Looking for the right IC Markets account types for your trading needs?
Below we delve into the pluses and minuses of each IC account:
When it comes to Forex trading in Australia, few brokerages are as prominent as IC Markets. The broker offers 65 currency pairs when trading on the forex market. These forex pairs consist of major and minor pairs. If you prefer to trade other CFDs, the broker allows you to trade other leveraged instruments such as indices, shares CFD, futures, cryptocurrency and commodities. Like most other brokerages, IC Markets also offers multiple account levels with features tailored to the needs of different types of traders.
The following is an IC Markets account review that will help traders who are considering the platform pick
out the best account for their needs.
The first account type on IC Markets is a demo account. Demo accounts effectively allow users to open mock trading positions that will move in line real market data, just as a real trade would. These trades, however, do not involve any real money. Instead, they act as a hypothetical learning tool for those who are new to trading or who need to get used to the IC Markets platform.
If you are new to online trading or haven’t used MetaTrader 4 software before, it’s a good idea to start with one of these demo accounts. If you haven’t traded online in the past at all, you should use a demo account to experiment with different trading strategies before actually putting real money behind any of them. This is a great way to see how various methods of analysing data and planning trades work in real-world scenarios.
Next in this IC Markets account review is the Standard account, which is the basic live trading account type offered by this brokerage. Standard account features include:
For traders who are just starting, the Standard account is a relatively good value. With its fairly tight spreads and no commission fees, trading using this account type is inexpensive for traders who tend to trade at lower volumes. As traders move up or transition into full-time income trading, they will likely want to take advantage of the next level on this IC Markets account review and learn more about the difference between raw spread and the standard account. Other brokers that offer no commission standard style account include easyMarkets and we have compared this with IC Markets.
Next up is the Raw Spreads account (formerly called True ECN account), which shares many features with the Standard account but offers a fee structure more suitable to high-volume trading. Under this fee structure, spreads go down, with some assets trading as low a 0.0 pips. To compensate for this, however, a volume-based commission of $3.50 USD is applied per lot. Whether or not this structure will be the best for you will largely depend on your trading strategies and volume.
The RAW Spreads account is generally considered to be best suited to a basic scalping strategy. In scalping, traders will usually place very short-term trades and close their positions as soon as the trade becomes profitable. This allows them to build up small profits on fast trades, ultimately resulting in higher overall gains if done correctly. Because of its fee structure, the Raw Spreads account is very good for such a strategy, as it reduces the fees placed on high-volume trades. Like the Standard account, the Raw Spreads trading account offers leverage of up to 500:1, which is also advantageous for scalping traders. Other ECN accounts are offered by Pepperstone and AxiTrader. Plus500 is the counterpoint to an ECN broker as they are a market maker.
The next level up in this IC Markets account review is the cTrader account. This account changes the commission structure yet again, with a flat commission of $3.00 placed on the volume of $100,000, measured in USD. This commission rate makes the cTrader account ideal for day traders and scalpers who trade at the highest volume levels. If you plan to turn your trading into a full-time income stream, the cTrader account is likely the best option for you.
Like the previous level, this account offers spreads starting at 0.0 pips and staying extremely tight across the spectrum. These tight spreads are supported by the cTrader system’s use of ultra-fast trading and high liquidity sources. Traders can also hedge their trades easily, giving them even more potential ways in which to profit from their positions.
One thing to keep in mind with the IC Markets cTrader account is that it uses the cTrader proprietary platform, rather than MetaTrader 4. If you have gotten used to using MT4 on another trading platform, it may take a little time to fully get used to cTrader. The learning curve isn’t bad, as cTrader is fairly intuitive.
One of the most prominent developments in online trading over the past few years has been the evolution of Islamic trading accounts. These accounts are structured in such a way that they conform with sharia law which does not allow Muslims to accepts swaps. The Islamic account is a swap-free account. This means you get all the features of the Razor account but without overnight swaps or holding fees. This account is only for traders of Muslim faith. To qualify for an account, you will need to show the broker you are of Muslim faith.
On the whole, the diversity of account types including its spreads and fees upon IC Markets review is one of the platform’s major strengths. As in any investment environment, more options and greater flexibility in online trading tends to lead to greater long-term success. Whether you are a novice trader or someone with experience who is looking for a new trading platform, IC Markets is worth looking into compared to IG Markets as they are one of the top Australian FX Brokers. In closing, it should be noted that, unlike on some platforms, traders are completely free to choose the account option that works best for them without having to invest extra money, as the fee to open any of the live trading accounts is the equivalent of $200 USD.
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