1. Home
  2. Compare Forex Brokers
  3. IC Markets review

IC Markets Review

  • Regulated by: ASiC
  • Safety: segregates client funds
  • Trust Rating: B
Open IC Markets's Website

Losses can exceed deposits

Overview

IC Markets is a forex trading services broker. They give traders access to a wide variety of instruments in several markets like currencies. For commodity traders, they offer a range of energies, metals and agriculturals.

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.

Open a demo account Visit 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.

IC Markets screenshot

PROS

  • Segeregates client funds
  • Established in 2007
  • Regulated by ASiC
  • Min. deposit from $200

CONS

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' spreads are in comparison to other popular brokers featured on BrokerNotes.

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.

See all Spreads
Losses can exceed deposits

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 $N/A. Here’s a rough breakdown of the fees and how this compares against XTB & City Index .

IC Markets XTB City Index
Spread from: N/A $ 2.00 $ 5.00
Typical overnight fee: N/A $ 7.94 $ 20.60
Commission: N/A 0 0
Total cost of a 100k trade: N/A $ 9.94 $ 25.6
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

General Fees

  • IC Markets doesn’t charge inactivity fees*
  • IC Markets doesn’t charge withdrawal fees*

Overnight fees & swap rates

When you hold a position overnight, it is usually subject to overnight interest which you must pay to your brokerage (sometimes called a rollover fee or swap rate).

  • The rollover fee for long positions on EUR/USD is -$5.21
  • The rollover fee for short positions on EUR/USD is $4.97

Commissions

  • IC Markets does charge commission on CFD shares

What can you trade with IC Markets?

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 50 84
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes
Exotic forex pairs Yes Yes
Cryptocurrencies No Yes Yes
Commodity CFDs IC Markets XTB City Index
# of commodities offered 0 26
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural Yes Yes Yes
Index & Stock CFDs IC Markets XTB City Index
# of Stocks offered 0 1500 4500
UK Shares No Yes Yes
US Shares No Yes Yes
German Shares Yes Yes Yes
Japanese Shares Yes Yes Yes
See IC Markets's InstrumentsSee XTB's InstrumentsSee City Index's Instruments
Losses can exceed deposits

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 cTrader brokers.

IC Markets Screenshot See IC Markets 's Platforms

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

Trading Features:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

Accounts offered:

  • Demo account
  • Mini account
  • Standard account
  • Zero spread account
  • ECN account
  • Islamic account

Still not sure?

Open a practice account & learn to trade

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. 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.

Funding methods:

  • Credit cards
  • Bank Transfer
  • Neteller

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 August 23, 2018.