IC Markets Review 2020

4.2

By 11 User Reviews

Regulated By:ASIC, FSA

Foundation Year:2007

Headquarters:International Capital Markets Pty Ltd Level 6 309 Kent Street Sydney NSW 2000, Australia

Min Deposit:$200

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Your Capital is at Risk

Jitan Solanki

Last updated: Oct 29, 2019

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International Capital Markets, known as IC Markets, is a regulated ECN broker headquartered in Australia, offering more than 236 tradable assets across Forex, Stocks, Indices, Commodities, Cryptocurrencies, Bonds and Futures on three different trading platforms.

IC Markets was founded in Sydney, Australia in 2007 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the Seychelles Financial Services Authority (FSA). According to the broker’s website, they processed $646 billion worth of trading volume in April 2019 alone.

While the broker offers services and features designed for both beginner and professional traders, the company promote themselves as the ‘go to’ choice for high volume traders, scalpers and trading algos due to their New York Equinix NY4 data centre – processing over 500,000 trades per day.

Pros:	Cons:
True ECN broker with institutional grade liquidity. MetaTrader and cTrader available on desktop, web and mobile. Wide range of tradable products with 24/7 customer support. Impressive library of educational material and videos.	Beginner traders may be overwhelmed by the choice of markets and platforms.

General Information

Official Site:https://www.icmarkets.com/en/

Demo:Open Demo Account

Regulated By:ASIC, FSA

Foundation Year:2007

Headquarters:International Capital Markets Pty Ltd Level 6 309 Kent Street Sydney NSW 2000, Australia

Min Deposit:$200

Max Leverage:1:500

Publicly Traded:No

Deposit Options:Credit Card, Moneybookers, Neteller, PayPal, Skrill, Wire Transfer

Withdrawal Options:Credit Card, Neteller, PayPal, Webmoney, Wire Transfer

Tradable Assets:Currencies, Commodities, Indices, Stocks, Bonds, Crypto, Futures

Trading Platforms:cTrader, MT5, Zulutrade

Commission on Trades:Yes

Fixed spreads:Yes

Trading Desk Type:ECN, STP

OS Compatibility:Desktop platform (Windows), Desktop platform (Mac), Web platform

Mobile trading:Android, iOS

Accepts Us Clients:No

Rate IC Markets

IC Markets Video Review

Investor Protection & Regulations

“IC Markets offers regulatory oversight from the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (SFSA), as well as transparency on their auditing, insurance and banking relationships.”

IC Markets is registered with the globally recognised Australian Securities and Investments Commission (ASIC) under International Capital Markets PTY Ltd (trading as IC Markets), as confirmed on the ASIC register below:

The company also holds an Australian Financial Services Licence, as confirmed below:

IC Markets is also registered and regulated by the Financial Services Authority of Seychelles (FSA), under the business name True ECN Trading Ltd, as confirmed on the FSA’s regulated entity section of their website:

The company’s additional regulation by the FSA of Seychelles came into effect in July 2019 due to changing global regulations for CFD providers. Through this regulatory scheme, some IC Markets clients outside of Australia can continue to trade with conditions available to Australian clients, such as higher leverage.

According to the broker’s website, IC Markets also offers further protection to clients by:

Segregating client funds with tier one banks:
- IC Markets (Australia) holds segregated funds with National Australia Bank (NAB) and Westpac Banking Corporation (Westpac).
- IC Markets (Seychelles) holds segregated funds with Barclays Bank Seychelles.
Being a member of the Australian Financial Complaints Authority (AFCA).
Appointing external auditors to ensure compliance with regulatory obligations.

However, under the current regulations of ASIC and the FSA, there is no investor-compensation scheme in the event the company becomes insolvent but this could change in the future.

Tradable Products

“At IC Markets, clients can trade more than 236 Forex, CFD and Futures markets across 60 Currency pairs, 120+ Shares, 17 Indices, 4 Futures, 19+ Commodities, 6+ Bonds and 10 Cryptocurrencies.”

