Losses can exceed deposits
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.
|EUR/USD (Average: 0.7 pips)||1.0 pips + $4.00||0.7 pips||0.1 pips|
|GBP/USD (Average: 1.1 pips)||1.0 pips + $4.00||1.7 pips||0.1 pips|
|USD/JPY (Average: 1.1 pips)||1.0 pips + $4.00||0.6 pips||0.1 pips|
|AUD/USD (Average: 0.8 pips)||1.0 pips + $4.00||0.6 pips||0.2 pips|
|USD/CHF (Average: 2.3 pips)||1.0 pips + $4.00||2.3 pips||0.2 pips|
|USD/CAD (Average: 2.9 pips)||1.0 pips + $4.00||0.5 pips||0.3 pips|
|NZD/USD (Average: 3.6 pips)||1.0 pips + $4.00||2.8 pips||0.3 pips|
|EUR/GBP (Average: 2.4 pips)||1.0 pips + $4.00||0.5 pips||0.1 pips|
Spreads are dynamic and are for informational purposes only.
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 0.70 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.See all Spreads
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 $5.21. Here’s a rough breakdown of the fees and how this compares against XTB & Axitrader .
|Spread from:||$ 0.00||$ 2.00||$ 1.00|
|Total cost of a 100k trade:||$ 0.00||$ 2.00||$ 1.00|
|$2 more||$1 more|
|Visit IC Markets||Visit XTB||Visit Axitrader|
All fees/prices are for informational purposes and are subject to change.
IC Markets offers over different instruments to trade, including over 60 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 Axitrader for comparison.
|FX / Currencies||IC Markets||XTB||Axitrader|
|# of forex pairs offered||60||48||80|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes|
|Exotic forex pairs||Yes||Yes|
|Commodity CFDs||IC Markets||XTB||Axitrader|
|# of commodities offered||19||21||6|
|Index & Stock CFDs||IC Markets||XTB||Axitrader|
|# of Stocks offered||120||1606||0|
|See IC Markets's Instruments||See XTB's Instruments||See Axitrader'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
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 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.live chat 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 01/09/2019.