IC Markets offer two ways to trade: Forex, Social Trading.
To open a live account, you’ll need a minimum deposit of at least $200. Alternatively, IC Markets offer 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 have 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.
What are IC Markets's spreads & fees?
Like most brokers, IC Markets take 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’s spreads are in comparison to other popular brokers featured on BrokerNotes.
EUR/USD1.0 PIPS $4 per lot
The average spread for EUR/USD across all brokers on BrokerNotes is 0.82 pips. See popular brokers for trading EUR/USD
USD/JPYNot offered $4 per lot
The average spread for USD/JPY across all brokers on BrokerNotes is 0.91 pips. See popular brokers for trading USD/JPY
GBP/USDNot offered $4 per lot
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
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.See all Spreads
How much does IC Markets charge to trade 1 lot of EUR/USD?
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 $9.21. Here's a rough breakdown of the fees and how this compares against AvaTrade & Plus500.
|Typical overnight fee:||$5.21||$5.00||$9.40|
|Total cost of a 100k trade:||$9.21||$12||$15.4|
|$2.79 more||$6.19 more|
|Visit IC Markets||Visit AvaTrade||Visit Plus500|
All fees/prices are for informational purposes and are subject to change. Last updated: March 21, 2018.
What can you trade with IC Markets?
|FX / Currencies||IC Markets||AvaTrade||Plus500|
|# of forex pairs offered||59||61|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes|
|Exotic forex pairs||Yes||Yes|
|Commodity CFDs||IC Markets||AvaTrade||Plus500|
|# of commodities offered||16||17|
|Indiced & Stock CFDs||IC Markets||AvaTrade||Plus500|
|# of Stocks offered||0||99||1816|
|See IC Markets's Instruments||See AvaTrade's Instruments||See Plus500's Instruments|
What's the IC Markets trading experience like?
1) Platforms and apps
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 MT4 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’re on the move.See IC Markets's platforms
2) Executing Trades
IC Markets allow you to execute a minimum of 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, but as a guide, IC Markets offer margin up to 1% on currencies.
Finally, we’ve listed some of the popular funding methods that IC Markets offers its traders on the right.
3) Client support
IC Markets support a wide range of languages including English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, German and more
IC Markets have a BrokerNotes A support rating because IC Markets offer over three languages and email support.
4) What you’ll need to open an account with IC Markets
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:
- A scanned colour copy of your passport, driving license or national ID
- A utility bill or bank statement from the past three months showing your address
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 March 21, 2018.