IC Markets Offer:
- Tight spreads
- Quality trade fills
- Fast execution
- Exceptional customer service
IC Markets was incorporated back in 2007, in Sydney, Australia, and pride themselves on being a True ECN broker offering innovative, cutting edge technology. Today they are one of Australia’s largest CFD and Forex providers offering over 90 currencies, metals and CFDs, and a variety of cryptocurrencies such as Bitcoin and Ethereum are also available. Read our IC Markets review below to find out more about them.
IC Markets Facts
Client funds are held in segregated trust accounts at Australian Banks, National Australia Bank (NAB) and Westpac Banking Corporation (Westpac).
IC Markets complies with the Australian Client Money Handling Rules and follows procedures regarding maintenance and operation of accounts.
IC Markets holds client money separately to company funds and does not use these funds for any purpose other than to maintain margin needed to cover positions opened by clients.
The MT4 and cTrader platforms are both offered in IC Markets.
IC Markets offers 4 accounts types for different traders; The Standard Account, True ECN, and cTrader ECN. Islamic/Swap Free Accounts are also available for the Standard , True ECN and cTrader ECN account types.
|Account Types||Standard ($0.0 Comission)||True ECN ($3.50 per lot)||cTrader ($3.00 per$100k USD)|
|Spreads||From 1.0 pips||From 0.0 pips||0.0 pips|
|Server Location||Equinix NY4 - New York||Equinix NY4 - New York||Equinix LD5 - London|
|Trading Styles Allowed||ALL||ALL||ALL|
|Micro Lot Trading (0.01)||YES||YES||YES|
|Index CFD Trading||YES||YES||YES|
|One Click Trading||YES||YES||YES|
|CNS VPS Cross Connect||YES||YES||NO|
|Suitable For||Discretionary Traders||EAs & Scalpers||Day Traders & Scalpers|
The minimum deposit required is $200 USD for all account types offered.
In order to open a trading account you need to provide a primary form of Photo ID from any of the following:
- Government ID, such as a Driver’s License or State ID
- National Identity Card
And a secondary form of ID showing your name, residential address and provision of services such as money owed or paid. For example, any of the following:
- A Utility Bill (phone, gas, electricity)
- Bank or Credit Card Statement
- Government Issued Tax Document
- Birth Certificate
- Certificate of Citizenship
Deposits and Withdrawals:
IC Markets offers funding in the following base currencies: AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD and CHF.
Payments/Withdrawals can be made with credit/debit cards, Paypal, Wire/Bank transfers, Skrill, Neteller, Qiwi, Webmoney, FasaPay and also Broker to Broker Transfer.
IC Markets doesn’t charge any additional fees for deposits or withdrawals, but keep in mind that you can still incur fees on payments to or from international banks, so make sure that you check with your bank first to find out if, and what fees they charge.
To withdraw to your local Nigerian bank account, you need to ask your bank for the IBAN of your account and the BIC of the bank. Then provide this to IC Markets for withdrawal. If you have an online bank login, you can in most cases find the IBAN & BIC there as well.
A Closer Look at IC Markets
IC Markets work with over 50 different sources of liquidity (i.e. banks) such as Credit Suisse, Morgan Stanley, Commerzbank, Goldman Sachs and many more. This pool of liquidity sources go into their ECN giving tight spreads which can go as low as 0.0 pips with their MT4 True ECN or cTrader account types. The spreads are flexible according to market conditions, but are typically tight in this broker. You can find a list of their typical spreads on the IC Markets website, keeping in mind that the minimum spread on their Standard MT4 account is 1 pip.
Outstanding Support Staff
IC Markets do not keep clients waiting for support. Their team works quickly and effectively towards helping clients over their website live chat application, over email and over phone. Unlike a lot of brokers who’s Support team does not work weekends, IC Markets offers support round the clock 24/7. When you get in contact with this broker, they are very quick and very friendly, and 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, which any bad support team would do.
This broker follows up on good reviews that you leave on their live chat application. They encourage you to write an honest online review on your experience with the support agent, and transparency seems to be a high priority for them. A simple online search will show many great reviews of their Support Staff and we can see why. They are quick and straight to the point.
IC Markets are quite transparent about their trading server setup. They have their MT4 servers located in the NY4 New York data center and their cTrader servers in the LD5 London Data Center. This setup results in fast order execution for traders. This is because the servers are physically close to their liquidity providers and the time that it takes between clients getting quotes in their trading software to when the order is filled is kept short.
IC Markets Review Summary
To conclude, we’d just like to say that IC Markets is a great choice when looking to sign up with a True ECN broker. Their low spreads are promising, their quick helpful customer service is reassuring, and their fast execution is a high priority. All this makes IC Markets an easy choice for trading.
We hope you enjoyed our IC Markets review. If you’d like to sign up, click here to open an account with IC Markets now.
To learn more about Forex check out our Forex Education section.