IC Markets

IC Markets Forex Broker Review | Superchoice Forex

May 2020

Unboxing

In the box

Cost of the box

Opening account speed

Minimum deposit

Leverage

Deposit & Withdrawal
Customer support
Education
Research
Speed of execution
Product portfolio

Spreads

Commissions

Hidden fees

Total Score: 11 / 12

IC Markets Broker Review Summary

Hi traders, Welcome to another SuperChoice Forex Broker Review! The infamous IC Markets! IC Markets is one of the big powerhouse Forex brokers, notorious for their thin spreads and good trading conditions. So as usual I will be challenging this reputation and finding out if it is deserved, as well as challenging their key marketing points!

So who are IC Markets? They are an Australian Forex broker, established in 2007. We found their ASF Licence was issued in 2009, so they they have established a track record over 10 years. IC Markets have no negative balance or investor protection on accounts, however I have read online cases of IC Markets reimbursing clients for negative balances as a token to valuing clients. Their website’s key advertised points are spreads from 0.0, “ultra fast order execution”, 220+ tradable instruments and 24/7 support.

So without further ado, let’s put IC Markets to the SuperChoice test!

Unboxing – Opening an account with IC Markets

I was able to open an account with IC Markets extremely quickly, and offered the option of the MetaTrader and Ctrader platforms. My personal preference is with Ctrader. It is great that they offer both platform systems, as many brokers only offer the MetaTrader platforms. Default leverage for any account is 400:1, however traders can adjust this when opening an account, with available leverage of up to 500:1. BING, IC Markets first point right there! I was verified in less than 2 hours, and given access to trading very quickly; the first interaction I had of their customer service, giving me a positive impression. Whilst IC Markets have no deposit necessary to open an account, they do have a minimum deposit size of $200! Come on IC! There are numerous brokers out there with no minimum size, so IC Markets is docked their first point there.

Score = 2/3

It is seamless opening an account with ICM, and I’m pleased with their leveraging options, however their minimum deposit of $200 is not competitive with many brokers in the industry.

What’s in the box? IC Markets Broker Review

What is it that IC Markets offer? Well let’s start with their 24/7 Support. This allows clients access to support around the clock, including weekends. Clients may also arrange a call back to talk to a support member over the phone, or email support. Typically, brokers offer 24/5 support, so they are ahead of the industry here. I put this support to the test… how quick do they respond and are their agents knowledgeable?

I messaged IC Markets live chat support at 10:15am (UTC+10) on a Tuesday, and they replied at 11:50am the same day, over an hour later. This is quite slow for a live chat, however I was able to see my number in the queue countdown whilst waiting, or arrange for them to call me back at a time that suited me. The agent was very informative and covered all of my questions, rather than giving a canned response or directing me to one of their support pages. Very nice personal touch ICM, just could be faster! My idea of live chat is instantaneous contact with an agent.

The client area of their website is quite simple in appearance, however clients do have access to a range of Trading Central products and Autochartist pattern recognition software. The client portal is quite basic in design, but the facilities are certainly available to support their clients trading. I think IC Markets could improve their client portal, specifically by providing an analytic breakdown of their traders results. The tools are quite solid though, as both Trading Central and Autochartist are known and respected technical analysis softwares.

I like the variety of deposit and withdrawal methods available with IC Markets; they really offer a solid number of ways to fund your account. They offer more than 16 funding methods, which is well ahead of the industry, and 10 different currencies to fund the account, making accounts easily accessible to traders internationally. Popular funding options include bank transfer, credit/debit cards, Paypal, Poli and more.

A key advertising point of IC Markets is their range of tradable instruments, encompassing 220+ instruments. Their CFD products range across Forex, indicies, commodities, stocks, bonds, cryptocurrencies and futures. Most of their products are available on the MetaTrader and cTrader platforms, however their stock CFD’s are only tradable on the MT5 platform. I and many traders aren’t too fond of MT5, and with brokers such as Vantage FX offering stock CFDs on MT4, this is definitely something IC Markets could do to improve.

