IC Markets Review 2020
IC Markets is the world’s largest true ECN trading broker offering over 230 trading instruments across multiple markets on the most popular trading platforms, delivering low spreads and high liquidity for fast trade execution.
IC Markets Review 2020, Pros & Cons
- ASIC regulation
- Institutional grade liquidity
- True ECN model
- Low fees, tight spreads & fast execution speeds
- Hedging & scalping allowed
- Free deposit & withdrawal options
- Social trading platforms
- Selection of powerful trading platforms for multiple devices
- No US clients
- No fixed spreads
- Limited educational materials
In this detailed IC Markets review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
IC Markets Review: Summary
IC Markets is an Australian trading broker founded in 2007 with its headquarters based in Sydney and has since gone on to be one of the world’s largest trading brokers. They are an ASIC regulated true ECN broker providing trading solutions to both retail and institutional clients across the globe.
IC Markets offers traders worldwide over 230 trading instruments across multiple markets on the most popular trading platforms, MetaTrader 4/5 and cTrader. Trading instruments include Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds & CFDs
The IC Markets management team come from a financial background with years of combined experience throughout Asia, Europe and North America. This experience means that being traders themselves, they have a strong understanding of what traders need and thus select the best possible solutions with some of the best hand-picked liquidity providers (LPs). New LPs are being added on a regular basis to ensure conditions continue to be amongst the best available to traders.
IC Markets are well known for low latency connectivity and superior liquidity. This means that online traders have access to deep liquidity pools for superior pricing that was only previously available to banks and high net worth individuals. Their ECN model uses the latest innovative technology, delivering low spreads and high liquidity for fast trade execution.
ECN technology allows IC Markets to aggregate all of its LPs to build an order book which can sort and rank prices in real time to provide the best prices to its clients. This creates competition amongst LPs to provide lower prices and to meet the modern-day trader demands of tight spreads, deep liquidity pools, price transparency and anonymous execution, low slippage and low latency.
The true ECN connectivity allows traders of all levels to trade on institutional grade liquidity from a diverse range of large LPs such as investment banks, hedge funds and dark pools venues. There are over 50 different LPs with no dealing desk intervention so traders have direct access to raw spreads and execution speeds with no price manipulation, re-quotes or hidden fees. This makes them one of best brokers of choice for high volume traders, day traders and scalpers.
IC Markets has an average execution speed of under 40ms with a low latency fibre optic cross-connect to LPs. The order matching engine located in the New York Equinix NY4 data centre processes over 500,000 trades for clients every day with a total US $15 billion trades processed daily by IC Markets. According to Finance Magnates, IC Markets is the largest forex broker in the world by forex volume (excluding Japan). They also provide a free low latency virtual private server (VPS) to clients.
IC Markets mission is to provide the best trading conditions so that clients can focus on their trading with full transparency. The companies core values are built upon integrity, trust, honesty and fairness. This is backed by their 9/10 rating on TrustPilot.
IC Markets Review: Regulation
IC Markets is regulated by the Australian Securities and Investment Commission (ASIC). Being an ASIC regulated entity, IC Markets must be compliant to strict financial guidelines, including capital adequacy and audit requirements. Client funds are held in segregated Australian bank accounts in accordance to Australian Client Money Handling rules. This ensures that client funds are separate to the company funds and thus cannot be used for any other purpose. They also use independent external auditors to ensure regulatory compliance is in place.
IC Markets Review: Countries
IC Markets accepts clients from all over the world, excluding USA, Canada, Iran, Yemen and some countries from the OFAC list. Some IC Markets broker features and products mentioned within this IC Markets review may not be available to traders from specific countries due to legal restrictions.
IC Markets Review: Trading Platforms
IC Markets offer the MetaTrader 4, MetaTrader 5, and cTrader platforms. These are the 3 most popular and user-friendly trading platforms available today. The True ECN trading model is incorporated into all of the platforms at no extra cost for all levels of traders. Trading on the go is possible via the mobile and tablet apps. This is useful for those who need to access their account and manage their positions whilst on the go from anywhere in the world where they have an internet connection.
MetaTrader 4 (MT4)
MT4 is one of the most popular online trading platforms that is used by millions of traders around the globe. It is free to use and can be downloaded as a desktop platform or run directly in your web browser without the need to download or install any additional software. It is also available as a mobile app for Android or iOS devices and can be download for free from the relevant app stores.
MT4 is widely regarded to be a powerful trading platform with a vast array of built in tools for analysing charts to find potential trading opportunities across a wide range of markets. It is intuitive and user-friendly enough for new traders whilst having enough advanced capabilities to suit the more experienced traders.
It has grown from a trading platform to a global community where trader’s demands are met by technology provider’s innovations. IC Markets has partnerships with many of these technology providers and is proud to offer you the next generation MetaTrader 4 platform, designed to take your trading to the next level.
