IC Markets broker review and test – Scam or not?
(5 / 5)
ASIC, FSA, CySEC
Is IC Markets a serious Forex and CFD Broker or not? – With more than 9 years of experience in the financial markets, we tested the company for you with real money. Read our experiences and get a detailed overview of the conditions, advantages, and disadvantages for traders. Is it really wise to invest money with this broker? – Inform yourself now.
What is IC Markets? – The company presented
IC Markets is an Australian ECN broker that accepts international clients. The address of the broker is International Capital Markets Pty Ltd, Level 6 309 Kent Street, Sydney NSW, 2000 AUSTRALIA. Founded in 2007, the company has a proven track record so far. The secret of the broker is that it provides true ECN market access and has very favorable trading fees for the best technology in trading.
Safety is a top priority at IC Markets. Customer balances are managed separately from company funds at the Australian National Bank (NAB). In addition, the broker has the largest liquidity providers involved, which shows a high degree of seriousness. Therefore, there is a fast execution of orders and no requotes. High liquidity for traders is provided by IC Markets.
At the moment the company is expanding in other countries and gains huge popularity. The company has headquarters in Australia, Seychelles, and Cyprus. Most traders are trading under the Seychelles entity because there is high leverage up to 1:500 allowed for every customer.
Facts about the company:
- Australien Forex ECN Broker founded in 2007
- Direct market access through large liquidity providers (Goldman Sachs, HSBC and more)
- One of the first real ECN brokers
- The best conditions and cheap trading fees
- Specialized for Forex Trading
- Fast order execution and no requotes
(Risk Warning: Your capital is at risk)
Is IC Markets regulated? – Regulation and safety for Traders
Regulation by an official authority is very important for online trading. A license gives the broker a trustworthy relationship with the customer. To obtain such a license, IC Markets must comply with certain rules and requirements. Violating these requirements would mean an immediate loss of the license. Therefore fraud on the customer can be excluded here.
IC Markets is regulated by the ASIC (Australia), FSA (Seychelles), and CySEC (Cyprus). It is an independent institution of the state government agency. Customer money transactions are conducted by National Australia Bank (NAB) and Westpac Banking Corporation (Westpac). These are both top international banks that have high liquidity. In addition, IC Markets uses external and independent auditors who control the broker.
The broker makes a very serious impression on us and we can assume that this is not a scam:
- Regulation by the ASIC in Australia
- Regulated by the FSA in Seychelles
- Regulated by the CySEC in Cyprus
- Separate accounts at major banks
- The external auditor of the broker
See some partners of the broker:
IC Markets and the ESMA regulations
In 2018, the leverage on derivative financial products Forex and CFDs in Europe was extremely limited. European brokers can only offer a maximum leverage of 1:30 to customers. This is meant to protect private investors, but ultimately destroys various strategies and opportunities for traders. It is not possible to prevent traders from losing money on the stock market because you always take a risk. Even with small leverage, European traders will lose money.
IC Markets is located outside the European Economic Area and is not affected by this regulation. Traders continue to hold leverage of 1:500 on this broker with the Seychelles license.
Big advantage for customers: It is a real ECN Broker
IC Markets is actually one of the few True ECN brokers. The company also gives private traders access to institutional trading via ECN / STP access. IC Markets only earns money at the commission per order execution or spread (STP) and a conflict of interest is 100% excluded! The website also directly recognizes the broker’s liquidity providers. These include major international banks, which provide direct access to the interbank market.
A monthly volume report can also be viewed transparently on the homepage. More than $ 600 billion was transacted in 2018 in a single month.
The offer and conditions for traders – What can you trade? – Fees and more
IC Markets offers to trade in forex (currencies), CFDs (bonds, indices, commodities, cryptocurrencies), and futures. There are more than 232 different assets available. The conditions are very good from my experience and test. In comparison, you can rarely find cheaper and safer brokers.
The spreads start at 0.0 pips and the commission is $ 3 per trade $ 100,000 in CTrader. In the Metatrader, the commission has been increased by 50 cents to $ 3.50. A change to this broker is worthwhile even because of the low fees for trading.
