Best Overall Broker 2020 - DayTrading.com
Best Trading App 2020 - DayTrading.com
Trade Forex on 0.0 pip spreads with the world's leading True ECN forex broker - IC Markets. Great choice for serious traders. ASIC regulated.
IC Markets offer access to 100+ stocks from Australian and US markets - Nasdaq, NYSE and ASX
IC Markets offer a diverse range of cryptos, with super small spreads. They also offer many cryptocurrencies not available elsewhere, without the need of a virtual wallet.
BTC, BCH, ETH, LTC, DASH, XRP, EOS, EMC, NMC, PPC
BTC 0.4%, ETH 1%
Risk Warning – Your Capital is at risk
IC Markets is a true ECN broker offering over 300+ instruments across three live accounts. This broker review covers spreads, leverage rates, trading platforms and more. We also look at the broker’s UK regulatory status and minimum deposit requirements. Find out whether IC Markets is the right broker for you.
About IC Markets
IC Markets is an Australian-based CFD broker. The company was established in 2007 by founder and CEO, Andrew Budzinski, and serves both retail and institutional clients.
The brokerage is a trading name of International Capital Markets Pty Ltd, which is licensed and regulated by the ASIC. Other entities in the group include IC Markets Europe Ltd, which is regulated by the CySEC and IC Markets Global, which is regulated by the FSA. As a global broker, it has offices in various jurisdictions including in Limassol, Cyprus and the Seychelles.
Unfortunately IC Markets is not regulated by the FCA and does not have offices in the UK. With that said, British traders can still open a live trading account.
The MT4 platform offers excellent trading conditions and competitive raw pricing. The terminal allows retail clients to trade with institutional-grade prices that compare with some of the world’s leading execution venues. MT4 is a popular choice for high volume traders and those employing scalping systems. Hedging strategies are also supported and the broker does not impose a ‘first in first out’ rule.
IC Markets offers 20 exclusive advanced trading tools for MT4 including Market Manager, Sentiment Trader, Correlation Matrix, Mini Terminal and more. Alongside interactive charting, several order types and dozens of indicators, clients can place trades as small as one micro lot (0.01) with no maximum lot size requirement.
The MT4 platform is available for desktop download (Mac and Windows), via WebTrader (major browsers), plus mobile apps (iOS, Android and Blackberry).
MT5 is a refined version of its MT4 predecessor. The platform offers advanced charting technology and order management tools along with the broker’s raw pricing from 25 providers. The MT5 servers are located in the Equinix NY4 data centre in New York to provide optimal execution speeds.
MetaTrader 5 promises flexible lot sizing, trading directly from charts, plus the capability to build or buy algorithmic robots via Expert Advisors (EAs). Finally, IC Markets offers level II pricing on MetaTrader 5 with full market depth for liquidity transparency.
The MT5 platform can be installed on desktop (Mac and Windows), accessed via WebTrader and downloaded as a mobile app.
cTrader facilitates trading on 64 forex pairs and 16 major equity indices, amongst others. Offering an alternative feel to the MetaTrader terminals, the trading solution has a lot to offer. Aside from live forex and CFD quotes, users benefit from multiple order types, detachable charts, real-time reports and one-click trading. cTrader is a powerful retail investing platform that will meet the needs of beginners and experienced investors.
cTrader is available on Mac, cTrader Web, iOS (iPhone and iPad) and Android app.
IC Markets offers trading on over 300+ CFD instruments:
Forex – 60+ major, minor and exotic currency pairs including GBP/USD, EUR/USD and SGD/JPY
Commodities – 19 energy, agriculture and metals including Brent crude oil, cocoa and gold
Stocks – 200 stocks across major exchanges including the FTSE, Nasdaq, NYSE and ASX
Cryptos – 10 popular altcoins including Bitcoin, Ethereum and Ripple
Indices – 23 indices including the FTSE100, US30 and AUS200
Bonds – 6 international bonds
Futures – 4 global futures
Note the FCA does not permit UK retail traders to invest in crypto derivatives. The broker also does not offer binary options.
IC Markets offers variable and tight spreads across its trading platforms:
Raw Spread (MT4 & MT5) – Spreads from 0.0 pips and $6 commission per lot round turn
Raw Spread (cTrader) – Spreads from 0.0 pips and $7 commission per lot round turn
Standard – Spreads from 1.0 pip and zero commission
Average forex spreads on the EUR/USD pair are 0.1 pips on the Raw Spread account and 1.1 pips on the Standard account. Typical gold spreads average around 1.0 pip. To see accurate quotes and live prices, open the broker’s trading platforms.
IC Markets offers significantly higher leverage than is usually available to UK traders under FCA regulation. Users can trade with leverage up to 1:500 across all accounts and levels can be adjusted from the client area. These rates are substantially higher than the 1:30 FCA cap so make sure you have appropriate risk parameters in place before you start trading.
See the broker’s website for details on margin call levels and requirements.
IC Markets does not offer a proprietary mobile app. However, clients can trade using the MT4, MT5 and cTrader applications. The apps provide easy access to live trading accounts anytime and anywhere.
The MetaTrader apps offer significant flexibility with one-click trading, customisable layouts, 30+ technical indicators, advanced charts and more. The cTrader mobile app also provides all the tools needed for effective technical analysis, including common trend indicators, oscillators, volatility measures and line drawings.
The MT4, MT5 and cTrader mobile apps are available on iOS (including iPad) and Android devices (including Windows). They can be downloaded from Google Play or the Apple App Store.
