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Author: Ben Morratt
Portfolio Manager
Ben Morratt

IC Markets Review

Our Expert Rating
Accounts
9.2
Trades
9.6
Bonuses
9.8
Mobile
9.6
Banking
9.2
Features
9.8
Support
9.6
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Summary

There is much to like about this broker. While a wise choice for the more discerning trader, due to the selection of platforms, trading charts and tools, it is suitable for all. It could be viewed as busy and harder to use for the new trader because of the amount of information available.

Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Introduction

Introduction

Established in 2007, International Capital Markets or IC Markets operates from Sydney, Australia. Licensed by ASIC (Australian Securities and Investment Commission), a license awarded in 2009, they also hold a license with the Seychelles Financial Services Authority (FSA).

Offering 63 currency pairs, the broker offers both the MetaTrader 4 and MetaTrader5 platforms as well as the cTrader suite of platforms. While they pitch themselves both at new and experienced traders alike, their offering is especially geared up to those who deal in higher volumes with more experience in Forex.

If you are considering IC Markets as your choice of Forex broker, there are probably many questions for which you are seeking answers. Do they offer the right mobile trading experience and what currency pairs can you choose? We answer all of these questions and more by providing a detailed and comprehensive review for you.

In this review, you will learn:

  • All the different types of accounts on offer
  • Trading features and payouts that can be expected
  • Whether they offer any bonuses to new traders
IC Markets Screenshot IC Markets Screenshot IC Markets Screenshot
Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Account Types

9.2
Account Types

When it comes to the various account types, different brokers often have different levels of accounts. With IC Markets, there are three different accounts. The standard Live Account, the Raw Spread Account and the cTrader Raw Spread account. We take a look in greater detail at these three live accounts and their demo offering.

Demo Account

The Demo account is free to open and free to use until you are ready to start live trading. There are no time limits. You open the account with the required information and then begin your virtual experience. No real money is involved, and you can get familiar with the platform and trading executions for as long as you need to.

Standard Account

Using the MetaTrader platform, you can open a Standard account and trade without any commission fees. The spreads start from 1.0 pip and vary depending on the currency pairs you are trading in. You must begin with a $200 deposit and can leverage your position up to 1:500. This account is advisable for discretionary traders.

Raw Spread Account

The Raw spread account on the MetaTrader platform is the more popular of the Raw spread accounts. It offers some of the lowest spreads available starting from 0 pips. Commissions are $3.5 per lot. As with the Standard account, a $200 deposit is required to open the account with leverage of up to 1:500. This account is for EAs and scalpers.

Raw Spread cTrader Account

As the name might suggest, like the Raw Spread account, this version operates on the cTrader platform. It costs $200 to open an account, spreads and leverage are the same, but the commission is charged at $3.00 per lot so slightly less. This particular account is for day traders and scalpers.

Supported Languages
English

Trade Features And Payouts

9.6
Trade Features And Payouts

One of the critical things you want to know is the payouts you are likely to achieve. What are the different trading tools that will help you to gain the most significant profits? The key things to look out for are as follows:

Leverage

While each account with IC Markets suggests that you can enjoy leverage of 1:500, this will depend on your account balance, the level of trading that you partake in and experience. If you are a new trader with a low account balance, you are, of course going to want to try lower leverage. Be aware that you could end up losing your entire account balance if you don't use leverage wisely.

Spreads

Spreads depend on the type of account you open and are competitive when compared to other brokers. With the Raw spread accounts, the spreads are zero pips whereas with the standard account they start from 1.0 pips. Spreads will vary across the currency pairs and between the major and the minor pairs more significantly.

Stop Loss

The stop-out level across all accounts is 50%. What this means is that if your free margin dips below 50%, your position will automatically close. With IC Markets, you can use percentage stop, which will vary from trader to trader, chart stop, volatility stop and time stop. The kind of stop loss you choose will depend on your level of experience, your personal preference, and how you trade.

An impressive 63 currency pairs offer plenty of choice when it comes to Forex trading.

