IC Markets
IC Markets
Rating: 83%
Min Deposit
$ 200
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ICMarkets Forex Review - Leading Broker with Wide Range of Stock CFDs

ICMarkets forex is a highly proactive broker that considers its services to be at the core of its brand image and reputation. Rarely have we encountered a mainstream broker that finds success without investing in extravagant marketing campaigns or tricking traders by offering ridiculous amounts of free money, but IC Markets is an exception.

IC Markets is a full ECN/STP company that provides access to leading liquidity providers through tried and tested forex brokers, guaranteed to provide the best trading conditions in the industry. To learn more about how an ICMarkets forex account can increase your trading prospects, continue reading our extensive broker review.

  • Raw spreads
  • Daily analysis and webinars
  • Rare 24/7 customer support
  • Variety of social copy-trading platforms
  • Over 3500 instruments in 5 different assets
  • Wide range of deposit options

Review Framework of ICMarkets Broker

Our ICMarkets.com review offers the prime advantages and a few shortcomings of trading the forex market with the company. It's not easy to determine the authenticity of a broker through its promotional campaigns or bonus programs. In fact, you must have a clear idea of the broker's features and specifications, especially from a trader's perspective.

To that end, we have compiled our ICMarkets broker review by adhering to an elaborate framework that covers several key review components. Our ICMarkets forex trading review will offer a complete picture of how the broker can influence your trading decisions.

Review Summary

One of the leading ECN/STP brokers from Australia, it has an excellent trading platform with highly competitive spreads, but some traders may not care for the absence of bonuses.

Licenses
Licenses

The ASIC, the CySEC, and the FSA of Seychelles regulate IC Markets. The European brokerage is independent, while the Australian and Seychelles brokerages are mutual for international traders.

Platforms
Platforms

The broker has licensed 3 of the best forex trading platforms. You can access the markets via the MT4, the MT5, and the cTrader trading platforms, which offer some of the best execution speeds and liquidity in the market.

Privacy and Protection
Privacy and Protection

IC Markets pays due attention to protecting user information. The website is equipped with the latest SSL encryption technologies, while the company's financials are routinely audited for maximum transparency.

Spreads/Fees
Spreads/Fees

Being an ECN broker with Direct Market Access Liquidity, IC Markets' spreads are some of the lowest in the industry. The Commissions are also attractive, but the SWAPs can be expensive for long-term positions.

Mobile
Mobile

Mobile apps for the MT4, the MT5, and the cTrader apps are available to download from the Google Play Store and the Apple App Store. There are no proprietary IC Markets mobile trading apps for Android or iOS.

Customer Care
Customer Care

One of the best customer-oriented forex brokers in the market, with a 24-hour support channel available throughout the week. All support teams have a dedicated group of specialists for a thorough service.

IC Markets Is a Fully Regulated Broker

IC Markets is an Australian company regulated by the Australian Securities and Investments Commission (ASIC). The ASIC is known for its strict regulatory framework, where brokers are legally required to conform to the regulator's policies or face severe penalties. The ASIC has played a pivotal role in ensuring a safe and secure environment for Australian traders, which has perforated IC Markets' global clientele. The company received its ASIC license in 2016 and has been one of the most reliable forex brokers in the market.

The ASIC has implemented several policies to protect consumers and thoroughly inform them about their financial rights and responsibilities. As per the ASIC regulatory guidelines, IC Markets is required to display proof of maintaining a minimum average capital requirement, segregate clients' funds from the broker's operating capital, employ internal risk management procedures, and ensure proper staff training to prevent malpractices. The ASIC's online resource also outlines several steps that investors can take to tackle any issues related to a financial services firm regulated by the organization.

The broker has also expanded its presence to the European markets by establishing a brokerage in Cyprus. IC Markets (EU) Ltd., the EU branch of the company, is registered as a Cypriot Investment Firm (CIF) under the regulatory supervision of the Cyprus Securities and Exchange Commission (CySEC). The CySEC has undoubtedly become the de facto regulatory organization for forex brokers in the EU, especially with the new MiFID II derivatives that are more stringent than ever.