IC Markets clients can experience their ultra-fast execution speeds and flexible trading conditions on the award-winning MetaTrader 4 platform. Both IC Markets Standard and Raw Spread accounts are available on the MetaTrader 4 trading platform.
IC Markets MT4 features include:
- Market leading spreads & low commissions
- Flexible funding & withdrawal options
- Flexible leverage
- Fully customisable user interface & charts
- Multiple trading tools for analysing markets
- Real time price quotes in market watch window
- Automated trading with expert advisors (EAs)
- Strategy tester for back testing EAs
- MQL4 programming language for coding custom indicators, scripts & EAs
- Online community where you can copy trading signals & download additional tools
- Price alert notification via email, SMS & platform pop ups
- Desktop, web & mobile compatibility
MetaTrader 5 (MT5)
MetaTrader 5 is the all-in-one platform for trading forex, stocks, indices, bonds, cryptocurrencies and commodities. IC Markets Raw Pricing help to make it one of the most powerful trading platforms for active traders.
The MT5 platform is an updated and improved version of MT4 which still remains the industry standard for many traders around the world. MetaTrader 5 implements advanced charting technology coupled with sophisticated order management tools that can help you to monitor and control your positions quickly and efficiently. It is a powerful platform packed with an array of useful features aimed at improving your trading experience. MT5 is available on both of the IC Markets account types: Raw Pricing and Standard.
- Raw Pricing Connectivity
- Ultra-Fast Order Execution
- No Restrictions on Trading
- Level II Pricing – Market Depth
- Spreads from 0.0 Pips
- Automated Trading (EAs)
- Built-in Technical & Fundamental Indicators
- Desktop, web & mobile compatibility
The cTrader platform is designed for high speed execution when trading the global markets online. It has a unique design that implements an elegant user interface whilst its range of advanced features make it a favourite for discretionary Forex traders.
The cTrader platform uses innovative technology that combines the speed of a high performing trading platform with the deep liquidity of IC Markets, providing clients with the ultimate trading solution.
The IC Markets cTrader platform gives you access to a deep liquidity pool in over 64+ forex currency pairs along with 16+ major equity indices. Active traders worldwide appreciate trading with the superior functionality of cTrader and streaming prices collated from multiple global banks.
- Real-time forex and CFD quotes
- Market leading spreads and low commissions
- Extremely Low Spreads
- Ultra-Fast Order Execution
- No Restrictions on Trading – Scalping Allowed
- Level II pricing with full market depth
- Smart Stop Out
- Servers in the LD5 IBX Equinix Data Center
- Micro lot trading – Minimum lot size of 0.01 with no maximum
- Flexible funding and withdrawing options
- Multiple order types
- Detachable charts
- Expanded symbol display
- Real-time reports
- One-click trading
- Desktop, web & mobile devices
IC Markets Review: Trading Tools
IC Markets provide traders with a range of useful trading tools and apps that can assist with detailed market analysis and help to enhance the overall trading experience. These tools include economic calendars, alerts, technical indicators, market data, VPS and more.
MT4 Advanced Trading Tools
IC Markets MT4 traders have access to 20 exclusive institutional quality trading tools to assist with their trading. These include Depth of Market (DoM), spread monitoring, trade risk calculator, ladder trading, custom order templates and more. These are built into IC Markets MetaTrader 4 for an improved trading experience.
A personal trading assistant which can notify the trader or even their followers on social media.
Gives trader market info on different time scales and enables them to make better decisions.
Let’s traders compare correlation between two symbols, and trade emerging differences.
A feature-rich trade execution and analysis tool which offers precision trading, ordering template & more.
Provides full control over symbol watch-lists and all order activity from one small and convenient window.
It displays the same deal ticket as the Trade Terminal in the context of a specific trading chart.
Shows sentiment based on real open positions: the number of traders who are currently long or short.
Gives the trader a quick market overview through the world’s key markets and their time zones.
App lets you enter up to 5 account numbers, and then automatically displays a dashboard of equity and balance etc.
App lets traders hide their pending orders from other market participants with more functionalities.
Tick Chart Trader
Displays variety of tick charts, including traditional line charts, timed tick charts, and tick bars/candles.
Virtual Private Server
A Virtual Private Server (VPS) can run your trading platform in the cloud. It allows traders to run automated trading strategies 24 hours a day 7 days a week with the fastest possible connectivity to the IC Markets trading servers. This is useful for those who do not have the best internet connection and those who wish to run automated systems that need to be on around the clock without needing their home computer switched on.
Having a VPS in place helps to ensure that you can run your EAs in a secure environment without the need for any additional computer hardware, backup internet, or power supply. IC Markets recommends VPS providers co-located inside Equinix data centres with direct cross connects to their trading servers in Equinix NY4.
