- Demo Account: Yes
- Min. deposit: $200
- Trading Platforms: Desktop, Web & Mobile
- Assets: Forex, crypto, stocks, ETFs, bonds & commodities
- Low trading fees
- Free deposit and withdrawal
- Easy account opening
Are you looking for a forex broker that offers FREE deposits and withdrawal services? IC Markets could be the best fit for you.
This IC Markets review tells you all you need to know about this broker, including how to open an account, its pros and cons, and other products available on the brokerage.
Let’s dive in!
IC Markets Review: Fees
IC Markets charge both trading and non-trading fees, mostly for account maintenance and profits for its managers. The amount of fees charged depends on the account type you are trading on.
There are three account types, two Meta Trader commission-based accounts, and a standard account. The fees applied on the commission-based accounts include the spread and commission, while a standard account is commission-free.
The accounts are:
- cTrader account.
- Raw Spread account.
- Standard account.
Even though cTrader and Raw Spread accounts are similar, the cTrader charges a lower commission than Raw Spread in about a tenth of a pip. On the other hand, a standard account charges no commissions, but its spreads are more extensive compared to the other two accounts. Most traders prefer the commission-based accounts to the standard account.
We categorize the fees as:
- Trading fees – These are fees charged while executing trades on the IC Markets platforms.
- Non-trading fees – These are charges that are not related to any trading activity—for example, the inactivity fee.
- Other Fees – These are fees that may apply in certain situations depending on the actions you take on the platform.
Trading Fees
These are fees that you get charged as you trade on the platform. On IC Markets, these fees are commissions and spreads.
A commission is a charge applied when you buy or sell forex, CFDs, commodities, etc. On commission-based accounts, the spreads are narrower than in non-commissioned accounts.
A spread represents the difference between the buy and ask-price of any currency pair. In commission-free accounts, the spread is one pip wider than in commissioned accounts.
Forex Fees
IC Markets charges relatively low forex Fees, thanks to its use of electronic communication (ECN) and straight-through processing (STP) trading styles.
As mentioned earlier, the fees depend mainly on the type of account you are using to make trades. Let’s looks at how the type of account determines the fees charged.
- Standard account – It charges a fee equivalent to the spread and adds a pip to the original spread. For example, in an average spread of 0.1 pips, it shows as 1.1 pips for a standard account.
The total cost is calculated as follows:
- Raw Spread account – It uses ECN style trading, which keeps the spreads very narrow. The commission charged varies according to the lot sizes.
- A Standard lot (100,000 units) = $7 per round turn commission.
- A mini lot (10,000 units) = $0.70 per round turn commission.
- A micro lot (1,000 units) = $0.070 per round turn commission.
The round turn commission cost also depends on the base currency. For example, for standard lot round turn, the Commission rates would be as follows:
USD – $7.00 round turnGBP – $5.00 round turn
JPY – $700.00 round turnAUD – $7.00 round turn
EUR – $5.50 round turn
NSD – $9.00 round turn
HKD – $54.25 round turn
CHF – $6.60 round turn
SGD – $9.00 round turn
- cTrader account – It also uses ECN style, which narrows the spreads compared to its competitors who use dealing desks and price requotes.
The commission charged on cTrader is $3 per standard lot bought and $3 per standard lot sold.
If a trade holds for a night, IC Markets apply an overnight financing/holding fee. The overnight charge is calculated as follows:
The point size is determined by the contract’s size and the minimum fluctuation price (0.00001). The tripled charge covers for the weekends when the market is closed.
Shares CFD Fees
To trade Shares CFD on IC Markets, you must use the MT5 trading platform. Trades are made through the Australian Stock Exchange (ASX) and New York Stock Exchanges ( NYSE). The MT5 platform is equipped with advanced trading tools to make possible the trading of Shares CFDs.
The trading fees for Shares CFDs vary according to the market you choose to trade with. ASX will charge 0.10% for every traded share, and NYSE charges 0.02 USD for every traded share.
An overnight finance fee will apply for any positions held overnight. It’s calculated as:
Cryptocurrency Fees
IC Markets hosts up to ten cryptocurrencies on its platform. Leveraging cryptocurrencies is acceptable up to a leverage of 1:5.
The trading fee charged is the spread (Ask price – bid price). An overnight charge also applied for trading positions that hold after trading hours.
Non-trading Fees
IC Markets have no non-trading fees. This means that:
- No withdrawal fees.
- No deposit fees.
- No charges for account inactivity.
IC Markets charges no non-trading fees, especially on the deposits and withdrawals, which sets it apart and makes it a preferred option for most traders.
Other Fees
These are fees that occasionally apply, depending on the actions you take on the platform. Some of them are:
- Currency Conversion Fee – This is a fee charged when a position closes with a currency that is not your account’s base currency. The currency is converted to the base currency, and the conversion rate fee applies to it.