In accordance with the latest EU financial market regulation policies, ICMarkets broker has satisfied all the legal obligations, including complying with minimum capital requirements, offering a compensation program via the Investor Compensation Fund (ICF), adopting strict auditing standards, and segregating clients' funds.

The CySEC license was issued to the company in June 2018, and the broker continues to hold a strong position in the European forex market. However, we did come across a warning from the French AMF regarding unauthorized FX brokers, and we were surprised to find IC Markets included among those brokers. Regardless, the EU division of the brokerage operates as an independent entity, wholly detached from its international operations. The company has also obtained a Seychelles Financial Services Authority (FSA) license to operate as a financial services business in Seychelles.

However, we believe it to be a simple strategy by the company to act as a licensed forex broker for international traders if the ASIC or the CySEC prevents it from catering to the global market. It also makes sense when we consider the EU rules regarding trading, which are highly inhibitive. Having an international license helps ICMarkets to allow its traders the complete freedom of trading that the global FX trading community expects. Nevertheless, from a regulatory perspective, its regulation is among the industry's best.

Pros

  • Regulated by the CySEC, ASIC, and FSA
  • Excellent auditing standards
  • No major regulatory sanctions

Cons

  • Does not accept traders from the USA
  • Warnings issued by a few EU regulators
IC Markets
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Range of Markets, Assets, and Instruments Available at ICMarkets Broker

The comprehensive collection of financial instruments impressed us since IC Markets has managed to offer access to almost all the different markets we expect from a forex broker. The range of financial instruments includes forex, commodities, indices, bonds, stocks, futures, and, most importantly, cryptocurrency assets. With 7 different asset classes, traders are spoilt for choice. However, it can also backfire on a newbie or amateur trader, as the sheer choice of assets may not be suitable for smaller deposits or high-leverage trading. Nevertheless, the option to beckon any instrument from around the world is undoubtedly a novelty feature.

An ICMarkets forex account offers access to more than sixty-one currency pairs, which is more than double the number of currency pairs that most mainstream brokers offer. These currency assets include major pairs, minor pairs, and exotics. They are available with the tight spreads and incredible liquidity the broker's ECN platform provides, ensuring you can place an order around the clock. Forex currency pairs are considered the fundamental market for forex traders, so the choice of over sixty-one different FX instruments should resonate well with most traders.

The IC Markets commodities asset class offers a useful subset of around twenty-two different tradeable instruments, where you get to trade regular assets such as gold, silver, and oil alongside soft commodities such as corn, cocoa, sugar, and coffee. We believe that traders must have access to the mainstay commodities market to have the best exposure to the markets, which is precisely what IC Markets offers to its clients.

You can also trade commodity futures in the form of CFDs, which offer 4 different futures: US Volatility Index Futures, US Dollar Index Futures, WTI Crude Oil Futures, and Brent Crude Oil Futures. Futures contracts are also offered for soft commodities, and the full list of assets is provided on their website.

As far as indices trading is concerned, there are twenty-five different indices to choose from, which is by far one of the most impressive collections of index CFDs offered. These instruments include CFDs on major stock market indices from the US, the UK, the EU, Germany, Spain, France, Italy, Hong Kong, China and Australia.

On the other hand, the IC Markets bonds market varies according to the different contracts and expiration dates, but you can invest in anywhere from 6 to ten bonds at any given time. The broker chooses some of the highest-performing bonds from the US, European, and Asian markets, but these are only offered as CFDs, and you can't actually own the bonds.

If you are looking for conventional stock trading, IC Markets offers more than 2100 stocks from different stock markets, including the US, EU, and Australian stock markets. Some shares are offered directly from the stock exchange, where you can own the stocks and earn dividends. However, some shares are provided only as CFDs, where you can trade them against their value without enjoying outright ownership.

Perhaps the best attribute of the IC Markets broker account is the ability to trade the cryptocurrency market. The company allows you to trade the most popular cryptocurrencies, such as Bitcoin, Litecoin, Ethereum, Dash, Ripple, Bitcoin Cash, EOS, Emercoin, Namecoin, and Peercoin. These are some of the most established cryptocurrency options in the market, but you can only trade them as CFDs. You can't actually own these coins, but you can trade their fluctuations in value. Nonetheless, we can't think of any other broker that offers as many cryptocurrency trading options as an ICMarkets forex account.