See the account types and trading fees:
|Asset:||Standard account||Raw Spread account (MetaTrader)||Raw Spread account (cTrader)|
|Forex:||From 1.0 pips variable||From 0.0 pips||From 0.0 pips|
|Forex commission:||No||$3.5 per 1 lot traded||$3.0 per 1 lot traded|
|DE30 (no commission)||0.95 points||0.95 points||0.95 points|
|S&P500 (no commission)||0.6 points||0.6 points||0.6 points|
|US30 (no commission)||2.3 points||2.3 points||2.3 points|
|Oil (no commission)||0.040||0.040||0.040|
|Gold||1.0 points||0.0 points + $3.5 per 1 lot traded||0.0 points + $3.0 per 1 lot traded|
|Bitcoin (no commission)||$5||$5||$5|
As discussed before, IC Markets is one of the largest forex brokers with more than 50 currency pairs available to trade. The spreads are super low, especially if you are using the raw spread account. There is a real 0.0 pip spread on more than 10 currency pairs. Furthermore, you can see in the order book that there are high liquidity and good pricing for retail traders. It is one of the best FX providers.
More than 10 different commodities are available for trading via CFDs. You can go long or short on them. The conditions are quite good here, too. It is possible to trade Brent, Cocoa, Coffee, Corn, Soybean, Sugar, Wheat, WTI, and some more commodities. The spreads are very low and there is no commission for trades.
Indices are very popular among traders. There are more than 20 indices from all over the world available. You will pay no commissions and get a low spread here. For example, the NASDAQ indices are available from 2.0 points minimum spread.
Metals are traded against the USD, EUR, or AUD. There are more than 5 different metals available. The spreads are low but you have to pay a commission like in forex if you choose the raw spread account. Compared to other brokers the fees are at a minimum.
Cryptocurrencies are hyped right now and you can trade them on IC Markets via CFD 24 hours per week. You will pay no commissions and a low spread. The funny thing here is that it is cheaper to trade CFDs on IC Markets than buy the real currency on an exchange.
Also, access stocks at IC Markets. American and Australian stocks are offered. In total, over 100 securities of companies are available. Depending on the security, the leverage is variable. The stocks are traded via CFD, but dividend payout is also available. The exchanges are ASX, NASDAQ, NYSE.
The execution in the live account works in real-time. With the data center in New York and London (financial centers of the world), you get an unrivaled fast execution. If that’s not enough, you can hire a VPS server for even faster access. Since IC Markets is a true ECN broker, price manipulation is excluded. In addition, there are no requotes and your position will always be executed at the next best price. There are no hidden fees for traders. The real “raw spreads” are offered. In addition, the broker is supplied by various liquidity providers. This means that there is always sufficient liquidity available (even for high trading volumes).
Conditions for traders:
- ECN spreads from 0.0 pips
- Commission-based trading accounts
- Leverage of up to 1:500
- Over 232 assets for trading
- Trading already from 0.01 Microlot
- Free demo account
- A low minimum deposit of $200
In summary, trader terms are outstanding with this broker. If you are looking for a good forex provider, you should switch now. However, there are no shares in IC Markets to trade, which is why you have to make small cuts.
(Risk Warning: Your capital is at risk)
The trading plattform of IC Markets
IC Markets offers the well-known trading platform MetaTrader 4/5 and the cTrader. The MetaTrader is available for the computer, smartphone, and tablet. The software can also be started from the browser. The cTrader is available for browser and mobile devices.
The trading platforms are evidence of high security and have been in use for many years. The MetaTrader is the world’s most popular trading platform for private traders. You can make any settings yourself and create your own strategies. The MetaTrader works flawlessly and gives you direct access to the markets.
The following trading platforms are available:
- MetaTrader 4
- MetaTrader 5
- Mobile apps for each platform
MetaTrader 4 and 5
The trading platforms testify to high security and have been in use for many years. Metatrader is the world’s most famous platform for trading private traders. You can make any settings yourself and create your own strategies. Metatrader works flawlessly and gives you direct access to the markets.
In the picture above you can see the MetaTrader 5. This is the world’s most popular trading platform for the private trader because it offers an incomparable user-friendly interface and trading settings. Besides free indicators, automated trading, multi-charting, MetaTrader is customizable for any trading style.
IC Markets itself states with its statistics that most of the order volume comes from automated systems. The broker supports you to use an automated system. For this purpose, you can rent a Virtual Private Server at IC Market and run the system 24 hours a day.
You can program such systems using the built-in editor in the trading platform. But of course, you need a suitable trading strategy.
MetaTrader is also available for any device. Use your mobile device at any time to access the portfolio. The MetaTrader is from my experience one of the best trading platforms with countless possibilities to realize his trading.
Plugins for MetaTrader 4
IC Markets offers free extensions for the software in the form of plugins. These can be easily downloaded and then inserted into the software. This includes, for example, a tick chart extension or additional indicators.