Deposits & Withdrawals
IC Markets offers 15+ funding options and GBP payments, reducing currency conversion charges. Processing times vary between options:
Credit & debit cards i.e. Visa and Mastercard – Instant
Neteller & Neteller VIP – Instant
Broker to broker – 2 to 5 days
Wire transfer – 2 to 5 days
RapidPay – Instant
Klarna – Instant
PayPal – Instant
Skrill – Instant
To withdraw earnings, account owners need to submit a withdrawal request from the secure client area. Withdrawals cannot exceed the amount deposited. Typical processing times for debit and credit card withdrawals are 3 to 5 business days.
IC Markets does not charge any additional fees for deposits or withdrawals. With that said, third-party payment solutions may have their own fees.
IC Markets offers a demo account for both new and existing clients. Once created, you can access the IC Markets demo server instantly. The demo simulator mirrors the live trading environment with the same tools and market data available. Users benefit from unlimited virtual funds, though it’s worth noting that practice accounts expire after 30 days of inactivity.
IC Markets is not regulated in the UK. Instead, the broker is authorised elsewhere. IC Markets AU under International Capital Markets Pty Ltd holds an Australian Financial Services Licence (AFSL) and is regulated by the Australian Securities and Investments Commission (ASIC) under company number 335692. IC Markets EU Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under registration number 356877. Lastly, IC Markets Global, trading under Raw Trading Ltd, is regulated by the Financial Services Authority of Seychelles (FSA) under company number 8419879-2.
So whilst UK traders may be disappointed by the lack of FCA oversight, IC Markets is still regulated in multiple jurisdictions indicating that the company is legitimate and trustworthy.
Education – The broker provides decent educational tools, which include videos and tutorials, research webinars and an information hub for both new and professional traders.
Resources – Clients can access multiple resources, including market analysis blogs, trading news, forex & pip margin calculators, an economic calendar, plus an FX glossary.
Social media – IC Markets has a good social media presence on Twitter, Instagram and a decent following on Facebook, where they post regular news and tips on trading trends.
Clients have access to Multi-Account Manager (MAM/PAMM) software, which is suitable for traders or money managers utilising EAs. The broker also offers a free VPS hosting service with fast connectivity to IC Markets trading servers. As a result, traders can run EAs without worrying about backup internet or computer hardware.
A FIX API trading solution is also available for traders looking for the lowest latency and control over automated investing strategies. Additionally, auto trading is available via three social platforms; ZuluTrade, Myfxbook’s AutoTrade and Signal Trader, which allow you to copy signals from other investors.
IC Markets Accounts
IC Markets offer three account types to suit traders of different levels. The main variations are the platforms, spreads and commission fees.
Raw Spread (MetaTrader) – This account is best suited to trading with EAs and scalping strategies
Raw Spread (cTrader) – This account is best suited to day traders and scalpers
Standard – This account is suited to discretionary traders
IC Markets offers swap-free Islamic account conditions across each of the above. The broker also accepts joint account applications, though a request will need to be sent to the customer support team.
Another thing to consider is the USD $200 minimum deposit requirement. You may also be subject to slippage when trading stocks, futures, commodities or forex.
To open an account, visit the ‘Open a Live Account’ link, complete the application form and provide ID verification i.e. a government-issued tax document. Once registration has been approved by the accounts team, you will receive your login details and investor password.
IC Markets clients can trade 24/7. However, each instrument will have different opening hours. Visit the IC Markets website under ‘Trading Hours’ for a breakdown by timezone.
Note that the broker server time has a GMT offset of GMT + 2 or GMT + 3 when daylight savings is in effect. Also keep in mind that IC Markets’ rollover occurs at 00:00 MetaTrader 4 server time.
If you encounter issues such as no connection errors, withdrawal problems, or general complaints, you can contact the customer support team 24/7 via:
Email – email@example.com
Live chat – Bot available on the website
Global toll-free numbers – UK +44 800 014 8775
The company’s headquarters address is: Level 4, 50 Carrington Street, Sydney, NSW 2000, Australia.
IC Markets Verdict
IC Markets is a legitimate broker offering tight spreads with a proven track record. The brokerage offers a selection of leading platforms, a range of assets, copy trading and a suite of learning resources. The only major drawbacks for UK traders are the lack of FCA oversight and negative balance protection. Overall, we are comfortable recommending IC Markets.
Is IC Markets A Good Broker?
IC Markets is an established and regulated broker that complies with the strict stipulations set out by several bodies, including the ASIC, CySEC and FSA. The online forex and CFD provider offers an excellent trading experience with fast executions, trusted platforms and zero pip spreads. As a result, IC Markets receives strong customer reviews and user ratings.
Is IC Markets A True ECN Broker Or Market Maker?
IC Markets is a true ECN broker with a pricing model that combines ultra-low spreads and commissions. Clients are trading with prices streamed from their network of liquidity providers. IC Markets does not have a dealing desk that creates its own prices.
What Is The Live And Demo Server IP Of IC Markets?
IC Markets’ server locations are located in the NY4 and LD5 IBX Equinix data centres in New York and London. MetaTrader platforms run on the New York server while the cTrader platform runs on the London server.
How Much Capital Do I Need To Trade With IC Markets?
All account types on IC Markets require a minimum initial deposit of $200 USD or equivalent. A free demo account is also available with no deposit needed.
Is IC Markets Halal?
IC Markets offers swap-free Islamic trading conditions across all of its account types for Muslim investors.
IC Markets vs Other Brokers
If you want to compare IC Markets with other brokers, use the detailed comparisons below.