The Best Forex Trading Account
The IC Markets True ECN Account was deemed the best online forex trading account based on:
- The choice of cTrader or MetaTrader forex trading platform
- Leveraged products from forex, CFDs to indices
- High reviewed customer support
- Low minimum deposit levels
- Strong Foreign Exchange spreads and fees
View the complete IC Markets review below.
Forex Trading Platforms Available With IC Markets
When trading forex there are three core forex platforms that IC Markets offers.
1) MetaTrader 4 (MT4)
Available since 2005, MT4 is the world’s most preferred trading platform for forex with both brokers and traders. MT4 is a leading trading platform in the retail forex exchange market because it has a user-friendly interface and easy ability to use. Users appreciate the ability to custom the trading terminal to their liking. Users can choose from some
- 30 built-in indicators
- 2000+ free custom indicators
- 700 paid indicators
- 24 analytical objects
- 9 timeframes
- 3 charting types and unlimited charting setups (of which 99 can be opened simultaneously)
In addition the essential trading tools, MT4 has a huge MT4 community where one can download via MetaTrader 4 marketplace additional features such as robots, expert advisors, indicators, more charts and even social trading/signal and copy trading services.
Key MT4 Elements:
- Best for trading CFDs – forex, shares, futures, spot metals, indices, cryptocurrencies and ETF
- Foreign currency trading with fast execution speeds
- 24 drawing tools
- Easy to use interface
- Hedging and scalping
- Market watch window
- 4 Order types
- Advanced chart capabilities
- Expert Advisors for automated trading
- MQL4 for automated trading
- Margin Call
2) MetaTrader 5 (MT5)
While MT5 is some aspect can be considered an upgrade on MT4. While MT4 works best for trading in decentralised markets (CFD trading) MT5 will also work with centralised markets. This means you can use MT5 for trading both shares and commodities. Not only can one trade more financial instruments with MT5, the platform offer more customisation choices over MT4. Users can choose from the following in their trading terminal
- 38 built-in indicators (plus 2000+ free custom indicators, 700 paid indicators)
- 21 timeframes
- 44 analytical objects
- 3 chart types (including choice of colour schemes) and custom templates and profiles
- unlimited number of chart configurations (of which 100 can be opened simultaneously)
MT5 has a few features that are not built into MT4 including economic calendars and financial news broadcasting. It also has Depth of market.
MT5 like MT4 offers it own marketplace known as MT5 marketplace. MT5 introduces a improved language called MQL5 which is based on C++. This should mean it is easier to write you own libraries, robots and expert advisors and custom indicators.
While MT5 has an improved programming language, the market it not as extensive as MT4 marketplace. This is because adoption of MT5 is not high as MT4. There are a few reasons for this including MT4 being around longer than MT5 and a slightly more complex user interface. However, the main reason is because it was initially designed for United States market. MT5 has since been upgraded to allow both hedging and netting when taking a position. With this upgrade MT5 should become more popular however MT4 is still an excellent option if you only wish to trade CFDs or desire a simpler interface.
Key MT5 Elements:
- Designed for both share and CFD trading.
- MQL5 (C++) for scripts and algorithmic trading
- 6 Order types
- Hedging and scalping
- Ability to create customised technical indicators
- Enhanced order management capabilities
- Margin Call
The main competitor to MetaTrader and designed by Spotware, cTrader one of the leading multi-asset trading platforms offers level II pricing. fast simultaneous processing and 3 types of trigger methods for advanced order protection. Like MT4 and MT5, cTrader offers good customisation ability including light and dark themes, cart colours and ability to view charts in multiple modes. You can choose from the following features:
- 70 indicators
- 54 timeframes
- 9 chart types
- 21 drawing tools
- 50 chart templates
cTrader allows for algorithmic trading through cAlgo. To use this you will need to know C# language. In addition to writing you own scripts, you can also access the cTrader community store to access your own custom trading tools.Here you can also access cMirror allows for social-copy trading.