If your trading volume exceeds 15 lots (round turn) per month, they will sponsor a VPS subscription for you with any of the below providers:
- Forex VPS
- Beeks FX VPS
ZuluTrade is a social trading platform where followers can copy the trading signals of other traders. You can use ZuluTrade to copy trades directly into your IC Markets trading account. You can filter trading signal providers according to your own risk preferences. Signals can be added or removed to your trading portfolio at any time. Please see our ZuluTrade review for more detailed information about the copy trading service that they provide.
This works in a similar way to ZuluTrade. You hook your IC Markets accounts up to the popular social trading website myfxbook and can then choose different strategies to copy signals from.
MAM / PAMM
The IC Markets Multi Account Manager allows you to manage clients’ money with flexible allocation methods and real-time reporting of performance and commissions. The MAM software communicates all allocation settings directly with the IC Markets MetaTrader 4 server. This means a money manager only has to worry about trading through the MetaTrader 4 Master Account, all other processes are handled seamlessly by the MAM software.
The software is ideal for traders or money managers utilising Expert Advisors (EAs) and enhances the functionality of the MetaTrader 4 platform by allowing multiple accounts to be managed from 1 simple interface. Block orders can be executed with 1 click from the Master Account with pre-set allocation methods. Thousands of accounts can be traded with 1 click and with virtually no additional latency. The allocation methods allow the software to act as a MAM, PAMM, or LAMM with several variations of each.
- Proportional by Balance Allocation
- Proportional by Equity Allocation
- MAM manager to adjust trading parameter in real time
- Unlimited trading accounts and deposit amount
- Trades – Full, Mini & Micro Lot accounts for best allocation advantage
- Allocations to accounts at as little as 0.01 lots (1000 units)
- All normal order types accepted: Market, Stop, Limit
- All unique order types accepted: Trailing Stop, Close by and Close all
- Manage multiple master accounts having different strategies
- Allows Expert Advisor (EA) trading of managed accounts from client side
- Each Sub Account has an output to screen report
- Market watch window within MAM
- Live order management monitoring within MAM including P&L
- STP on master account for bulk order execution, with instant allocation to sub accounts
- Monitor commissions and performance in real time
- Manage Monthly, Quarterly and Annual client reports through the MetaTrader Manager
Money Manager Features
- Ability to add and/or remove funds without affecting trading activity
- Professional reporting analytics displayed to you and your clients
- Solutions for EA managers and manual managers
IC Markets Review: Education
IC Markets have a vast selection of educational materials including basic and advanced trading guides and video tutorials. These can help clients to learn some of the most importance aspects about online trading including how it operates, technical and fundamental analysis, market influences, trading platforms and more.
IC Markets Review: Trading Instruments
IC Markets offer a wide range of over 230 tradable instruments to traders including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds & CFDs.
IC Markets Review: Trading Accounts & Fees
IC Markets offer 2 different account types, the true ECN account and standard account. Minimum deposit starts from $200. The true ECN account has variable spreads from 0.0 pips with a small $3.5 commission fee. The standard account does not charge a commission but variable spreads start from 1.0 pips. Spreads are tight and liquidity deep 24/7 with the true ECN account due to the 50+ different liquidity sources. Leverage of up to 1:500 is available. IC Markets also provide demo accounts if you would like to test the different trading platforms and conditions before opening a real account with them.
- True ECN Account: $3.5 commission, variable spreads from 0.0 pips
- Standard Account: $0 commission, variable spreads from 1.0 pips
As broker fees can vary and change, there may be additional fees that are not listed in this IC Markets review. It is imperative to ensure that you check and understand all of the latest information before you open an IC Markets broker account for online trading.
IC Markets Review: Customer Service
IC Markets offer multilingual support 24/5 via phone, chat and email. They are prompt, efficient and polite when answering support questions from traders of all experience levels.
IC Markets Review: Deposit & Withdrawal
IC Markets accept deposits and withdrawals in 10 major currencies. They have a variety of fast and convenient deposit and withdrawal options. Providing options such as Skrill allows for faster transfers to and from trading accounts.
Fees may be charged when using certain payment methods. Bank transfers can take a few business days to clear. The various different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
- Wire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli
- USD, GBP, EUR, CHF, JPY, NZD, CAD, SGD, HKD, AUD
IC Markets Review: Account Opening
IC Markets account opening is fast and allows for instant funding. There is a short online form to complete, followed by email confirmation and identification upload. Verification is quick and the whole process very user friendly. Support is on hand to assist you during the process if required.
IC Markets Review: Conclusion
The IC Markets true ECN model means that they provide some of the best possible trading conditions available to all levels of traders worldwide, including low spreads and fast execution. There is a large selection of trading instruments and platforms to suit the flexible needs of each trader. Online customer feedback is very positive with an impressive TrustPilot rating. ASIC regulation also helps to give clients peace of mind.
Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.