Pros

  • More than 250 different assets
  • Covers 7 different asset classes
  • Wide range of cryptocurrency options
  • 24/7 Access

Cons

  • Instruments only offered as CFDs
IC Markets
Investors using automated trading strategies on MetaTrader and cTrader platforms can benefit from IC Markets's features. Broker also has social copy trading platforms and various research and educational resources and offers competitive pricing.
IC Markets – Be Your Best Trader

IC Market Trading Costs – Fees, Commissions and Spreads

The ICMarkets spread for the Raw account starts from 0 pips, which can fluctuate between 0.1 pip to 0.85 pip on most currency pairs under live trading conditions. The raw spreads are competitive and are some of the cheapest quotes you can receive from a true ECN broker.

Of course, a commission is charged for the ECN accounts, around USD 3 per lot for the cTrader platform and around USD 3.5 per lot for the MT4 platform. When we compared the Raw spreads of the cTrader and MT4 accounts, there was only a small variation, usually to the tune of 0.1 or 0.2 pips on the same currency pair. However, the difference was in favor of the cTrader, which, when combined with the marginal reduction in the commissions, makes the cTrader our pick of the 2 platforms.

The Standard account IC Markets spread was higher at a minimum of 1 pip for the currencies market, which included a markup in place of a commission. The average spread quote we received was consistently around 1 to 1.8 pips, which is just about the average spread prevalent in the market.

We wouldn't consider the standard spreads to be competitive, as other brokers offer spreads below the 1-pip mark. Regardless, we prefer the consistency of spreads at IC Markets, which offered us a stable platform that is unfortunately not available at other brokers offering lower spreads.

Unfortunately, we couldn't find any ICMarkets discount on spreads or even the option of any IC Markets discount in the form of rebates.

Perhaps among the biggest disappointments is the SWAP fees, as the broker quotes one of the highest SWAP interest rates in the market. Although the SWAP rates are in the acceptable range, they are still the highest in the market, which can be a direct consequence of being connected directly to a liquidity provider.

We opened trades on both the Raw and Standard versions of the IC Markets platform, where the difference between the spreads indeed made a significant difference in the results. Of course, the SWAPs were uncharacteristically higher in the cTrader platform than in the MetaTrader, but there wasn't any massive difference to be worried about. Aside from the high SWAPs, we found the cost of trading and other trading conditions to be more or less acceptable.

Registration and Account Types Available at IC Markets Forex

The ICMarkets accounts arrangement is highly simplistic. The company primarily concentrates its services on 2 distinct types of accounts, the cTrader account and the MetaTrader account. The cTrader Raw Spread account is an ECN/DMA (Direct Market Access) offering that builds upon the ECN prowess of the cTrader platform. cTrader is one of the most popular direct market access platforms in the market, especially with the kind of speeds, liquidity, and trading functionalities that it provides.

The recommended minimum deposit for an IC Markets cTrader account is USD 200, but the broker has not made this compulsory. Traders can start trading with a minimum deposit ICMarkets amount of just USD 50. The maximum IC Markets leverage offered is 1:500, and the minimum order volume starts from 0.01 lots. The cTrader account server is located in London, and its lack of VPS connectivity is its only drawback.

Virtual private servers are generally useful for running automated trading bots on accounts when the trading terminal is not connected to the server. However, the lack of a VPS feature may not be missed, as the broker does not support automated trading for its cTrader accounts.

The second group of accounts, under the MetaTrader category, is divided into two: a Raw Spread MetaTrader account and a Standard MetaTrader account. The Raw spread MetaTrader account is similar to the cTrader account, with the only conceivable difference being the commissions charged per traded lot and the availability of VPS services. The Standard account, on the other hand, exhibits a small difference in the form of spreads, which are charged in place of a commission. The variable spread account is also based on the DMA model, although the broker has the discretion to fill orders at the broker level if liquidity permits.

The servers for both MetaTrader accounts are located in New York. All the other conditions, such as the minimum deposit for IC Markets, the leverage, and the trading conditions, are mostly similar across the board. The leverage also stays at 1:500 with a minimum order size of 0.01 lots.

