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 •  Bitcoin Deposits • IC Markets

IC Markets Review

IC Markets is a broker which can provide very low spreads, with a competitive commission charge as low as $3.5 per lot per side on MT4 and MT5, with no dealing desk intervention and no requotes. This is an ECN broker where all trading styles are welcome, and offering particular support for news traders, high frequency traders, automated traders, scalpers and high volume traders.

IC Markets offers MT4, MT5 and cTrader. IC Markets provides a relatively wide range of markets to trade for an ECN broker, including Cryptocurrencies, Stocks and Bonds.

IC Markets (AU) is still AISC regulated, but there is now IC Markets (EU) regulated by the CySEC in Cyprus and IC Markets (SC) regulated by the FSA in the Seychelles. This review is primarily of IC Markets (AU). The features of the different branches of IC Markets are very similar, but there are differences such as leverage and negative balance protection with regards to IC Markets (AU) and IC Markets (SC) versus IC Markets (EU).

ECN conditions

IC Markets aims to provide very fast order execution utilising servers in New York and London Equinix Data Centres. The Equinix Data Centres provide low latency connections between trading servers and liquidity providers, which include banks and dark pools.

For automated and high frequency traders, IC Markets uses a low latency setup providing connection between major VPS providers (either in the center or connected to it) and IC Markets MT4, MT5 and cTrader servers, which IC Markets says provides under 1 millisecond latency. Thus IC Markets says that these platforms can be suited to automated and high frequency trading on its Raw Spread and cTrader Raw accounts. Overall IC Markets says that orders are processed in under 40ms on overage once received by IC Markets.

IC Markets has over 25 pricing providers. IC Markets says that pricing providers send Executable Streaming Prices to IC Markets who then offers them to traders without dealing desk intervention, requotes or price manipulation. 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 frequency 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 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 5:1 (minimum 1:1) and spreads are from 20.0. 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), Ripple (XRP/USD), Emercoin (EMC/USD), Namecoin (NMC/USD), Peercoin (PPC/USD) and EOS (EOS/USD). For all Crypocurrency CFDs, maximum leverage is 5:1. IC Markets.

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 or on the cTrader platform under Automate. 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 with cMirror and via Myfxbook AutoTrade and ZuluTrade.

Minimum deposit and account types

The minimum deposit for IC Markets is $200. The account types are Standard, Raw Spread, cTrader Raw and Islamic.

  • The Standard account delivers ECN performance, but it does not charge commissions so spreads are higher. The Standard and Raw Spread accounts use Equinix's NY4 Data Centre in New York, the cTrader Raw account uses Equinix's LD5 Data Centre in London. All account types offer the same number of individual markets, micro lot trading and leverage up to 500:1 (at cTrader ASIC regulated and cTrader FSA regulated).
  • IC Markets says that it is suited to news trading, high volume trading, automated trading, scalping and high frequency trading. In particular it says that its Standard account is suited to discretionary traders (who plan an execute their own trades), its cTrader Raw account is suited to day traders and scalpers and its Raw spread account is suited to scalpers and EAs.
  • The Islamic (Swap Free) account is available for Standard Raw Spread and cTrader Raw accounts (and thus for MT4, MT5 and cTrader).

Traders who trade more than 15 lots round turn of Forex and Metals 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 Raw Spread account charges a commission of $3.50 per lot per side and the cTrader Raw 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 and Stocks CFDs), there will not be a commission charge.

Account opening

IC Markets offers accounts in the following currencies, USD, EUR, AUD, CAD, GBP, SGD, NZD, HPY, HKD and CHF. It is also possible to deposit in Bitcoin. 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.

Online trading platforms

  • IC Markets provides MT4, MT5 and cTrader, each available on desktop, web traders and as apps for mobile. It also provides cTrader cAlgo, and the Myfxbook AutoTrade trade copy service and supports the use of ZuluTrade. Both MT4 and MT5 are available on the Standard and Raw Spread accounts. cTrader is available on the cTrader Raw account.

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 and the Raw Spread and cTrader Raw accounts have spreads from 0. 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 and an average of 0.1 and a minimum of 0 for the Raw Spread and cTrader Raw accounts.
  • Gold (XAU/USD) has an average of 0.09 and a low of 0. Silver (XAG/USD) has an average of 0.15 and a low of 0. UK100 has a low of 1 and an average of 1.

Maximum leverage is 500:1 at ASIC and FSA regulated IC Markets. At CySEC regulated IC Markets, maximum leverage is .

Negative balance protection

IC Markets (AU) and IC Markets (SC) do not have negative balance protection, thus it is possible for losses to exceed deposits. IC Markets (EU) does have negative balance protection, thus it is possible to lose all of the capital in the account.

Funding

Deposits can be made by methods including credit and debit cards, Skrill, PayPal, wire transfer/bank transfer, Neteller, Netlller VIP, Bpay, Union Pay, FasaPay, Broker to broker transfer, QIWI, POLI, Thai Internet Banking, Rapidpay, Klarna, Bitcoin Wallet and Vietnamese Internet Banking. IC Markets does not charge any fees for deposits or withdrawals and does not accept third party payments.

Regulation

  • IC Markets (AU): 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.
  • IC Markets (SC): IC Markets (SC) holds a Securities Dealer Licence No SD018 and is authorised to carry on a financial services business in Seychelles, limited to the financial services covered by its Securities Dealer Licence.
  • IC Markets (EU): IC Markets (EU) LTD is a Cyprus Investment Firm (CIF) which is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with Licence No 362/18.

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+.

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