Is IC Markets really that good? A Review!

Trading carries risk and having a good broker is essential in most cases. There are a lot of brokers around, and a name that comes up a lot is International Capital Markets (IC Markets). This review will give you a comprehensive look at what IC Markets has to offer, and how good it is.

IC Markets was established in 2007 with the head office in Australia, and although it is not regulated by FCA, it is regulated by ASiC. The company is not a scam and it has been making payouts long enough to validate this, although its reputation is not completely stellar. The broker’s reputation has been tainted by some disputes, and here we take a look at its overall performance.

A big plus with this broker is that all client funds are put into one segregated account, and this improves the security of the funds from possible misuse. IC Markets provides a demo account with which you can familiarize yourself with the platform before you start trading with a live account, and once you are ready to go live, the required minimum deposit is £200.

Here are the broker’s features to determine whether what’s on offer is good or just not for you.

What Instruments Can You Trade?

IC Markets has over 200 tradable instruments which comprise 60 forex pairs including Bitcoin, 120 stocks, 19 commodities, 5 bonds, and 17 indices. If you are looking for a broker that gives you the power to choose from many markets, then IC Markets is an ideal choice.

Trading Platforms on Offer

IC Markets offers both MT4 and MT5 from MetaTrader, and also the cTrader platform. These automated trading platforms make up over 66% of over 500,000 trades that are executed daily. The popularity of automated platforms has increased significantly, and IC Markets has taken advantage of this trend to add value to its clients’ trades.

IC Markets is also available on web browser, Windows, Mac, and for your convenience, you can trade on the go with the dedicated iOS and Android apps.

Available Accounts

Each client has access to a free account, and there are also several account options depending on how much you want to invest and your
beliefs namely Mini, Standard, Zero-spread, Islamic, and ECN accounts.

IC Market Spreads

Spreads are where brokers make their money, therefore, it is important to keep an eye on them because this is where the broker may leave you with nothing. IC Markets offers spreads from as low as 0pips if you hold the Zero-spread account.

IC Markets has among the lowest spreads among brokers, and it is famed for its 0.1pips spread for its EUR/USD trading pair. It uses dark pool liquidity sources and banks to keep the spreads under control and give the clients a chance to make money.


Commissions

Only clients who trade in metals and forex have to pay commissions, but these also vary according to the type of account held by the client. For example, a standard account on MetaTrader pays no commission while that on cTrader and ECN attract $3 and $3.50 commissions respectively. The rest of the commodities do not attract any commissions.

Money Matters

You can deposit and withdraw your funds quickly, and money transfers do not attract any commissions. You can load or withdraw from your account with 10 base currencies including Bitcoin and there are over 10 funding options available including Visa, Mastercard, PayPal, Skrill, Neteller and Union Pay.

Barred Countries

IC Markets does not accept clients from Canada, USA, and Iran.

Rating

While some clients have not been pleased with IC Markets’ support system, and some have encountered delayed withdrawals and some adverse trading, a majority of the clients are pleased with the service. While there are sometimes issues with the leverage function, there is a general consensus that this broker is fair and reliable.

IC Markets is known as the best largest True ECN broker in the world, because of the reputation they have built. The broker has over 60,000 active clients, and its trading volume for May 2018 was US$447billion. The broker is sturdy, and with the exception of Japan, it is the largest FX broker.

You will need to make sure that you are comfortable with the benefits offered by IC Markets and its trading policies before you decide to trade on its platform. Overall, this broker is definitely not a scam, but its operations are not seamless, sometimes costing the clients money, and you have to keep this in mind. IC markets is a fairly good broker and it gets a score of 7/10.


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