IC Markets is a globally renowned online Forex and CFD broker. It offers a comprehensive trading experience. Known for its low-latency execution and competitive spreads, IC Markets provides access to a wide range of financial instruments.
The broker operates with a True ECN (Electronic Communication Network) model. It ensures direct market access for traders. With state-of-the-art technology and a user-friendly trading platform, IC Markets caters to both new and experienced traders. Keep reading this IC Markets review to know more about this platform.
Trading Platforms Available at IC Markets
IC Markets offers two main trading platforms: the MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
MT4
The MT4 is IC Markets’ most popular platform. It’s user-friendly and fully customizable. You can trade forex, indices, commodities, and futures all from one account. The MT4 has advanced charting tools, indicators, and EAs to help you analyze the markets.
MT5
The MT5 is the upgraded version of the MT4. It has all the same features as the MT4 but also allows you to trade stocks, bonds, and ETFs. The MT5 has more advanced tools for backtesting trading strategies and analyzing markets. It is ideal if you want to diversify your portfolio beyond just forex and CFDs.
Whether you prefer the classic MT4 or the advanced MT5, IC Markets has you covered with platforms suited for traders of all experience levels. Their platforms are available as desktop applications, web versions, and mobile apps so you can trade whenever and wherever you want.
Commissions and Fees Charged by IC Markets
As with any broker, IC Markets charges certain fees for their services. The good news is, that IC Markets is very transparent about its fee structure and aims to keep costs low for traders.
IC Markets offers three main account types: Standard, True ECN, and cTrader ECN. Commission fees range from $3.50 per lot for the Standard account up to $7 per lot for ECN accounts. Spreads are also quite competitive, starting at 0.0 pips for ECN accounts. IC Markets does not charge monthly subscription fees, inactivity fees, or withdrawal fees for most payment methods.
Overall, ICMarkets provides a cost-effective solution for active traders looking for low-cost forex and CFD trading. Their fee structure is easy to understand and in line with industry averages. As long as you do your due diligence to determine if ICMarkets’ offerings match your needs, you should feel comfortable that they charge fair and reasonable rates.
Deposit and Withdrawal of IC Markets
Depositing and withdrawing funds from your ICMarkets account is simple. You have several options to fund your account, and withdrawals are processed promptly without issue.
The IC Markets minimum deposit amount is $200. To deposit money into your ICMarkets account, you can do a bank wire transfer, use your debit/credit card, or transfer funds from an e-wallet service like Neteller or Skrill. Bank wire transfers typically take 1-2 business days to process, while card deposits and e-wallet transfers are instant. ICMarkets does not charge any fees for deposits.
When you’re ready to withdraw your funds, head to the withdrawal page on the ICMarkets website or trading platform and enter the details of where you want your money sent. Withdrawals are processed within the same day for e-wallets and 1-2 days for bank transfers. A small fee may apply for wire transfers.
IC Markets aims to make the deposit and withdrawal process as seamless as possible for traders. Multiple deposit methods, no fees, and quick processing times allow you to focus on your trading and not hassle with moving money in and out of your account.
How to Sign Up to IC Markets- Step-by-Step Guideline
The IC Markets sign-up process is very easy. You Need to follow some simple steps for it. Here are the guidelines for signing up in IC Markets.
Visit the Website:
Go to the official IC Markets website (icmarkets.com) and click on the “Open Account” or “Sign Up” button.
Choose Account Type:
Select the type of trading account you want, such as a live or demo account. A demo account allows you to practice trading without using real money.
Fill in Personal Information:
Provide accurate personal details, including your name, email address, and phone number. Ensure all information is correct to comply with regulatory requirements.
Verify Identity:
Complete the identity verification process by submitting the necessary documents. This usually involves uploading a copy of your identification (passport, driver’s license) and proof of address (utility bill, bank statement).
Create Login Credentials:
Choose a secure username and password for your account. Use a combination of letters, numbers, and special characters to enhance security.
Agree to Terms and Conditions:
Read and accept the terms and conditions of IC Markets. Make sure you understand the trading conditions, fees, and policies.
Submit Application:
Review your information, double-check for accuracy, and submit your application. ICMarkets will then review and approve your account.
Access Your Account:
Once your account is approved, you will receive login credentials. Use these to access your trading account through the ICMarkets platform or mobile app.
What are the Alternatives of IC Markets
If IC Markets doesn’t seem like the right broker for you, don’t worry there are other reputable alternatives out there. Two of the top competitors are:
Pepperstone
Pepperstone is an award-winning broker that offers razor-thin spreads and fast trade execution. They provide access to over 80 currency pairs and commodities. Pepperstone is regulated in Australia and the UK, so your funds will be kept secure. They also have helpful educational resources for new traders.
Oanda
Oanda is a popular choice for casual traders. They provide an easy-to-use platform, competitive pricing, and access to over 90 instruments. Oanda is regulated in 6 major jurisdictions, so you can trade with confidence knowing your money is safe. They frequently run promotional offers like cash rebates and free VPS services for active traders.
Is IC Markets Legit or a Scam
If you’re wondering whether ICMarkets is a legit broker or just another scam, rest assured -ICMarkets is 100% legitimate. As an Australian broker regulated by ASIC, ICMarkets has to adhere to strict regulations to protect traders. They’ve been operating since 2007 and are used by over 200,000 traders worldwide, so they have a proven track record of being a reputable broker.
ICMarkets is well-known for having very low spreads and commissions, as well as a range of account types to suit different trader needs. They offer demo accounts so you can practice for free, as well as Islamic swap-free accounts that comply with Sharia law.
With regulation, experience, transparency, and competitive pricing, you can trade with confidence knowing ICMarkets is not a scam. They aim to provide clients with the best trading experience, and judging by their longevity and loyal customer base, they deliver on that promise.
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Final Thought
IC Markets offer competitive trading conditions, a good range of account types for all trader levels, and platforms with powerful tools. Their fees are affordable, funding and withdrawals are straightforward, and they’re a regulated broker, so your money and data will be secure. Overall, IC Markets is a reputable broker, not a scam, and worth considering.
