IC Markets Review
IC Markets is a leading, regulated provider of Forex CFDs. It’s currently one of the premier selections for automated traders. IC Markets order matching engine processes over half a million trades per day! 2/3 of those processed trades come from automated trade systems. According to MyFxBook, IC Markets even offers one of the lowest EUR/USD spreads in the whole world! Read on to find more about this very popular platform.
Pros and Cons
Let’s start this review with an overview of IC Markets advantages and disadvantages.
| Pros | Cons |
|
+ Low forex fees + It’s easy and quick to create an account + No fees charged on deposits or withdrawals + Swap IC Markets rates are highly competitive |
– They do not offer negative balance protection – Some clients are dissatisfied with IC Markets customer support team |
Key Features
IC Markets users get to enjoy these attractive key features:
- Free demo of Raw Spread account
- Cutting edge tools, like custom order templates, Depth of Market, ladder trading, and inbuilt spread monitoring
- 24/7 customer service (rather than 24/5 like most brokers)
- Speedy executions due to enterprise-grade hardware and fibre optic connections
- Dedicated Android and iPhone trading apps
| Trading Instruments | There are 65 forex products (IC Markets bitcoin trading is included as an option). There are also 100+ stock products, 5 bonds products, 19 commodities, and 23 indices. |
| Spreads | Spreads start as 0.0 pips and there is an average EUR/USD spread of 0.1 |
| Leverage | Ranges from 1:1 to 1:500 |
| Trading Platforms | WebTrader, MT4, MT5, cTrader, cTrader Algo |
| Base Account Currencies | AUD, EUR, GBP, USD, SGD, JPY, NZD, HKD, CHF, CAD |
| Regulation | CySEC, ASIC, FSA |
| Demo Account | Yes, a free demo account is available. |
| Islamic Account | Yes, Islamic accounts (or swap-free accounts) are available. |
| Allowed Countries | Clients from all over the globe can use IC Markets – with the exception of the countries in a Sanctioned countries list. |
Account Types
There are three main types of IC Markets accounts. We have compared them on several grounds:
| Account type | Trading platform | Fee | Minimum spread | Minimum Deposit |
| Raw Spread (cTrader) | cTrader | $3 per $100,000 USD | 0.0 pip minimum spread | $200 |
| Raw Spread | MetaTrader | $3.5 per lot/per spread | 0.0 pip minimum spread | $200 |
| Standard | MetaTrader | $0 per lot/per spread | 1.0 pip minimum spread | $200 |
Deposit and Withdrawal Options
IC Markets Payment Methods
| Deposit option | Currencies | Processing Time |
| Bank wire transfer | USD, EUR, JPY, AUD, SGD, NZD, CAD, GBP, CHF | 2-5 business days |
| Credit and debit cards | USD, AUD, JPY, NZD, EUR, GBP, SGD, CAD | Instant |
| Skrill | GBP, EUR, USD, AUD, SGD, JPY | Instant |
| Neteller | GBP, EUR, USD, AUD, SGD, CAD, JPY | Instant |
| Paypal | USD, AUDY, EUR, JPY, SGD, NZD, CAD, CHF, HKD | Instant |
| FasaPay | USD | Instant |
| Broker to Broker | USD, AUD, EUR, NZD, JPY, GBP, SGD, CHF, CAD, HKD | 2-5 business days |
| Klarna | EUR, GBP | Instant |
| POLI | AUD | Instant |
| BPay | AUD | 12-48 hours |
| Union Pay | RMB | Instant |
IC Markets Withdrawal Methods
| Withdrawal option | Fee | Processing Time |
| Bank wire transfer | 20 AUD (charged by IC Markets banking institution) | depends on the user’s country and a bank |
| Credit and debit cards | Free | 3-5 business days |
| Skrill | Free | Instant |
| Neteller | Free | Instant |
| Paypal | Free | Instant |
All withdrawals that are received before noon AEST/AEDT are processed on that same business day. Credit and debit card withdrawals can take up to 5 business days to be added to your card. However, services such as Skrill and Neteller will receive the funds immediately. You can also use the Trastra VISA card for deposits and withdrawals.
Note:
- IC Markets users must go to their “Secure Client Area” and fill out a withdrawal form.
- There are several withdrawal methods available; however, the ones that users are eligible to use depend on how they funded their account.
