icmarkets Forex Broker Review | Is icmarkets a Scam?
IC Markets is an ASIC-regulated MetaTrader and cTrader broker that provides competitive spreads on its commission-based accounts for forex and CFD traders.
ICMarkets is a forex broker. IC Markets offers the MT4, MT5 and cTrader trading currency platforms. ICMarkets.com offers over 60 currency pairs, cryptocurrencies, indices, futures, stocks, gold, silver, commodities and cfds for your personal investment and trading options.
What exactly does IC Markets bring to the table though, that its industry peers don’t?
As already said above, IC Markets is one of only a handful of proper ECN brokers. As such, it offers superior technology, solid liquidity providers and faster execution.
Lower spreads are obviously also in the winning recipe.
The trading platform selection of the operator is rather impressive as well. Besides MT4, cTrader is on offer too.
The resulting trading environment is allegedly second to none. A number of advanced trading tools round out the picture in this regard.
The IC Markets customer service is online 24/7, which is indeed quite a step up from the usual 24/5 schedule.
The broker also offers a handy MAM/PAMM option, allowing account managers to optimize allocation, and to generate real-time performance reports.
The master account supports the single-click execution of block-orders, using preset allocation. An unlimited number of trading accounts are supported, and the deposit amount is not limited in any way.
Three basic account types are supported: Standard, True ECN and cTrader ECN. Every one of these accounts can be spun into a swap-free Islamic version, obviously available only to those who really are of the Islamic faith.
The Standard Account is the most accessible. With a minimum deposit requirement of only $200, this account type features spreads starting from 1 pip and maximum leverage of 1:500.
This account type does not charge any commission and it supports no fewer than 64 currency pairs.
The True ECN Account does feature a commission though ($3.5 per lot) but its spreads start from 0 pips.
The minimum required deposit is $200 in this case too, and the maximum leverage is 1:500 as well.
The cTrader Account offers more or less the same trading conditions, and its minimum deposit requirement is $200 as well. The commission it charges though is $3/$100k.
It too is suitable for day traders and scalpers and it too supports all trading styles. The maximum available leverage is 1:500 on this account as well.
As mentioned above, the swap-free Islamic Trading Account is 100% Sharia-compliant. To open such an account, one needs to open a regular one first, after which he/she needs to contact support.
The IC Markets support staff will then assess eligibility and grant access to the Islamic account to those who qualify.
Islamic trading accounts support over 50 currency pairs, commodities and CFDs.
IC Markets Trading Platforms
The IC Markets trading platform offer is based on MT4 and cTrader – as stated above.
MT4’s qualities hardly need any praise for anyone versed in online trading. The platform is user-friendly and it is fully customizable. It comes equipped with a superb selection of trading tools and features which puts every competitor to shame.
The platform can be downloaded directly from the IC Markets website, for free, and it has scores of pre-installed technical indicators and drawing tools. New indicators can always be installed, and users are free to code and add their own.
The platform supports the use of EAs, and since IC Markets allows all trading styles, users are free to put these EAs to use the way they see fit.
cTrader is a platform dedicated to ECN trading. It is a very powerful trading environment, which offers features such as VWAP trading and depth of market.
The cTrader execution speeds are unparalleled. The servers of the broker are hosted by prestigious data centers in New York and London.
Web Traders and mobile trading apps are obviously also available.
IC Markets offer a VPS service as well, but to qualify for it, rather significant trading volumes need to be logged.
Those looking to start a trading account at IC Markets, have an impressive range of deposit methods at their disposal.
Various credit- and debit cards are accepted, as well as bank wires. Interestingly, one can also use a PayPal to deposit funds with the broker. In addition to all the above, scores of other, regional solutions can be used as well, such as Qiwi, FasaPay, BPAY, WebMoney, and Neteller. Broker-to-broker transfers are also accepted, so there can be no complaints in this regard.
In regards to tradable assets, IC Markets cover all the traditional asset classes. Some 64 currency pairs can be traded, together with equally impressive selections of indices, stocks, bonds, futures and commodities.
In addition to all that, the broker supports cryptocurrency CFDs as well. As far as cryptos are concerned, only Bitcoin is currently featured, but for a crypto enthusiast, it will suffice.
BTC trading is done through CFDs, meaning that traders will not be able to purchase actual cryptos through the broker.
The IC Markets website provides several options for traders to leave feedback, to ask support a question and to chat with support staff members.
Scores of regional phone numbers are available, for every one of the countries where the broker operates.
The general support email is firstname.lastname@example.org.
Everything accounted for, IC Markets is indeed a complete and solid trading destination. Everything from their trading platforms to their MAM/PAMM account options screams professionalism.
The reputation of the broker is great as well, and their trading conditions (on their ECN accounts) are indeed excellent.
The broker is regulated, though in this regard, some room has been left for improvement.