IC Markets, headquartered in Sydney, operates as an Australian company. Established by Andrew Budzinski in 2007, who previously founded FP Markets, it’s a well-known trading platform.
Despite being less popular than other online brokers like eToro, DEGIRO, or XTB, it attracts traders with its low commissions and flexible platform options, including MetaTrader and cTrader.
Having extensively tested IC Markets and analyzed its offerings, I’d like to highlight that it’s primarily tailored for CFD trading. As a certified European Financial Advisor with expertise in various brokers, I’m here to share my insights about this UK-based platform. Please note that IC Markets may not be the best fit for all trading needs.
Josep GarciaFinancial Advisor
Like with any broker, it’s important to explore your choices and decide if this is the suitable option for you or if better alternatives exist. My review of IC Markets might assist you in determining if it’s the right fit for your trading needs.
IC Markets Review Verdict
IC Markets offers a range of CFDs encompassing stocks, currencies, commodities, cryptocurrencies, bonds, indices, and derivatives. However, it lacks its own trading platform, requiring traders to rely on cTrader, MetaTrader 4, or MetaTrader 5.
It’s essential to understand that IC Markets exclusively deals in CFDs and does not support trading in actual stocks or underlying assets. Despite the increased risk associated with CFDs, this focus may appeal to certain traders. Nevertheless, the platform itself can be challenging to use and appears somewhat outdated.
IC Markets operates under the supervision of various governmental and international agencies, including CySEC in Cyprus, ASIC in Australia, and the FSA in the United Kingdom. It’s worth noting that, as a non-publicly traded company, IC Markets may not undergo the same level of scrutiny as publicly listed brokers like NAGA or XTB.
IC Markets: Pros & Cons
Pros
Available Countries
IC Markets is accessible in numerous countries, both in and outside the European Union, such as the United Kingdom, Australia, Germany, France, and various Latin American nations.
Demo Account
Opening a demo account with IC Markets is a simple process.
Regulation
IC Markets, a trading platform, falls under the regulation of key authorities including Australian, European, and British regulators.
External Platforms
Besides MetaTrader 4 and 5, cTrader is also available as an alternative platform.
Social Trading
Available trading options feature social trading via Zulu Trade and algorithmic trading, which employs programming to enhance investment processes.
Account, Withdrawls & Funding
Opening an account, depositing, or withdrawing funds are all free. You won’t be charged for inactivity, either.
Available Currencies
You can open an account in various currencies, including USD, EUR, AUD, JPY, and GBP.
Cons
Ease of Use
The interfaces of MetaTrader 4, 5, and even cTrader are quite outdated. If you’re accustomed to modern brokers, the IC Markets interface may be confusing.
Available Assets
At IC Markets, you can only trade CFDs, making it unsuitable for those interested in tangible assets like stocks or ETFs.
Support
While the support team is friendly, they may not always provide detailed answers.
Asset Variety
Though they offer a variety of CFD-based instruments, their range is less diverse compared to other brokerages, including only 25 indexes and about a dozen commodities.
Login Security Options
IC Markets lacks two-step authentication, like mobile code verification, compromising login security. Additionally, it’s unusual that they email your password and username; typically, users should choose these themselves.
Research & Analysis
IC Markets lacks provision of financial details for assets, such as income statements or financial ratios for equity CFDs.
Criteria
Comment
Country and Regulation ?
4.5
IC Markets is regulated by ASIC, CySEC (for European clients, license #362/18), the Bahamas Securities Commission, and the Financial Services Authority. IC Markets accepts clients globally, including the UK, Australia, USA, Germany, and France, and segregates its assets from client funds.
Deposit Fees ?
4
IC Markets requires a minimum deposit of $200. Fund your account with bank transfers, Visa, MasterCard, Neteller, PayPal, Skrill, Klarna, or Rapid Transfer. Available methods vary by country, such as in the EU. No fees for deposits.
Withdrawals at IC Markets are fee-free using deposit methods. Bank transfers may incur fees. Processing takes 3-5 days, up to ten days in some cases.
Demo Account ?
Demo accounts can be created for MetaTrader and cTrader.
Stocks
IC Markets only offers CFDs for derivatives trading. For stock trading, consider XTB or Trading 212.
ETFs & Mutual Funds
No ETFs or investment funds can be traded, only CFDs.
Bonds
No bond trading either with IC Markets.
Derivatives
IC Markets specializes in CFDs, including Forex (60), commodities (20), indices (25), around 10 bonds, roughly 20 cryptocurrencies, and about 2,000 US and Australian company stocks. A wider asset range is possible.
Forex
Currency trading is limited to CFDs.
Cryptos
Instead of directly buying cryptocurrency, you can trade cryptocurrency pair CFDs. Real cryptos aren’t available.
Other Products
No, only CFD trading with this broker.
Types of Orders ?
4.5
IC Markets provides various order types like limit, market, stop loss, and take profit. Through ZuluTrade, it supports social investing by allowing investment copying. Its platform supports algorithmic trading with custom scripts, though this requires skill.
Leverage ?
Your trade leverage may vary with the platform used (e.g. cTrader vs MetaTrader) when trading with IC Markets.
Trading Fees ?
IC Markets earns from the spread between bid and ask prices in CFD trading, with lower buying and higher selling prices – a strategic business model. Variable fees depend on the time and product. Different accounts also have varying fees and spreads.
Overnight Fees ?
IC Markets applies a daily commission on open trades, similar to other derivatives brokers using leverage. Fees are shown before trading.
Inactivity Fees ?
