IC markets Review
IC Markets may be a very competitive broker. Spreads are zero pip on the Raw Spread. the quality account offers a commission-free trading environment. The broker also offers a swap-free account, also as a demo account to practice trading.
Thanks to an assortment of trading tools offered, IC Markets is suitable for all kinds of traders. Beginner traders will find simple and user-friendly platforms here, while experienced traders will have a perfect environment to trade large volumes. because of the low cost of trading, scalping and algorithmic trading are possible.
The Raw Spread or True ECN account
The Raw Spread account is that the most engaging account, offering ECN spreads on the Metatrader 4 and Metatrader 5 platforms. we’ve found that the Raw Spread from IC Markets offers the tightest spreads within the Forex trading industry. The spreads offered on EUR / USD are from 0 pip, therefore the account is especially suitable for scalping.
This type of account allows short-term traders to save lots of money. The broker nevertheless charges a commission proportional to the dimensions of the position.
On its site, IC Markets claims that because of glass fiber , execution on the Raw Spread account is completed in but 40ms.
The cTrader account
This account is analogous to the Raw Spread account. The difference is that it’s intended for traders using cTrader instead of Metatrader. A commission is charged, but it’s slightly more interesting than that taken from Metatrader accounts.
The cTrader account is more aimed toward professional traders, eager to enjoy more functionalities for his or her trading. because of quite 50 liquidity providers, IC Markets offers very tight spreads during European and North American sessions.
IC Markets claims on its site that the latency time on the cTrader account is 1ms over 1 month. it’s therefore a perfect environment for scalping.
Unlike the Raw Spread and cTrader accounts, the quality account has no commissions. Instead, the spreads are widened by 1 pip. This method of withdrawal is straightforward and compatible to beginner traders.
The swap-free account
It is not a sort of account intrinsically . The swap-free account is meant for traders of the Islamic faith, who cannot pay swap fees (interest). This account is out there for all kinds of accounts (Standard and RAW) and offers an equivalent spreads and commissions. the most difference is that there are not any swap fees or overnight fees once you hold an edge from session to session.
The demo account
All types of accounts are available for demo. you’ll therefore choose the sort of account and therefore the platform of your choice and find out the trading conditions at IC Markets, without risk. We liked that at IC Markets demo accounts are unlimited. this provides you adequate time to check new trading strategies, also as robots.
Identity verification and risk awareness
IC Markets is extremely demanding when it involves Know Your Customer (KYC) and client level verification when it involves online trading. As IC Markets is regulated, every new client must pass some basic tests to make sure they fully understand the risks related to trading.
When opening an account, you’ll be asked a series of questions. If most of your answers are wrong, the broker reserves the proper to stop you from opening an account. you’ll then be directed to the tutorial resources of its site.
If you’re an entire beginner, we recommend you to first consult the page dedicated to training on the broker’s website before opening an account.
Regarding biometric identification . Photos of the subsequent documents are going to be requested:
your passport, driver’s licence or national card
A utility bill or statement that’s but three months old and shows your address.
Accounts are usually verified within 24 hours and you’ll then make a deposit.
The leverage offered by IC Markets is up to 1: 500. The leverage effect allows you to possess more funds with the broker, so as to trade with more capital.
Using leverage can magnify gains, but you ought to always remember that losses can exceed your initial deposit. Outside of Europe, IC Markets doesn’t offer negative balance protection.
In Europe, the leverage is restricted to 1:30, especially for major currency pairs. Being regulated by CySec, IC Markets complies with European MiFID directives .
Deposit and withdrawal
IC Markets offers several deposit methods: credit or debit cards, wire transfer, e-wallets, and Bitcoin.
IC Markets has taken care to diversify its deposit methods, to permit as many traders as possible to fund their account with the deposit method of their choice. we discover the subsequent deposit methods:
- Credit and debit cards
- Bank transfer
- From broker to broker,
- Thai Internet Banking
Most deposit methods are instant. Bank transfer is that the slowest thanks to fund your account. It takes up to five days before your account is credited.
The broker accepts a good choice of base currencies for your trading account: AUD, NZD, USD, JPY, EUR, HKD, CAD, CHF, GBP and SGD. this is often important, since you avoid paying conversion fees, if the bottom currency of your account is that the same because the amount you’re sending.
The withdrawal times vary counting on the tactic used. Withdrawals by PayPal, Neteller or Skrill are almost instantaneous, while for the opposite methods, especially by card, it’ll be necessary to attend 3 to five working days.
It is important to notice that you simply will only be ready to use accounts, or cards, in your name. IC Markets doesn’t charge a deposit or withdrawal fee, but your bank or payment solution provider may charge a fee.
You will have the selection between Metatrader 4, Metatrader 5 and cTrader. Metatrader platforms are suitable for all trader profiles while those that want advanced tools will likely choose cTrader.
Trading platforms are often downloaded from your IC Markets dashboard or “client area”. you’ll also find the download links for the varied mobile platforms there.
MetaTrader 4 and Metatrader 5
The execution on MT4 and MT5 is sort of fast. there’s no restriction on placing orders. you’ll be able, for instance , to put a buy or sell order within the spread of an instrument. this will be particularly beneficial for scalpers, who got to negotiate as accurately as possible.
cTrader is more fashionable professional traders. This platform features a more elaborate interface than MT4. it’s more advanced features like market depth and longer units.
Execution on cTrader is super fast. there’s also the likelihood of doing a decent scalping, with a really close placement of orders in reference to market prices. For scalpers, other features of cTrader are often very useful, including the Smart Stop Out which helps limit losses in your account.
IC Markets cTrader
With cTrader, you get a more professional environment, with interactive scrolling charts. The platform offers 26 time units and quite 50 integrated technical indicators.
The different cTrader platforms are perfectly synchronized, in order that you’ll find the entire history of your transactions once you switch from PC to mobile, or the other way around .
Metatrader on mobile
You can download the mobile versions of Metatrader for iOS and Android. they provide real-time quotation of Forex and CFD instruments offered by IC Markets. Although Metatrader applications have fewer features than PC platforms, quite 30 technical indicators are built into them.
IC Trader Mobiles
The applications don’t leave in-depth technical analysis, but they’re useful for tracking your positions or confirming your analyzes.
cTrader on mobile
The cTrader mobile app also allows you to access your trading account from anywhere. it’s available for iOS and Android. The platform is translated into 22 languages, which makes it accessible to an outsized number of traders round the world.
IC Markets cTrader Mobile
cTrader mobile has cloud features, which permit you to receive email notifications for everything associated with your account: price alerts, new transactions, etc.