IC Markets is a leading online forex broker that has carved a niche in the industry due to its commitment to providing a plethora of trading options and unparalleled customer service. Priding itself on low spreads and fast execution, IC Markets has become a favorite among novice and experienced traders alike. This review will delve into the aspects that set IC Markets apart, including its trading platforms, account types, and educational resources.
Features
IC Markets offers several features that make it a popular choice among forex traders. Here are some key features:
- Wide Range of Trading Instruments: IC Markets provides access to a wide range of trading instruments, including major and minor currency pairs, commodities, indices, and cryptocurrencies. This allows traders to diversify their portfolios and take advantage of various market opportunities.
- Multiple Trading Platforms: IC Markets offers multiple trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are widely recognized and preferred by traders for their advanced charting capabilities, analytical tools, and automated trading options. Additionally, IC Markets also offers the cTrader platform, which is known for its fast execution speeds and advanced order types.
- Competitive Spreads and Low Commissions: IC Markets offers competitive spreads, especially on their Raw Spread Accounts, which have some of the lowest spreads in the industry. The broker also charges low commissions on these accounts, making it cost-effective for active traders.
- Fast Execution Speeds: IC Markets prides itself on its lightning-fast trade execution speeds, thanks to its strong partnerships with top-tier liquidity providers. This ensures that traders can enter and exit trades quickly without experiencing slippage or delays.
- Flexible Account Types: IC Markets offers different types of trading accounts to cater to the needs of various traders. They provide Standard Accounts, Raw Spread Accounts, and Islamic Accounts for those who require swap-free trading.
- Multiple Funding Options: IC Markets supports a variety of funding options, including bank wire transfers, credit/debit cards, and popular e-wallets like Neteller and Skrill. This makes it convenient for traders to deposit and withdraw funds from their trading accounts.
- Strong Customer Support: IC Markets offers customer support 24/7, ensuring that traders can seek assistance whenever they need it. They offer support through various channels, including live chat, email, and phone, making it easy to reach out to their support team.
- Regulated Broker: IC Markets is regulated by reputable financial authorities, such as the Australian Securities and Investments Commission (ASIC) and the Financial Services Authority (FSA) in Seychelles. This provides traders with peace of mind knowing that their funds are held in segregated accounts and adhere to strict regulatory guidelines.
These features contribute to IC Markets’ reputation as a reliable and competitive forex broker in the industry. However, potential traders need to conduct their research and consider their individual trading preferences before choosing a broker.
Account Types and Spreads
IC Markets offers three types of accounts: Standard, Raw Spread, and Islamic.
- Standard Account: The Standard Account is best suited for beginners and intermediate traders. No commissions are charged on trades, and spreads start from 1.0 pip. This account type allows trading in 64 currency pairs, indices, commodities, and stocks.
- Raw Spread Account: The Raw Spread Account is ideal for advanced and professional traders, including scalpers and day traders. It offers the lowest spreads, starting from 0.0 pips, with a small commission fee of $3.5 per 100k traded. Traders can access more than 60 currency pairs, as well as indices and commodities.
- Islamic Account: The Islamic Account adheres to the principles of Islamic finance, particularly the prohibition on earning interest. It operates as a Raw Spread account but without swap or rollover charges on overnight positions. This account type is exclusively available to clients who are of Muslim faith.
In terms of spreads, IC Markets stands out for offering highly competitive rates. The average spread on the EUR/USD currency pair, for example, is 0.1 pip with the Raw Spread Account and 1.1 pips with the Standard Account during peak trading hours. These tight spreads can significantly reduce trading costs and increase potential profits for traders.
Funding and Withdrawal Options
IC Markets provides a selection of diverse and convenient funding and withdrawal options for its clients.
- Bank Wire Transfer: This method is reliable and can be used worldwide. However, it might take several business days for the funds to appear in your account.
- Credit/Debit Cards: IC Markets accepts payments through Visa and MasterCard. This method is fast, with funds typically available for trading within a few minutes.
- E-Wallets: IC Markets supports popular e-wallets like Skrill, Neteller, and PayPal, which offer quick and easy transactions.
- Broker to Broker Transfer: This option allows clients to move funds directly from another broker to IC Markets, which can be useful for those looking to switch platforms.
It’s important to note that IC Markets does not charge any internal fees for deposits or withdrawals. However, some payment providers may impose transaction fees, so clients should check the terms and conditions of their chosen method. The withdrawal process is straightforward and can be initiated directly from the client’s trading account. Withdrawal requests are typically processed within 24 hours, ensuring that clients can access their funds promptly.
Customer Support and Regulation
IC Markets takes pride in its excellent customer service, available 24/7 to assist clients with any trading inquiries or account issues. The support team can be reached via live chat, email, and telephone, ensuring responsiveness and accessibility at all times. The live chat feature offers real-time assistance, providing quick and efficient resolutions to any concerns. The email support, while not as instantaneous, ensures comprehensive responses to more complex queries.
Regulation-wise, IC Markets is licensed and regulated by two reputable financial authorities: the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (FSA). This dual regulation provides traders with an added layer of security, as it ensures the broker adheres to strict regulatory standards. ASIC and FSA’s oversight ensures the broker operates transparently and treats its clients fairly. Clients’ funds are held in segregated accounts with top-tier banks, and IC Markets also participates in a compensation scheme, which provides additional protection for clients’ funds.
By offering robust customer support and being committed to regulatory compliance, IC Markets fosters a trading environment that is not only user-friendly but also secure and trustworthy.
Advantages
- Low commission fees
- Tight spreads
- Wide range of funding and withdrawal options
- Excellent customer service 24/7
- Regulated by two reputable authorities – ASIC & FSA
- Segregated accounts for clients’ funds held with top-tier banks
- Compensation scheme available to cover losses in case of broker insolvency
Disadvantages
- A limited number of currency pairs available for trading
- No US or Japanese clients accepted
- Not suitable for long-term investors due to high overnight charges on certain accounts
Summary
Overall, IC Markets is a reliable and competitive forex broker that offers a range of features and services. It provides traders with access to tight spreads, low commissions, and comprehensive educational resources. The wide selection of funding and withdrawal options makes it easy for traders to deposit or withdraw funds from their accounts. Moreover, the broker is committed to providing customer service 24/7, offering support via live chat, email, and telephone. Finally, IC Markets is regulated by two reputable financial authorities, ASIC and FSA, assuring traders that their funds are safe and secure. With all these features combined, IC Markets offers an attractive platform for forex traders of all levels.
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User-friendliness
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Range of Markets & Instruments
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Fees & Spreads
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Funding Options
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Customer Service Quality
