IC Markets is a Forex and CFD broker based in Sydney, Australia. Founded in 2007, the exchange is currently regulated by ASIC in Australia, CySEC in Europe and FSA in Seychelles. The broker has two account types: Standard account and RAW Spread account.
When it comes to trading fees, IC Markets is a very competitive broker. Spreads from 0 pips on the Raw Spread and Standard accounts offer a commission-free trading environment. The exchange also offers a free overnight account, and also a demo account to practice trading.
Thanks to its wide range of trading tools, IC Markets is suitable for every trader. Beginner traders will find simple and user-friendly platforms here, while more experienced traders will have an ideal environment for high volume trading. Low transaction costs allow trading according to surf and algorithm.(IC Markets Review – Pros And Cons)
If you want to benefit from a professional and regulated platform, IC Markets is the perfect choice for you. But to evaluate Exness will really be more suitable for traders in Vietnam.
Open an account
Just deposit $200 (4.6 million dong) and you can trade on IC Markets. There are 3 account types: Standard, RAW MT4/MT5 and RAW cTrader.
Raw Spread or True ECN account
Raw Spread is the most attractive account, offering ECN spreads on Metatrader 4 and Metatrader 5 platforms. We found the Raw Spread account on IC Markets to offer the lowest spreads in the Forex trading industry. Spreads on the EUR/USD pair are from 0 pips, so this account is especially suitable for scalping scalping.(Read more : Scalping trade)
This type of account allows short-term traders to save money. However, this broker charges a commission proportional to the size of the position.
On its website, IC Markets claims the optical fibers help traders execute orders on Raw Spread accounts in less than 40ms.
This account is similar to the Raw Spread account. But the difference is that this is an account for traders using cTrader instead of Metatrader. This account charges a commission, but is more interesting than the commission charged on Metatrader accounts.
The cTrader account is aimed at professional traders who want more trading functions to benefit more. With over 50 liquidity providers, IC Markets offers very low spreads during the European and North American trading sessions.
On its website, IC Markets claims that the timeout on cTrader accounts is only 1ms over 1 month. Therefore, it is an ideal account for surfing trading.
Unlike the Raw Spread and cTrader accounts, the Standard account has no commission. Instead, the spread is widened by 1 pip. This withdrawal method is very simple and suitable for beginner traders.
Swap Free Account
This is not an account. Swap-free accounts for muslim traders who cannot pay swaps (interest). All account types (Standard and RAW) are available with this account and have the same spreads and commissions. The main difference is that you do not incur an overnight fee for holding a position from session to session.
All account types have demos available. Therefore, you can choose the account type and platform of your choice and explore trading conditions at IC Markets risk-free. One thing we like about IC Markets is that the demo account here is unlimited. This will give you enough time to test new trading strategies, and also the robot.
Identity verification and risk
Awareness IC Markets places high requirements on know-your-customer (KYC) and customer-level verification when trading online. Since IC Markets is regulated, every new client must pass a number of basic tests to ensure that they fully understand the risks involved in trading.
When you open an account, you will have to answer a series of questions. If most of the answers are wrong, the broker reserves the right to not let you open an account. You will then be redirected to the site’s training resources.
If you are completely new, we recommend that you first consult the dedicated training page on the broker’s website before opening an account.
When verifying ID, you will need to provide a photo of the following documents:
passport, driver’s license or identity card
Utility bill or bank statement not older than three months and showing your address.
Usually accounts are verified within 24 hours and then you can top up.
IC Markets offers leverage up to 1:500. The leverage effect allows you to have more money to trade with more capital on this exchange.
Using leverage can increase profits, but always remember that you can lose more than your initial deposit. IC Markets does not offer negative balance protection outside of Europe.(Read more : IC Markets)
Deposit and withdraw
IC Markets offers multiple deposit methods: credit or debit card, bank transfer, e-wallet and Bitcoin.
IC Markets focuses on diversifying deposit methods to allow as many traders as possible to deposit using the method of their choice. The following deposit methods are available:
- Credit and debit cards
- Bank transfer
- Neteller VIP
- Floor to floor
- Online Banking Thailand
- Vietnamese Internet banking
Most methods allow instant deposits. Bank transfer is the slowest deposit method. With this method, you need up to 5 days for the money to be credited to your account.(Read more : demo account)
The broker accepts a wide selection of base currencies for your trading account: AUD, NZD, USD, JPY, EUR, HKD, CAD, CHF, GBP and SGD. This is very important, because you will avoid paying conversion fees when the account base currency is the same as the starting currency.
Withdrawal times vary depending on the method used. You can withdraw money almost instantly using PayPal, Neteller or Skrill, but with other methods, namely by card, you will have to wait 3 to 5 business days.
It should be noted that you can only use an account or card in your own name. IC Markets does not charge fees for deposits or withdrawals, but your bank or payment method provider may charge a fee.
You can choose between Metatrader 4, Metatrader 5 and cTrader. The Metatrader platform is suitable for all trader profiles and those who want advanced tools can choose cTrader.
You can download the trading platforms from the IC Markets control panel or the “client area”. There are also links to download different mobile platforms.
MetaTrader 4 and MetaTrader 5
Trading on MT4 and MT5 is quite fast. There are no restrictions on placing orders. For example, you can choose to place a buy or sell order within the spread of an instrument. This is very beneficial for scalping traders who need to negotiate as accurately as possible.
