Is ICMarkets a scam?
IC Markets is an online forex and CFD broker that operates in a highly regulated environment. The company is authorized and regulated by the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (FSA).
ASIC is one of the most reputable financial regulatory bodies in the world and is known for its stringent regulations to ensure the protection of consumers. ASIC regulates financial products, including derivatives, and is responsible for ensuring that financial markets are fair, transparent, and efficient.
The Seychelles FSA is also a reputable financial regulatory body that is responsible for the licensing, supervision, and regulation of all financial services in Seychelles. It is also responsible for ensuring that financial institutions comply with the rules and regulations set by the government.
IC Markets is required to comply with strict regulations to ensure that its clients’ funds are protected and that the company operates in a transparent and ethical manner. The company holds client funds in segregated accounts, which means that clients’ funds are kept separate from the company’s operational funds. In the unlikely event that the company goes bankrupt, clients’ funds will be protected and returned to them.
IC Markets also uses advanced security measures to protect clients’ personal and financial information. The company uses SSL encryption to ensure that all data transmitted between clients’ computers and its servers is secure and protected.
In summary, IC Markets is a highly regulated forex and CFD broker that operates in a safe and secure environment. The company’s regulatory framework ensures that clients’ funds are protected, and the company operates in a transparent and ethical manner.
ICMarkets Trading Platforms
IC Markets offers a variety of trading platforms to suit the needs of different traders. These platforms are designed to be user-friendly, feature-rich, and provide fast and reliable execution.
- MetaTrader 4: This is a popular trading platform used by many forex traders around the world. It is available in desktop, web, and mobile versions. MetaTrader 4 provides a range of advanced charting tools, technical indicators, and trading signals. It also supports automated trading through Expert Advisors (EAs).
- MetaTrader 5: This is the latest version of the MetaTrader platform and offers even more advanced features than MetaTrader 4. It has an improved user interface, more charting tools, and supports additional asset classes such as stocks and futures.
- cTrader: This is a fast and efficient trading platform that is designed for ECN trading. It provides advanced order management tools, depth of market information, and supports automated trading through cAlgo.
- WebTrader: This is a web-based platform that allows traders to access their trading accounts from any device with an internet connection. It is user-friendly and provides a range of features such as advanced charting tools, technical indicators, and trading signals.
- Mobile Trading: IC Markets also offers mobile trading platforms for iOS and Android devices. These apps provide traders with access to their accounts on the go, as well as real-time quotes, charts, and news.
Overall, IC Markets offers a wide range of trading platforms that cater to different trading styles and preferences. Whether you prefer a desktop, web-based, or mobile platform, you can find a trading platform that meets your needs.
Products ICMarkets provides
IC Markets offers a wide range of financial instruments for trading, including:
- Forex: IC Markets provides access to a large number of currency pairs, including majors, minors, and exotic pairs. The company offers competitive spreads and fast execution on forex trades.
- Indices: IC Markets offers trading on a range of global stock indices, including the US30, UK100, and Germany30. These products are available as CFDs, allowing traders to profit from both rising and falling markets.
- Commodities: The company offers trading on a range of commodities, including gold, silver, crude oil, and natural gas. These products are also available as CFDs.
- Cryptocurrencies: IC Markets offers trading on a range of popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. These products are also available as CFDs.
- Stocks: IC Markets offers trading on a range of global stocks, including Apple, Amazon, and Facebook. These products are available as CFDs, allowing traders to profit from both rising and falling markets.
Overall, IC Markets provides a diverse range of financial instruments for traders to choose from, including forex, indices, commodities, cryptocurrencies, and stocks. Traders can access these products through a variety of trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, WebTrader, and mobile trading apps.
ICMarkets account types
IC Markets is an Australian-based online forex and CFD broker that offers various account types to suit different trading needs. Here are the account types available at IC Markets:
- Raw Spread Account: This account offers raw spreads from 0.0 pips and a commission of $3.50 per standard lot traded. The minimum deposit required is $200.
- cTrader Account: This account is designed for traders who prefer the cTrader trading platform. The spreads start from 0.0 pips, and the commission is $3.00 per side per standard lot traded. The minimum deposit required is $200.
- Standard Account: This account offers spreads from 1.0 pip and no commission charges. The minimum deposit required is $200.
- Islamic Account: This account is a swap-free account designed for traders who follow Islamic finance principles. The account types available are the Raw Spread, cTrader, and Standard account.