IC Markets' simplistic approach indeed deserves full credit, as it is easy for traders to open an account according to their trading preferences. The minimum deposit required by IC Markets is also well within the limits that traders are comfortable with. It makes more sense when we consider the services of other leading ECN brokers that are known to charge anywhere from $1000 and up for a direct market access account.

ICMarkets Cent account is not available as an option, but the broker does allow trading in 0.01 incremental lots for all account categories. Unlike other brokers, the company does not believe in developing a special IC Markets Cent account. Still, you should be aware that the minimum orders are calculated as 0.01 of a standard lot and not a micro lot, which significantly impacts the minimum margin requirements. The orders are filled at market price as per the available liquidity, meaning slippages and partial order fills are common for high-frequency, high-volume traders.

Pros

  • Excellent choices of trading accounts
  • Minimum deposit of $200 for all accounts
  • Direct Market Access trading

Cons

  • No VPS access for cTrader

IC Markets Demo Trading & SWAP-Free Accounts

The IC Markets demo account really impressed us with its utility aspect and how traders can modify the demo trade settings to suit their trading needs. Normally, brokers create demo accounts to advertise the top-end account packages offered to traders. The trading conditions, the spreads, the speed of execution, and even the platforms offered for these demo accounts are standardized.

Traders may not necessarily have the option to test the different account packages that are being offered. It is also common for a demo account to come with a virtual balance of around USD 50,000 or USD 100,000, which is not quite feasible for most traders. As a result, the liquidity, the speed of trading, and even the spreads may not be realistic, leading to a rather superficial trading experience.

Of course, we realize that demo trading is supposed to offer a virtual environment to test strategies, check out the platform, and get a general idea of the trading conditions the broker provides.

However, IC Markets has stepped it up with its demo account offering, whereby traders can tailor the practice account according to their unique trading specifications. The free-to-open IC Markets demo account can be customized through the demo account opening form, where traders can choose the platform, the type of account, the currency, the leverage, and the initial trading capital.

Therefore, you can create the exact conditions that would reflect your actual trading account, which will, in turn, help familiarize you with the trading conditions before moving to real money trading.

You can open as many IC Markets demo accounts as you wish, each for different trading platforms and with varying trade specifications. You will receive the demo IC Markets login information to your email address right after completing the demo ICMarkets registration. You can use this login information to log in to the demo account and place your trades in a risk-free virtual environment.

Regarding a SWAP-free account for Muslim traders, the broker offers Islamic accounts that promise Raw Spread pricing with no interest fees either debited or credited for overnight positions. These SWAP-free options are available for both the Standard and the Raw Spread accounts, but don't assume that there are no charges for overnight positions.

The broker charges a flat fee per traded lot for any trade position that is held for more than twenty-four hours. The fixed SWAP fee can be anywhere from USD 5 to USD 80 per standard lot, but it depends on the currency or instrument. Trades that are held for more than a week will also be charged at triple the SWAP charges, so you may need to account for the SWAP rates or fees for your long-term positions.

IC Markets Investment Accounts

IC Markets has been offering its Multi-Account Management (MAM) and Percentage Allocation Management Module (PAMM) accounts since 2012, serving as investment accounts for its clients and traders. A MAM/PAMM account is similar to a social trading account, albeit a bit more serious in terms of investment settings and overall trading features. A MAM or PAMM offers a chance for investors to meet pro traders by copying their trades and replicating the results under live trading conditions.

The IC Markets investment account with the MAM/PAMM service is available under 2 different categories. The first is the Money Manager or the Master Account, where pro traders can create trading strategies and trade on investors' behalf. The Follower or Investor Account is the second account category, and it chooses the Money Manager, proportionate funds, and the trading strategy through the trading platform. Therefore, investors and money managers are brought together through a seamless interface, where investors are rewarded with profits (and sometimes losses) from automated trading, while money managers are rewarded through commissions.

The MAM and PAMM accounts are available only through the MT4 trading terminal and require separate account registration. All traders are eligible to open both the Money Manager/Master and the Follower/Investor accounts, but such accounts need to be authorized by the broker before you can start trading or investing. You must also sign a power of attorney and the fee disclosure form to ensure that there are no conflicts in the future.

