Offers two ways to trade: Forex, Social Trading
Popular for ZuluTrade!
225 traders clicked on IC Markets this month.
The Ultimate Guide to
Choosing a Broker
Not sure which broker is right for you?
Don’t worry - we’ve got you covered. In this guide, you’ll learn:
- Why IC Markets scored high for zulutrade (Jump to section)
- Who IC Markets is (and isn’t) suitable for (Jump to section)
- An in-depth feature comparison of the top #3 brokers (Jump to section)
- An overview on zulutrade (Jump to section)
What is the Best Trading Platform
IC Markets scored best in our review of the top brokers for zulutrade, which takes into account 120+ factors across eight categories. Here's the full list of all the brokers we considered.
The following brokers allow zulutrade on their platform:
- IC Markets
Here are some areas where IC Markets scored highly in:
- 11+ years in business
- Offers + instruments
- A range of platform inc. MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader,
- 24/7 customer service
- Tight spreads from 0 pips
- Used by + traders
- Allows hedging
- 2 languages
- Leverage up to 1:500
IC Markets offers two ways to trade: Forex, Social Trading. If you wanted to trade EURUSD through copy trading or other means, skip to part two.
The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.
IC Markets have a B trust score, which is good. This is largely down to them being regulated by ASiC, segregating client funds, being established for over 11 years, and much more. For comparison:
Trust Score comparsion
|Uses tier 1 banks|
|Segregates client funds|
The second thing we look for is the competitiveness of the spreads, and what fees they charge. We've compared these in detail in part three of this guide.
Who IC Markets is (& Isn’t)
As mentioned, IC Markets allows you to trade in two ways: Forex, Social Trading.
- CFD Trading
- Forex Trading
- Social Trading
To trade with IC Markets, you'll need a minimum deposit of $200. IC Markets offers a range of different account types for different traders including a mini account, .
IC Markets offer a wide range of instruments to trade including forex pairs, and many other asset classes. In the following section we’ve listed IC Markets’s spreads for a range of popular instruments. You can also see a more detailed breakdown of how IC Markets’s spreads compare in this IC Markets review
IC Markets is also suitable for traders looking to trade with an ECN broker. ECN trading allows the trader to get access to the actual pricing of instruments as set by the banks and liquidity providers, rather than relying on the broker to set the price. To open an ECN account with IC Markets you will need a minimum deposit of $200.
Finally, IC Markets isn't available in the following countries: AF, GN, SL, BW, IR, SY, MM, IQ, TG, KH, LS, YE, CI , LR, ZW, CU, LY, TZ, CG, ML, BO, LR, NE, AO, GM, NG, AG, GH, KR, KG, GN, SN, NA.
A Comparison of IC Markets vs. vs.
Want to see how IC Markets stacks up against and ? We've compared their spreads, features, and key information below.
Spread & fee comparsionThe spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
|FTSE 100 Spread||N/A|
Comparison of account & trading features
|Accounts offered||Mini account, ECN account, Islamic account, standard account, zero spread account|
|Platforms||MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader,|
|Risk management features||Limit order, one click trading, trailing stops and price alerts|
|Funding methods||Credit cards, Bank transfer, Neteller, WebMoney, Cheque, BPAY, UnionPay, FasaPay, QIWI, DebitCard,|
The ZuluTrade Trading Platform
ZuluTrade was launched in 2006 and has the distinction of being the pioneer of copy trading in retail forex trading. Its initial copy trading offering differed slightly from what it offers today, but the basic principle is the same. This article examines the ZuluTrade platform and how it is enhancing forex copy trading/social trading amongst today’s retail forex traders.
The ZuluTrade platform comes in various versions:
ZuluTrade Desktop Widget
The ZuluTrade website serves as the web-based portal for copying trades. All functions are performed from the live or demo account area on the trader’s area.
There are several mobile versions of the ZuluTrade app, built for each of the mobile operating systems in the market today.
ZuluTrade Android can be used on Android-based tablets and smartphones and is downloadable from the Google Play Store. The App comes with a desktop widget which provides all round monitoring of trading activity on the platform.
The ZuluTrade iPhone app is for iPhones and iPads.
There is a version of the mobile app built for Blackberry devices. It works with version 10 of the BB devices and later versions.
The desktop widget provides performance graphs for the trader’s account. It requires Adobe Air to work and is always on for optimal performance.