A wide range of markets and products are available to trade on with IC Markets. Below is a list of just some of the markets available:

Instrument class	Number of instruments	Example instruments
ECN Forex	60 currency pairs.	AUDCAD, AUDJPY, EURUSD, EURNZD, GBPCHF, GBPJPY, NZDUSD, USDCAD, USDCHF, USDJPY and more…
Share CFDs	120+ Share CFDs from ASX, Nasdaq and NYSE.	BHP Billiton, National Australia Bank, Boeing, Citigroup, Disney, MSCI Emerging Markets, Tesla and more…
Index CFDs	17 Index CFDs.	Australia 200, FTSE China A50, Germany 30, Hong Kong 50, UK 100, US SPX 500, US Tech 100, Italy 40 and more…
Commodities	19+ Spot and Futures Commodities.	Brent, Coffee, Corn, Cocoa, Sugar, Soybean, Gold, Silver, WTI, Natural Gas and more…
Cryptocurrencies	10 Cryptocurrency CFDs.	Bitcoin, Bitcoin Cash, Ethereum, Litecoin, EOS, Emercoin, PeerCoin and more…
Futures	4 Futures.	US Volatility Index, US Dollar Index, Brent Crude Oil and WTI Crude Oil.
Bonds	6+ Bond Futures CFDs.	Bobl, Bund, UK Long Gilt, US 10 Yr T-Note and more…

Trading costs such as spreads, commissions and swaps vary depending on the account type and the trading platform being used (True ECN cTrader, True ECN MetaTrader or Standard MetaTrader account) which are all discussed further down this review.

For example, according to the broker’s statement, the average spread on EUR/USD is 1.1 pip on a Standard Account and 0.1 pip on a True ECN Account.

* Details regarding the available assets are taken from IC Markets’ website and are correct at the time of this review.

Account Opening

“IC Markets offers three main types of live trading accounts called True ECN cTrader, True ECN MetaTrader and the Standard Account. They also offer swap-free accounts and the use of a free demo trading account.”

To open an account with IC Markets, clients must pass the Australian Anti-Money Laundering and Counter Terrorism Financing Act 2006. Essentially, this involves verifying a clients identity. Details can be found on their website but are also outlined below:

IC Markets are required to collect a minimum of 100 points of ID, which includes 70 points from primary ID and 30 points from secondary ID. Primary ID documents include a valid passport, government ID or identity card. This photo ID must show the full name and date of birth. Any photo ID that is certified or notarized can add 30 points, achieving the 100 points total.

Secondary ID documents are to confirm proof of residency. This includes a utility bill (phone, gas, electricity), a bank or credit card statement, government-issued tax document, birth certificate or certificate of citizenship. All secondary ID documents must be current and not outdated by more than 90 days.

Also, to open an account in line with ASIC regulatory guidance and RG227 compliance, Australian applicants must complete a suitability test. This is designed to test a users knowledge of Forex and CFDs and the pass mark is 70%, or 7 out of 10 must be achieved.

IC Markets offers some unique features for each of their account types. Some of the features are listed below:

The features listed above are useful for both the beginner and the advanced trader. The IC Markets ECN account offers liquidity from over 50 different banks and dark pool liquidity sources.

Opening a live account, or a demo trading account seems quick and easy by clicking one of the options on the top banner of their website.

After clicking ‘Start Trading’ or ‘Try a Free Demo’, this will then open up an account registration page involving four steps to create a live trading account or just one step for a demo trading account, as shown below:

IC Markets also offer swap-free (Islamic) accounts but do not accept applications from residents of the United States, Canada, Israel or the Republic of Iran.

Deposit & Withdrawals options

“IC Markets offers over 15 funding options in 10 different base currencies using the likes of credit and debit cards, PayPal, Neteller, Skrill, Union Pay, Bpay, FasaPay and many more.”

Clients of IC Markets have a range of options available to them when depositing funds in their trading account. This includes credit and debit cards, PayPal, Neteller, Neteller VIP, Skrill, UnionPay, Wire Transfer, Bpay, FasaPay, Broker to Broker, POLI, Thai Internet Banking, Rapidpay, Klarna, Bitcoin Wallet (for BTC deposits) and Vietnamese Internet Banking. Each of these options has different processing times and account currency options which are detailed clearly on their website, as the example screenshot below shows:

Traders can deposit funds in a wide range of accepted currencies including AUD, NZD, USD, JPY, EUR, HKD, CAD, CHF, GBP and SGD.

