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IC Markets
About
IC Markets is an Australian-based online retail forex and CFD broker. The company was founded in 2007 and has since become one of the largest forex brokers in the world, with a strong presence in Australia, Asia, Europe, and Africa. IC Markets offers traders access to a wide range of financial instruments, including forex, commodities, indices, and shares.
One of the key features of IC Markets is its fast execution speeds, which are achieved through a combination of low latency trading infrastructure and advanced technology. The broker also offers competitive pricing, with low spreads and low commissions, making it a popular choice for active traders and scalpers.
Regulation and Security
IC Markets is regulated by two financial authorities, the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (FSA). ASIC is known for its strict regulations and high standards, and is responsible for overseeing financial markets in Australia. The FSA is the regulatory body in Seychelles, where IC Markets has its offshore division.
The regulatory oversight of ASIC and FSA ensures that IC Markets adheres to strict standards of financial regulation, including requirements for capital adequacy, segregation of client funds, and risk management. This provides traders with a high level of security and protection, as it means that IC Markets is required to follow strict procedures to ensure the safety of client funds and the integrity of its trading services.
In addition to regulatory oversight, IC Markets also uses advanced security measures to protect client data and prevent unauthorized access to its systems. The broker uses SSL encryption to protect client data during transmission, and stores client funds in segregated accounts with top-tier banks to ensure their safety.
Fees
IC Markets offers competitive fees, with low spreads and low commissions. The broker operates on a variable spread model, which means that the spread can vary depending on market conditions, but tends to be low and tight for most instruments. IC Markets also offers traders the option to choose between the Raw Spread and the Standard account types, which have different pricing structures.
For the Raw Spread account, IC Markets charges a commission of $3.50 per side per lot (or $7.00 round turn) for forex trades, while the spread starts from 0.0 pips. For other instruments such as indices, commodities, and cryptocurrencies, the commission and spread may vary depending on the specific instrument and market conditions.
For the Standard account, IC Markets does not charge any commissions, but the spread starts from 1.0 pips for forex trades. This account type is suitable for traders who prefer to trade with higher spreads but without paying commissions.
IC Markets also charges fees for certain services, such as overnight financing fees for positions held overnight, and inactivity fees for accounts that have been inactive for a certain period of time.
Tradable Assets
IC Markets offers a wide range of tradable assets across several markets, including forex, commodities, indices, shares, and cryptocurrencies. Here is a breakdown of the instruments available for trading on IC Markets:
Forex IC Markets offers over 60 currency pairs, including major, minor, and exotic pairs. This includes popular pairs such as EUR/USD, USD/JPY, and GBP/USD, as well as more exotic pairs like USD/TRY and USD/CNH.
Commodities IC Markets offers trading in a range of popular commodities, including gold, silver, crude oil, and natural gas.
Indices IC Markets offers trading in over 20 global stock market indices, including the S&P 500, NASDAQ, FTSE 100, DAX 30, and Nikkei 225.
Shares IC Markets offers trading in over 120 major global stocks, including companies such as Apple, Amazon, Google, and Facebook.
Cryptocurrencies IC Markets offers trading in a range of popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash.
Trading Platforms
IC Markets offers a range of trading platforms to cater to the needs of different traders. These platforms include:
MetaTrader 4 (MT4) MT4 is a popular and widely-used trading platform that offers advanced charting, trading tools, and automated trading capabilities. IC Markets offers MT4 for Windows and Mac, as well as mobile versions for iOS and Android devices.
MetaTrader 5 (MT5) MT5 is the successor to MT4 and offers several enhancements, including improved charting, additional order types, and the ability to trade more markets. IC Markets offers MT5 for Windows and Mac, as well as mobile versions for iOS and Android devices.
cTrader cTrader is a powerful trading platform that offers advanced charting, trading tools, and order management features. It is known for its user-friendly interface and fast execution speeds. IC Markets offers cTrader for Windows and Mac, as well as mobile versions for iOS and Android devices.
WebTrader WebTrader is a web-based trading platform that allows traders to access their accounts and trade from any web browser. It offers advanced charting and trading tools, as well as a user-friendly interface.
In addition to these trading platforms, IC Markets also offers the Myfxbook Autotrade platform, which allows traders to automatically copy the trades of experienced traders, as well as the ZuluTrade social trading platform, which allows traders to follow and copy the trades of other traders in the network.
Account Types
IC Markets offers three main account types, each with its own unique features and pricing structure. These account types are:
Raw Spread Account The Raw Spread account offers low spreads starting from 0.0 pips, and a commission fee of $3.50 per side per lot (or $7.00 round turn) for forex trades. This account is ideal for traders who want tight spreads and are willing to pay a commission for it.
