IC Markets Review 2024: Is it the best broker?

IC Markets Trading Terms and Product Offerings

IC Markets offers a total of more than 2,000 forex, stock index, cryptocurrency, stock, bond, and commodity CFDs.

IC Markets offers up to 500:1 leverage on the three trading accounts it offers. The minimum amount to open an account is also the same for all: $200 (or equivalent in other currencies).

The Raw cTrader and Raw MetaTrader accounts both offer the lowest spreads, but cTrader has a lower commission rate. We’ll discuss the differences between these two trading platforms in the next section.

The Standard account (MetaTrader) has a higher average spread but no commissions. Other than the spreads and commissions, all the accounts offer the same features.

Here are the financial instruments you can trade, all via contracts for difference (CFD):

• 61 forex pairs
• 25 indices
• 20 commodities
• 2,100 stocks
• 9 bonds
• 21 cryptocurrencies
• 4 futures contracts

The following are spreads you can expect to see on various account types.

IC Markets does not offer trading on binary options.

IC Markets Trading Platforms

Most forex brokers only offer MetaTrader 4 and 5, which IC offers. FIBO Group is another broker that offers all three trading platforms, check out the review here. However, they also offer cTrader, which is a great platform for active traders.

Meta Trader software is created by Meta Quotes and is offered by many brokers. It’s simple, functional, and offers extensive programming and plugin capabilities. This means traders can create or download additional indicators or even trading robots.

MT4 and 5 are available via desktop platform (download) for PC and MAC, webtrader, as well as via an iPhone or Android app. With the webtrader, you don’t need to download anything; you can just log in to your account on the broker’s site and start trading.

The platform cTrader is an alternative that IC Markets offers which is ideal for active traders. Plus, IC Markets offers lower commissions if you use cTrader. The platform is created by Spotware Systems and is licensed to IC Markets.

With cTrader, you’ll also have access to Level II pricing. This shows the size of the bids and offers around the current price. Traders can use this as a tool to assess buying and selling strength.

The platform cTrader also provides something called Smart Stop Out. If your account falls below the required margin for a position, instead of closing the position (which is what most platforms and brokers do), Smart Stop Out closes only a fraction of the largest position in order to bring the account back within the margin requirement.

An app version of all these platforms lets you manage positions on the go. Copy Trading, a function that allows you to copy the trades of successful traders you select, is also available via cTrader.

IC Markets Funding and Withdrawal Options

IC Markets does not charge any of its own fees on deposits or withdrawals, but be aware that each payment processor may charge its own fee.

Here are the ways you can deposit and withdraw funds from an IC Markets account:

Withdrawal requests are processed on the day they are received. The cutoff is 12:00 AEST/AEDT. If the request is received after this time, it will be processed on the following business day.

For processing times, check with each payment provider to see how long it may take to send or receive or funds.

IC Markets Promotions and Deposit Bonuses

IC Markets is not currently running any promotions, but special promotions and deposit bonuses may be available soon.

At the time of writing, IC Markets is not offering any deposit bonuses or promotions.  However, they always offer 0% fees on deposits and withdrawals.

They also offer something many forex brokers don’t: Level II or Market Depth data. Level II data shows the bids and offers around the current price, and it is available for free on the cTrader platform.

Should IC Markets offer any upcoming promotions, we’ll be sure to keep you posted.

Are my funds secure with IC Markets?

IC Markets keeps clients’ funds in separate accounts, which is important for your asset security.

This is called segregated funds, and most reputable brokers offer this. A segregated account means your account balance is held in trust, separate from the broker’s money.

This means if the broker goes bust, you’ll get most or all of those funds back (less a fee the trustee charges to distribute the funds in the event of a broker bankruptcy).

Segregated funds are a great thing to have and look for in a broker, along with being regulated.

Is IC Markets Regulated?

Always choose to deal with a regulated broker. Regulated brokers are subject to regulatory oversight and must adhere to local laws.

IC Markets is regulated by four different regulatory bodies.  Raw Trading Ltd (Trade Name: IC Markets Global) is regulated by the Financial Services Authority of Seychelles (FSA).

International Capital Markets Pty Ltd (AU) is regulated by the Australian Securities and Investments Commission (ASIC). IC Markets (EU) Ltd is regulated by the Cyprus Securities and Exchange Commission (CySec). IC Markets Ltd. (International) is regulated by the Securities Commission Bahamas (SCB).

To avoid getting scammed, always check a broker’s regulations. If they’re regulated in more than one place, all the better. That means they had to jump through more hoops and have been vetted by more organizations.

How Do I Contact IC Markets’ Support?

IC Markets support is easy to get a hold of and has quick response times.

You can give IC Markets a call 24 hours a day, seven days a week. Wait times are usually under five minutes.

General: +2484671976

Brazil: +558008783054

Thailand: +661800011956

Indonesia: +6280332160329

Colombia: +5718005190364

Vietnam: +8412032513

You can also send them an email and expect a response within 24 hours.

Client Relations: [email protected]

Support: [email protected]

Accounts: [email protected]

Marketing: [email protected]

You can also send them a message from their contact us page.

Before contacting support, it’s worth checking out the Help Centre which includes answers to commonly asked questions. In the bottom right corner of the Help Centre, you’ll also see a chat icon. Click on it to access live chat support.

Support is available in English, Spanish, French, Japanese, and Chinese.

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