IC Markets Review

IC Markets Review

Forex pairs, Indices, Metals, Energies, Soft Commodities, Bonds, Cryptocurrencies, Stocks & ETFs

  • ASIC regulated ✔
  • 230+ markets on MT5
  • No dealing desk execution
  • Trader Friendly grade: A+
  • Leverage up to 500:1
  • $200 minimum deposit
  • MT4, MT5 & cTrader
  • $3.5 MT4 commissions
  • Micro lot trading
  • Copy trading
Cryptocurrency CFD Trading • IC Markets

IC Markets Review

IC Markets is an Australian broker which provides very low spreads, with a competitive commission charge as low as $3.5 per lot per side on MT4. This is an ECN broker where all trading styles are welcome. It offers MT4, MT5 and cTrader. IC Markets provides a range of markets to trade, including Cryptocurrencies, Stocks and Bonds.

ECN conditions

IC Markets aims to provide very fast order execution utilising servers in New York and London. The Equinix NY4 servers provide low latency cross connects between MT4 servers and liquidity providers, which include banks and dark pools.

For automated and high frequency traders using MT4, IC Markets uses a low latency setup providing a cross connect between the CNS data center and IC Markets MT4 servers, which IC Markets says provides under 1 millisecond latency.

Liquidity sources are 50+ banks, hedge funds and dark pools. IC Markets aims to provide very tight spreads utilising high liquidity, low latency and asynchronous spot pricing. There are no re-quotes and scalping, robots and high volume trading is allowed. Stop and loss orders can be placed as close to the market price as the trader wishes. The is no maximum trade size.

Bonds Futures

IC Markets offers Bonds Futures CFDs from around the world. These are available on MT4 and MT5.

Cryptocurrency trading

IC Markets now offers Bitcoin CFD trading. IC Markets says that this takes place using its ECN no dealing desk trading conditions, with no requotes, no intervention, and trading on streaming prices from its range of liquidity sources. Maximum leverage available is 20:1 (minimum 1:1) and spreads are from 10.0. The minimum lot size is 0.01 (micro) lots.

In addition to Bitcoin (BTC/USD), IC Markets offers Bitcoin Cash (BCH/USD), Ethereum (ETH/USD), Litecoin (LTC/USD), Dash (DASH/USD) and Ripple (XRP/USD). IC Markets.

EA Lab and EA Analyser

IC Markets offers access to EA Lab and EA Analyser for traders with a minimum balance of $200, T&Cs apply. EA Lab lets the trader develop automated trading algorithms without needing to code. Once the models have been built, their performance can then be examined with EA Analyser.

IC Markets cTrader

IC Markets provides the cTrader platform. This ECN trading platform is offered with Forex, Metals, Energy, Indices and Bitcoin, for a total of 75+ individual markets. It provides cBots and Autochartist. cBots can be edited using cAlgo. The platform, though advanced, also has an approachable interface, which helps navigate through its trading features.

IC Markets MT5

The MT5 platforms allows this ECN broker to offers an expanded range and number of markets. This is because it allows IC Markets to provide Stocks CFDs. MT5 is a successor to MT5, and offers what is arguably an improved trading interface as well as more markets.

Copy Trading

IC Markets gives the trader the capacity to automate their trading by using robots (or automated trading strategies), and also provides the capacity to automate trading by copy trading, where the trades of other trades are copied into their account. This functionality is provided on MT4, MT5 and also cTrader, which has cMirror available. These functions can be accessed via tabs on the platforms.

Minimum deposit and account types

The minimum deposit for IC Markets is $200. There are four account types, the Standard account, the True ECN account, the cTrader ECN account and an Islamic account.

  • The Standard account delivers ECN performance, but it does not charge commissions so spreads are higher. The Standard and True ECN accounts use Equinix NY4 servers in New York, the cTrader account uses Equinix LD5 in London. All account types offer the same number of individual markets, micro lot trading and leverage up to 500:1 but differ in terms of spreads and commissions.
  • IC Markets says that the True ECN and cTrader accounts are more suited to EAs and Scalpers, but all trading styles are welcome on each account type. IC Markets also says that cTrader can be a better option for traders based in and around Europe.
  • The Islamic (Swap Free) account is available for Standard and True ECN accounts on the MT4 and cTrader platforms.

