IC Markets Review
ABOUT IC MARKETS
IC Markets is a prominent and established CFD broker based in Sydney, Australia. The company has been active as an online trading brokerage since 2007 and is both ran and owned by International Capital Markets Pty.
Ever since its inception, its target customers have always been high-frequency algorithmic traders, especially those who prioritize low-latency and quick execution, as well as traders who favor automated trading mechanisms. Unsurprisingly, they have been quite successful with this target audience as most high-frequency traders consider it the leading choice to fulfill their trading requirements. In fact, IC Markets executes well over 500,000 trades daily, with about 60% of these propelled from algorithms, i.e., basic automated trading strategies, and per day, this sums up to about $15 billion.
Besides all that, most traders consider IC markets to be the best online brokerage across Australia, thanks to their unrivaled leverage, low fees, and spreads, among other advantageous factors.
IC MARKETS REGULATIONS
With an overall Trust Score of 80 out of 99, one tier-1 regulator (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust) authorize IC Markets. Specifically, it was until 2009 before IC Markets brokerage became licensed by the tier-1 regulator – Australian Securities & Investments Commission (ASIC).
The regulatory framework used by ASIC is strict and favorable toward the protection of IC Markets clients. Furthermore, the Seychelles Financial Services Authority, as well as the Cyprus Securities and Exchange Commission (CySEC), do an excellent job of regulating IC Markets, and the fact that there are multiple regulatory brands allows clients to choose the extent of regulatory administration and surveillance that they’re contented with.
As a bonus, IC Markets are also part of the Financial Ombudsman Service (FOS). They function as a means for clients to swiftly and professionally sort out any arisen complaints. Ultimately, IC Markets continue to maintain compliance with ASIC regulations and protocols, and as such, they have a flawless record.
PLATFORM AND TOOLS
IC Markets pride themselves in providing their clients with three high-quality trading platforms in mobile apps, the integrated desktop version, and of course, web-based trading. Clients could not have asked for any better as access to such a wide range of analysis techniques and tools only makes for a positive trading experience. The offered platforms include:
Most IC Market traders tend to favor this platform over the others, and for good reason. MetaTrader 4 offers clients advanced charting tools, Expert Advisers, several technical indicators, among other useful features. Also, the IC Markets Advanced Trading Tools suite for live account owners offers installable plugins that give traders an advantage in forex trading and CFD environments. Some include; Correlation Matrix, Sentiment Trader, Smart Lines, Tick Chart Trader, Stealth orders, etc.
This is basically the fairly updated version of the MetaTrader 4 online platform. Both are available on desktop, mobile, and the web.
This platform is the premier choice for the ECN trading market. Furthermore, the cTrader suite comes with some handy applications such as cAlgo, which is specifically for developing automated trading solutions, and cTrader copy, for copy trading. All in all, customers consider the cTrader Platform as a feasible alternative to the MetaTrader 4 platform.
All three platforms significantly maximize order execution speeds, thereby reducing latency times as a result of the fast Equinix servers they use – cTrader (LD5 server in London), MT5 & MT4 (NY4 server in New York)
IC MARKETS LATEST AWARDS
This prominent online brokerage, for the past 14 years been of being active, has won countless awards and recognition among its contemporaries. The most notable of them include;
- Best ECN Broker at ADVFN International Financial Awards, 2019
- Winner of Best Retail Broker Execution at Forex Magnates Awards, 2013
- Financial Institution of the Year, Asia-Pacific Financial Investment Association 2012
IC MARKETS EDUCATIONAL MATERIALS
From video tutorials to articles, IC markets’ educational offering is just about sufficient for beginners. The IC Markets blog offers fundamental and technical analysis, and Trading Central is not far behind in providing them with educational content. Nevertheless, when compared with some of the highest-rated brokers for beginners, IC Markets’ educational and research content still has room for improvement.
Contact is available 24/7 via phone, e-mail, and mail and has a very quick response time.
IC MARKETS TRADING INFORMATION
For starters, IC Markets traders can choose from any of the major three trading accounts available.
Traders using the Standard Account get to enjoy zero commissions on trades but relatively high spreads. Raw Spread Account (true ECN) holders enjoy the lowest ECN broker spreads using the MT4 platform but relinquishes up to $3.50 per lot commission. In comparison, the cTrader Raw Account charges $3.0 per side but offers low ECN broker spreads using the cTrader platform. There is also an option for an Islamic account, but the client’s choice of account eventually comes down to their level and preferred trading style. Novice traders on IC Markets will find the Standard Account option appealing because of its overall low cost and commission-free structure. On the other hand, clients who trade in high volumes or prioritize automated trading solutions will find that the IC Markets Raw Spread Account is just right for them. In addition, there are no fees attached to withdrawals or deposits with up to 14 withdrawal methods and a minimum deposit of $200 or a currency equivalent for any account.
As it concerns IC Markets’ asset offering, clients would be content with a range that includes up to 60 currency pairs, 4 futures CFDs, 17 indices, 19 commodities, 9+ bonds, 110 stocks, metals (spots), and of course, cryptocurrencies.
IC MARKETS CUSTOMER SERVICE
IC Markets clients can receive multilingual support 24/7 via a variety of contact means, of which live chat is the most convenient. Other options include e-mail, Skype, or telephone. They also have an informative help center that successfully answers the most common questions. Customers can also receive local support from their office in Sydney at Level 6, 309 Kent Street, Sydney, NSW 2000.
The staff is polite and typically resolve customer complaints within a day.