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IC Markets – Forex Broker Review 2022

Our Opinion About IC Markets

IC Markets is a top-tier forex broker with a strong focus on scalability and execution. Their pricing is competitive, with spreads and commissions that are reasonable for the level of service they provide.

IC Markets has been around since 2007, and it’s proven itself as a true ECN broker in the market. The company’s client base includes both institutional investors and retail traders. This diversity of users makes IC Markets a strong choice for investors looking to trade forex and other assets in Nigeria. IC Markets in Nigeria offers mt4, MT5, and cTrader platforms for different types of traders with varying levels of risk tolerance. The mt4 platform is the most popular among traders. Its easy-to-use interface allows anyone to trade with minimal knowledge about how it works.

The company has an excellent reputation among its users and clients—they have an A+ rating from leading consumer protection agencies like the Better Business Bureau (BBB). IC Markets broker is currently ranked #12 among 54 recommended forex brokers for customer satisfaction in all categories (e.g., complaints about unfair business practices).

Is IC Markets Available in Nigeria?

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

IC Markets Review Summary

IC Markets broker offers various instruments, including currencies, commodities, indices, bonds, stocks, and cryptocurrencies. If you’re looking for something other than forex trading, you can find it here. It also offers a transparent trading environment with easy market access, low latency trading, and excellent trading conditions. This is great for new traders who want to learn how to trade in this market without worrying about being scammed or losing money.

About IC Markets

IC Markets is one of Australia’s largest CFD and forex brokers. It prides itself on being a True ECN broker with great trading conditions and cutting-edge trading technology. It offers a wide range of instruments including currencies, commodities, indices, bonds, stocks, and cryptocurrencies. The company also offers a transparent trading environment complete with easy market access, low latency trading, and excellent trading conditions.

Key Benefits

Regulation and Safety of IC Markets

IC Markets is regulated by ASIC, the Australian Securities and Investment Commission, responsible for ensuring that the market is safe and fair for investors. The company has an Australian Financial Services Licence (AFSL) to carry on a financial services business in Australia, limited to the financial services covered by its AFSL.

IC Markets Spreads

The platforms, commissions, and spreads available vary depending on IC markets account types. As such, you need to check which account would best suit your trading style.

  • Raw Spread (cTrader) from 0.0 pip
  • Raw Spread (Meta Trader) from 0.0 pip
  • Standard from 0.6 pips

IC Markets Deposit

Minimum Deposit

Minimum deposit for IC Markets is $200

Methods

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

Options

Wire transfer/bank, credit card, Skrill, PayPal, Poli  Neteller, BPAY, UnionPay, and FasaPay.

How Long Does IC Markets Deposit Take?

Deposits are instant for a variety of funding methods. Bank deposits can sometimes take up to 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 Deposit

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.

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.

How Long Does It Take

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 Registration. How to?

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 Account Types

IC Markets is a top-rated forex broker that offers 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.


Spreads

Instruments

Minimum Deposit

Max. Leverage

Commission

Raw Spread (cTrader)

From 0.0 pip

All Available

$200

1:30

$6 per lot

Raw Spread (Meta Trader)

From 0.0 pip

All Available

$200

1:30

$7 per lot

Standard

From 0.6 pips

All Available

$200

1:30

$0

Professional Account

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.

Cent Account

Cent accounts are for traders who have just started their trading journey and don’t know where to start. You can open a cent account with as little as $1 and start trading immediately! Currently, IC markets do not offer a cent account. 

ECN Account

The ECN account gives you access to real-time market data and allows you to trade with more liquidity than with a manual account. There are also other advantages, such as faster executions, higher limits and better anonymity. These types of accounts provide traders with the best conditions possible while they’re making trades. This can be very advantageous for professional traders who want to ensure their trades are as successful as possible.

Standard Account

The IC markets Standard Account is one of the most popular types of accounts available. 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: Traders who use this account type can expect fast order execution times, which means they can get their trades in quickly and easily.

Zero Spread Account

The zero-spread account is perfect for traders who don’t want to worry about paying commissions on trades or having to pay a spread. You only need a minimum deposit of 200 USD, and you’re good to go!

Live Account

IC Markets live account is a great way to start trading with IC Markets, as it provides access to all of the features of a full-blown account. The best thing about this type of account is that it gives you access to the markets, live customer support, and real-time updates.

Micro Account

The micro account is geared more towards new traders who may not yet be ready for a full-fledged live account but still want some access to the markets while they learn how they work. It is a low-risk, low-cost way to get started trading. It allows you to trade on a small scale in real time and can be used as a stepping stone before moving on to the next level of trading. You can use it to test out your strategy or even for short-term trading if you don’t have time for long-term trading strategies.

