IC Markets Review 2019 | Is IC Markets a Scam or Legit Forex Broker?
Rating breakdown
IC Markets Overview
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.
| # | Broker's Features | IC MARKETS Availability |
|---|---|---|
| # | Commissions | ✔ |
| # | Hedging | ✔ |
| # | PAMM | ✔ |
| # | Scalping | ✔ |
| # | Accepts US traders | ❌ |
| # | 24 hour trading | ✔ |
| # | Swaps | ❌ |
| # | Demo account | ✔ |
| # | Daily analysis | ❌ |
| # | Automated trading | ❌ |
| # | Mobile trading | ✔ |
| # | Trading by phone | ✔ |
| # | 1st deposit bonus | ❌ |
| # | Forex contests competitions | ❌ |
| # | Bonuses Promotions | ✔ |
| # | Interest charges on the balance | ❌ |
| # | Free education | ❌ |
| # | Expert advisors | ❌ |
| # | Partnership programs | ❌ |
| # | Trust management | ❌ |
| # | 24 hour support | ✔ |
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review IC Markets.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. IC Markets offers Online Financial Trading and Investment Services Such as Currencies, Commodities, Indices, Stocks, Bonds, Crypto, Futures.
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.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. IC Markets is ECN, STP.
Features: 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.
Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. IC Markets recommended minimum capital is $200.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. IC Markets is regulated by ASIC, FSA. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
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. On the flip side, it does not provide investor protection and negative balance protection.
Account currencies: Next lets consider the Account currencies each broker offers. IC Markets offers AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, CHF different account currencies for each account types.
Account Openning: The account opening at IC Markets is user-friendly and fully digital. It was also very fast, it took only 1 day until our account was approved.
IC Markets offers a demo account for practicing trading skills and get familiar with the broker’s trading platform.
Languages Available: Next lets have a look at each broker's different Language options. IC Markets offers Arabic, Chinese, English, Indonesian, Italian, Por.
Payment methods: Next lets have a look at each broker's payment options. IC Markets offers Credit Card, Moneybookers, Neteller, PayPal, Skrill, Wire different payment methods for each account types.
Deposit and withdrawal: IC Markets does great at deposit and withdrawal. There are no fees for deposit and withdrawal. You can also use a lot of options for transferring money. 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.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, IC Markets makes cTrader, MetaTrader 5, Zulutrade available to clients.
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.
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.
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.
Promotions
Currently, IC Markets do not have any bonus or promotional offers.
Support
IC Markets offers 24 hours a day, 7 days a week multi-lingual Live Chat support as well as through email and phone. On the flip side, live chat can be improved.
Recup
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. Its fees are very low and the account opening is fast and easy. The deposit and withdrawal are free and user-friendly. On the other hand, IC Markets offers only forex, CFD and crypto trading. It does not provide any investor and negative balance protection.
Final Thoughts
IC Markets can appeal to algorithmic traders that use the MT4, MT5, or cTrader platforms, and who need agency execution coupled with competitive spreads and low commissions. Although research is not IC Markets’ strong point, the broker has room to build on its foundation, and offering social trading on Myfxbook and ZuluTrade helps round off its offering to retail forex and CFD traders.
Trading Experience
IC Markets offers a suite of trading platforms, accounts and services that offer unique advantages to both beginner and advanced traders.