IC Markets Registration

The Live Trading Account application form lets you quickly complete the IC Markets registration, as the entire process can be completed in 5 easy steps. You can either click on the "Start Trading" link on the home page or the "Open Account" link on the Accounts page to register for an account.

You can fund your account and start trading as soon as you complete the IC Markets registration process, but you will be legally required to verify your identity for withdrawing funds. Therefore, traders are recommended to verify their accounts instantly by uploading a copy of their identifying documents and proof of residence, which will prevent any form of disputes at a later stage. If you are logged out of the interface, you can use the ICMarkets login page to resume the account verification, or you can also use the IC Markets login on the trading platforms for trading or modifying your accounts.

IC Markets accepts all government-issued identifying documents such as a driver's license, a state ID, a national identity card, or a passport. For proof of residence, the broker accepts a utility bill, an internet bill, a phone bill, or a bank statement. The broker takes 1 business day to complete the verification and may seek additional documents for verification. Submitting clear copies of all current documents will help expedite the verification process.

Step 1:

The first step is to enter your personal information to initiate the IC Markets registration process. Then choose your country from the drop-down menu and enter your name, email, and phone number. Once you have checked the information is correct, click on "Next" to continue. If your country is not listed in the drop-down menu, you may be unable to open an account at the broker. In that case, you should contact the customer service department or choose one of our other recommended brokers that cater to traders from your country.

IC Markets signup procedure step 1
Step 2:

The second step is about choosing the account type and entering more personal information, such as your date of birth and address. You must ensure that you enter accurate information in this step, as it will be verified later and cannot be edited.

IC Markets signup procedure step 2
Step 3:

The third step requires you to choose a trading platform, with the choices offered between MT4, MT5, and the cTrader interfaces. You must also select your preferred account currency and choose between the Standard and Raw Spread accounts. Don't worry too much about making the right decision on the choice of platforms or the Fixed/Variable Spreads account during the initial signup, as you can open any number of live accounts of your choice through your account dashboard.

IC Markets signup procedure step 3
Step 4:

The final step takes you to a questionnaire, where you will be asked about your experience in forex trading and enter a security question for retrieving your account information. You will also be required to read and accept the declaration form, after which your account will be registered at IC Markets.

IC Markets signup procedure step 4
IC Markets
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Deposit and Withdrawal Funds Offered by IC Markets

There are fourteen different ICMarkets payment methods for some of the most common funding options that are available for online traders. The accepted account currencies for payments include USD, AUD, EUR, GBP, SGD, NZD, JPY, HKD, CHF, and CAD. According to the broker's payment statistics, the most popular IC Markets payment methods among its traders include credit/debit cards, e-wallets, and bank wire transfers. The broker also mentions that Visa and Mastercard deposits are quite common.

From an e-wallets perspective, ICMarkets PayPal, Skrill, NETELLER, and Klarna appear to be popular, while bank wire transfers and internet banking are also gaining momentum. We typically prefer e-wallet payments for deposits and withdrawals, and IC Markets' PayPal, Skrill, and NETELLER compatibility ensure the convenient, secure, and instant transfer of funds.

Additionally, the broker also supports a broker-to-broker transfer feature, whereby you can transfer funds from your existing broker to IC Markets. The broker-to-broker transfer is an excellent tool for avoiding transaction costs and delays, as your entire trading capital will be transferred from your old broker to IC Markets. The company will take care of all the expenses, but you must ensure that your existing broker is compatible with IC Markets to facilitate a smooth fund transfer. The entire transfer can be done within twenty-four to seventy-two hours, but there can be delays if you have open positions at your existing broker.

Specifically, you can also fund your accounts via cryptocurrency deposits or bitcoins. IC Markets bitcoin payments are processed through BitPay, and all deposits are converted to USD or other account currencies at the current rates provided by BitPay. The minimum deposit that IC Markets suggests for all funding methods is USD 200, but it is a recommended figure and not required. The broker does allow you to make smaller minimum deposit amounts, but you are expected to be aware of the risks associated with lower trading capital and margin products.