- Demo Account: This account is a simulated trading account that allows traders to practice trading strategies without risking real money. The account type available is the Raw Spread Account.
Note that some account types may not be available in certain regions. It is essential to check with IC Markets’ website to see which account type is available in your region.
ICMarkets trading fees
IC Markets charges trading fees based on the account type and the financial instruments traded. Here are the trading fees for each account type:
- Raw Spread Account: This account charges a commission of $3.50 per standard lot traded, in addition to the spread. The spreads start from 0.0 pips for major forex pairs.
- cTrader Account: This account charges a commission of $3.00 per side per standard lot traded, in addition to the spread. The spreads start from 0.0 pips for major forex pairs.
- Standard Account: This account does not charge any commission, but the spreads start from 1.0 pip for major forex pairs.
Note that the spreads and commissions may vary depending on the financial instruments traded, such as indices, commodities, and cryptocurrencies. It is essential to check with IC Markets’ website for the specific trading fees for each financial instrument.
IC Markets also charges overnight financing fees for positions held overnight, also known as swap fees. These fees depend on the financial instrument and the account type.
It is important to note that IC Markets does not charge deposit or withdrawal fees. However, some third-party payment providers may charge a fee for transactions.
ICMarkets Deposit and Withdrawal Options
IC Markets offers a variety of funding and withdrawal options for their clients. Here is an overview of the deposit and withdrawal options, fees, and processing times:
Deposit Options:
- Credit/debit cards (Visa, Mastercard): Instant deposit with no fees.
- Bank transfer: 1-5 business days processing time with no fees.
- Skrill: Instant deposit with no fees.
- Neteller: Instant deposit with no fees.
- BPay (Australian clients only): 1-2 business days processing time with no fees.
- FasaPay: Instant deposit with no fees.
- POLi (Australian clients only): Instant deposit with no fees.
- UnionPay: Instant deposit with no fees.
Withdrawal Options:
- Bank transfer: 1-5 business days processing time with no fees.
- Skrill: 1 business day processing time with no fees.
- Neteller: 1 business day processing time with no fees.
- FasaPay: 1 business day processing time with no fees.
- UnionPay: 1 business day processing time with no fees.
Note that IC Markets does not charge any fees for deposit or withdrawal transactions. However, third-party payment providers may charge fees for transactions.
IC Markets processes withdrawal requests within 24 hours on business days, but processing times may vary depending on the payment provider and the client’s location.
It is important to note that IC Markets only accepts funds from accounts in the client’s name. Third-party payments are not accepted, and the company may request additional verification documents before approving a withdrawal request.
ICMarkets’ promotions
IC Markets regularly runs various promotions and bonus programs for both new and existing clients. Here are some examples of the promotions currently available:
Refer-a-Friend program: Existing clients can refer their friends to IC Markets and receive a cash bonus of up to $100 for each referral.
Active Trader program: Clients who trade high volumes can receive rebates up to 21% on their trading costs.
Demo Trading Competition: IC Markets runs demo trading competitions with cash prizes for the top performers.
Free VPS hosting: Clients who maintain a minimum account balance of $1,000 can request a free VPS hosting service for their trading platform.
Islamic Account Cashback Program: Clients who open an Islamic account can receive cashback of up to 1.5 pips for each trade.
Note that the terms and conditions for each promotion may vary and are subject to change. It is important to check with IC Markets’ website for the latest promotions and bonus programs available. Additionally, clients should carefully review the terms and conditions of each promotion before participating.
ICMarkets customer support
IC Markets provides customer support 24/7 via several channels, including:
- Live Chat: Clients can access the live chat feature directly from the IC Markets website and receive support from a customer service representative in real-time.
- Email: Clients can send an email to the support team at support@icmarkets.com and expect a response within 24 hours.
- Phone: Clients can contact IC Markets’ customer support team via phone. The phone numbers are available on the company’s website, and they provide support in several languages.
- Help Center: IC Markets has a comprehensive help center on its website that includes frequently asked questions (FAQs), trading guides, and platform tutorials.
IC Markets also provides support in several languages, including English, Chinese, Spanish, Arabic, and more. Additionally, the company has local offices in several countries, including Australia, Cyprus, and China, providing localized support to clients in those regions.
It is important to note that IC Markets’ customer support is highly regarded in the industry, with many clients praising their responsiveness, helpfulness, and professionalism.
