IC Markets Broker Review – Best Forex Broker | TradeForex

IC Markets Basics

🏛️ Based in	Sydney, Australia
⚖️ Regulation	ASIC, AFSL
💰 Minimum Deposit	$200 (80000 Naira)
💳 Deposit Options	VISA, MasterCard, Bank Wire, Skrill, PayPal, Poli, Neteller, BPAY, UnionPay, and FasaPay.
💳 Withdrawal Options	VISA, MasterCard, Bank Wire, Skrill, PayPal, Poli, Neteller, BPAY, UnionPay, and FasaPay.
📌Open an account	Start Trading with IC Markets

Our Opinion About IC Markets

IC Markets is one of the largest CFD and forex brokers in the world. IC Markets was first set up in 2007 and has been offering online trading services for many years. The company’s client base includes retail, professional, and institutional Nigerian traders. They are trusted by millions of clients worldwide and have won many awards in recognition of their excellent online trading accounts. The company also has an excellent reputation amongst other businesses —with an A+ rating from leading consumer protection agencies like the Better Business Bureau (BBB).

As a True ECN broker, IC Markets focuses on offering a great trading environment and cutting-edge trading technology. They have a good range of account types. They also offer a wide range of instruments including currencies, commodities, indices, bonds, stocks, and cryptocurrencies. When it comes to their trading conditions, IC Markets is a top-tier forex broker with a strong focus on speed and scalability. The company offers a transparent trading environment complete with easy market access, low latency trading, and fast trade execution. Their pricing is competitive, with spreads and commissions that are reasonable for the level of service they provide.

Why We Like IC Markets

As a regulated forex broker, IC Markets focuses on providing a secure trading environment and a high level of client fund protection. They offer a wide range of payment methods and ensure all funds are held securely in top-tier banks. IC Markets also aims to help Nigerian traders manage their risk and learn how to trade profitably. They provide a wide range of learning resources and trading tools, including free market analysis. They also provide excellent customer support.

Is IC Markets Available in Nigeria?

Yes, all Nigerian traders can open accounts at IC Markets if they meet the minimum deposit of $200.

Key Benefits

IC Markets Regulation

IC Markets is a regulated forex broker. They are regulated by ASIC which is the Australian Securities and Investment Commission. They are also regulated by CySEC, FSA-Seychelles, and the FSB.

Regulation In Nigeria

IC Markets has an excellent reputation and is regulated by some top-tier authorities, including ASIC. However, Nigerian traders will be onboarded through the Seychelles-based entity, regulated by the Financial Services Authority of the Seychelles, which provides less regulatory oversight. That said, this entity still offers a good services and a high level of client fund protection.

Fund Safety

IC Markets complies with all local regulations relating to client fund management and client fund protection. The company keeps its clients’ funds in segregated trust accounts at Australian Banks, National Australia Bank (NAB) and Westpac Banking Corporation (Westpac). This means that it keeps client funds separate from company funds. It also means that it does not use client funds for any purpose other than to maintain margin needed to cover positions opened by clients.

IC Markets: Legit Or Scam?

IC Markets is a legitimate forex broker. They have been offering online trading services for many years and have a big, international client base. They are regulated by some of the strictest financial authorities in the world and operate in line with all  the required regulations. In terms of their trading services, they have a nice choice of account types and trading conditions, and offer low minimum deposits. They also have a good range of payment methods and a high level of client fund protection. In our opinion, they are a reliable and trustworthy forex broker.

IC Markets Trading Assets

They have a great range of trading assets. You can choose from CFDs on forex, stocks, indices, commodities, precious metals, and cryptocurrencies. This means you have a great selection of trading instruments and can create various different trading strategies.

IC Markets Trading Instruments

They offer a wide range of 80+ trading instruments. You can choose from the following:

• Forex: They have 60 forex pairs including majors, minors, and exotics. You can trade EUR/USD, GBP/USD, USD/JPY, and more.
• Commodities: They have 13 commodities. You can choose from many instruments including metals, energies, and agricultural products.
• Stocks: They have 1,600+ stock CFDs available to trade, including popular US tech companies such as Apple, Alphabet, Amazon, Microsoft, and Tesla.
• Indices: They have cash and futures contracts on 23 stock indices, including the NASDAQ, the S&P500, the FTSE100, and the Nikkei.
• Bonds: They offer trading on 11 bonds
• Cryptocurrencies: They have several cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Dash Coin, Ripple & Litecoin.

IC Markets Account Types

As part of our IC Markets review, we checked their trading account options. As a top-rated forex broker, they offer a wide range of account types for clients looking to trade. They have demo accounts, cent accounts, raw spread accounts, and professional trader accounts—all of which provide different levels of access to the platform.