The deposit processing times are quite impressive, as e-wallet and card payments are processed instantly. The deposit times are lengthy for bank wire transfers, as it can take as many as 5 business days for the broker to process your payment. Nevertheless, traders can try out the broker's internet banking options for expediting the deposit process or choose an e-wallet or debit/credit card for fast deposits. You can also open multiple accounts and deposit your preferred trading capital in individual accounts without any restrictions, but you can only withdraw funds to the account that you used to deposit funds in the first place.

Withdrawing funds was a bit more complicated than we initially anticipated. Brokers usually process withdrawals within a few hours, with some companies even offering instant withdrawals for a few e-wallet transfers.

However, the IC Markets withdrawal was a bit different. Traders can request a withdrawal by accessing their personal Client Area through the IC Markets login page and clicking on the "Withdraw Funds" link under the Deposits menu. From this page, you can choose the account from which you want to withdraw funds, choose the withdrawal method, and enter the amount you wish to withdraw. Remember—for successful withdrawal, your account must be verified, all open positions must be closed, and the withdrawal account must match the account used to deposit funds.

We were surprised to find that the broker only processes same-day withdrawals for requests that were made before 12:00 AEST/AEDT. These are Australian time zones, which means that traders in the rest of the world will have to wait until the next day to receive their money. We can't understand the logic behind such a move, even if the broker justifies it by its position as an Australian company.

The forex market is live and active around the clock. As traders, we expect the broker to have some resemblance to the timings of the industry. Forcing its traders to wait for Australian working hours is not a good move by IC Markets. Nonetheless, the company promises to process withdrawals within twenty-four hours, which is better than the processing time of other established forex trading brokers in the market. We received the withdrawal within twenty-four hours, but we had a fair wait, as the withdrawal was only processed the day after the request was sent. But the broker stuck to its promise, which makes it a fair and reliable company for forex trading.

Deposit Method Deposit Processing Times Min Deposit Withdrawal Procesing Times Min Withdrawal
Credit / Debit cards Instant $200 3-5 business days N/A
eWallets Instant $200 Instant N/A
Bank Wire 2-5 business days $200 2-5 business days N/A
*18+ T&Cs apply to each offer.

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Online Security, Privacy and Data Protection at IC Markets FX

Protecting your funds and securing your personal information is a top priority at IC Markets. The company uses the most advanced encryption technologies and SSL encryption on its website to protect user information, which is guaranteed to secure all financial transactions through the ICMarkets broker platform. The company is legally required to submit independent audit reports to the regulators, the intention of which is to enhance the company's financial transparency.

Other investor-protection policies include segregation of funds, negative balance protection, and adherence to anti-money laundering laws. Traders are also required to verify their identities before withdrawing funds to minimize the probability of identity theft, money laundering, or any other security breaches.

Available Trading Platforms with IC Markets

IC Markets continues its relentless pursuit of attaining the largest market share by offering 3 of the most widely acknowledged forex trading platforms. You can choose the tried and tested MT4 and MT5 terminals or the more innovative cTrader option for full ECN trading. The broker allows its customers to trade on any platform of their choice, and the only prerequisite is to open a different account for each platform.

IC Markets does not impose any noteworthy restrictions on the number of trading accounts or the trading conditions since the broker allows you to trade simultaneously on all platforms.

We decided to check whether it is possible to trade on 2 platforms simultaneously and compare the performance of the platforms side-by-side through a quantitative approach. We opened real trading accounts with the MT4 terminal and the cTrader platform for this purpose, which should be representative of the overall quality of all the trading platforms at IC Markets. Our test results were pretty interesting, as we were surprised to find that the cTrader was more comfortable to trade than the MT4 terminal.

IC Markets user-friendly interface

On the other hand, the reliable features of the MetaTrader platform, the MQL support, and the large community of traders tilted the scales in favor of the MT4. It is also easy to find Expert Advisors for the MT4 terminal, and the MT5 terminal is not far off in this regard either. Of course, the cTrader has an automated trading tool in the form of cAlgo, but it is not as effective as the EAs offered by the MT4 terminal. Regardless, cTrader did claw back when it came to the cost of trading, as the commissions and spreads offered on the cTrader were far superior to the MT4 platform.