Through the ‘Secure Client Area,’ traders can fund their accounts in real-time using a credit card or Skrill, as well as discover the options available for fund withdrawals. Withdrawal times vary depending on the method with instant withdrawals using PayPal, Neteller or Skrill, and the usual 3 – 5 business days when withdrawing to credit or debit cards.

IC Markets does not charge any additional fees for deposits or withdrawals.

Web & Desktop Trading Platforms

“IC Markets offers an impressive suite of trading platforms for Web and Desktop including cTrader, cTrader Web, cTrader Algo, MetaTrader 4, MetaTrader 5, MetaTrader Web and MetaTrader 4 and 5 for Mac.”

Through the IC Markets ‘Secure Client Area’ clients can download and use the wide range of trading software available. The following trading platforms are available: MetaTrader 4 and MetaTrader 5.

The MetaTrader 4 and MetaTrader 5 trading platforms offer a variety of features including:

Access via True ECN and Standard Accounts.
Ultra-low latency and fast execution of trades due to the IC Markets MetaTrader server location in the Equinix NY4 data centre in New York.
No restrictions on trading, including the ability to place orders between the spread – ideal for scalping and high-frequency traders.
The ability to hedge positions, with trade sizes as small as one micro-lot (0.01).

cTrader

The cTrader trading platform offers a variety of features including:

True ECN and deep liquidity on currencies and indices.
Ultrafast order execution due to IC Markets cTrader server location in the LD5 IBX Equinix Data Centre in London – a financial ecosystem home to over 600 buy and sell-side firms, exchanges and trading venues.
No restrictions on trading, including the ability to place orders between the spread and access to the cTrader Smart Stop Out function – ideal for scalping and high-frequency traders.
Level II pricing showing the market depth on the full range of executable prices from IC Markets liquidity providers.

Customer support is offered in multiple languages including English, Chinese, Indonesian, Italian, Spanish, Portuguese, Thai and Vietnamese. All the trading platforms on offer provide unique advantages to both beginner and professional traders due to their worldwide popularity. The use of a demo trading account is useful for traders to test out any one of the platforms offered by IC Markets.

Mobile Trading Platforms

“IC Markets offers browser-based mobile trading as well as iOS and Android trading apps for both the MetaTrader and cTrader platforms.”

Traders can download MetaTrader 4 and MetaTrader 5 for both the iOS and Android operating systems, through the respective app stores, as the screenshot below from the Trading Tools->Downloads section in the ‘Secure Client Area’ shows:

The IC Markets MetaTrader mobile trading app for Android and iOS users offer the following features:

Real-time Forex and CFD quotes.
Multiple trading orders, including pending orders.
30+ technical trading indicators.
Multiple timeframes and chart types including bars, candlesticks and line.

Android users can also download the cTrader mobile trading platform app and iPhone users can use the cTrader mobile web browser to trade on the move.

IC Markets offers an impressive suite of mobile trading solutions for both Android and iOS users.

Trading Features

“IC Markets offers additional trading products such as social trading integration with ZuluTrade and MyFXbook, as well as an Advanced Trading Tools package for MetaTrader 4.”

Clients trading with IC Markets have access to some unique additional features, such as:

Advanced Trading Tools. MetaTrader 4 users can download an ‘Advanced Trading Tools’ package which includes a Correlation Matrix, Advanced Trade Terminal, Sentiment Trader and Stealth Order functionality and much more.
Social Trading. IC Markets account holders can integrate their accounts with popular social trading platforms ZuluTrade and MyFXbook.
API Trading. IC Markets offers a FIX API for institutional and high volume clients looking for direct access to their liquidity providers.

Commissions & Spreads

“IC Markets offers commission-free trading on some products and spreads as low as 0.0 pips depending on the type of trading account opened.”