These extensions can help you a lot in analyzing or managing the trades. The following plugins are offered:
- Alarm Manager
- Correlation matrix/trader
- Trading Terminal
- Market Manager
- Mini Terminal
- Market destination trader
- Trading session map
- Excel RTD
- Invisible orders
- Tick Chart Trader
- Additional indicators
For more experienced clients who like to trade with the order book or liquidity, CTrader is offered. It should be noted that both trading platforms are available free of charge and you do not have to pay any account maintenance fees. Through CTrader you get insight directly into the market liquidity without intermediaries.
Personally, we are not a pro in using cTrader because we much prefer to use MetaTrader for my strategies. However, if you are a scalper with high order volume, then cTrader is the right choice for you. The commissions per trade in Forex are another 50 cents cheaper. Also, cTrader gives you a better insight into liquidity than MetaTrader.
Facts about the trading platforms:
- MetaTrader 4/5 and the cTrader are offered
- Available for any device (including mobile)
- Professional tools are available
- Numerous charting tools
- Direct market access without intermediaries
- Trading directly from the order book is possible
- Free of charge and no account maintenance fees
Charting and Analysis
The trading platform MetaTrader offers a huge range of analysis and charting material. Choose between different chart types and configure them as you want. Indicators and technical drawing tools are for free.
More than 50 different indicators are available on the platform. For advanced traders, there is the possibility to insert extern indicators which you can download on the internet. Each indicator is personally customizable. There are a lot of functions which we cannot mention here all. In addition, technical drawing tools are available for doing technical analysis.
Facts about the trading platform:
- Available for any device
- Free indicators
- Free technical tools
- Configure your own strategies
- Customizable and user-friendly
- Automatic trading and robots
The terms of IC Markets are also perfect for automated trading! The company itself states that more than 60% of the trades delivered each day are from automated systems. The data center is located in New York and with a VPS server you have the best access to the markets. This allows you to get the best prices in the market and open and close trades in less than a second.
Furthermore, the broker is characterized by low latency. The average execution speed is less than 40 milliseconds. From our experience, there is also virtually no slippage (even with positions with more than 10 lots).
The free Demo Account of IC Markets
IC Markets offers an unlimited and free demo account for traders. In the personal area, you can open different demo accounts for your purpose. The demo account is an account with virtual money. It simulates the trading with real money 1:1 and we recommend to use it before you start with real money. In addition, the demo account is the best way to practice new strategies and markets.
Account types at IC Markets – Which one is the best type?
We get a lot of requests because of the account types at IC Markets. Generally, there are 2 different accounts. The raw spread and STP (Standard) account. There is only one difference in the billing of fees. With the raw spread account you get the real spreads directly from the market, but pay about $ 3.5 or $ 3.0 commission per traded 1 lot. There is no commission for the STP (Standard) account, but there is an additional spread (from 1.0 pips).
In summary, you will pay less with the raw spread account. The difference is minimal, but you should not neglect it. Again, the preferences of a trader apply.
There are only 2 different account types:
- Raw spread account (ECN) with $ 3.5 / $ 3.0 commission and from 0.0 pip spread
- STP (Standard) account with 0 $ commission and from 1.0 pip spread
How to open your free account:
Opening an account with IC Markets is very easy. Just fill out the form and start trading. First of all, you have to insert your real name and phone number. Then the broker will ask you for additional information about your identity. Through the regulation of the ASIC, the Forex Broker has to verify your identity and account before you can start trading real money. But from my experience, it is an easy process to verify the account. We recommend doing this as fast as possible to get access to all functions of the platform.
(Risk Warning: Your capital is at risk)
The withdrawal and deposit at IC Markets
The payout and deposit at IC Markets work smoothly. The broker offers a total of 15 methods to capitalize on the account. The broker is surprised that he even offers Bitcoin and PayPal as payment methods.
Deposits are well written in real-time depending on the method. My payouts have always been confirmed and executed within 24 hours. Make sure your account is fully verified.
There are no fees or hidden costs. On deposits and withdrawals, the broker requires no fees. However, a bank transfer can be costly if your bank charges you for international transfers. The trading account is available in AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, and CHF.
- Credit Card (Master, VISA)
- E-Wallets (Skrill, Neteller and more)
- Bank Transfer
- Bitcoin Wallet
- No hidden fees
Our real withdrawal proof
We uploaded our IC Markets review video on youtube and we got different comments from people who say that IC Markets is a Scam Broker. Withdrawals would not happen or the broker is manipulating the spreads. Form my experience there is no scam or fraud on this broker.