- Stock borrow fee – This fee applies in some circumstances, only when IC Markets pass on a stock loan fee.
- Charges for using tools on the platform – To use copy trading tools like Myfxbook and Zulu Trader, a small fee is applied. The costs are:
- Myfxbook – 0.6 pips for non-commissioned accounts (+1 pip for standard accounts).
- Zulu Trader – 1.5 pips for non-commissioned accounts (+1 pip for standard accounts).
IC Markets: Products
IC Markets provides a complete package for a smooth and profitable trading experience.
These features include:
- A demo virtual trading account
- A web platform
- Social and copy trading
- cTrader
- Meta Trader 4 (MT4)
- Meta Trader 5 (MT5)
- Duplitrade
- Zulu Trade
- 51 charting indicators
- 31 drawing tools
- Seven watchlists
The IC Markets allow you to trade a wide range of products, including Forex, Indices, Commodities, Cryptocurrencies, Bonds, Futures, and Stocks.
Forex
The Forex market is open 24 hours a day for five days in the IC Markets. Traders have an opportunity to profit from the tightest spreads, fast execution, and the deep liquidity of over 60 currency pairs.
Unlike other financial Securities on the platform, Forex allows trades of relatively small lot sizes, as small as one micro lot (1000 units). Leveraging goes as high as 1:500.
Indices
Some of the most popular indices are the UK FTSE 100 Index, US DJIA Index, Australian S&P 200 Index, and US E-mini S&P 500. There are 23 other Indices available on the IC Markets that you can trade.
Leveraging goes as high as 1:200, and spreads are as low as 0.4 pips. On IC Markets, you can access and trade Indices on MT4, MT5, and cTrader platforms.
Commodities
These include energy, metals, and agriculture products, with over 19 commodities to make trades with on IC Markets. Energy products are Natural Gas, Crude Oil, and Brent. Metals are Gold and silver, while Agricultural products include soybeans, coffee, sugar, cocoa, corn, and wheat.
They are paired against the USD or a Futures CFD. The lot sizes are flexible and leverage up to 1:500.
Stocks
IC Markets gives access to over 120 stocks that cut across ASX, NASDAQ & NYSE. The most popular stocks on the IC Markets are Facebook, Apple, and BHP Billiton.
Trades can only be executed on the MT5 platform because it has advanced features such as excellent charting tools. Trading stocks also allows you to earn dividends.
Bonds
Bonds are offered as CFDs on the IC Markets, with a flexible lot size that allows you to trade long or short positions. They allow you to predict the future economic movements for governments.
There are about 6 Bonds accessible on the platform and can be accessed on both MT4 and MT5. Leverage goes up to 1:200, and trades can be executed at any time, 24 hours, for five days a week.
Crypto
IC Markets supports over ten popular cryptocurrencies that you can either trade long or short as CFDs. Some of them are Bitcoin, Ethereum, Litecoin, Dash, Ripple, Emercoin, EOS, Bitcoin Cash, NameCoin, and PeerCoin.
Leveraging for cryptocurrencies goes up to 1:5, and the market is open 24 hours for five days. FSA closely regulates trading cryptocurrencies.
Futures
There are four global Futures available on the IC Markets and are traded as CFDs. They include:
- ICE Dollar Index Futures (DXY)
- Brent Crude Oil Futures (BRENT)
- CBOE VIX Index Futures (VIX)
- WTI Crude Oil Futures (WTI)
Leverages for Futures CFDs go up to 1:200 and can be traded on MT4 and MT5 platforms. The market is open 24 hours for five days a week.
IC Markets Review: Account Opening
The process of opening a live account on IC Markets is fast and uncomplicated. Let’s look at the step-by-step process.
- Go to icmarkets.com.
- On the homepage, click on the “Start Trading” green icon.
- Provide your details on the application form provided. Ensure that you add the correct email address and phone number. You also have the option to sign up with Facebook, PayPal, or Google.
- Give more details about yourself, filling out your correct birth date and address.
- Configure your trading account by choosing the type of account you want to open and your base currency.
- Share your previous trading experience with IC Markets by completing the provided survey.
- Next is to complete verification by uploading the required documents.
- Find your account and begin trading.
There’s an option to open a demo account, especially for beginners and IC Markets first time users. You might want to familiarize yourself with the markets, the platform’s structure, and other features before deciding to open a live account.
IC Markets Review: Deposit and Withdrawal
IC Markets allows you to choose a base currency from a list of ten accepted currencies. They include USD, AUD, EUR, JPY, CAD, GBP, SGD, CHG, NZD, & KHD. This is important because you can escape the conversion fees by depositing or withdrawing funds using your local currency.