IC Markets trading costs depend on the type of account opened: True ECN cTrader, True ECN MetaTrader or the Standard Account. As the broker offers institutional grade liquidity the spreads are variable as prices are derived from multiple liquidity providers.

Some examples are provided below and more can be found on their website:

Forex Spreads

Forex Commissions

Trading commissions for Forex instruments depend on the type of account opened and the platform used (cTrader or MetaTrader), with commission-free trading on the Standard Account, as the screenshot below shows:

Spreads for Commodities, Indices, Metals, Bonds and Cryptocurrency

Spreads vary across all the instruments on offer from IC Markets. Below are some examples of IC Markets’ minimum and average spreads for all three account types:

Commissions

IC Markets offers commission-free trading on Indices, Bonds, Futures and Cryptocurrencies across all account types, as well as on the Standard Account for ECN Forex trading.

However, for Stock CFD trading on the MetaTrader 5 platform commission for U.S stocks are $0.02 per side, per lot and for Australian stocks, it is 0.10% per side, per lot.

Swap Rates

Swap rates for holding positions overnight vary and can be found in both the MetaTrader and cTrader trading platforms.

Bonus & Promotions

“Currently, IC Markets do not have any bonus or promotional offers.”

Currently, IC Markets do not have any bonus or promotional offers but this could change over time.

Customer Support

“IC Markets offers 24 hours a day, 7 days a week multi-lingual Live Chat support as well as through email and phone.”

IC Markets offers multi-lingual customer support in a wide variety of languages including IC Markets offers customer support in multiple languages including English, Chinese, Indonesian, Italian, Spanish, Portuguese, Thai and Vietnamese. Clients can get in touch with IC Markets in several ways, including:

24/7 Live Chat (weekdays and weekends)
Email:
- Client Relations: rm@icmarkets.com
- Support AU: support@icmarkets.com
- Support SC: enquiries@icmarkets.com
- Accounts: accounts@icmarkets.com
Phone:
- Australia: +1300 600 644
- United Kingdom: +44 800 014 8775
- Thailand: +661800012799
- Indonesia: +6278033212195
- Germany: +498007238442
- Spain: +34900838243
- Brazil: +558008783186
- Malaysia +601800819013
- South Africa: +27800172944
- Poland: +488001125138
- Cyprus: +35725123504
Post:
- Australia Head Office: International Capital Markets Pty Ltd, Level 6 309 Kent Street, Sydney NSW, 2000 AUSTRALIA
- Seychelles Head Office: IC Markets (SC), HIS Buildings, Providence, Mahe, Seychelles

There are also separate contact details for IC Markets Chinese Support Center with its own Live Chat option found on the website. Or by phone at +86 400 609 6783, or by using the email address support.cn@icmarkets.com.

IC Markets also have a wide range of social channels such as Facebook, Twitter, Instagram, LinkedIn, Google+ and YouTube.

Research

“IC Markets offers detailed market analysis and commentary through their blog page called Information Hub for Serious Traders and Web TV direct from the floor of the New York Stock Exchange.”

Traders can stay up to date with market developments through the IC Markets blog page, called the Information Hub for Serious Traders, which offers several categories including Company News, Fundamental Analysis, Technical Analysis, Education and Trading Data.

Within the IC Markets blog, traders can enjoy regular market updates, as well as a Weekly Techincal Outlook and Review post. On their homepage, there is also access to an economic calendar and Forex calculator page, as well as Web TV which is recorded daily from the floor of the New York Stock Exchange, in partnership with Trading Central.

The IC Markets market analysis section can also be accessed through their trading platforms.

Trader Education

“IC Markets offers a wide range of educational resources such as a Forex Trading 101 and Technical Analysis 101 section, as well as videos and much more.”

The trader education offered from IC Markets can be found on their blog page and covers different aspects of the trading process, including:

Forex Trading 101
Technical Analysis 101
Fundamental Analysis 101
Risk Management 101
Trading Psychology 101
Trading Plan 101

These come in the form of blog posts and videos covering different topics within each category. An example of their Forex Trading 101 Education page is shown below:

For beginner traders, a wide range of MetaTrader and cTrader video tutorials can be found on the IC Markets YouTube page.