Traders who trade a minimum of 100 lots round turn of Forex per calendar month can qualify for a Virtual Private Server (VPS) sponsored by IC Markets, T&Cs apply.

Commission

The Standard account does not charge a commission, but the True ECN account charges a commission of $3.50 per lot per side and the cTtrader account charges a commission of $3 per 100,000 USD traded per side. The USD commission charge for cTrader is converted to the base currency of an account using the current spot rate. Commissions are only charged for Forex and Metals. So for some instruments on the ECN accounts (including Cryptocurrencies), there will be a spreads, instead of a commission charge.

Account opening

IC Markets offers accounts in the following currencies, USD, EUR, AUD, CAD, GBP, SGD, NZD, HPY, HKD and CHF. To verify the account 100 points are required, based on the documents submitted. IC Markets says that client funds are held at segregated accounts with the National Australian Bank (NAB) and Westpac.

Platform

  • IC Markets provides a webtrader based on MT4 in addition to MT4, MT5 and cTrader, each available on desktop, tablet and mobile. It also provides cTrader cAlgo, and the Myfxbook AutoTrade trade copy service. Both MT4 and MT5 are available on the Standard and True ECN accounts. cTrader is available on the cTrader ECN account.
  • The webtrader provides 20+ Forex pairs only, time frames from 1 minute to month, and candlestick, line and bar charts. It can provide a more approachable interface to ECN spreads, with spreads down to zero.
  • cTrader provides bar, candlestick, line and dot charts and 55+ technical indicators on the chart, but many more indicators can be downloaded. At IC Markets, MT4 as well as MT5 and cTrader provide Level II pricing.

Markets

IC Markets offers 230+ CFD instruments, covering Forex, Indices, Energy, Precious Metals, Stocks, ETFs, Futures, Cyptocurrencies and Bonds. For an ECN broker this is a relatively large number. The Futures are Futures CFD Indices, including the VIX and Dollar Index. Different platforms have a different range and number of markets: the most is on MT5, the least on cTrader.

Spreads and leverage

  • The Standard account has spreads from 1, the True ECN account has spreads from 0 and the cTrader account has EUR/USD spreads from -0.3 (which is low even for an ECN broker). The average EUR/USD spread is a very tight 0.1 pips.
  • In more detail, EUR/USD has an average of 1.1 and a low of 1 for the Standard account, an average of 0.1 and a minimum of 0 for the True ECN account and an average of 0.1 and a low of -0.3 for the cTrader account (as it does not have a minimum spread).
  • Gold (XAU/USD) has an average of 1.3 and a low of 0.3. Silver (XAG/USD) has an average of 1.0 and a low of 0.3. UK100 has a low of 1.

Maximum leverage is 500:1.

Funding

Deposits can be made by credit and debit cards, Skrill, PayPal, wire transfer/bank transfer, Neteller VIP, Local bank transfer (outside Australia), Webmoney, BPAY Deposit (Australia only), Branch cash deposit (Australia only), China Union Pay, Neteller, FasaPay, Broker to broker transfer and QIWI. IC Markets does not charge any fees for deposits or withdrawals and does not accept third party payments.

Regulation

International Capital Markets holds an Australian financial services licence (AFSL) to carry on a financial services business in Australia, limited to the financial services covered by its AFSL. International Capital Markets Pty Ltd has ACN 123289109 and AFSL No. 335692. Its address is International Capital Markets Pty Ltd, Level 6 309 Kent Street, Sydney, NSW 2000, Australia.

Summary and grade

This is an ECN broker which provides services for all kinds of traders. It has ultra low spreads and low commissions and has a focus on providing fast order execution.

As an ECN broker committed to providing very low spreads, competitive commissions and a range of platforms, catering to the kind of trading which may not be so accessible at other brokers, IC Markets gets a Trader Friendly grade of A+.