Regarding conventional features, functionalities, and trading conditions, all platforms performed as expected. cTrader does have the distinction of being a Direct Market Access-only ECN platform, which means that the broker will connect traders directly to the liquidity pool and charge a commission per trade. However, the MT4 and the MT5 platforms are available with a dealing desk model, where the orders are filled at the broker level. Sure, you can open an ECN account with the MT4 and the MT5 platform if you need it, but in our opinion, the cTrader is the better option.

All platforms are compatible with the latest Windows and Mac OS operating system versions. Additionally, traders are given the option of accessing the browser-based WebTrader interfaces of the MT4, the MT5, and the cTrader platforms, which can help with access to the markets if you don't have a dedicated system for trading, or if you wish to trade while on the move. For mobile trading, you can also try out the dedicated mobile apps, which should be a more flexible option for forex trading on a smartphone or tablet.

Platform Options Are Available on an IC Markets Mobile App

If mobile trading is your primary concern, then IC Markets has you covered with its dedicated apps for iOS and Android devices. The MetaTrader4 terminal, the MetaTrader5 terminal, and the cTrader platform are available for mobile users and can be easily downloaded from the Apple App Store and the Google Play Store.

Our careful evaluation of the mobile IC Markets apps on both operating systems demonstrated that these apps continue to perform as intended. The design and layout of the apps are modified to suit the scale of a smaller screen, but you can use pretty much all the features that are traditionally offered on these platforms. Once again, the cTrader continued to outshine its MetaTrader rival, but the differences were quite minimal. If you are looking for a mobile forex trading option, IC Markets apps are indeed highly recommended.

  • Android
  • iOS

When we fired up the mobile apps, we made a couple of observations that we feel are important from a trader's point of view. The MetaTrader apps were offered directly under the MT4 and MT5 brand names, but we had to download an IC Markets-branded cTrader app from Spotware instead of using the regular cTrader app offered by the software developer.

The IC Markets cTrader app has the company's branding, and we did review the trust and security measures to ensure that it is indeed the real app offered by the company. You can use your cTrader ID issued by the broker to log in, but your account will be clubbed with your global cTrader account. Apart from this small detail, all the apps, including the MT4, the MT5, and the cTrader, performed as expected.

IC Markets mobile app IC Markets mobile

Trading Conditions at IC Markets

IC Markets has one of the fastest execution speeds of all forex brokers, especially with the tier-1 and tier-2 liquidity provided by the broker's liquidity partners. According to third-party auditing estimates, the average order execution time is around 36.5 milliseconds, which is among the best execution speeds in the market.

There are certain advantages and disadvantages of choosing the MetaTrader and the cTrader terminals. While the cTrader at IC Markets certainly offers better advantages to the trader in direct comparison shootouts, it is up to you, the trader, to find the trading environment that you prefer since some trading features can suit individual traders' preferences more than others.

IC Markets is not entirely free from slippages, but the requotes are kept to a bare minimum. The high speeds of trading ensure that orders are filled as soon as they're entered, but you must allow for slippages during highly volatile market scenarios. While liquidity is not a concern for small traders, larger traders may face partial order fills depending on the liquidity available in the market at that particular instant. The cTrader and the MT5 platforms provide a depth-of-market indicator for more information, but such a feature is unavailable on the MT4 platform.

Placing an order is simple and easy for both MetaTrader and cTrader users. The minimum order volume for both platforms is 0.01 of a standard lot, as there is no option to trade in micro lots. The broker is particularly vocal about the use of the high IC Markets leverage and its implications for smaller equity.

However, if you can manage your order sizes effectively and pace your instrument choices accordingly, it shouldn't be a significant problem. Another major advantage with IC Markets' live trading accounts is that you can modify your trades by setting the Take-Profit and Stop-Loss levels at any arbitrary point, without any specific pip distance from the market price. Therefore, you truly enjoy no broker interference, which makes for a superior trading experience.

Customer Support

Over the years, IC Markets has integrated its clients' inputs into its operational strategies, improving the overall customer service experience. The company provides 24/7 customer service through its online brokerage, although some departments may only be operational during certain times of the day.

The IC Markets customer support experience was quite reasonable and offered several communication options, including website live chat, phone, email, and a web contact form. We had the best experience with the live chat, but the initial communication with the chatbot can be annoying if you want to get through to an actual person for instant problem resolution.

