IC Markets is an Australian based ECN forex broker that is regulated by the Australian Securities and Investment Commission (ASIC). Traders have access to a wide variety of instruments in several markets like currencies, while commodity traders are offered a range of energies, metals and agriculturals.
Operating since 2007, IC Markets bills itself as one of the preferred choices for automated traders, with more than two thirds of the 500,000 daily trades made through its New York Equinix NY4 data centre coming from automated trading systems. These data centres, in the NY4 & LD5 data centre in New York & London respectively, as well as dedicated fibre optic cross connects to its ECN and liquidity providers, help to offer traders one of the lowest latency and fastest possible trade executions.
Some of the trading tools available at IC markets include Depth of Market (DoM), inbuilt spread monitoring, ladder trading, automated close of trades with custom order templates, and more. There are also iPhone and Android trading apps available which have been optimised to provide an enhanced mobile trading experience.
To open a live account, you’ll need a minimum deposit of at least $200. Alternatively, IC Markets offers a demo account that you can use to practice and familiarise yourself with their platform.
Regulated by ASIC (AFSL #335692). IC Markets puts all client funds in a segregated bank account and uses tier-1 banks for this. IC Markets has been established since 2007 , and have a head office in Australia .
Before we dive into some of the more detailed aspects of IC Markets ’s spreads, fees, platforms and trading features, you may want to open IC Markets ’s website in a new tab by clicking the button below in order to see the latest information directly from IC Markets.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links. Your capital is at risk. CFDs are leveraged products & 73% of traders lose money when trading CFDs.
Like most brokers, IC Markets takes a fee from the spread, which is the difference between the buy and sell price of an instrument.
The spreads displayed below are based on the minimum spreads listed on IC Markets’s website. The colour bars show how competitive IC Markets' spreads are in comparison to other popular brokers featured on BrokerNotes.
The average spread for EUR/USD across all brokers on BrokerNotes is 0.82 pips. See popular brokers for trading EUR/USD
The average spread for USD/JPY across all brokers on BrokerNotes is 0.91 pips. See popular brokers for trading USD/JPY
The average spread for GBP/USD across all brokers on BrokerNotes is 1.18 pips. See popular brokers for trading GBP/USD
The average spread for Bitcoin across all brokers on BrokerNotes is 41.15 pips. See popular brokers for trading Bitcoin
The average spread for gold across all brokers on BrokerNotes is 8.62 pips. See popular brokers for trading gold
The average spread for DAX30 across all brokers on BrokerNotes is 14.95 pips. See popular brokers for trading DAX30
Spreads are dynamic and are for informational purposes only. Last updated: June 06, 2018.
As you can see, IC Markets 's minimum spread for trading EUR/USD is 1.0 pips - which is relatively high compared to average EUR/USD spread of 0.82 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with IC Markets vs. similar brokers.
If you were to buy one standard lot of EUR/USD (100k units) with IC Markets at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $5.21. Here’s a rough breakdown of the fees and how this compares against XTB & City Index .
|IC Markets||XTB||City Index|
|Spread from:||$ 0.00||$ 2.00||$ 5.00|
|Typical overnight fee:||$ 5.21||$ 7.94||$ 20.60|
|Total cost of a 100k trade:||$ 5.21||$ 9.94||$ 25.6|
|4.73 more||$20.39 more|
|Visit IC Markets||Visit XTB||Visit City Index|
All fees/prices are for informational purposes and are subject to change. Last updated: 09/03/2018. Losses can exceed deposits
IC Markets offers over different instruments to trade, including over currency pairs. We’ve summarised all of the different types of instruments offered by IC Markets below, along with the instruments offered by XTB and City Index for comparison.
|FX / Currencies||IC Markets||XTB||City Index|
|# of forex pairs offered||48||84|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes|
|Exotic forex pairs||Yes||Yes|
|Commodity CFDs||IC Markets||XTB||City Index|
|# of commodities offered||21||26|
|Index & Stock CFDs||IC Markets||XTB||City Index|
|# of Stocks offered||0||1606||4500|
|See IC Markets's Instruments||See XTB's Instruments||See City Index's Instruments|
IC Markets is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5. To see how the two platforms compare, you can read our comparison of MT4 vs MT5 here. IC Markets is one of a handful of brokers that offer the cTrader platform developed for traders looking for a STP/ECN solution. For a list of forex brokers that offer the cTrader platform, check out our comparison of cTrader brokers.
IC Markets also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.See IC Markets 's platforms Losses can exceed deposits
IC Markets allows you to execute a minimum trade of 0.01 Lot. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As IC Markets offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you’re paying to execute your trades.
As a market maker, IC Markets may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trades requirements and no commission on trades.
As a nice bonus, IC Markets are one of very few brokers that claim to have no requotes, so you don’t have to worry about slippage (your trades being ordered at a different price to what you executed them at ).
As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.
Finally, we’ve listed some of the popular funding methods that IC Markets offers its traders on the right.
IC Markets support a wide range of languages including English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, and German.
IC Markets has a BrokerNotes A support rating because IC Markets offer over three languages and email support.
As IC Markets is regulated by ASIC , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:
You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.
While you might be able to explore IC Markets’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.
To start the process of opening an account with IC Markets you can visit their website here.
CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from http://www.icmarkets.com/ on December 5, 2018.
Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.