IC Markets Review
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.
Pros / Cons
- ASIC regulation
- Institutional grade liquidity
- True ECN model
- Low fees
- Hedging & scalping allowed
- Free deposit and withdrawal options
- No US clients
- No fixed spreads
- Limited educational material
- No negative balance protection
IC Markets 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 Countries
IC Markets accepts clients from all over the world, excluding USA, Canada, Iran, Yemen and some countries from the OFAC list.
IC Markets Trading Platforms
IC Markets offer the MetaTrader 4, MetaTrader 5, and cTrader platforms, available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet). These are amogst the 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.
IC Markets Trading Tools
IC Markets 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 MetaTrader 4 for an improved trading experience.
Traders also benefit from apps that can assist in analysing the markets for trades and basic tools such as economic calendars, alerts, market data which help to enhance the overall trading experience.
IC Markets Education
IC Markets have a selection of educational materials including basic trading guides and videos tutorials. These can help clients to learn some of the very basics about trading the markets, how it operates, technical and fundamental analysis, market influences and more.
IC Markets 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 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
IC Markets 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 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 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 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.