IC Markets Account Types

IC Markets Accounts Overview

When it comes to Forex trading in Australia, few brokerages are as prominent as IC Markets. IC Markets offers 61 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 0.8 pips
• One-click trading options
• A minimum deposit of US$0 at Raw Trading Ltd (FSA) or US$200 at the ASIC, CySEC, and SCB entities

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 IC Markets Raw Spread Vs Standard Accounts. 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 5000:1 on majors and minors and 3000:1 on exotics at Raw Trading Ltd (FSA), up to 200:1 on forex at IC Markets Ltd (SCB), and up to 30:1 on major pairs with 20:1 on minor and exotic pairs for retail clients at the ASIC and CySEC entities, which is also advantageous for scalping traders. Other ECN accounts are offered by Pepperstone and Axi.

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 commission of US$3.00 per side per US$100,000 traded, or US$6.00 round turn, that scales with the USD value of the position rather than being fixed per lot, and that is limited to forex and metals. 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. At Raw Trading Ltd (FSA), the swap-free option is available on the Raw Spread and Standard accounts across the MT4, MT5, and cTrader platforms, with no swap or interest paid or earned and a flat rate holding fee charged on positions held overnight. The ASIC and SCB entities apply the same holding-fee model, while IC Markets (EU) Ltd (CySEC) offers no Islamic accounts. 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

At the FSA, ASIC, and CySEC entities, you can choose from 61 currency pairs. These include all the Major Forex 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 the Equinix NY4 data centre in New York and the LD5 IBX Equinix Data Centre in London, two 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. The MetaTrader 4 and 5 server is located in NY4 in New York, while the cTrader server is located in LD5 IBX in London.

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 as one of the larger ASIC-regulated brokers. To close, every dollar figure is a minimum deposit, and opening an account costs nothing: US$0 for Standard, Raw Spread and cTrader Raw at Raw Trading Ltd (FSA), US$5,000 for Raw Pro, US$100,000 for Raw Pro+, and US$200 at the ASIC, CySEC and SCB entities. A trader weighing the three US$0 accounts can therefore pick the one that fits without depositing more to do it.

More About IC Markets Trading Accounts

Trading Platforms

IC Markets offers an excellent range of trading tools and features, with MetaTrader 4, MetaTrader 5, cTrader, and TradingView available at Raw Trading Ltd (FSA) and the ASIC and CySEC entities, where TradingView comes through the cTrader Raw account. The SCB entity has MetaTrader 4, MetaTrader 5, and cTrader, but not TradingView. 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 currencies at the FSA and ASIC entities: USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.

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 and Klarna.
• 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 four financial regulators, one for each IC Markets entity:

• 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)
• The Bahamas: The Securities Commission of The Bahamas (SCB)

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