How to Deposit
IC Markets allows a minimum deposit of $200. There are no deposit fees charged in the process of funding your account.
You can deposit using any of these payment methods: PayPal, Skrill, Credit card, Debit card, UnionPay, Neteller, Bank Wire Transfer, Bpay, and many others.
Here’s how to deposit.
- Log in to your account and click on “Deposit.”
- Choose a payment method.
- Enter the amount you’d like to deposit.
- Confirm your deposit, and your account will be funded immediately.
Please note that deposits made using Bank Wire Transfer can take up to several days before the funds reflect in your IC Markets account.
How to Withdraw
Your withdrawal method is dependent on the deposit method used. For example:
- Skrill deposit – Skrill withdrawal
- Debit/Credit Card deposit – Withdrawals are made via Visa/MasterCard or Bank Wire Transfer.
- PayPal Deposit – PayPal Withdrawal
There are no withdrawal fees, except for those withdrawing via international bank transfer, which charges AUD 20 as a fee.
To withdraw:
- Log in to your IC Markets account.
- On the menu, click on “Transfers,” then “Withdrawal Funds” on the drop-down menu.
- Confirm your account details.
- Enter the amount you’d like to withdraw.
- Click “Submit.”
IC Markets Review: Mobile Trading Platform
IC Markets offer MT4 and MT5 platforms on the mobile application for Android users. These apps allow traders to access their accounts on the go.
The following features are available on the mobile trading platform:
- Indicators – There are more than 30 technical indicators in-built into the mobile platform.
- Charts – there are three chart types: Japanese Candlesticks, Bars, and Line. You can switch any time to one that you prefer.
- Adjustable settings – the platform settings help you adjust technical Indicators and customize them to your preferences.
- Price action and patterns – It incorporates multiple timeframes for price action and pattern analysis.
- Zoom and scroll features – you can adjust your real-time charts by zooming in and out to get a clearer picture of the market trends.
- Trading history – You can access all your trading history from the app.
- Copy-trading – The mobile platform supports copy-trading platforms like ZuluTrade.
- Different trade execution modes.
- Forex and CFD quotes are available in real-time.
The mobile trading platform is preferred because:
- It has a user-friendly, easy-to-navigate interface.
- The charts show trade levels and volume.
- It has an offline mode that shows symbol prices and charts.
- It’s available for free on the play store.
- It’s available in different languages such as English, Chinese (Traditional and simplified), Portuguese, Hindi, Thai, Turkish, Indonesian, Czech, German, French, Russian, Italian, Arabic, Ukrainian, Vietnamese, Greek, Korean and Spanish.
The mobile platform is downloadable on Android 4.0 and above. IOS devices support cTrader platforms and can be downloaded from the Apple app store.
IC Markets Review: Web Trading Platform
The Web trader works well on supported browsers such as Chrome, Firefox, IE 10+, and Safari. You can use any trading platform (MT4, MT5, or cTrader) you enjoy trading on and considering the charges applicable.
Here are some of the features it has:
- You can trade from anywhere because the web platform is easily accessible.
- You can profit from the Raw Spreads.
- There are no restrictions on any order or trade.
- No maximum trades on the micro-lots.
- Level II Pricing.
- Execute trades in just one click.
- There are multiple types of orders to choose from.
- Analyze the charts in real-time.
- Access to advanced charting tools and technical Indicators.
- You can leverage up to 1:500.
The web trading platform is a choice for many traders because:
- It uses ECN style trading, and no dealing desk is involved.
- The low trading costs ensure that you save more of your money.
- The speed of trade execution is very fast.
- You can choose your preferred leverage to boost your profits.
- The use of micro-lots allows you to control how you manage your funds and the risk involved.
- The process of deposit and withdrawal is easier on the web platform.
- It’s available in different languages such as English, Chinese (Traditional and simplified), Portuguese, Hindi, Thai, Turkish, Indonesian, Czech, German, French, Russian, Italian, Arabic, Ukrainian, Vietnamese, Greek, Korean, Spanish, Dutch, Finnish, Estonian, Hebrew, Hungarian, Latvian, Malay, Lithuanian, Persian, Polish, Mongolian, Serbian, Slovak, Swedish, Tajik and Uzbek.
IC Markets Review: Desktop Trading Platform
The MetaTrader 4 and MetaTrader 5 platforms are available for download and use on the desktop. The designs are similar to those of the web trading platforms of the two.
On the Desktop Trading Platform, you can access the platform in all the languages available on the web trader and all the other features found on the web trading platform.
The MT4 Desktop Trading Platform
The MT4 Desktop platform offers these features:
- Raw Pricing – offers traders the best pricing in the market, as well as favorable trading conditions. With Raw Pricing, you can trade on an institutional-grade level, with no price manipulations, dealing desks, or requotes.