Type	Spreads	Min. Deposit	Max. Leverage	Commission
Standard	From 0.6 pips	$200	1:500	$0
Raw (cTrader)	From 0.0 pips	$200	1:500	$6 per lot
Raw (MetaTrader)	From 0.0 pips	$200	1:500	$7 per lot

Standard Account

The IC Markets Standard Account is a great choice for new Nigerian traders. It provides traders with a low-risk introduction to trading, with a wide range of features and tools to help them succeed. The Standard Account offers a set of features designed to help beginners get started in trading:

• Raw Pricing: This account type allows you to trade without fees; no matter how much you make or lose, you won’t pay anything extra.
• Commission Free: You’ll have access to all of the tools and features that make trading so powerful without paying a dime.
• Fast Order Execution: This account type comes with fast order execution times, which means you can get your trades in quickly and easily.

Raw Spread Account (cTrader)

The IC Markets Raw Spread account is for those who want a high quality account with tight spreads, fast trade execution times, and a 1:500 leverage. You can trade with the tightest spreads in the industry (0.0 pips) on cTrader. You can also trade unlimited contracts daily. This account type suits scalpers or active day traders who want to make fast trades without worrying about expensive spreads. You only need a minimum deposit of $200, and you’re good to go!

Raw Spread Account (MetaTrader)

The IC Markets Raw Spread account is for those who want a high-liquidity account with low spreads, fast execution speeds, and a 1:500 leverage. You can trade with the lowest spreads in the industry (0.0 pips) on MetaTrader4 & MetaTrader5. You can also trade unlimited contracts daily. This account type suits scalpers or active day traders who want to make quick trades without paying expensive spreads. The IC Markets minimum deposit for this account is $200.

Professional Accounts

The professional account is a high-risk, high-reward trading account. It allows you to engage in more advanced trading strategies and techniques and take on more risk than the standard trading account.

PAMM Accounts

As part of our IC Markets review, we also checked their PAMM account options. Professional Nigerian traders will want to use a PAMM account to make trades on behalf of clients. This type of account allows Nigerian traders to place orders with IC Markets’ automated trading algorithms. It also allows them to use IC Markets’ proprietary trading strategies and algorithms.

Demo Accounts

The demo account lets you trade without any risk or money involved—just like in real life, it’s easy to get started without worrying about losing all your money. The IC Markets demo account is a great way to practice trading skills and learn to make money with forex before moving on to a live account.

IC Markets Spreads

The platforms, commissions, and spreads available vary depending on the account type you choose. As such, you need to check which account would best suit your trading style. On the Raw Spread (cTrader), Account spreads start from 0.0 pips. On the Raw Spread (Meta Trader) Account, spreads start from 0.0 pips. And on the Standard Account, spreads start from 0.6 pips

IC Markets Commission

The platforms, commissions, and spreads available vary depending on the account type you choose. As such, you need to check which account would best suit your trading style. On the Raw Spread (cTrader), Account spreads start from 0.0 pips. On the Raw Spread (Meta Trader) Account, spreads start from 0.0 pips. And on the Standard Account, spreads start from 0.6 pips

IC Markets Leverage

The IC Markets broker has variable leverage options ranging from 1:1 to 1:500.

IC Markets Registration – How To Open An Account

As part of our IC Markets review, we checked their online registration requirements. IC Markets accepts Nigerian residents. The registration process is quite simple and you can register online. The first step is to register online. This is so that IC Markets can gather some basic personal data and create your account. At this stage of the registration process, all you need to do is choose an email address and password. These will be your login details.

The next step is to take a short test about online trading. This is so that they can determine whether their online trading services are suitable for you. At this stage, all you need to do is show them that you have the skills and knowledge needed to trade properly. If you pass the test, you will be fully registered and ready to open an account. The final step is to verify and fund your online trading account. This is so that IC Markets can process your trades.

IC Markets Registration – How To Verify An Account

As part of our IC Markets review, we also checked the account verification process. In order to open a trading account, you need to provide a primary form of Photo ID. This could be a copy of your passport or a copy of another form of government ID, such as your driver’s license or a national identity card. You also need to provide a secondary form of ID showing your name, residential address, and a provision of services such as money owed or paid. For example, you could provide a copy of a utility bill, a bank statement, or a government-issued tax document. When you have provided all the correct information and documents required by IC Markets, account verification may take up to 24 hours.

IC Markets Deposits

IC Markets Minimum Deposit

The minimum deposit for IC Markets is $200

Deposit Methods

You can choose from several deposit methods, such as bank transfers and credit cards, as well as third-party payment providers such as Skrill, PayPal, Poli  Neteller, BPAY, UnionPay, and FasaPay.

