There’s no doubt that trading can be a challenging, exciting, and rewarding activity. But whether your modus operandi is forex, crypto, or commodities, the key is a reliable online broker to support your trading journey. Enter IC Markets.
A globally renowned online broker, IC Markets has steadily developed since its 2007 launch, with an interesting ability to appeal to new and experienced traders alike. But what makes the broker tick? How does it compare to other online brokers? And what do you need to know before you start trading with IC Markets? Well, in this article, we aim to answer all these questions and more. We’ll take a run through all the features, examine its strengths and weaknesses, and ultimately, help you decide whether IC Market is the trading vehicle for you.
TL;DR
- IC Markets is a well-regulated and world-renowned online broker that offers a pretty complete range of trading instruments and platforms.
- The platform promotes low trading costs, confident execution, and advanced algorithmic trading capabilities.
- IC Market offers its users a range of research and educational resources alongside popular social and copy-trading features.
- With user-friendly platforms and excellent customer service, the platform supports both new and experienced traders.
- While IC Markets does offer competitive pricing, including tight spreads and low commissions, some users might find its product selection to be a little limited.
Criteria Breakdown
IC Markets: An In-Depth Look
Launched in Sydney, Australia, in 2007 IC Markets began with a simple aim - to close the gap between old-school institutional trading and modern retail trading. And by making advanced trading platforms and prices used by seasoned day traders accessible to forex newcomers, they quickly carved out their own patch in the industry.
Here’s everything you need to know about the company and its online broker service.
What is IC Markets Best Known For?
With headquarters in Australia and Seychelles, IC Markets has become a truly global service provider. In fact, it’s probably easier to name the countries they don’t operate in, which notably includes Belgium, Canada, Israel, and the United States. Still, despite these gaps in coverage, with a reputation for tight spreads and competitive commissions, IC Markets has firmly planted itself as a key player in the forex game.
But don’t think IC Markets is purely the platform of choice for beginners. With robust execution capabilities and fast order processing, the service is an excellent choice for users of all levels, including experienced and algorithmic traders.
Image Credit: IC Markets
Caption: IC Markets offers platforms that are perfect for trading on-the-go, with trading instruments that appeal to beginners and advanced traders alike.
Features
IC Markets’ small but concise range of trading instruments covers most of the common bases, with products that would appeal to beginner and advanced traders alike.
For more experienced users, advanced tools like automated trading systems, algorithmic trading, and copy and social trading platforms (such as ZuluTrade and IC Social) are sure to please. At the other end of the scale, a dedicated education portal and 24/7 customer support means those new to the trading game have attentive support every step of the way.
So, let’s take a look at some of the key trading tools available on IC Markets.
Trading Products
The IC Markets trading platforms provide access to seven categories of tradable instruments:
- Forex CFDs: With 24-hour access available five days a week, IC Markets supports 61 currency pairings. The platform offers tight spreads, from 0.0 pips, with excellent execution and deep liquidity.
- Commodities CFDs: With IC Markets and MetaTrader 4/5, traders can speculate on 22 commodities, including the likes of agriculture, energy, and precious metals. Tight pricing and versatile lot sizes (starting from $0.10) are the order of the day.
- Indices CFDs: IC Markets gives access to 25 of the world’s most popular indices, including the UK FTSE 100, the US DJIA, and the Australian S&P 200. Users can enjoy round-the-clock commission-free trading with spreads starting from as little as 0.4.
- Bonds CFDs: Covering more than 9 Bonds, IC Markets users can diversify their strategies with flexible lot sizing and commission-free trades.
- Cryptocurrency CFDs: IC Markets supports FSA-regulated crypto trading seven days a week, with 1:200 leverages on MetaTrader 4 and 5.
- Stocks CFDs: Whether you prefer to dabble in the US or Australian stock markets, IC Markets has you covered. Trade over 2,100 stocks from some of the world’s biggest companies, like Apple, Microsoft, Meta, and Nvidia.
- Futures CFDs: With competitive spreads and up to 1:20 leverage, IC Markets offers access to four futures on MetaTrader 4 and 5, including the ICE Dollar Index and Brent Crude Oil.
Image Credit: IC Markets
Caption: IC Markets has a variety of account types to choose from.
