IC Markets is an Australian forex broker, which was founded in 2007. It is safe to trade with IC Markets as it is regulated by the top-tier Australian regulator, the Australian Securities and Investments Commission (ASIC). Being regulated by top-tier regulator and being in operation for a long time show that IC Markets’s safety is being taken care seriously.
Let’s look into details what are the pros and cons of IC Markets beside its high safety regulation as mentioned above. The account opening at IC Markets is user-friendly and fully digital. It charged a relatively low fee for opening an account. It will take only one day for your account to be approved. IC Markets accepts customers from all around the world with some exceptions with the most notables like US, Canada, New Zealand and Japan. The minimum deposit is $200. This amount is considered as low given that there are some other brokers that require a minimum of $2000. At IC Markets, there are three different types of account which differ in fee structures and available trading platforms. These accounts are known as True ECN with cTrader, True ECN with MetaTrader and standard account. There is commission and tight spread for the former two accounts while there is no commission but wider spreads for the latter one. For trading platform, only True ECN with cTrader is using cTrader as stated in its name. The other two accounts are using MetaTrader 4 and MetaTrader 5. All of these are third-party trading platforms, which are well designed and user-friendly. As tested, cTrader’s mobile platform is user-friendly and well designed. On the flip side, you can’t set a two-step login.
Individual, joint and corporate accounts are available regardless of the type of account that you intend to open. Other than that, Islamic accounts are being offered, which are also known as swap-free account. For this account, a flat commission is charged if you hold your leveraged position overnight.
The deposit and withdrawal are free and very user friendly as well at IC Markets. This can be done via credit or debit card deposit and withdrawal. In terms of currencies, you can choose from the available ten base currencies, US dollar, Euros, British pound sterling, Canadian dollar, Australian dollar, New Zealand dollar, Swiss franc, Japanese yen, Hong Kong dollar and Singapore dollar. This piece of information on currency is important as there will be no currency conversion fees being charged if you fund your account in the same currency as your bank account. You will find that there are quite a number of deposit options, in which some deposit options do not support all account base currencies. For example, Bpay accepts only Australian dollar. IC Markets withdrawal is also free for credit or debit cards, bank transfers to Australian bank accounts as well as electronic wallets. However, the international bank transfer withdrawal fee is quite high, about 20 AUD. Do take note that you can actually use the same withdrawal options as the one you use at the deposit. Another point to remember is that you can only withdraw money to accounts on your name.
In addition, it has very low trading and non-trading fees. On the downside, it has no investor protection and negative balance protection. In terms of product portfolio, it is considered to be quite limited as it offers only forex, some CFDs and crypto. What it lacks is the real stock, bonds, funds, options and future asset classes. Do remember that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. So, make sure you understand how CFDs work before putting yourself in high risk of losing money.
For better understanding, trading fees occur when you trade and can be commissions and spreads. Financing rates are also known as overnight rates, are charged when you hold your leveraged positions for more than one day. Leveraged position means that you borrow money from the broker to trade. Lastly, non-trading fees are similar to withdrawal fees or inactivity fees. IC Markets financing rates are average and mostly in line with its competitors. Let’s say if you want to trade on margin and prefer to hold your positions for a longer time, the financing costs can be significant.
Looking at IC Markets’ customer service, it has indeed a great telephone and email support. Furthermore, it is available anytime of the day. The support and answer are always on point and fast. For each support provided, you are given the chance to provide feedback on your satisfaction on the support given. However, its live chat function has room for improvement as it is relatively slow and irrelevant.
In conclusion, IC Markets is a great forex and CFD broker. With its low fees and fast opening account procedure, you may try IC Markets and further explore on its available platforms.