Key cTrader elements include:
- Depth of market similar to an institutional trading environment
- Fast entry and execution including simultaneous order processing meaning no order queue
- CFD and non CFD trading (multi-asset class)
- Advanced order functionality and risk management
- Expert order functionality and risk management tools
- Open API or coding in C# available
IC Markers Offer The Highest FX Leverage
Traders with expert knowledge forex trading and understand the risk return trade off leverage offers will appreciate the 500:1 leverage IC Markets offers. This is because IC Markets offers the highest leverage available allowed by the Australian Investment and Securities Commission (ASIC). This has been matched in recent times by ThinkMarkets & CMC Markets.
Expert traders will be well versed in how to use leverage wisely to magnify their profits when they trade foreign currency. However, for those in two minds about whether trading foreign exchange with as high as 500:1 leverage take the following into account. A $100 trade at 500:1 leverage means you control $50,000 worth of currency. If that currency pair moves in your favour by 0.1% a profit of $50 would be made or 50% improvement on your initial $100. If market prices move against you however, your entire investment could be wiped out. Know the risks before you proceed with high leverage. Leverage when used smartly can be a clever trading strategy however consider your need to use leveraged instruments in times of high risk.
Top Notch Customer Service With IC Markets
IC Markers Customer Service is available for contact 7 days a week, 24 hours a day. Methods of contact include email, live chat and call back. 24 hours customer support makes IC Markets suitable for all investors not only for advanced traders who may be looking to buy and sell outside standard trading hours but also beginner traders who may have questions about trading on the forex market or general contracts for difference questions.
IC Markets have other tools in addition to customer support which will can give you a better trading experience. This includes a help centre which has a FAQ section to answer common questions and glossary to familiarise yourself with common fx terms. There is also an education library which includes video tutorials, web tv and a getting started in 10 lessons blog series.
IC Markets charge no fees for Deposits and Withdrawals
IC Markets offers a wide choice of methods for deposits. You can transfer your funds securely using credit cards such as Visa, Mastercard, free of commission charges. In additional to credit cards you can also use services such as PayPal, Skrill, Neteller and BPay.
When it comes to withdrawals, request for withdrawal must be done within the secure client area of your IC Markets Account. If a withdrawal request is done before midday then processing will be done on the same day. IC Markets do not charge any fees for withdrawals however the funding provider may. For example Internal Bank Wire Transfers incur a $20 AUD charge from the banking institution. Transfers will then take 3-5 days to be received in your account. No charges however are applied for domestic transfer or credit and debit card transfers.
IC Markets Offer The Lowest Spreads For Advanced Traders
If using the advanced Forex trading Australia account with IC Markets, expert traders can take advantage of the extremely low spreads on offer with the broker. A quick review of the below tables highlights that spreads start at just 0.0 Pips with the popular AUD/USD pairing spread starting at 0.4.
While it is true that a number of the top Forex companies such as Pepperstone offer equally low spreads, IC Market’s 500:1 leverage gives advanced traders with high risk thresholds the ability to take even greater advantage of these low prices.
IC Markets has a great reputation
Having a quick look at IC Market’s reputation on a whole bunch of review websites, our team found that consumer confidence in IC Markets was incredibly high. A popular 3rd part review site ranked the company 85.6 out of 100 overall and their Forex trading Australia account was credited for that score.
How We Put Together Our Forex Trading Australia Comparison For Advanced Traders
The best advanced, high leverage forex trading Australia account comparison table was created by our dedicated team of Forex professionals. Combined we have 10 years of experience working in the Forex industry and have spent 6 months analysing the industry and critiquing its best players. We created the best broker comparisons for traders looking for low fees, high leverage and also based on risk profile and level of expertise. All brokers included on this website must be regulated and certified. IC Markets holds an Australian Financial Services Licence having set up shop in Australia in 2009.
Please note, the above forex trading Australia account information is put together manually with zero automation. As a result, the data provided here might have some minor errors. We recommend that before signing up to an FX broker and double-check the information here with the relevant provider’s website. It is a good idea open an acc