With technical analysis, the Metatrader platform has technical indicators and drawing tools. The platform features the most popular fundamental indicators like RSI, MACD and moving averages. You can also purchase technical indicators on the market integrated into the platform.
As one of the most popular Forex trading software, this platform also has another advantage of easy to use trading robots on the Metatrader platform.(Read more : copy trading)
cTrader is better known by professional traders. This platform has a more complex user interface than MT4. It has more advanced features like market depth and more time units.
Trading on cTrader is super fast. In addition, it is possible to surf at low prices on the platform when placing orders very close to the market price. Surf traders will find other convenient cTrader features including Smart Stop Out that helps limit your account losses.
With cTrader, you get to join a more professional environment with interactive scrolling charts. The platform has 26 time units and integrates more than 50 technical indicators.
cTrader’s various platforms are perfectly synchronized so you can find your entire trading history when transferring from desktop to mobile or vice versa.
You can download the mobile version of Metatrader for iOS and Android. These versions provide real-time quotes of Forex and CFD instruments offered by IC Markets. Although equipped with less functionality than the desktop platform, the Metatrader applications integrate more than 30 technical indicators
The apps don’t allow for in-depth technical analysis, but can help you track your positions or confirm your analysis.
The app also allows you to access your trading account from anywhere. There are both versions for iOS and Android. The platform is translated into 22 languages, making it accessible to a wide range of traders around the world.
cTrader mobile has cloud features, allowing you to receive all information related to your account via email: price alerts, new trades, etc.
IC Markets has very competitive trading fees. Surfers and day traders love this platform.
IC Markets is one of the most competitive brokers in the industry in terms of fees and commissions. The trading conditions offered are especially suitable for scalping. Transaction fees depend on the account type.
CTrader Account and Raw Spread
The cTrader account has a slightly lower commission than the Raw Metatrader account. With a Raw Spread account on MT4 or MT5, IC Markets charges $3.5 (VND 80,500) per standard lot order (100,000 units) or $7 (VND 161,000) per position. On the other hand, on cTrader, this commission is $3 (80,500 dong) and $6 (138,000 dong) respectively when placing a single lot. The cTrader account is more profitable for short-term traders.
Spreads are very low in most currency pairs. During active market periods, we find the EUR/USD pair to have an average spread of 0.1 pips. If we add a commission equivalent to 0.6 pips to the cTrader account, the total cost will be just 0.7 pips (or 0.8 on Metatrader). Very few forex brokers have such favorable fees.
In addition, IC Markets offers an additional discount for those who trade over 100 lots per month.
Trading on the Standard account is commission-free with wider spreads. The average EUR/USD spread is 1.1 pips. As a general rule, the spread on the Standard account is equal to the spread on the Raw Spread account plus 1 pip.
The Standard account is not really suitable for surfing. But it helps to save costs when trading medium and long term.
Markets and financial products
IC Markets is increasingly expanding the range of tradable markets. There are Forex currency pairs, CFDs for stocks, bonds, indices, commodities and cryptocurrencies.
IC Markets offers the most liquid instruments among the 6 asset classes. They are qualified to develop advanced diversification strategies.
Forex currency pairs
Traders will find 60 currency pairs with maximum leverage of 1:500. Forex trading is IC Markets’ best offering, with low spreads for scalping major currency pairs like EUR/USD, GBP/USD, USD/JPY and more.
Indices CFDs have always been avidly owned by traders. These indices help diversify multiple assets by executing just one trade. IC Markets offers 17 indices that interact with different economies around the globe.
Commodity traders can choose from 19 CFD instruments.
IC Markets offers CFDs on more than 120 stocks, making it one of the most famous companies in the world.
The exchange offers traders a choice of six bonds, especially those from the US and Germany.
The most popular crypto pairs are tradable through CFDs.
ASICs add to the reliability of IC Markets.
Security is the most important factor you need to take into account when choosing an online broker. The trading platform can be complicated, but if the broker is not regulated, nothing can guarantee the safety of your funds.
Subsidiary International Capital Markets PTY Ltd. IC Markets in Australia is regulated by the Australian Securities and Investments Commission (ASIC), a reputable financial markets regulator.
Since 2019, IC Markets’ international legal entity, Raw Trading Ltd, has also registered with the Seychelles Financial Services Authority (FSA).
In addition, in Europe, IC Markets is also regulated by the Cyprus Securities and Exchange Commission (CySEC). The Cyprus license allows the exchange to offer its services throughout Europe.
Client funds are segregated from IC Markets funds. That is, the exchange will not use customer deposits to develop its business. As a result, customer deposits are always available. To do so, the exchange has cooperated with a number of famous banks to separate accounts.
IC Markets PTY deposits client funds to National Australia Bank (NAB) and Westpac Banking Corporation (Westpac); while IC Markets Seychelles sends client funds to Barclays Bank Seychelles.
Most of the exchanges based in Europe participate in the clearing fund, thus providing more safety for traders. However, under current ASIC and FSA regulations, there is no program to compensate investors for insolvency. Therefore, IC Markets customers who are not European are not guaranteed deposit.
IC Markets is a secure exchange with trading platforms suitable for both beginners and professional traders. The tools provided for trading allow you to diversify without any problems.
For investors who do not have much time to trade themselves. Social trading solutions allow them to take advantage of the financial markets.