Pamm Account

Professional traders will want to use a Pamm account to make trades on behalf of clients. This type of account allows traders to place orders with IC Markets’ automated trading algorithms. It also allows you to use IC Markets’ proprietary trading strategies and algorithms.

Demo Account

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 demo account is a great way to practice trading skills and learn to make money with forex before moving on to a live account.

Raw Spread Account

The Raw Spread account is for those who want a high-liquidity account with low spreads, a fast execution time, and a 1:500 leverage. You can trade with the lowest spreads in the industry (0.0 pips) on Meta Trader 4 & 5, and you can trade unlimited contracts daily. This account type suits scalpers or active day traders who want to make quick trades without paying expensive spreads.

IC Markets Bonuses

IC Markets NO Deposit Bonus

Currently, IC markets offer no bonuses due to restrictions by the regulator. Keep an eye out for IC Markets bonuses and promotions in the future.

Sign Up / Welcome Bonus

No sign-up or welcome bonus available at this time.

Referral Bonus

No referral bonus available at this time.

IC Markets Leverage

IC markets broker has variable leverage options ranging from 1:1 to 1:500(maximum leverage on all accounts)

IC Markets Trading Assets

Forex, CFDs on indices, stocks, commodities and futures, precious metals, and cryptocurrencies.

IC Markets Mobile Trading Platforms

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

Spreads – From 0.0 pips

Leverage – 1:30

Volume – From 0.01 lots

Currencies – AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, and CHF.

IC Markets Trading Instruments

It offers a wide range of 80+ trading instruments. You can choose from currency pairs, commodities, indices, bonds, stocks, and cryptocurrencies.

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.

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.

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.

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.

Spreads – From 0.0 pips
Leverage – 1:30
Volume – From 0.01 lots
Currencies – AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, and CHF.

Trading Instruments

It offers a wide range of 80+ trading instruments. You can choose from currency pairs, commodities, indices, bonds, stocks, and cryptocurrencies.

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.

Extra Trading Services

In addition to its excellent education support, 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.

Documents

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.

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 FAQs

Is IC Markets a Good Broker?

IC Markets is a good broker for investors who want to run automated trading strategies on Mt4, MT5, and cTrader platforms. IC Markets provides social copy trading platforms and a growing selection of research and educational materials and offers competitive pricing. They continue to develop new products that will improve your experience as an investor – from the simple tools you need to get started trading right away to more advanced strategies that allow you to automate your trades.

Is IC Markets an ECN Broker?

Yes, IC Markets is an ECN Broker. ECN brokers are a type of broker that you can use to trade Forex and CFDs. These brokers typically offer the lowest spreads because they don’t have to deal with the full range of customer orders that traditional brokers do. They also allow traders to place their trades directly with the broker instead of through another intermediary.

Is IC Markets Legit?

If you are wondering whether IC markets are a scam or legit, the answer is straightforward! IC Markets is a broker that has been around for a long time. It’s been around since 2007 and is one of the most popular brokers in the industry today. It has an incredible reputation for being both reliable and trustworthy. In addition to this, it’s licensed by the ASIC, meaning it meets all of their minimum standards. This makes it one of the safest brokers to use when trading cryptocurrencies today!

Does IC Markets Accept Bitcoin Deposits?

IC Markets does accept bitcoin(BTC) deposits. You can deposit funds into IC Markets from your Bitcoin wallet or any other digital wallet that supports Bitcoin. This includes sites like Coinbase, Xapo, and BitPay. IC Markets accepts deposits using Bitcoin because it believes in the future of cryptocurrency as a viable form of payment. IC Markets believes cryptocurrency is here to stay and will become more mainstream in the years ahead.

How to Change Leverage on IC Markets?

The easiest way to change your leverage on IC Markets is by logging into your account. You can do this by going to the “Client Area” page and clicking on “account number and leverage.” In this section, you can set your desired leverage level. It will display all of your options for changing your leverage settings. You can choose between 1:1 to 1:500, depending on what you prefer.

How to Close IC Markets Account? 

IC Markets in Nigeria offers its clients the opportunity to close their accounts anytime. The company’s customer service department is available 24 hours a day and seven days a week to assist you with any questions or concerns.

Does IC Markets Allow Hedging?

Yes, IC Markets allows you to hedge your trades. The company offers various cross-currency trading services, including spot and forwards. You can also set up a short or long position in your chosen currency.

Does IC Markets Have NASDAQ?    

Yes, IC Markets does have NASDAQ. The broker offers trading in all major US and global indices and markets, including the Dow Jones Industrial Average (DJIA), S&P 500, Nasdaq 100, Euro Stoxx 50, and FTSE 100.

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