of liquidity available for currencies as well as reduced spreads starting from 0.0 Pip, an additional element of cTrader is the Smart Stop Out, designed to provide maximum protection to traders' accounts. Thanks to this particular feature, if the margin level falls below the Smart Stop Out level, the positions will be partially closed (starting from the largest position) until the margin level returns to the Smart Stop Out level.

» Research and Analysis

Searching an asset to trade on cTrader is very simple and has two search options:

  • The bar at the top left where you can enter the name or symbol of the financial product that interests us
  • The side menu with the list of assets divided by categories

» How to place an order

Placing an order is simple and happens in two ways:

  • Clicking on the green button labeled "New Order" at the top of the dashboard
  • Completing the parameters on the right side of the screen, where the trader must select the quantity of assets to be traded and the type of order, and then click on the "Place Order" button

Here are the types of conditional orders that can be issued on cTrader:

  • Stop Orders
  • Limit Orders
  • Stop Limit Orders
  • Market Orders
  • Trailing Orders

Tax Regime

Since IC Markets is a broker with headquarters in Australia, for tax purposes it is considered a foreign broker. Thus, the funds and securities held by IC Markets are considered financial assets held abroad.

Depending on the country in which you are a resident, there will be taxes to be declared and paid. For tax matters, we suggest contacting a tax advisor to fulfill all your tax obligations.

Education

For traders who wish to study and dedicate themselves to continued learning, there is a section dedicated to training in online trading on IC Markets.

In particular, IC Markets offers the following resources:

  • A page dedicated to the advantages of Forex
  • A page dedicated to the advantages of CFDs
  • Video tutorials on how to install MetaTrader 4, use the market watch, the navigator, the trading terminal, select the type of conditional order, etc.
  • Web TV to share trading ideas, market commentary, global stocks, currency and commodity overviews, all recorded daily from the New York Stock Exchange headquarters
  • Webinars on training and trading sessions, in which you can select the level of experience and language of the webinar (six languages ​​are available including Spanish, Portuguese, English and Chinese);
  • Podcast entirely dedicated to online trading

Customer Support

IC Markets' customer service does not disappoint. There is an entire section of the site dedicated to the Service Center, available 24 hours a day, with frequently asked questions (FAQ) and the ability to write your own question to get immediate answers.

There are three channels available to customers to contact IC Markets:

  • Live chat online 24/7
  • Email assistance
  • Assistance by telephone
  • Form to be filled out with selection of the department (Customer Relations, Assistance, Accounts, Compliance) and subject of the request

IC Markets is also on the major social networks: Facebook, Twitter, Instagram and Google+.

Overall rating

Our overall opinion on IC Markets is positive.

This online broker offers zero commissions on the standard account and spreads among the lowest in the industry, with approximately 1,700 financial assets available for trading.

The selection of platforms is varied: the ability to use Metatrader 4 and 5 as well as the advanced cTrader platform are available on the web, via desktop and mobile versions (both Android and iPhone/iPad).

IC Markets is a secure broker, subject to the European MiFID II regulation and under the control of the CySEC and the FCA, to guarantee an adequate level of protection for their customers.

Lastly, customer service is available 24 hours a day that allows you to contact the broker through various communication channels.

For all these reasons, IC Markets has a 5/5 star review on Trustpilot.

Our opinion on IC Markets is therefore positive and we recommend using it for trading Forex and CFDs.

Disclaimer: The main mission of Qualebroker.com is to provide objective and unbiased reviews, comparisons, opinions and analysis. Qualebroker.com does not provide any advice or solicitation for investments. The trading of financial instruments represents a high level of risk in which all the capital invested can potentially be lost. Only those who are aware of this risk should trade in the financial markets. Operating from an online business perspective, Qualebroker.com may be remunerated by third party advertisers. This remuneration should not be construed as an endorsement or recommendation by Qualebroker.com, nor will it affect our reviews, analyzes or opinions in any way. For more information please consult our disclaimer.

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