Technology has allowed more people to venture into the foreign exchange market. It’s the largest and most liquid financial markets these days. For most people, the primary purpose of forex trading is to make more money. They want to get something in exchange, and they see forex as the best way to find additional income. However, you need a respected forex broker to execute your trade, and this is where IC Markets enters the picture.
If you want to learn more about IC Markets, check Engine Forex opinion or continue reading this article for an inside review about IC Markets.
IC Markets In General
Before diving into the details, getting to know IC Markets is essential. Historically, it’s a reliable online trading broker headquartered in Sydney, Australia. International Capital Markets PTY manages it since 2007.
Due to its low fees and spreads, and high available leverage, IC Markets is popularly known as the best forex brokerage in Australia. It’s also regulated by the Australian Securities & Investment Commission (ASIC) since the year 2009. ASIC, for instance, is a reputable Australian regulatory agency that imposes rules and regulations that brokers like IC Markets should follow.
IC Markets Reviews
Now that you know IC Markets’ basic info, it’s time to get familiar with how it works. From its tradable products, account opening, and deposit and withdrawal options to its trading platforms, features, commission and spreads, customer support, security, and research, we’ll provide a quick review about these variables. Let’s check them out.
With IC Markets, you can primarily trade foreign exchange, cryptocurrencies, and some CFDs (contracts for difference). It offers more currency pairs than other forex brokers in the market. Moreover, the maximum levels of leverages are higher for all classes of assets.
IC Markets accommodates a variety of customers around the world with some exceptions in Canada, Japan, New Zealand, and the United States. The three account types offered by this broker include Standard, cTrader, and MetaTrader. It maintains a minimum deposit of $200, which is a low requirement.
Overall, the account opening at IC Markets is fast, fully digital, and user-friendly. The opening process may only take one day before it’s approved.
Deposit and Withdrawal Options
Similar to account opening, IC Markets also performs great when it comes to deposit and withdrawal options. It supports ten base currencies, including but not limited to EUR, USD, JPY, HKD, and many more.
Additionally, IC Markets offers free withdrawals and a lot of options for money transfer. For deposits and withdrawals, you can use bank transfers, credit/debit cards, and electronic wallets.
When it comes to trading platforms, IC Markets provides web, mobile, and desktop options. However, it doesn’t maintain in-house trading platforms, which is why they use MetaTrader4 and cTrader as third-party platforms. Fortunately, they’re user-friendly and come with excellent customizability and function. On the other hand, the absence of a two-step login for security purposes is the only downside of IC Markets’ trading platforms.
IC Markets provides additional trading products like social trading integration with MyFXbook and Advanced Trading Tools for MetaTrader4. Moreover, it also has trading tools such as advanced charting and analysis calculators, as well as technical indicators.
Commissions and Spreads
Typically, IC Markets offers spreads for as low as 0.0 pips depending on the trading account type you’ll open. When it comes to commissions, the broker provides it for free on some products. For instance, opening an account with cTrader and MetaTrader comes with a commission and tight spread, while an opened account with Standard comes with no commission but wider spreads.
Users can reach IC Markets via emails, live chats, and telephone. Ultimately, it offers excellent and fast email and telephone support since it provides relevant answers to queries 24/7. On the other hand, live chat support is slow and irrelevant, which is why it needs to be improved.
IC Markets offers educational assistance to beginners through its high-quality educational tools. These may include a demo account, informative texts and videos, and platform tutorial videos, which can be accessed on the website itself below the blog section.
IC Markets uses great research tools for users. From interactive forex charts to quality news flow and trading recommendations, it performs well in terms of research. On the flip side, fundamental data is missing.
Given the reviews above, IC Markets is a legitimate broker in Australia. It has valuable years of experience in the industry, which is why it doesn’t have many complaints. Being a regulated brand of an online brokerage, their policies and regulations remain transparent. By reading this article, we hope we’re able to help you decide whether IC Markets is the right trading broker to work with.