Trading Accounts
No matter how you trade or how experienced you are, IC Markets has an account type that’s right for you:
- Standard Account: New to the forex game? Then this is the place to start. Giving inexperienced traders access to the MetaTrader platform, you’ll be able to enjoy commission-free trades while you get to grips with trading. The trade-off? Wider spreads, starting at 0.8 pips.
- Raw Spread: Perfect for traders who use daily trading strategies and Expert Advisors alike, the Raw Spread account introduces tight spreads from 0.0 pips for EUR/USD. Commissions run at $3.50 per lot.
- Raw Spread cTrader: Aimed at day traders and scalpers, this account introduces C# programming language. You’ll be swapping out MetaTrader for cTrader, and commissions come out at a lower $3.00 per lot.
- Islamic Account: If you can’t earn or pay interest because of religious beliefs, then IC Market’s Islamic Account could be the perfect option. Compliant with Sharia law, you’ll still have access to more than 90 trading instruments, MetaTrader 4/5, and your choice of Raw Spread and Standard accounts.
Education
Never tried trading in forex and wondering what the fuss is about? You don’t have to miss out on all the fun. IC Markets provides top-notch education and training facilities to help you get up to speed. You can browse over 100 articles and videos covering all the basics. There’s even some advanced resources to help more experienced traders up their game.
Despite the positives, the education system isn’t perfect. There’s no way to track or assess your progress, so you’ll need to monitor your own development. What’s more, the content isn’t arranged by level of expertise, so newcomers might struggle to find their way through the materials. Still, if you’ve ever wanted to experience forex trading, there aren’t many better places to start.
Pros
There’s certainly plenty to love about IC Markets. Whether you’re an advanced trader or new to the industry, low trading costs are on everyone’s wish list. And with competitive commissions and tight spreads that start at 0.0, IC Markets is an attractive option when you’re looking to maximize your profits.
But low costs don’t mean anything without the product to back it up – and IC Markets doesn’t disappoint. Advanced trading platforms, like MetaTrader 4 and 5, cTrader, and TradingView, are all on offer, catering to different trading styles and experience levels. So, whether you’re learning the ropes or looking for seamless integrations with trading tools and plugins, you can be pretty confident you’ll enjoy a smooth and efficient experience.
Cons
IC Markets is a well-balanced service that manages to support the needs of a varied customer base. Yet it isn’t perfect. Yes, you'll have access to a healthy range of trading instruments, like forex, crypto, and commodities. However, its overall product selection is a little limited, especially for things like ETFs. This might not be a huge issue if you’re new to trading. But once you’ve got into the swing of things and you’re looking for new opportunities, you might outgrow the platform.
Also, some customers have mentioned delays in the withdrawal process. While this isn’t anything critical, it can be pretty frustrating, putting a deterrent on your trading experience. What’s more, while customers regard IC Markets’ customer service quality to be generally positive, there are some murmurs of inconsistent and delayed responses.
Criteria Evaluation
We introduced you to our scoring criteria in the chart further up this guide, but let’s take this chance to go in for a closer look. In this section, we’ll explore everything we love about IC Markets – and the things that we think they miss the mark on.
Regulation & Safety – 4/5
When you trade via IC Markets, you should feel safe in the knowledge that your money is as secure as possible. The broker is regulated by some of the world’s top-tier financial authorities, including the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). With fund safety and fair trading practices key, you can have peace of mind in IC Markets’ operations.
However you like to trade, you can probably do it on IC Markets. Industry-standard MetaTrader 4 and 5 are both included, as is cTrader for those who prefer C#, and TradingView. Throw in a range of advanced tools, like algorithmic trading and robust charting capabilities, and you’ll have everything you need to make your trades the way you want to.
Account Types & Costs – 4/5
As we saw with IC Markets’ range of trading platforms, the choice of user accounts helps make the broker accessible to a range of users. Commission-free Standard accounts are a super place to learn the craft, while Raw Spreads offer tight spreads starting at 0.0 pips, with a choice between MLQ4 and C# programming languages.
Tradable Instruments – 4/5
IC Markets may have a limited range of instruments compared to some of its competitors. That said, what you get includes some of the most in-demand instruments across the most popular trading modes, including forex, crypto, commodities, and futures trading. Will the very experienced trader find everything they need here? Perhaps not. But for everyone else, there’s more than enough to keep you interested.