No worries, IC Markets won’t charge you if you don’t use the account.
Other Fees
Withdrawals at IC Markets are free, but third-party fees may apply for transfers from Australian accounts to foreign accounts. Transactions in non-local currencies incur a commission, and exchange rates vary.
Available Platforms
3
Despite not having its own platform, the brokerage offers MetaTrader and cTrader for computer-based trading. These platforms, complex and slightly dated, cater to experienced traders. Both browser and desktop versions are available. Additionally, MetaTrader 4, 5, and cTrader have smartphone apps for trading.
Charting ?
3
The charting systems on cTrader and MetaTrader offer extensive calculation and analysis options. Initially, the charts may seem complex, but familiarization takes time.
Research ?
2.5
Finding detailed information on trading instruments can be tough. DEGIRO and eToro offer broader research tools. Market Buzz features financial news and updates with filters for your interests and popular topics, plus an economic events calendar.
Education and Guides
2.5
Their tutorials and guides lack detail; more effort is needed in this area.
Alerts
3
Notifications on the platforms have limitations, and they should be improved.
Support ?
4.5
Support via email, phone, and live chat is quite prompt, but responses may not always fully address questions.
Overall Rating ?
3.6
IC Markets specializes in CFD trading, ideal for experienced traders seeking a low-cost platform without a need for diverse instruments. However, its system is clunky with an outdated interface.
IC Markets: Assets & Markets
Compared to other brokers, IC Markets offers fewer financial instruments, focusing solely on CFDs for investment (2200 types).
Here’s more information on the CFDs available for trading.
- 60 currency pairs CFDs.
- +2100 company shares CFDs.
- 20 commodities CFDs.
- 25 indices CFDs.
- 20 crypto currency pairs CFDs.
- 9 debt bond CFDs.
- 4 futures CFDs.
With IC Markets, investing in non-CFD assets like mutual funds, real shares, or ETFs isn’t possible. Surprisingly, they also don’t offer ETF CFDs.
IC Markets allows trading on the Australian, New York, Amsterdam, German, London, Paris, and Madrid stock exchanges, as well as several minor markets.
However, it’s worth noting that this excludes significant markets like Japan, Canada, several European markets, Singapore, Hong Kong, and more. Undoubtedly, there are alternatives with a broader range of assets and derivatives available.
How do I open an account with IC Markets?
For your convenience, I’ve compiled a summary of what you need to do to open an account with IC Markets Spain.
To open an account and start trading with IC Markets, follow these steps:
- Visit IC Markets website and click “Start Trading”.
- Fill in your personal information: name, surname, email, and phone number.
- Enter your postal address and choose your account type.
- Select the platform, and currency you’ll trade on (MetaTrader 4, 5, or cTrader).
- You have to fill out a questionnaire about financial and derivatives trading.
- To log in to your IC Markets account, check your email for the login credentials (username and password) – crazy they are sending this information around by email.
- Please fill in your economic and financial information.
- Upload a copy of your ID card or passport and an invoice verifying your current address to prove your identity.
- A confirmation email will be sent to you by IC Markets once your identity has been verified.
Types of Accounts with IC Markets
IC Markets offers several types of accounts, primarily differing in terms of commissions and spreads. I will discuss them in more detail below.
The available account types include Raw Spread (available with cTrader and MetaTrader) and Standard (exclusive to MetaTrader).
Raw Spread accounts offer lower spreads (measured in pips), but investors will incur a fee ranging from $3.00 USD to $3.50 USD per lot they trade.
- The Raw Spread (MetaTrader) account, in total, charges $3.50 USD for each lot opened and closed.
- For the Raw Spread (cTrader) account, the fee is $3.00 USD per lot when both opening and closing a trade, totaling $6.00 USD.
- On the other hand, if you choose to open a Standard account, you won’t incur a commission for traded lots, but you should be aware that you will face notably higher spreads.
How secure is IC Markets?
Security concerns are increasingly important to me as a user, and I’m sure they are for you as well, there are far too many phishing scams out there. That’s why I’m about to tell you what options IC Markets provides for securing your account – spoiler alert, not too many.
The truth is, IC Markets doesn’t offer much in terms of security optionsfor your account. Based on my extensive IC Markets review of their system, I found no extra security options.
I was quite surprised to find that there were no additional security options, so I decided to reach out to their customer support team for clarification. They confirmed that the only “security” measure in place is the requirement for users to have a “strong password.” To be honest, I find it unacceptable.
Unlike most banks and brokers like DEGIRO, IC Markets lacks two-step authentication for added security. They also do not offer a unique anti-phishing code, which could ensure the authenticity of communications. These common security features are currently unavailable with IC Markets.
Alternativas
IC Markets Reviews: The Final Word
IC Markets appears to be designed for experienced traders or those comfortable with a steep learning curve. It offers powerful features, but may not be immediately intuitive.
Serious investors can gain substantial benefits from connecting external trading platforms like MetaTrader and cTrader, along with advanced trading strategies like social trading or algorithmic trading. Another noteworthy feature is the availability of various account types with distinct fee structures and competitive spreads.
However, it’s important to mention that the platform lacks intuitiveness and has a somewhat dated design. It’s worth noting that trading on IC Markets is limited to derivatives (CFDs). Lastly, while you can trade various common assets through CFDs, it’s essential to mention that IC Markets doesn’t offer the most extensive CFD selection in the industry.
If my analysis and review of IC Markets were useful in your decision-making process, awesome! But if you’ve got any more questions or just want to chat about it, drop a comment anytime.