Standard Account The Standard account offers no commission fees, but higher spreads starting from 1.0 pips for forex trades. This account is ideal for traders who prefer trading with higher spreads and do not want to pay a commission.
Islamic Account IC Markets also offers an Islamic account that is compliant with Sharia law. This account type is available for both the Raw Spread and Standard account types, and has no rollover interest charges for positions held overnight.
In addition to these account types, IC Markets also offers a demo account, which is a great way for traders to test out the trading platforms and practice their trading strategies without risking any real money.
Educational Tools
IC Markets offers a variety of educational resources and tools to help traders improve their trading skills and knowledge. Here are some of the educational resources available:
Trading Guides Comprehensive trading guides that cover a wide range of topics, including forex trading, CFD trading, technical analysis, and risk management.
Webinars Regular webinars where traders can learn from industry experts and gain valuable insights into trading strategies and market analysis.
Video Tutorials A library of video tutorials that cover a range of topics, including how to use the trading platforms, how to use technical indicators, and how to trade specific markets.
Economic Calendar An economic calendar that lists upcoming economic events and releases, which can be a valuable tool for traders to plan their trades and stay up-to-date on market developments.
Trading Tools A range of trading tools, including indicators, expert advisors, and risk management tools, that can help traders improve their trading performance and make more informed trading decisions.
Overall, IC Markets provides a variety of educational resources and tools that can help traders of all levels improve their trading skills and knowledge.
Customer Support
IC Markets offers customer support 24/7 to assist traders with any questions or issues they may have. Here are some of the customer support channels available:
Live Chat A live chat service that allows traders to chat with a support representative in real-time.
Email Traders can reach out to IC Markets' support team via email. The support team aims to respond to emails within 24 hours.
Phone IC Markets provides phone support for traders in multiple regions. Traders can find the phone number for their region on the IC Markets website.
FAQ Section IC Markets has a comprehensive FAQ section on their website that answers many common questions about their services, trading platforms, and account types.
Social Media Traders can use social media platforms such as Twitter and Facebook for support.
To sum up, IC Markets offers a wide range of customer support channels to assist traders with any questions or issues they may have, including live chat, email, phone, and social media. Their support team is available 24/7 to provide assistance to traders.
Bonus and Promo
IC Markets does not currently offer any bonuses or promotions for new or existing traders. However, they do offer a rebate program for traders who meet certain trading volume requirements. The rebate program allows traders to earn cash rebates based on their trading volume, which can be a valuable way to reduce trading costs and increase profitability. The rebate amount depends on the trading volume and the instrument traded, and can be up to $5 per standard lot traded.
IC Markets also periodically hosts trading competitions where traders can win cash prizes by achieving the highest returns on their trading accounts. These competitions are a fun way for traders to challenge themselves and compete with other traders, and can be a valuable way to earn additional income.
Account Opening
Opening an account with IC Markets is a straightforward process that can be completed in just a few steps:
1 - IC Markets website Visit the IC Markets website and click on the "Open Account" button.
2 - Account type Choose the account type that suits your needs (Raw Spread, Standard, or Islamic).
3 - Personal information Fill in your personal information, including your name, email address, and phone number.
4 - Secure your account Choose your base currency and set your account password.
5 - required identification documents Submit any required identification documents (such as a passport or driver's license) to verify your identity and complete the account registration process.
Once your account is approved, you can fund it and start trading on IC Markets' trading platforms.
IC Markets is a regulated broker and may require additional documentation to comply with regulatory requirements. Additionally, they may require traders to meet certain eligibility criteria, such as a minimum age requirement, before opening an account. It's always a good idea to carefully review the terms and conditions and any requirements before opening an account with any broker.
Deposit and Withdrawal
IC Markets provides a variety of deposit and withdrawal options to make it easy for traders to fund their accounts and withdraw their funds. Here are some of the available options:
Bank Wire Transfer Traders can fund their accounts or withdraw funds via bank wire transfer. This option is available for all currencies and typically takes 2-5 business days to process.
Credit/Debit Cards IC Markets accepts Visa, Mastercard, and Maestro credit/debit cards for deposits. Withdrawals to credit/debit cards are not currently available.
Electronic Payment Systems IC Markets supports a variety of electronic payment systems, including Skrill, Neteller, PayPal, FasaPay, BPay, and Qiwi Wallet, for deposits and withdrawals.
Cryptocurrency IC Markets also allows traders to deposit and withdraw funds using Bitcoin and Bitcoin Cash.
While IC Markets does not charge any fees for deposits or withdrawals, there may be fees charged by the payment provider or bank. Additionally, traders may be required to verify their identity and comply with anti-money laundering regulations before making a withdrawal.
