IC Markets Accounts Overview
When it comes to Forex trading in Australia, few brokerages are as prominent as IC Markets. The company also offers CFDs based around indices, futures and commodities for traders who prefer these markets over the Forex trading environment. 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.
Demo Account
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 accordance 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 out 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 too 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:
- Spreads starting at 1.0 pips
- Leverage ratio of up to 500:1
- One-click trading option
For traders who are just starting out, 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. Other brokers that offer no commission standard style account include easyMarkets and we have compared this with IC Markets.
True ECN Account
Next up is the 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 AUD 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 True ECN 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 True ECN account is very good for such a strategy, as it reduces the fees placed on high-volume trades. Like the Standard account, a True ECN 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.
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 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.
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 the financial prescriptions of Muslim religious practice, allowing Muslims to trade online without compromising their faith. No IC Markets account review can truly be complete without discussion of the Islamic accounts it offers.
Unlike most brokers, which offer only one Islamic account, IC Markets offers Islamic account variations on all of its different account levels. For practicing Muslims who want to make their money work for them, this makes IC Markets one of the most flexible solutions in the trading marketplace. In each case, most of the normal features of the account are retained, with only those parts which would violate Muslim religious rules regarding finance being altered.
IC Markets Account Review: Conclusion
On the whole, the diversity of account types 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.