Trading Experience

“IC Markets offers a suite of trading platforms, accounts and services that offer unique advantages to both beginner and advanced traders.”

From our observations, the services offered by IC Markets are suitable for both beginner and advanced traders. Having access to a wide range of trading platforms with video tutorials, a free demo trading account, a large educational library and 24/7 Live Chat support can help beginner traders to get started on their journey.

Advanced traders will enjoy the multi-platform offering across desktop, web and mobile, as well as the large range of asset classes on offer and the ability to trade with ultra-low spreads through an IC Markets True ECN account.

Scalpers and algo traders will particularly appreciate the ‘no restriction and no re-quote’ environment offered by the IC Markets ECN account providing an average 0.1 pip spread on EUR/USD. The server location will also help high-frequency automated traders receive the best possible execution.

FAQ

Is IC Markets regulated?

Yes, IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (FSA).

Where is IC Markets based?

IC Markets is headquartered in Sydney, Australia, as well as the Seychelles.

How does IC Markets make money?

As IC Markets offer a Straight Through Process (STP) and ECN trading environment, the broker makes money through spreads, swaps and commissions on certain trading products and instruments.

How do I deposit in IC Markets account?

Funds can be deposited into a trading account through a variety of mediums, including credit and debit cards, PayPal, Neteller, Neteller VIP, Skrill, UnionPay, Wire Transfer, Bpay, FasaPay, Broker to Broker, POLI, Thai Internet Banking, Rapidpay, Klarna, Bitcoin Wallet (for BTC deposits) and Vietnamese Internet Banking

What is the min. deposit for IC Markets?

The minimum deposit to open a trading account is $200.

How do I withdraw money from IC Markets?

Withdrawals can be made from IC Markets through the ‘Secure Client Area’ found on their homepage and can be withdrawn to credit and debit cards, as well as PayPal, Neteller and Skrill for instant processing.

What is the max leverage in IC Markets?

The maximum leverage offered by IC Markets is 500:1 across all three account types.

How do I open an account with IC Markets?

An account can be opened at the click of a button on the IC Markets website and can be done in just four steps.

Does IC Markets use MetaTrader?

Yes, IC Markets does offer MetaTrader 4, MetaTrader 5, MetaTrader Web Trader and the MetaTrader mobile app.

Conclusion

“IC Markets provides a competitive and unique offering across a wide range of asset classes that are suitable for both beginner and advanced traders, with more offerings suited to the advanced high-volume and automated trader.”

IC Markets offers three different account types called True ECN cTrader, True ECN MetaTrader and the Standard Account. Each of these come with unique benefits and advantages such as commission free trading on the Standard account and institutional grade spreads on the ECN accounts, along with 24/7 Live Chat support in multiple languages.

Clients of IC Markets have the ability to trade on more than 236 Forex, CFD and Futures markets across Forex, Stocks, Commodities, Indices, Bonds and Cryptocurrencies and on a wide range of trading platforms. This includes MetaTrader 4, MetaTrader 5 and cTrader which are available to use across desktop, web and mobile. IC Markets also allows social integration with ZuluTrade and MyFXbook.

The broker also offers a wide variety of research tools and educational resources through their online blog. This includes Web TV, providing analysis and trading commentary direct from the floor of the New York Stock Exchange, as well as weekly outlook posts and educational resources.

Here are some of the main features of trading with IC Markets:

Full regulation from the Australian Securities and Investments Commission (ASIC) and the Financial Services Authority of Seychelles (FSA). High transparency with client trading funds segregated and held with named tier one banks.

Three account types including True ECN cTrader, True ECN MetaTrader and the Standard Account offering a variety of institutional grade spreads and commission-free trading on certain markets.
More than 236 tradable assets across Forex, Stocks, Commodities, Indices, Bonds and Cryptocurrency markets via Forex ECN, CFDs and Futures products.
A wide range of trading platforms including MetaTrader 4, MetaTrader 5 and cTrader that are accessible on Windows, Mac, Web, iOS and Android operating systems.

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