Spreads
IC Markets offers very competitive spreads on a wide range of trading instruments. The spreads can vary depending on the account type, the trading platform used, and the market conditions. Here are some examples of typical spreads for popular trading instruments:
EUR/USD: The average spread for EUR/USD on IC Markets' Raw Spread account is 0.1 pips.
Gold: The average spread for Gold on IC Markets' Raw Spread account is 0.17 pips.
Crude Oil: The average spread for Crude Oil on IC Markets' Raw Spread account is 0.03 pips.
While the Raw Spread account typically offers the tightest spreads, it also charges a commission on each trade. The Standard account offers higher spreads but does not charge a commission. Traders should carefully consider their trading strategy and preferences when choosing an account type.
Leverage
IC Markets offers flexible leverage options for traders, allowing them to customize their leverage levels based on their trading preferences and risk tolerance. The maximum leverage available varies depending on the account type and the trading instrument.
Raw Spread account The maximum leverage is 500:1 for forex trading, while for other trading instruments, it ranges from 20:1 to 200:1, depending on the instrument.
Standard account The maximum leverage for forex trading is 500:1, while for other trading instruments, it ranges from 20:1 to 200:1.
Leverage can increase potential profits, on the other hand it also amplifies potential losses, and traders should use leverage with caution and have a solid risk management strategy in place. Additionally, some regulatory bodies impose restrictions on maximum leverage levels, so traders should also check the applicable regulations in their jurisdiction before selecting a leverage level.
As a result, IC Markets offers flexible leverage options for traders, which can help them optimize their trading strategies and risk management. Traders should carefully consider their risk tolerance and trading objectives when selecting a leverage level.
Trading Hours
IC Markets provides 24/7 trading access to its clients, allowing them to trade a wide range of markets across different time zones. However, some specific trading hours and restrictions apply to certain markets.
Here are the general trading hours for some of the major markets available on IC Markets:
Forex Market The forex market is open 24 hours a day, five days a week, from Sunday at 22:00 GMT until Friday at 22:00 GMT. However, trading hours for certain currency pairs may vary based on market conditions.
Commodities Trading hours for commodities vary depending on the specific commodity and the exchange where it's traded. For example, gold and silver are available for trading 24 hours a day, while other commodities like oil have specific trading hours.
Cryptocurrencies Trading for cryptocurrencies is available 24/7 on IC Markets, except for a one-hour maintenance window on Sundays at 00:00 GMT.
Stock Indices Trading hours for stock indices vary depending on the specific index and the exchange where it's traded. For example, the US30 index is available for trading from 01:00 to 23:15 GMT, while the AUS200 index is available for trading from 22:50 to 05:30 GMT.
Trading hours for specific markets and instruments may change due to factors such as holidays, market events, and other factors. Traders should check the trading hours for their preferred markets regularly to stay informed of any changes or updates.
Advantages
IC Markets is a popular online forex and CFD broker, and some of its advantages include:
Tight Spreads Some of the lowest spreads in the industry are offered, which can help traders maximize their profits.
Low Fees Low commissions and fees on trades, making it a cost-effective option for traders.
Wide Range of Instruments A wide range of instruments to trade, including forex, commodities, indices, and cryptocurrencies.
Advanced Trading Platforms IC Markets provides access to advanced trading platforms, including MetaTrader 4 and 5, cTrader, and WebTrader, which are popular among traders.
High Leverage Traders are provided with high leverage of up to 500:1, which can help them magnify their profits.
Fast Execution The advanced technology is used to provide fast execution of trades, ensuring that traders can enter and exit positions quickly.
Regulated Broker IC Markets is regulated by multiple financial authorities, including the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), ensuring that it operates in a transparent and secure manner.
To conclude, clients are offered a range of advantages for traders, including low costs, a wide range of instruments, advanced trading platforms, high leverage, and fast execution, making it a popular choice among traders.
Disadvantages
Limited Education and Research IC Markets does not offer extensive educational resources or research materials for traders, which can be a disadvantage for beginner traders who need more guidance.
Limited Account Types Only two account types are offered, which may not suit the needs of all traders.
No Social Trading Social trading features are not available, which can be a disadvantage for traders who want to follow and copy the trades of successful traders.
Limited Customer Support IC Markets offers customer support via email and live chat, but there is no phone support available. This can be a disadvantage for traders who prefer to speak to someone directly for assistance.
No Negative Balance Protection Negative balance protection is not included, which means that traders may be at risk of losing more money than they have deposited in their account.
Limited Regulation in Some Countries While IC Markets is regulated by multiple financial authorities, including ASIC and CySEC, it may not be regulated in all countries, which could be a concern for traders who prefer to work with brokers who are licensed in their home country.
Traders should consider these potential disadvantages along with the advantages before deciding to open an account with IC Markets or any other broker.