Trading Platforms
| WebTrader | – Great for beginners – One-click trading – Monitor quotes in real-time |
| IC Markets MT4 | – Suited for retail traders as well as pro fund managers – With MT4 Multiterminal, IC Markets users can manage multiple accounts at the same time. – Contains 3 modes of order executions – 50 technical analysis indicators |
| IC Markets MT5 | – 4 order executions – Comprehensive price analysis – Great market depth |
| cTrader | – Can be mobile! With cTrader Web, IC Markets clients don’t need to perform any downloads or installations. – Detailed charting tools – Fast-entry + execution |
| cTrader Algo | – User-friendly API and GUI – Build and implement automated C# trade systems – Download custom robots and indicators |
Best Payment Solutions for IC Markets Users
Are you impressed by IC Markets? We sure are! We especially love that this service has some of the lowest spreads in the forex trading industry and that it has such speedy deposits and withdrawals. Getting started is easy, and you can even try out a demo account before committing to a real-money account. If you are thinking about starting to trade on IC Markets, we have some advice for you: choose your payment methods wisely. Your withdrawal options, as mentioned earlier, are highly dependent on how you funded your account. What’s more, different deposit and withdrawal types influence how long it takes the funds to be added to your account or your pocket.
We recommend using an e-wallet when trading with any online service. First of all, your information is safer – you aren’t inputting your actual bank info or your credit card details. With an e-wallet, you are protected since you go through a third party.
Out of the available e-wallets, we love Neteller and Skrill! We can get you the best signup conditions: easier VIP access, fast-track verification, higher limits, and more. These e-wallets have excellent VIP programs, especially if you sign up for an account with Baxity:
Skrill – easier access to VIP Gold and Silver levels, and Knect loyalty program
Neteller – immediate Bronze PRO VIP status and easier access to VIP Silver level
Plus, they let you deposit money immediately, and they’re incredibly easy to use.
We are also a huge fan of Trastra; you can use its VISA card for deposits and withdrawals on IC Markets. Registering in Trastra via Baxity you get a range of benefits: a rebate on the Trastra VISA card, IBAN account, card purchases and crypto2crypto transfers free of charge and cards available without a bank account.
FAQ
What is IC Markets’ minimum deposit/withdrawal?
For all accounts, the starting deposit is $200. There is no published minimum withdrawal amount.
Are there any deposit/withdrawal fees?
There are no deposit or withdrawal fees.
Does IC Markets give any bonuses and promotions?
No, currently, IC Markets doesn’t give bonuses or promos to its users. However, they do offer a broker program, which offers a volume-based IC Markets rebate.
How do you contact IC Markets customer support?
You can contact IC Markets customer service via live chat, send them an email, or submit a callback request. Furthermore, you can search their knowledge base to obtain a faster answer.
Can I open Trastra in South Africa
Isaac, thank you for your question! At the moment, the Trastra service is available only for clients from the EEA zone, that is, for Europeans. But the company plans to expand to other markets, so maybe Trastra will be available in your country too. We will definitely notify users about this.
I am one of those clients that I am dissatisfied with their customer support. It takes a very long time for them to reply and their replies are sometimes not the point and don’t answer the actual question. This can be frustrating. It doesn’t happen all the time but it happens enough to become a problem. Other than this, they are a good provider of Forex CFDs.
Grey, thank you for your honest feedback! Quite often, with an increase in the influx of customers, the level of provided service may decrease. Unfortunately, we cannot influence this. Only you can decide for yourself whether this fact is significant enough to switch to another broker or not. Explore our other broker reviews in the Forex section to see if they will suit you better 🙂
is it true thats their is 0 investor protection for non-EU client? i’ve heard stories…
Shamim, thank you for your question! Unfortunately, I have not found any confirmation of this fact in official sources or Terms and Conditions. Only in reviews on a couple of sites. Therefore, I would recommend you to clarify this information for your country on the official website of IC Markets, for example, in online chat.
are their betters option for Bangladesh?
Shamim, the choice of options depends on many factors that we cannot discuss within the comments field. In any case, you need to choose based on a group of factors, not just one.
There is always an opportunity to open a demo account to evaluate the convenience of the platform and decide whether it suits you personally or not 🙂
“IC Markets is an online forex and CFD broker based in Sydney, Australia. The company offers traders access to a wide range of financial markets, including foreign exchange (FX), indices, commodities and cryptocurrencies. IC Markets is probably the best Forex broker. TradeEU also refers to a good broker because It allows companies to connect with each other, negotiate prices and arrange international delivery. The platform also provides detailed information about local regulations and taxes for importing and exporting within the EU.