IC Markets Deposit Times

Wondering how long IC Markets deposits take? The deposit time depends on which payment method you choose. Deposits are instant for a variety of funding methods, in particular the e-wallets. However, deposits can take longer for bank transfers, but are usually processed within 1 business day.

IC Markets Deposit Rate

The company doesn’t charge any additional fees for withdrawals. However, you can still incur fees on payments to or from international banks. As such, you need to check with your bank to determine if and what fees they charge.

IC Markets Bitcoin Deposits

IC Markets offers a crypto deposit option. This deposit option allows you to deposit Bitcoin into your account and trade with it. It also offers the ability to withdraw your funds at any time.

IC Markets Withdrawal

Minimum Withdrawal

IC Markets withdrawal methods include wire transfer/bank, credit card, Skrill, PayPal, Poli  Neteller, BPAY, UnionPay, and FasaPay.

Withdrawal Rate

The company doesn’t charge any additional fees for withdrawals. However, you can still incur fees on payments to or from international banks. As such, you need to check with your bank to determine if and what fees they charge.

Withdrawal Times

Neteller, Paypal, and Skrill withdrawals are instant. Debit/credit card withdrawals may take 3-5 days, and wire transfers take up to 14 days. IC Markets withdrawal time cut-off is 12:00 AEST/AED.

IC Markets Card Withdrawal Limit

The minimum withdrawal limit is capped at $50 for bank transfers, and there are no limits for other transfer methods.

IC Markets Withdrawal Problems

Withdrawals must be made from the same account funds were deposited into! Requests may be subjected to a withdrawal review if traders violate any of its terms and conditions.

IC Markets Minimum/Maximum Withdrawal

IC markets minimum withdrawal for bank transfers is $50. There are no limits for other payment methods. You can withdraw as much as your card or payment provider can hold.

IC Markets Trading Platforms

IC Markets has MT4, MT5, and cTrader. No matter which platform you choose, you’ll get great connectivity, fast execution, and excellent trading conditions.

MetaTrader4 (MT4) is one of the best trading platforms for new forex traders. It has a user-friendly design and comes with helpful online trading tools. You can use it platform to trade all of the top CFD trading instruments including forex, shares, and indices. The IC Markets MT4 platform also comes with advanced charting tools, 4 order execution types, 30 technical indicators and 23 analytical objects.

MetaTrader5 (MT5) is also another great choice for beginner traders who want to use IC Markets in Nigeria. It has a simple design and an easy-to-use interface. As with MetaTrader4, you can use it to access and trade all your favourite trading instruments. The IC Markets MT5 platform also has a wide selection of trading tools including 6 order execution types, 38 indicators, and 37 analytical objects.

cTrader is a popular and powerful trading platform. It comes with a clean, modern interface that is easy to navigate. As with MT4 and MT5, you can get access to a wide range of CFD trading instruments including forex, metals, and stocks. The IC Markets cTrader platform also comes with 6 order types, 55 technical indicators, an economic calendar, and market sentiment tools.

IC Markets Mobile Trading Platforms

IC Markets has MT4, MT5, and cTrader. These trading platforms are all available on mobile. No matter your platform, you’ll get great connectivity, fast execution, and excellent trading conditions.

IC Markets Education and Research

IC Markets offers excellent educational support. For example, it has a dedicated information hub that provides educational materials, fundamental market analysis, technical market analysis, and trading data. It also has a free webinar series and a free educational video series. These are designed to help you improve your trading knowledge skills.

IC Markets Trading Tools

IC Markets offers a small selection of helpful trading tools. For example, it has a free trading calculator that you can use to calculate the current pip values in your account. It also has a free economic calendar that you can use to stay on top of data releases and upcoming events that might affect market prices. In addition to its tarding tools, IC Markets also provides a free Web TV service. Presented in partnership with Trading Central, the Web TV service offers you in-depth video market commentary and useful trade ideas.

Customer Support

IC Markets does not keep its clients waiting. They are available via their website live chat application, over email, and on the phone. Unlike a lot of brokers, IC Markets offers round-the-clock support. When you get in contact with this broker, they are very friendly and very quick to reply. If further help is needed, they will escalate the issue and get back to you quickly instead of leaving it so long that you forget what you wanted.

Our Verdict

We hope you found this IC Markets review useful! We were impressed by the broker’s excellent customer service, high-quality education resources, and great trading conditions. As such, we think it’s a great choice for all forex traders.

IC Markets Broker Review – FAQs

Ready to start trading? Register for an online trading account with IC Markets here.

IC Markets Broker Review – Similar Brokers

IC Markets is a great forex broker. However, if you want to look at all your options, there are also many other good brokers in Nigeria to choose from. Here are some brokers like IC Markets.

Looking for more information? Check out some of our other forex broker reviews.