Our detailed interaction with the IC Markets support system helped validate the company's overall reliability. If we were to look for a problem that bothered us, it would be the slow speed of service delivery while communicating with the online chat representatives.

Although we got the information that we wanted, it took us longer to obtain any meaningful resolution from IC Markets than from the company's immediate competitors. In the highly time-intensive FX market, the broker may benefit from cutting down the response time, but this should not be done at the expense of the quality of service. Nevertheless, we do commend the broker for installing a comprehensive and professional customer service environment for its users.

Live Chat
24/7
Phone
+248 467 19 76

IC Markets is available in the following languages:

English
French
German
Italian
Portuguese
Russian
Spanish

Additional Trading Resources

IC Markets may not offer its clients any bonuses, but there are sufficient trading resources to help traders be better prepared to tackle the markets. The broker has developed an extensive IC Markets forex education and resource platform that offers a wide variety of tools to appeal to both new and experienced traders. If you are new to the market, you can take a look at the broker's Education section, which provides a detailed overview of the markets, a forex and commodities market overview, video tutorials, a Web TV for webinars, and a ten-part tutorial for beginner traders.

There is also a help center for traders to get better insights into the markets' operations. The broker provides a Market Analysis blog that posts several market commentaries on the technical and fundamental analysis of the markets.

You can also use the economic calendar, forex calculators, and a forex glossary for market information, which are some of the most common tools brokers generally provide. Although there is a misconception that ICMarkets TradingView is part of the brokerage package, we couldn't find any mention of any trading signals that are offered to traders. Therefore, we can only naturally infer that IC Markets TradingView Pro services are not available for account holders. But you can also use the company's new proprietary social called platform IC Social, which lets you execute trades, copy experts, and message other investors on one platform. You can chat, trade, copy, earn, and learn from the best traders and communities.

To use IC Social, you need to open a live MetaTrader 4 account with IC Markets and connect it to the app. You can choose from various trading products, including forex, CFDs, and cryptocurrencies.

Visit “FOREX BROKERS ACADEMY” for more information.

Go To ACADEMY

ICMarkets Forex Accolades

The broker wasn't forthcoming about its awards or recognitions in the industry, but that shouldn't necessarily spell any trouble for the company. Although awards are sure-fire signs of a broker's service quality and reliability, they needn't represent the whole picture. Instead, the company has chosen to advertise its Trustpilot score, which is a frankly bewildering 4.4 points out of a perfect score of 5.0. Only the best companies with the best reviews can achieve a perfect score on the Trustpilot website.

We also browsed through the ICMarkets com review and messages posted on the website, and we found that the company has an active department that tracks all reviews left by customers. This helps not only with weeding out suspicious messages but also with understanding what customers need and addressing these concerns most effectively. The broker is unfortunately absent from the world of sports and celebrity endorsements. Still, it all comes down to how the broker is able to maintain its positive momentum among existing traders by continuing with its customer-centric FX brokerage platform.

FAQ

Are the ICMarkets Forex Spreads Competitive?

IC Markets forex spreads start from 0 pips on the major currency pairs, with real-time spreads quoted around 0.2 pips during regular trading sessions.

Does the ICMarkets Broker Offer an ECN/STP Account?

Yes, the company offers an ECN/STP account with tight spreads, but a commission is charged per lot traded.

What Are the ICMarkets Bonus Packages?

There is no IC Markets bonus offer, nor is there an option to earn free money through contests.

What Are the ICMarkets Broker Trading Platforms?

IC Markets offers access to the MT4, MT5, and cTrader terminals for forex and CFD trading.

What ICMarkets Payment Methods Are Available to Traders?

There are more than fourteen different IC Markets payment methods, including credit/debit cards and e-wallets.

Conclusion

ICMarkets forex is one of the first genuinely capable Australian forex brokers that started offering its regulated services to traders worldwide. Its ECN/STP account is unparalleled, as is its trading platform choice. With the best liquidity in the market, highly competitive spreads, and a great collection of discerning traders, IC Markets forex broker is certainly at the epicenter of trust and reputation.

There are a few concerns, such as the delay in withdrawal processing, the occasional conflict with traders, and other minor regulatory hurdles. However, as far as a successful trading career is concerned, IC Markets is a broker you can trust for the long term.