Often beginners or traders without the experience of the markets make big losses and claim the broker for it. Personally, we never got a problem with IC Markets and the trading and withdrawal of profit. In the next picture, we will show you our payout of money:
How to dow a withdrawal with IC Markets
IC Markets would like to use the same payment method for a withdrawal as for your deposit. So if you have deposited funds via bank transfer, these funds will also be paid out via bank transfer. The Forex broker does not charge any fees for withdrawals. However, in case of an international wire transfer, the bank charges $20.
For withdrawal, the broker may request additional documents from you. For example, if you want to withdraw to a new bank account, IC Markets will ask for a bank statement to actually confirm the account. You will then be informed about this automatically. From my experience, a withdrawal works smoothly. It is confirmed within a few hours.
Is there a negative “Balance Protection”?
At IC Markets, there is no negative balance protection from our experience. This only shows that it is a real ECN broker. Similar to futures trading, the account can end up in very extreme situations in a negative state.
Usually, this does not happen if you use the balanced risk management and do not burden your account with oversized positions. IC Markets automatically stops all positions with 50% margin overstepping. A higher value is also adjustable. So you should be protected under normal circumstances.
For IC Markets it is also not possible to get negative balance protection for its customer as it is trading on real market conditions. If there is no counterparty in the market, you can close the position later. However, this is rarely the case as the markets are very liquid.
Customer support and service at IC Markets
The language of the support is English. The website is translated into different languages. More than 10 languages are available. The support works 24 hours a day from Monday to Friday and is available via chat, telephone, or email.
The speed of support is outstanding. For example, you get a direct answer via chat support. The employees work quickly and can help you with your problems.
For beginners, there are analyzes and video tutorials for the platform. Sometimes well-known guests are invited for webinars. You will then receive a notification via email. Taken together, the support is pretty good because you always get professional help directly. However, you have to make a small smear, because there no support in every language.
- Support 24 hours per week (working days)
- Phone, Email, and Chat-Support
|Phone (international):||+61 (0)2 8014 4280|
HIS Buildings, Providence
IC Markets also offers an institutional service
If you are an asset manager, broker, or introducing broker, IC Markets is the right partner for you. The broker also offers other brokers to send liquidity to them. Or you register as a partner with IC Markets and recruit other customers. It is also possible to offer a copy trading service.
The company offers good conditions for trading currencies to asset managers. You can manage the money of your clients through the product “MAM/PAMM”.
This unique software solution allows you to manage the funds of clients or your trades will be transferred to the client accounts 1 to 1. In return, you can earn additional commissions or a profit share. The trading conditions are fully customizable. Automated and also manual trading is supported with it.
Parter and Introducing Broker of IC Markets
You can promote IC Markets and bring new clients to the broker. The Forex broker shares a part of the paid commissions with you. For example, you offer a strategy for free and then register the client through you with IC Markets. When using the strategy, the client pays commissions, which the broker shares with you.
More and more people want direct access to the ECN Forex market. IC Markets accept traders from around the globe. There are some exceptions: The broker does not accept traders from the U.S, Canada, Israel, Iran.
The fast-growing area of the world is the Asian and African markets. They accept traders from China, India, the Philippines, Indonesia, South Africa, Ghana, and more.
Our conclusion: IC Markets one of the best ECN Forex Brokers
IC Markets is my personally favored Forex Broker because here you are without conflicts of interest to very small fees. Unlike most providers, this broker has real ECN access. Thus unlimited profits can be made and the broker earns only at the commission of its money.
The cost is reduced to the lowest and in this area, you can not find a cheaper provider. The designs and the service are sensational. We can recommend this broker to any trader who wants to trade with large or small capital.
In conclusion, IC Markets is one of the few top brokers worldwide that can be recommended with a clear conscience. Start now with the free demo account and test the provider yourself.
The advantages of IC Markets:
- Regulated and safe Forex Broker
- Real ECN Trading
- The best conditions for traders (0.0 pips spread + commission)
- Metatrader 4 and 5
- Very fast support
- No hidden fees
- The best broker for high volume trading through big liquidity providers
- Free demo account
- Minimum deposit 200$
If you search for a reliable Forex Broker without conflict of interest and good conditions, you should choose IC Markets. (5 / 5)
(Risk Warning: Your capital is at risk)