The order execution and fills are very high quality with IC Markets. With trade servers in New York and London to handle their trade volumes, IC Markets offers max. lots of 200, perfect for high volume traders. These must be quite impressive servers to handle their huge volume as IC boasts being the largest FX CFD provider in the world by volume. I was satisfied with my order executions, as I didn’t have any lag when trading with them.

Score = 6/6


IC Markets is a high quality forex broker that provides clients quality resources for their trading support and education. They have reasonable customer support services that run 24/7, which is ahead of the industry, and they have extreme quality trading conditions. Now let’s take a look at what traders pay for the qualities that IC Markets offers.

Cost of the box – IC Markets Spreads, Commissions and Fees

IC Markets have a reputation for being one of the lowest cost forex brokerages, with some of the best trading conditions. Right off the bat IC Markets has a commission of $3.50 a side per lot, which is actually pretty standard for the industry, but usually you get what you pay for with brokers, and IC Markets is a textbook example. The spreads available are extremely thin, and I saw the EURUSD spread at 0.0 so many times it felt like it was normal. The spreads across all the major pairs were aggressively competitive; IC Markets certainly deliver on their claim of spreads from 0.0. I was pretty impressed with the consistency of the low spreads, but less so with the commissions. All in all, the trading costs with IC Markets are below average, with extremely high quality conditions. IC Markets have no non-trading costs or hidden fees such as account inactivity fees or funding fees.

Score = 3/3

IC Markets delivered on their promise of spreads from 0.0 and low costs. Whilst commissions lower than $3.50 are available on the market, I have not traded with any broker that offers as high spread conditions as IC Markets. They have complete transparency on their costs, with no extra fees.

My experience trading forex with IC Markets

My overall impression of IC Markets is they are a Forex Broker for serious traders. With institutional level spreads, liquidity and execution they certainly lived up to the hype in my opinion. I think they could improve and be more competitive by lowering their minimum deposit and improving response times on the live chat. With a $3.50 commission, you get what you pay for, including great trading conditions, advanced tools, and a choice of platforms.

Total Score = 11/12

Leverage

In terms of trading, leverage is borrowed capital that allows you to increase your potential profits or losses. In Forex a common leverage amount offered is 100:1, meaning that for every $1 you have you can control $100 in equity.

Margin

Margin is the collateral you must keep in your account to maintain a leveraged position.

Open A Forex Trading Account

Opening a trading account with an Australian Forex Broker is an easy process that can typically be completed within a matter of minutes. To open an account with a forex broker there are three main steps:

  1. Fill out personal information
  2. Verify account with documents
  3. Client Qualification questionnaire

To open an account, you will need to provide your full name, nationality, email and phone number. Once you’ve completed these and set up a password you will typically be asked to choose the type of account and the trading platform, as well as your base currency. You will also be asked for your country of tax residence and tax details (TFN for Australians). Typically, providing specific tax information such as TFN is not compulsory. Brokers will also ask if you are a politically exposed person. The final personal information you must provide is your contact information, including your full address and how you would prefer to be contacted

The next section is financial information. Here you must provide your employment status information, annual income bracket and liquid net worth. Once you are through this section, the broker will ask your about your trading experience (Years) on securities, options, commodities, futures, CFD’s and OTC Forex Exchange, and if you understand the risk of margined transactions.

The client questionnaire assesses whether your knowledge of CFD’s is suitable for opening an account.

Margin Call

A margin call is a demand from the broker for the client to deposit funds to meet margin requirements for open/closed positions.

Short Position

A short sell is a position where the trader anticipates the price of an instrument to decrease, and sells a borrowed asset to buy it back in the future.

Long Position

A long position is a buy position, where the trader anticipates the price of an instrument to increase.

Test2

This is a test, all systems go!

Indicator

An indicator is something that assists traders finding where to enter and exit trades. An indicator could be calculated like a moving average or RSI or a drawn support/resistance level.