The minimum deposit is $200 at IC Markets.
When funding a Raw Spread or Standard account, the funding requirement is set by the base currency. Below details 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 minimum deposit requirements of leading forex brokers based on the four major currency pairs.
| USD | AUD | EUR | GBP | |
|---|---|---|---|---|
| IC Markets | $200 | $200 | €200 | £200 |
| Pepperstone | $200 | $200 | €200 | £200 |
| AxiTrader | $0 | $0 | €0 | £0 |
| CMC Markets | $0 | $0 | €0 | £0 |
| IG Group | $300 | $450 | €250 | £250 |
| ThinkMarkets | $0 | $0 | $0 | $0 |
| FXCM | $50 | $50 | €50 | £50 |
| FXTM | $10 | N/A | €10 | £10 |
| Swissquote | $1,000 | N/A | €900 | £800 |
| Saxo Markets | $10,000 | $3,000 | N/A | £500 |
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 to 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.
When a trader opens an 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 duel accounts so traders can nominate two different base currencies for use when appropriate. IC Markets offers 10 base currencies as shown below:
| Base Currencies Available | |
|---|---|
| IC Markets | 10 |
| Pepperstone | 10 |
| AxiTrader | 11 |
| CMC Markets | 10 |
| IG Group | 10 |
| ThinkMarkets | 5 |
| FXCM | 6 |
| FXTM | 4 |
| Swissquote | 9 |
| Saxo Markets | 5 |
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.
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.
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