The ZuluTrade Platform User Guide
Getting an Account
With Zulutrade, there is a demo account and a live account available. The demo account is an opportunity for traders to discover how the ZuluTrade platform works. With the demo account, traders get access to all the functionality of the live account allowing them to practice using the tools and features. Pricing of assets is not generated in-house; it reflects the same pricing found on live account platforms.
To open either the demo account or live account, visit the ZuluTrade website and click Register. Then select either the “Demo” or “Live” account type. Pick any of the forex brokerage firms that appear on the pop-up box. Select a suitable broker and then visit the broker’s page and fulfill their account opening requirements.
Once the account is setup, the login details for the ZuluTrade account will be sent via email. This is only done once the broker registration is completed and funds deposited for trading (live account only).
How to Connect a ZuluTrade Account with a Trading Account
Users of platforms other than the MT4 will have their ZuluTrade accounts automatically synced to their trading accounts lodged with the brokers they have selected out of the list provided. Those who use the MT4 platform will need to confirm if their accounts are properly linked by checking the connection status under the Broker Account Settings tab.
The two possible settings are:
Connected to Broker
If settings show as Disconnected, enter the MT4 account username and Master password, and click on the Connect Broker Account tab to ensure the account is connected.
Portfolio setup allows the user to initiate the settings that are required to start copying trades from the accounts of other experienced traders. The steps to follow are:
The first step is to adjust the Risk Meter Bar. This function is used to set the amount of capital invested into copying trades.
Next select the traders to copy. Although the copy settings are automatically applied when the trader is selected, it is possible to adjust the settings in the Advanced Mode / Settings page within the account area.
Step 3: Enable ZuluGuard™, which is a function that can monitor the behaviour and trading style of each trader.
If sudden changes to the strategy occur, the ZuluGuard can close off all trades, disable the copying action or replace the trader with another one that suits the initial copy trade strategy.
For experienced traders, it is important to setup the profile appropriately in order to display it to and attract other traders to copy trades. This can be done by enabling the Public Page display from the profile page. A description of the trading style deployed in trades can be applied here.
Trade Function Tab
A user can trade manually or can use the copy trade mode using the Trade Tab. Other functions that can be performed with the Trade Tab are as follows:
Re-arrangement of the currency display.
Highlighting or removing/adding other pairs.
It is also possible to select different types of currency charts for currency pairs, select the time frames or choose any indicators to be used for trade analysis.
The positions tab displays all executed copy trade signals, as well as unrealised profits or losses. It is also possible to change the settings of open positions using the Open Positions tab. Such settings that can be changed on open positions include the Stop Loss (SL) and Take Profit (TP) levels. Also, a user can close single or multiple positions using the Close Positions tab.
Users can view all trades of copied traders. Using the Show Current Trades tab, the trader can compare copied trades with the copied trader’s positions. This allows them to tell if the same trades are open, and if trades were closed when the copied trader also closed their positions.
To get some of the trade details, the Positions tab allows some of the details of copied trades to be pulled up. These details include metrics such as highest/lowest profits, drawdowns, graphs of the trading history, as well as trade IDs.
Trade History Tab
Details of the trading history, showing all opened and closed positions performed with the copy trade function, is displayed with the Trade History tab. The time period for which history is to be displayed can also be selected. The default period for which history is displayed is one month, but it is possible to make custom selections for this function. A graph is also available to view this information.
The ZuluTrade platform has to be set to the Advanced Mode to display the Settings Tab. With the settings, certain functions used for core trade copying can be effected. One of these functions is the risk allocation for the trade portfolio.
ZuluTrade presents two Risk Allocation Modes for a trader’s portfolio. These are the Auto Mode and Custom mode.
Auto Risk Allocation Mode:
This setting allows for the application of the default settings of the ZuluTrade risk management function to be used on the trader’s account. This method uses the historical data of the copied trader and the trader’s account balance to calculate how many lot sizes should be used in setting up a trade. Only the risk weight and the maximum number of open trades can be adjusted by the trader with this setting. The SL and TP settings from the copied trader’s account are also applied automatically.
Custom Risk Allocation Mode:
In the Custom Mode, the trader can adjust several parameters that control the trading process. The adjustable parameters are as follows:
Add or Remove Trader
Turn Trader Off or On
Filter out traders that are viewable on the User list.
The trade simulator is displayed above and showcases the parameters for each trade that can be adjusted by the trader.
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