- Fast Order Exception – The MT4 connects to the NY4 data center, which provides ultra-low latency and fast trade order executions.
- Restriction-free Trading – The MT4 platform puts no restrictions on trading, therefore giving its clients the best trading conditions, especially for those who enjoy scalping. Rules like ‘first in, first out’ do not apply to IC Markets, allowing traders to hedge positions as they please.
- Tightest Spreads – On the IC Markets MT4 platform, spreads start from 0.0 pips and maintain an average of 0.1 pips on EUR/USD. The platform enjoys a pricing mix from over 25 pricing providers, an action that ensures spreads remain tight even in periods of high volatility.
- Easy Deposit and Withdrawal – There’s no hassle in depositing and withdrawing funds from the MT4 Desktop platform. You can use any of the payment options available on the platform to complete your request.
- Flexible Lot Sizing – You can choose to trade any lot size as there are no limitations to trade sizes. Let your account balance guide you to choose the most favorable lot size for you.
The MT5 Desktop Trading Platform
It has advanced technology for charting and order management tools that provide a superior trading experience. The MT5 Desktop platform supports the Raw Pricing and Standard account types.
This platform has the following features:
- Raw Pricing – allows the traders to get the best pricing and trading conditions. Trades can be executed without any form of price manipulation, dealing desks, or price requotes.
- Fast Order Execution – The MT5 servers are connected to the Equinix NY4 data center that ensures that trade orders are executed fast and safely.
- Level II Pricing – This feature allows the traders to access all the available market prices for each currency right from the price providers. Tight spreads are expected on markets with high liquidity, ultra-low latency, and asynchronous spot prices.
- Tightest Spreads – IC Markets MT5 enjoy the tightest spreads of 0.0 pips and an average of 0.1 pips for the EUR/USD pair.
- Easy Deposit and Withdrawal Options – You can quickly deposit and withdraw funds on the platform using the payment options available. Some of them are Skrill, Credit/Debit card, wire transfer, Neteller, Fasapay, Union Pay, Bpay, and others.
- Flexible Lot Sizing – The platform doesn’t place any limitations and restrictions on trade sizes. You can trade as low as a micro-lot, depending on your account balance.
- Flexible Trading – You can place your order anytime and anywhere, even in between a spread. Traders enjoy favorable trading conditions, as there’s no limitation on the order distance, quickly and stop-loss can be executed at any level.
IC Markets Review: Research
IC Markets offers resources and platform add-ons that help traders access real-time information. Some of these features are:
- The Daily Market Commentary – provides credible and latest news about the forex market every day.
- Auto-Chartist – this is an auto-trading tool that exhibits high speed, accuracy, and quality information.
- Trading Central – allows you to access the various ideas provided for you depending on the technical tools you frequently use and the price levels.
- Economic Calendar – It helps serious traders to be aware of what to expect in the future and consequently avoid making losses.
- Social Sentiment-currency pairs – this feature helps gauge the traders’ mood and determine their readiness to risk in their portfolios.
- News Feed – gives the traders news analytics and other sentiment indicators and features news from different sources like ForexLive.
IC Markets Review: Education
IC Markets has invested in education for beginners in forex trading. They have organized education materials in a 101 series. They include:
- Forex Trading 101
- Fundamental Analysis 101
- Trading Psychology 101
- Technical Analysis 101
- Risk Management 101
- Trading Plan 101
They also offer a demo account that you can use to practice and perfect your forex trading skills. Platform tutorial videos and other educational videos are also available.
There are also client webinars archived and an investor dictionary available for investors to use.
To access this content on the platform, find the “education” section on the menu. More information is also found on the IC Markets blog.
IC Markets Review: Customer Service
IC Markets offers customer service through phone support, live chat, and email support. The phone support is excellent and reliable. You can get connected to a representative in a minute, and all your questions are answered with relevant answers.
The email support service has a pretty fast response time, with emails replied to in about 24 hours. They also give well-explained and relevant answers.
The live chat is a little slow, as it takes more than ten minutes to get a reply. The customer support is available 24/7.
They also have a section where they address all the frequently asked questions. You can quickly get your answers from the FAQ section before you contact customer service.
IC Markets Review: Conclusion
IC Markets is the right choice for trading forex and CFDs, even for beginners. Its rich educational materials available on the platform and their excellent customer support services make it even better.
You can also practice on the demo account until you are ready to start trading live. The process of opening an account is easy, fast, and straightforward. Follow through the Step-by-Step guide on this article to create your account.
Deposits and withdrawals are free on this Forex brokerage. You only need to note the method you use to deposit because it will determine your withdrawal method, as described in their withdrawal rules.
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