Background
IC Markets is considered as the world’s true ECN forex brokers that offer trading solutions to new and experienced traders. In 2007, IC Markets was founded in Sydney Australia by a group of experienced players in the Financial Market. The company was established to ensure that the seeming gap between the financial services providers and customers is eliminated. With an experienced management team, IC Market is out to change the face of online Forex market by providing technologically advanced trading platforms, excellent liquidity, and superior connectivity.
IC Markets is licensed by the Australian Securities and Exchange Commission (ASIC), No. 335692. IC Markets ensures they comply with regulations by having in place staff training programs and a risk management group. In addition to this, IC Market is authorized by the AFSL with number 335692.
IC Markets is dedicated to satisfying clients with cutting-edge services that are unavailable in the local investment banks. Through constant research, innovation and utilizing technological powers, IC Markets has been able to provide services that solve the trading problems of the Forex Market. The company believes in creating and sustaining an enabling environment for both institutional and retail traders so they can be more dedicated to making profits at their trades.
IC Markets is restricted to residents in USA and Canada. It is advisable to look up for a regional permit before enrolling as an investor.
Features of IC Markets Accounts
IC Markets provides its clients with various accounts each with unique trading conditions that promote customer’s interest in making more deals and trust in the company.
IC Markets Demo Account
The Demo account is an innovation of the IC Market management team to reduce the risks of investors losing their money by utilizing the demo account’s virtual money in making transactions. The transactions are not real, gains made cannot be withdrawn. New brokers can use this platform to understand the basic rule in Forex trading before making deposits and investing.
IC Markets Standard Account
The IC Markets Standard Account is available at a minimum deposit of $200. Customers will enjoy a minimum trade size of 0.01 and maximum leverage of 1:500. The company provides a swap free service to holders of this account and a spread of 1.1 pips on EUR/USD. This account is commission free and supported by the MT4 platform.
IC Markets True ECN Account
The company provides True ECN Account with a minimum deposit of $200 and attracts a commission of $7. Users of this account can enjoy tighter spreads of 0.1 pips on EUR/USD. This account features a minimum trade size of 0.1 and maximum leverage of 1:500. It is MT4 supported.
IC Markets ECN Account
The ECN account is customized for the cTrader platform and attracts a commission $3. It is available at a minimum deposit of $1000; but account holders will enjoy maximum leverage of 1:500 and a minimum trade size of 0.01 respectively. The ECN account is not swap.
IC Markets Sharia Account
The Sharia Account exists for clients of Islamic beliefs who intends to trade in accordance with Islamic principles.
It should be noted that IC markets provide Micro lots for transactions in all the accounts. In addition to this, the company has no requotes, thus ensuring a reliable trade. To crown it all, IC Markets provides 1% margin on currency trades.
Trading Platforms
Unlike other brokers who limit their services to MT4 platforms, IC Markets provides its clients with platforms like MT5, MT4, and cTrader.
MT4 is available for users of Android, Mac and iOS devices. The MT4 platform features items and resources like charting package, Expert Advisers (EAs) and much more. Experienced clients will enjoy the automated function of the EAs-where the application makes the necessary trading decisions. Also, clients on the MT4 platform will access the NAM/PAMM options of the account.
In May 2017, the company introduced the MT5 platform to strengthen its global presence in the brokers’ industry.
The cTrader platform is developed by IC Markets Engineers for clients using the ECN environment. The cTrader has the web and mobile versions for PC; added to this is the intelligent cAlgo for automated trading.
Trading Conditions
Minimum Initials Deposit
Users of IC Markets live accounts are required to make an initial deposit of $200 to activate their accounts.
Average Spreads and Commissions
IC Markets provides different spreads and commissions for accounts. For the standard account which is commission free, the average spread is 1.1; while the ECN accounts for cTrader and MT4 attracts a commission of $6/$7 per lot and a uniform spread of 0.1 respectively. IC Markets offers attractive commissions to the clients.
Maximum Leverage
IC Markets offers a maximum leverage of 1:500 to its clients. This is generally considered high because of the higher the leverage, the higher the risk of loss of investment. Residents in Japan maintain leverage of 1:25 to curb chances of loss.
Safety of Account Funds
In compliance with ASIC regulations, IC Markets ensures that customer funds are separate from company accounts. The funds are held at National Australia Bank (NAB), Australian banks and Westpac. Clients’ funds are not used by IC Markets for any other purpose out of client’s inclinations.
IC Markets is insured by the Lloyds of London and is a member of the Financial Ombudsman Service (FOS).
Customers should be aware of the risks involved in Forex trading as profits are not always guaranteed despite the regulations applied.
Methods of Payment
IC Markets acceptable deposits and withdrawal methods include; BPay, Neteller, Webmoney, China UnionPay, bank wire, credit/debit cards, FasaPay, Qiwi, and PayPal.
IC Market Education
The company has rich educational content for beginners and advanced brokers. The website boasts of video tutorials and other instructional materials that are aimed at elevating the literacy level of the customers on Forex Trading. Clients can easily access these materials free on all the platforms.
Mobile Trading
IC Markets has a mobile app that is utilized in all its available platforms. The MT4, MT5 and cTrader platforms are accepted in iOS and Android devices.
IC Market Customer Support
IC Market supports more over 80 languages of the world. The website has a live chat, email and phone lines. Users are guaranteed immediate response to complaints and FAQs.
Advantages
- Competitive pricing on accounts with commission
- Provides CFDs on most popular cryptocurrency pairs
- User-friendly trading platform
- provides MT5 web and MT4, MT5 and cTrader for desktop users
- offers low ECN spread
- ASIC-regulated
- High leverage
Disadvantages
- No bonuses
- Proprietary trading platform unavailable
- Absent of news headlines in MT4 platforms
Conclusion
IC Markets is an authorized online broker with a team of professionals with the mission to revolutionize the Forex industry through innovations, trust, flexibility, and transparency.
The company acknowledges the relevance of regulations, policies, and laws that will in-turn protect the position of the client. The firm maintains strong discipline among the staff and ensures periodic audit of its growth by an external body, to ensure strict adherence to industry standards.
Client’s information and data are secured as the company take appropriate measures to ensure the safety of information within and outside the company.
IC Markets is dedicated to overcoming the challenges in the Forex Market by staying committed to responsibility, honesty, and transparency.
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