ICMarkets Educational Resources
IC Markets provides a range of educational resources for its clients to help them improve their trading skills and knowledge. Here are some examples of the educational resources available:
- Trading Central: IC Markets offers its clients free access to Trading Central, a third-party technical analysis tool that provides trading signals, market commentary, and technical analysis reports.
- Webinars: IC Markets regularly hosts live webinars featuring experienced traders and industry experts. These webinars cover a variety of trading topics, including market analysis, trading strategies, and risk management.
- Trading Guides: IC Markets has a comprehensive library of trading guides covering various financial instruments and trading strategies. These guides are available to clients for free and cover topics such as forex trading, CFDs, cryptocurrencies, and more.
- Video Tutorials: IC Markets provides a series of video tutorials covering various aspects of trading, including how to use the trading platform, technical analysis, and risk management.
- Economic Calendar: IC Markets offers its clients access to an economic calendar that displays important economic events and their impact on the financial markets.
IC Markets also provides its clients with access to trading tools such as the MT4 Supreme Edition plugin, which includes advanced trading features such as additional indicators, automated trading tools, and market analysis tools.
Overall, IC Markets’ educational resources are comprehensive and cover a wide range of trading topics. These resources are designed to help traders improve their trading skills and knowledge, and ultimately make better trading decisions.
Pros and cons of ICMarkets
Here are some potential pros and cons of using IC Markets as a forex and CFD broker:
Pros:
- Competitive Trading Conditions: IC Markets offers tight spreads, fast execution speeds, and deep liquidity, making it an attractive option for traders looking for competitive trading conditions.
- Multiple Trading Platforms: IC Markets provides a choice of trading platforms, including the popular MetaTrader 4 and MetaTrader 5 platforms, as well as cTrader, which caters to traders who prefer ECN trading.
- Educational Resources: IC Markets provides a range of educational resources, including trading guides, webinars, video tutorials, and access to Trading Central, which can be useful for traders of all skill levels.
- Regulated Broker: IC Markets is a regulated broker, with oversight from several regulatory bodies, including the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA), which can provide added security and peace of mind for traders.
Cons:
- Limited Product Range: While IC Markets offers a range of forex and CFD trading instruments, it does not offer trading in stocks or other asset classes, which may be a limitation for some traders.
- Inactivity Fees: IC Markets charges an inactivity fee of $15 per month for accounts that have been inactive for more than 12 months, which could be a drawback for traders who do not trade frequently.
- Potential Slippage: As with any broker, traders using IC Markets may experience slippage during periods of high market volatility, which could result in orders being executed at a different price than expected.
Overall, IC Markets offers competitive trading conditions, a range of trading platforms, and useful educational resources, making it a popular choice among forex and CFD traders. However, traders should carefully consider their individual needs and preferences before choosing a broker, and should be aware of the potential drawbacks, such as limited product range and inactivity fees.
Frequently asked questions about ICMarkets
Is IC Markets a regulated broker?
Answer: Yes, IC Markets is a regulated broker, with oversight from several regulatory bodies, including the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA).
What trading platforms does IC Markets offer?
Answer: IC Markets offers a range of trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader.
What is the minimum deposit for an IC Markets account?
Answer: The minimum deposit for an IC Markets account depends on the account type. The minimum deposit for a Standard account is $200, while the minimum deposit for a Raw Spread account is $500.
What is the maximum leverage offered by IC Markets?
Answer: IC Markets offers maximum leverage of up to 1:500 for forex trading and up to 1:200 for trading other instruments.
What trading instruments can I trade with IC Markets?
Answer: IC Markets offers a range of trading instruments, including forex, indices, commodities, cryptocurrencies, and CFDs on stocks.
What are the fees for trading with IC Markets?
Answer: IC Markets charges spreads and commissions for trading, which vary depending on the account type and trading instrument.
What are the deposit and withdrawal options for IC Markets?
Answer: IC Markets offers a range of deposit and withdrawal options, including bank transfers, credit/debit cards, and e-wallets such as Skrill, Neteller, and PayPal.
Does IC Markets offer demo accounts?
Answer: Yes, IC Markets offers free demo accounts that allow traders to practice trading with virtual funds before trading with real money.
What educational resources does IC Markets provide?
Answer: IC Markets provides a range of educational resources, including trading guides, webinars, video tutorials, and access to Trading Central.
Does IC Markets offer customer support?
Answer: Yes, IC Markets offers customer support via live chat, email, and phone, 24 hours a day, 5 days a week.
