The minimum deposit is $200 at IC Markets.
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When funding a Raw Spread (true ECN account) or Standard account, the funding requirement is set by the base currency. Below details of the ‘top 5’ base currencies traders choose when opening an account and their respective funding requirements.
The minimum deposit in the UK at IC Markets is £200. When using the Standard or Raw Spread account with Pound sterling as the base currency, you can select a credit/debit card, Neteller, Skrill, Klarna or a wire transfer to fund your account.
The minimum deposit for European traders with IC Markets is €200. Funding options for European trader are the same as in the UK as shown above.
USD, AUD, and SGD base currency account with IC Markets minimum deposit requirement is $200. All three base currencies allow deposits with a credit card, debit card, Paypal, Neteller, Skrill and wire transfer. IF you are using AUD as the base currency you can also choose bPay or POLi. USD traders have the option of FasaPay and Thai/Vietnamese Internet Banking.
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Below compares the minimum deposit requirements of leading forex brokers based on the four major currency pairs.
Some brokers such as Saxo Markets have a higher deposit requirement to discourage small traders. Other brokers such as Axi offer no minimum deposit to reduce the barriers to signing up for accounts.
A $200 deposit is realistically the smallest amount required to trade currency markets. Trading with low deposits makes it difficult to earn enough profits to make the investment worthwhile, this is why most brokers will encourage higher minimum deposits.
IC Market’s minimum deposit requirement of $200 is around the ideal mark for decent trading.
IC Markets have no payment fees however it is worth noting that international transactions can result in a $20 charge from the bank itself which is forwarded to the client. No deposit and withdrawals fee is a strong offering from IC Markets as some brokers such as eToro will charge you with funding your accounts. View our fees and charges section in our review of IC Markets for more details.
IC Markets offers traders a plethora of funding methods. The funding methods you can choose will depend on the base currency chosen and the region you are trading in. Instant funding options include debit/credit cards, Paypal, Neteller, Skrill and UnionPay. Bitcoin and Bpay can take a few hours for funds to clear while Wire Transfer can take a few days.
Depositing via more traditional payment methods is also available. In this regard, IC Markets clients can conduct deposits via credit and debit cards and bank transfers. The basic bank wire transfers processing time can be up to two to five business days. For any technical questions regarding your deposit and withdrawals, feel free to contact IC Markets’ customer support service which is live 24/7.
When a retail investor opens a live account with any broker, a base currency is chosen. This currency will normally be the trader’s native currency conversion fees when deposits are made. Some brokers such as IG. offer dual accounts so traders can nominate two different base currencies for use when appropriate. IC Markets offers 10 base currencies as shown below:
IC Markets’ full list of supported currencies includes USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD. IC Markets offers all the major currencies, along with a selection of minor ones however some currencies are not available such as the South Africa ZAR.
Traders who want to choose IC Markets in regions where the local base currency is not available will need to choose a major currency (such as the USD) and then transfer funds across which means traders will incur conversion charges. To minimise currency conversion fees, an intermediary service such as OFX or Transferwise is suggested. Using an intermediary service will result in significant savings compared to a wire transfer.
There are three main steps to open an IC Markets account and then make a process.
IC Markets offers a 100% online joining process which can be viewed here. This joining process involves providing your personal details, giving details about yourself and then configuring the trading account. The final stage of the joining process is the declaration confirming that all the information provided is accurate. This is an important requirement as IC Markets need to be sure the finances are not used for money laundering. The declaration will need to be verified with some sort of identification such as bank accounts, drivers licence or passport details.
Once an account is opened traders will be directed to the IC Markets deposit section. A trader needs to select a deposit method that accepts the base currency selected. Factors a trader needs to consider when selecting a deposit method are:
While most deposit methods are instant, some other options such as direct transfer, Bitcoin Wallet and Bpay can take hours to days. It’s worth monitoring to ensure these funds clear (as issues can occur) and IC Markets will send a confirmation e-mail once the funds arrive.
Disclaimer: IC Markets welcome clients from all over the globe, however, due to governmental restrictions, residents of the United States, Canada, Israel, New Zealand, Japan and Islamic of Iran can’t open a live account.
A free practical way to discover IC Markets’ ECN trading conditions is to open a demo account. The demo account is free, but the only requirement is to complete an online registration form. The risk-free demo account allows prospective clients to explore the forex market and test all IC Markets’ features.
All account types, including the Islamic account, are supported for virtual testing. Additionally, the demo account can be tested on MetaTrader 4, MetaTrader 5 and cTrader platform, which are supported across multiple devices, including mobile apps (Android and iOS).
Besides forex, 6 different financial markets can be traded (indices, commodities, stocks, cryptocurrencies, futures and bonds).On the live account, clients will trade with raw pricing and an average EUR/USD spread of 0.1 pips. The spreads are low due to the IC Markets network of 25 liquidity providers and there are no restrictions on scalping or hedging.
IC Markets leads the way when it comes to the number of base currencies offered, the range of deposit funding methods and the fact that no additional fees are charged on deposits. While IC Markets minimum deposit of $200 is not the lowest of forex brokers, it is not realistic to trade with a lower amount. Based on this IC Markets ticks all the boxes with it comes to the deposit and funding category.
Rest assured that IC Markets is compliant with all regulations that require them to segregate customer accounts. IC Markets complies with regulations from tier-one jurisdictions, namely Cyprus’ CySEC, Australia’s ASIC (Australian Securities and Investments Commission) and the Financial Services Authority of Seychelles (FSA).
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.