In this ICMarket Review, We will cover most of the important information that traders need to know before deciding their broker. Established in 2007, IC Markets (International Capital Markets) is one of only a handful of true ECN brokers out there. IC Markets is well-established and popular forex and CFDs online trading brokerage who offers competitive spreads on a wide range of assets across the global markets. IC Markets was founded in 2007 and is owned and operated by International Capital Markets PTY which are based in Sydney Australia.
IC Markets offers its clients a choice of three live account types, available on two different platforms. The Standard account is a commission-free one, and True ECN one provides tighter spreads, but a commission of $7 round turn applies. Micro lots are available for trade on all account types and, of course, the broker provides free Demo accounts, which are always appreciated by inexperienced traders. What is more, IC Markets provides swap free service to investors of Islamic belief, who are able to open Sharia-compliant accounts.
The Company & Safety of Funds
Incorporated in Sydney, Australia in 2007, IC MARKETS is an NDD broker providing trading in more than 80 instruments, including a number of currency pairs, various CFDs on indices, commodities, and futures, as well as precious metals. It also offers to trade in some of the most popular cryptocurrencies – Bitcoin, Litecoin, Ether, Dash and Bitcoin Cash. The company behind the IC MARKETS brand is International Capital Markets Pty Ltd., which holds an Australian Financial Services License and is regulated by the Australian Securities and Investment Commission. In 2008, IC Markets got a license from the Cyprus Securities and Exchange Commission and can now offer its services throughout the European Union and the EEA.
Commissions & Spreads
IC Markets offers three account types in which trading costs vary from commission-free (spread only) on the Standard account to commission-based pricing (spread + commission) on the True ECN and cTrader accounts. The cTrader account has about a tenth of a pip lower commission than the TrueECN account, making both accounts similar. The main difference is the platform that can be accessed. For example, the True ECN account, which uses MT4, charges $3.5 per side for every 100k units (1 standard lot) or $7.00 per round turn, whereas on cTrader it is $3.0 per side or $6.00 per standard RT.
IC Markets lists its average spread on the EUR/USD at 0.1 pips, and after adding the commission equivalent of 0.6 pips on the cTrader account, the all-in costs would be 0.7 pips (or 0.8 on MT4) which is competitive. IC Markets also offers further discounts to traders that do over 100 standard lots per month, akin to an active trader offering. Meanwhile, the commission-free standard account has an average spread of 1.1 listed by IC Markets, making it a less attractive option compared to the other two commission-based account types.
Deposit & Withdrawal
IC Markets offers its traders a wide variety of deposit and withdrawal methods for a number of currencies to suit a wider variety of trader’s needs. Some of the methods are credit and debit (Visa and MasterCard), Paypal skrill, Neteller, Webmoney, UnionPay, Fasapay, bank wire and more. The currencies in which can be deposited and withdrawn include; AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, and CHF. See below, the available deposit and withdrawal methods.
While most brokers provide just the MT4 and/or their in-house platform, IC Markets offers its customers a choice of three popular platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader.
From this ICMarket Review, we have listed important information for traders to see. We have come to the conclusion that ICMarket lives up to the hype and is a great option for traders. They offer competitive commissions and fees, offer a wide variety of investment products that both experienced and beginner traders are happy with, and they feature a selection of sophisticated trading platforms. Also, IC Markets is a very well established trading brokerage who is highly regulated and has an excellent reputation in the online trading industry