Customer Support – 4/5
Earlier on, we mentioned that there had been a small number of customers who were left unsatisfied by inconsistent or delayed customer service responses. However, by and large, IC Market’s customer support seems to be quick, efficient, and helpful. You’ll have 24/7 support via the most popular communication methods, including live chat, email, and phone.
Research & Education – 4/5
IC Markets really go out of their way to help new traders feel at home with their excellent education resources. Hours of videos and articles can teach you everything you need to know to get started. Moreover, experienced traders might even be able to pick up a couple of tips too. The only thing stopping us from giving this feature top marks is the lack of progress tracking and the suboptimal organization of articles, which puts novice and advanced guides in the same place.
Community Reviews and Expert Recommendations
When you’re on the hunt for the best forex brokers, fellow traders are naturally a great place to start. Thankfully, the trader community is particularly vocal online, so it’s never been easier to source community reviews and expert recommendations to help you reach your decision.
And supporting our IC Markets review is the, by and large, positive community feedback. Most commentators love the low trading costs, access to advanced platforms, robust execution capabilities, and choice of account types.
The broker’s tight spreads and low commission (or even zero commission on Standard accounts) are an attractive choice, and more advanced users love the focus on algorithmic and automated trading.
Pricing
One of IC Markets’ strongest selling points is undoubtedly its pricing structure. With a good selection of account types, each with its own pricing models, users are free to choose an account that best matches their trading style and preference.
If you’re a new trader looking for simpler transactions to hone your skills, the commission-free Standard account is perfect. And while the Raw Spread account features a per lot commission of $3.50 (or $3.00 for the cTrader variant), the tighter spread starting at 0.0 pips more than makes up for it.
Another thing that’s definitely worth noting – IC Market doesn’t charge any inactivity or withdrawal fees. Just another way the platform makes itself that little bit more cost-effective.
Where to Find IC Markets
If you’re ready to start trading with IC Markets, visit the site and sign up for a real money or free demo account today. By clicking our link, we may receive a small commission when you sign up with IC Markets.
Alternatives to IC Markets
IC Markets is undoubtedly a well-balanced and highly regarded broker. That said, before you make your choice, it’s always worth taking a little time to compare forex brokers to find the perfect company for your needs. So, let’s take a quick look at some of IC Market’s top competitors:
If you’re in the market for a well-regulated broker offering low trading costs, advanced trading platforms, and a wide range of tradable instruments, Pepperstone could be a good choice. This broker is popular with algorithmic traders and those looking for vigorous execution capabilities.
You can learn more about this broker in our comprehensive Pepperstone review.
IG
Another well-established broker, IG is famous for its broad research and educational resources, user-friendly platforms, and diverse range of tradable instruments. This includes stocks, ETFs, and cryptocurrencies.
Read our IG review for all the details on this broker.
Saxo Bank
The last of our IC Market alternatives is Saxo Bank. A reputable broker regulated by top-tier authorities, they offer advanced trading platforms and a wide range of products, including forex, CFDs, stocks, bonds, and more. Saxo Bank is an excellent choice if you need a diverse product offering and a complete set of trading tools.
Check out our Saxo Bank review for everything you need to know.
Image Credit: IC Markets
IC Markets offers low trading costs, advanced platforms, and educational resources right at your fingertips
Final Thoughts
IC Markets is a well-balanced broker with several notable strengths – and a couple of minor setbacks. Its low trading costs, advanced platforms, and robust execution are particularly impressive. So are things like 24 hour forex trading five days a week, 24/7 customer support, and impressive educational resources. Whether you’re looking for the next step in algorithmic trading or simply want to learn the ropes on how to trade gold on forex markets, IC Markets covers all levels of trading experience.
But we did mention drawbacks, and while they might not be deal breakers for everyone, they’re still important to consider. Compared to the very biggest brokers, the product section may feel a little limited for experienced traders. And as great as it is to have 24/7 customer support, there have been occasional customer service complaints.
We hope the information we’ve discussed in this review will help you make an informed choice on the perfect broker for your trading needs. But remember, it’s important to carefully consider exactly what you need from a forex broker. So, take time to think about your trading needs and preferences before deciding whether IC Markets is the right platform for you.
If you're searching for a complete platform to help with researching and comparing online brokers, remember to explore TopBrokers.com. We offer in-depth reviews, comparisons, and educational resources that can teach you all about forex brokers and help you make an informed decision when it comes to choosing a broker that aligns with your trading style and goals.
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14 mins read | 
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