IC Markets is a forex broker located in Australia.
In this article, you’ll get a review of this broker, including analysis and instructions to open an account with IC Markets.
Here’s what you’re going to learn:
IC Markets is a forex broker located in Sydney, Australia, and was founded in 2007.
IC Markets is a Forex broker that gives you a wide range of instruments to trade besides Forex.
Here’s a list of all of the instruments that you can trade with IC Markets:
To open a real account with IC Markets, you need to deposit a minimum of $200.
You don’t need to deposit anything if you’re just trying the broker and testing a demo account.
The IC Markets leverage limits vary according to the jurisdiction where you opened your account.
Here’s the leverage provided by IC Markets:
According to Trustpilot, IC Markets is classified as excellent. It’s scoring an impressive 4.8/5.0 after more than 30,000 reviews.
When you open an account with IC Markets, it will fall under the regulator that is more suitable for your jurisdiction. In other words, your regulator will depend on whether you live.
Here are the three possible regulators:
You may be given the option to choose your regulator too.
IC Markets gives you access to the most popular trading platforms used by Forex brokers.
You can use:
All of them have web and mobile versions, meaning that you can easily trade wherever you are.
There are three main account types provided by IC Markets.
They are:
You can apply to get a professional account with IC Markets as long as you meet the criteria.
The biggest advantage of getting a professional account is to avoid leverage restrictions. In some jurisdictions, like the EU, there are restrictions on the leverage that brokers can offer to retail traders. If you qualify to get a professional account, those restrictions will not apply to you, and you can enjoy a bigger leverage provided by IC Markets.
It’s not always, but from time to time IC Markets makes campaigns that offer a 10% deposit bonus.
Check if you qualify to receive the deposit bonus using the button below:
Unfortunately, IC Markets doesn’t offer a no-deposit bonus for new clients.
You can, on some periods, get a deposit bonus though. Check the previous chapter of this article.
IC Markets has three different locations, here are their contacts:
IC Markets accepts a wide range of methods either to deposit or to withdraw.
Some of the payment methods may not be available, depending on the IC Markets jurisdiction where you opened your account.
Here’s a list of them:
Yes, IC Markets offers a negative balance protection for EU clients.
If you have an account with IC Markets Global, negative balance protection is not offered.
The IC Markets margin call is 100%.
This means that you always need to maintain an equity that is bigger than the margin required to keep your positions open.
If your equity (Balance + Open Profit or Loss) falls below the required margin you will receive a margin call.
The IC Markets margin stop-out level is 50%.
What this means is that your free margin must always be above 50%. If it falls under this value, the platform will start to automatically close your positions to keep the free margin above the threshold.
Typically, the positions are closed from the largest losing position to the smallest one.
IC Markets offers Micro Accounts to its customers.
This means that you can trade using micro lots, equivalent to 1,000 units of the base currency, which is the same as trading with a 0.01 lot size.
IC Markets offers a free VPS subscription if your trading volume exceeds 15 lots (round turn) per month.
These VPS providers are located close to their Equinix data centers, with latency as low as 1 ms.
If your thing is EA trading, and your trading volume exceeds the minimum threshold, then apply to your free VPS.
There’s no inactivity fee with IC Markets. This is great because you can stop trading for the time that you want, and you can be sure that no inactivity fee will be charged to you.
Yes, IC Markets is a legit broker and company.
On the other hand, it doesn’t provide services to residents of some countries, or a country where providing that service would be contrary to the local law or regulation.
There are no restrictions against hedging with your IC Markets account. Heding accounts are the default with IC Markets.
This means that you can open long and short positions on the same symbol at the same time.
If you don’t like hedging accounts, there’s also an alternative. They are called the NET accounts. With these types of accounts, on each specific symbol, you can only have one single position in one direction.
Net accounts are especially useful when you want to be able to add and reduce your position size.
You are allowed to do copy trading on your IC Markets account.
The signals you copy can come from any source. You just need a copy trading software.
IC Markets offers a good variety of social trading sources.
By using IC Market’s social trading, you can copy trading strategies from other traders, replicating their performance. Just make sure that you choose your sources wisely and make the most of IC Market’s social trading features.
You also have the option to copy traders from Pelican Trade by connecting your IC Markets account to their service.
The popular Zulutrade copy trading service is also ready for you to use. Just check them all, find the traders that you identify with, and copy their trades automatically.
When trading IC Markets forex currency pairs, your lot sizes start at 0.01 and can go up to 200.
If you trade other symbols, like indices, or metals, the maximum lot sizes may vary.
IC Markets is one of the brokers with the best spreads, starting with as low as 0.
It depends on the account type that you choose though.
For most Forex currency pairs, the minimum spread is as low as 0, when you choose the Raw Spread Account. This account charges commissions based on the lot size that you trade.
On the other hand, the Standard Account doesn’t charge any commissions. The spreads will also be bigger, with an average of 0.6 pips.
There is no minimum amount to be able to request a withdrawal from IC Markets.
However, some withdrawal methods may have some fees, like international bank transfers. So, although you don’t need to meet a minimum withdrawal amount with IC Markets, you must be aware of these fees that can reduce considerably the amount that you receive if your withdrawal amount is very small.
IC Markets accepts residents from all over the world except some specific countries. IC Markets doesn’t accept clients from the United States, Canada, Israel, New Zealand, Iran, and North Korea.
Here is a list of the best IC Markets alternatives:
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