IC Markets Account Review 2022. All Accounts Reviewed Here!

IC Markets Accounts Overview

When it comes to Forex trading in Australia, few brokerages are as prominent as IC Markets. The broker offers 65 currency pairs with competitive pricing 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 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.

Demo Account

The first account type that IC Markets offers is a demo account. Demo accounts effectively allow users to open mock trading positions that will move in line with 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.

Standard Account

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:

Commission-free spreads starting at 1.0 pips
One-click trading options
A minimum deposit of $200

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 brokers ECN-style pricing 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.

Raw Spread Account

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 as 0.0 pips. To compensate for this, however, a volume-based commission of $3.50 USD ($7.00 round-turn) is applied per lot. Whether this structure will be the best for you will largely depend on your trading strategies, volume and the average spreads you want to trade.

The RAW Spreads account is generally considered to have the best trading conditions for traders looking for the lowest costs and for scalpers. 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 under FSA (Seychelles) regulation and 30:1 under ASIC (Australia) and CySEC (Europe) jurisdictions, which is also advantageous for scalping traders. Other ECN accounts are offered by Pepperstone and Axi. Plus500 is the counterpoint to an ECN broker as they are a market maker.

cTrader Account

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 platform 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 get used to cTrader. The learning curve isn’t bad, as cTrader is fairly intuitive.

Islamic Accounts

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, where Muslim traders cannot accept 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 the Muslim faith. To qualify for an account, you will need to show the broker you are of the Muslim faith.

Account Trading Conditions

All IC Markets accounts allow you to choose from 64 currency pairs. These include all the major currency pairs such as:

EUR/USD (Euro and US dollar)
GBP/USD (British pound and US dollar)
USD/JPY (US dollar and Japanese yen)
USD/CHF (US dollar and Swiss franc)
AUD/USD (Australian dollar and US dollar)
GBP/EUR (British pound and euro)
USD/CAD (US dollar and Canadian dollar)
NZD/USD (US dollar and New Zealand dollar)
EUR/CHF (Euro and Swiss franc Euro)

And minors and exotics such as:

USD/HKD (US Dollar and Hong Kong Dollar)
USD/SGD (US Dollar and Singapore Dollar)
USD/SEK (US Dollar and Swedish Krona)
EUR/TRY (Euro and Turkish Lira)

In addition to currency pairs, you can choose to trade with other CFDs such as cryptocurrency (such as Bitcoin), Bonds, Stocks, Indices and Commodities including gold, silver and energies like oil.

Regardless of your trading choice of CFD, all trading accounts come with fast execution, latency and connectivity. On average speed is under 36.5 ms from the time IC Markets receive your order, which IC Markets claim is among the fastest in the industry. Your trading orders are then sent to NY4 in New York and LDX IBX in London Equinix Data Centres which are home to over 60 exchanges, 150+ financial service providers, 400+ buy and sell-side firms meaning the broker can bring you the most up to date spreads. In addition to this, both data centres host MetaTrader 4 (MT4) and MetaTrader 5 (MT5) servers and LDX host cTrader servers.

IC Markets Account Review: Conclusion

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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More About IC Markets Trading Accounts

Trading Platforms

IC Markets offer an excellent range of trading tools and features with cTrader, MetaTrader 4 and MetaTrader 5 available. Each platform is available as a desktop or webtrader platform, as well as mobile apps for Android and iOS devices.

All platforms offer automated trading with Expert Advisors on IC Markets MetaTrader platforms and cBots on cTrader. A wide range of trading tools is available including advanced charting and technical analysis tools, a Virtual Private Server (VPS) and social-copy trading services like Myfxbook and ZuluTrade. Please note, hedging is permitted by IC Markets.

Base Currencies

When setting up your IC Markets trading account, you will be able to choose one of 10 base currency options: AUD, USD, EUR, SGD, GBP, JPY, CHF, CAD and HKD.

Funding Options

To deposit and withdraw funds, you can use the following payment methods:

Credit Card and Debit Card (Visa and MasterCard).
eWallet (PayPal, Neteller, Neteller VIP, Skrill, Bpay, FasaPay, Rapidpay, Klarna and POLi.
UnionPay, Wire Transfer, Bank Transfer, Broker to Broker, Thai Internet Banking and Vietnamese Internet Banking.

Customer Support

Unlike most brokers, IC Markets offers 24/7 customer support via live chat, phone or email. Local and international phone numbers are available, and the broker is quick to reply to queries. Brick and mortar offices also operate in Cyprus, Australia and Seychelles.

Regulation

The forex broker is overseen by three major financial regulators:

Australia: The Australian Securities and Investments Commission (ASIC), holds a current Australian Financial Services License (AFSL).
Europe: The Cyprus Securities and Exchange Commission (CySEC)
Global: The Seychelles Financial Services Authority (FSA)