Bonuses And Promotions

9.8
Bonuses And Promotions

While some bonuses offer a match deposit bonus or a welcome bonus to encourage you to open an account, there is no such bonus with IC Markets. The is not so unusual now as many brokers don't offer rewards.

Occasionally there are offers such as refer a friend where you can earn AUD 100 if they open an account. You need to check if there are any promotions when you open an account or at various points of your trading.

Mobile Trading

9.6
Mobile Trading

While there are many platforms available to trade on the good news is they are all suitable for mobile trading. You can use the MetaTrader4, the MetaTrader5 and the cTrader all on iOS and Android to enjoy your mobile trading on the go whatever account or platform you choose. Using the cTrader platform, you can log in via Facebook, Google or your IC Markets ID.

You can use the complete range of tools including price alerts, trade stats, order management symbols and more. Take advantage of the fact that you can customize your mobile trading experience to suit your style of trading. Choose your preferred charts, the tools that you need and any of the multiple features to enhance your Forex trading.

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Deposits And Withdrawals

9.2
Deposits And Withdrawals

To open an account requires a minimum deposit of $200. You can deposit funds using several methods. There are no fees to either make a deposit or a withdrawal; however, you should consider other expenses that you may incur.

Costs can include currency conversion and card transaction charges. Choose to deposit funds in one of 10 base currencies which will save money on conversions. Funds can only be withdrawn to an account in your name and using a credit card will take three business days.

Special Features

9.8
Special Features

One of the things that are growing in popularity is social copy trading which is a feature of trading with IC Markets. Other special features include the number of platforms and their availability on mobile.

There are a lot of choices when it comes to the type of experience that you want. The site holds lots of educational tools and support for those new to Forex, but it does have the appearance of being a broker for the more serious trader.

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Customer Support

9.6
Customer Support

While the live chat can be slow and a little irrelevant, the telephone and email support offered by IC Markets are better. You can get assistance 24 hours a day, seven days a week and the telephone and email options re both fast and helpful offering you relevant answers to your issues.

There is also an incredibly detailed FAQ section offering the solutions to many likely questions that you might have.

Here are the contact details for IC Markets:

  • Email - support@icmarkets.com
  • Phone - +61 028 014 4280
  • Address - IC Markets Pty Ltd, Level 6 309 Kent Street, Sydney, 2000, Australia

Conclusion

9.5
Conclusion

In conclusion, there is much to like about this broker. While a wise choice for the more discerning trader, due to the selection of platforms, trading charts and tools, it is suitable for all. It could be viewed as busy and harder to use for the new trader because of the amount of information available.

That said, there are many educational tools and advice to benefit the novice. The fact that there is so much choice when it comes to the platform means that it is suitable for everyone regardless of experience or style of trading. An impressive 63 currency pairs offer plenty of choice when it comes to Forex trading.

With an opening balance of $200 required, it means that traders of all levels can open an account and start placing trades. The process of account opening is simple, and there are many features to support your trade execution. If you have an issue or a query, then choose telephone or email customer support to get answers. In conclusion, this regulated and reliable broker offers everything you need to enjoy your Forex experience.

Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Frequently Asked Questions

FAQ

Is IC Markets legit? Will they scam me?

Licensed in Australia by ASIC and in Seychelles by FSA, the company has been licensed for a decade. They have built up a good reputation with traders to date.

Do they have a decent mobile or tablet app?

There are a few mobile apps to choose for your mobile trading. With the MT4, MT5 and cTrader platforms, you can download either iOS or Android apps.

What bonus do they offer for new traders?

There is no bonus offered to new traders; however, they do provide timed bonuses on occasions like their $100 refer-a-friend reward.

Can I start trading on a free demo account?

There is a free demo account that can be used without making a deposit and has no time constraints to using it. Practise with virtual funds before opening a live account.

What's the min deposit and ideal trade amount?

Unlike some brokers who require $2,000, IC Markets only ask for a minimum deposit of $200; but you should have enough balance to support trading.

Meet The Author
Ben Morratt
Ben Morratt
Portfolio Manager

Ben’s contributions as a freelancer to the site since 2013 are highly valued. He has a real talent particularly within short-term speculation, making many successful trades on the directions of the global financial markets. Learn more.

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