Introduction to IC Markets
With the boast that they are the largest ECN forex trader in the world, IC Markets wants to be a heavyweight for traders of all shapes and sizes. To be sure, this is one of the more well-known brokers currently in the world. For a little more than a decade, they have worked to amass a strong reputation based around a wide range of instruments, the best trading platforms, and stellar customer service. Many of the IC Markets reviews you will come across will make mention of the company succeeding on many of these fronts. Those who are new to forex trading and similar interests will want to at least take a look at what IC Markets brings to the table.
While the broker is not without certain faults, there is no question that they bring a lot to the table. This can be an excellent fit for a newcomer to trading. At the same time, experienced traders continue to frequent this trader, as well. The more you learn about everything IC Markets has to offer, the more excited you are likely to be. This is a good place in which to begin your research for a forex trader that can meet the vast majority of your needs, if not all of them.
IC Markets History
Established in 2007, IC Markets has become a strong contender among the best forex traders. While the company has still been criticized for certain flaws, it is easy to understand why many people opt for what they can do. The company was established in Sydney, Australia, where they quickly met the licensure requirements from the Australian Financial Services group. In 2009, they gained a license with the Australian Securities and Investment Commission. These are just two elements of the foundation of this broker, but they are significant elements, to be sure.
IC Markets is backed by some strong regulatory groups. This isn’t the most important consideration when looking for a broker, but it is always important to keep in mind nonetheless. They are not a publicly traded company, nor are they authorized in the European Union. These are two more things that you are going to want to keep in mind. IC Markets is regulated in what is known as a major hub. However, they are not currently regulated among any of the emerging hubs. In many regards, IC Markets is a fairly standard broker.
Let’s take a look at some of the features that define this broker.
IC Markets Features
Another notable element to this broker is the fact that they are certainly at the forefront of the best trading platforms. They currently offer both MetaTrader 4 and MetaTrader 5 in a variety of different forms, depending on what you ultimately want to do. The company also offers a comprehensive suite of platforms from cTrader. These are two of the biggest trading platform developers in the world. This is another way in which IC Markets has made consistent grabs for respectability. You can certainly see another example of what we are talking about when you take a closer look at everything offered in the way of trading possibilities. IC Markets features abound. There should be enough here to compel most traders. The platforms also make it possible to focus a good deal of your trading at a single location.
In terms of currency/forex pairs, you will likely be impressed with what IC Markets has to offer. There are currently sixty-three total forex pairs. In addition to this, IC Markets also offers an impressive forty-one CFDs. This makes their overall instrument offerings a good deal more robust than many of the other brokers you are going to encounter. It will ultimately be up to you to decide if you want to work with these many options for trading. Some prefer the deepest inventory possible. Beginner traders may want to choose a simpler broker.
The benefits of working with IC Markets are numerous. In terms of determining whether or not they are going to be a good fit for your own trading needs, there are several things you are going to want to consider. Let’s take a closer look at the pros and cons of IC Markets. This can give you a clear idea of whether or not they are right for you.
IC Markets Pros
One of the first things we like about this broker is the strong array of instruments. For some, it may still prove to be more than they really need, or are interested in. As far as we are concerned, IC Markets has the perfect array of options for traders of all shapes and sizes. Not only does IC Market have a lot to offer in the present, but they have proven themselves time and time again to be a company that is constantly looking towards the future. It is for this reason that they offer some of the best platforms to be found anywhere.
Furthermore, if you stay with this broker for any significant amount of time, you will find that they are always striving to be at the forefront of what traders are interested in. This can include new developments with the platforms, but it is also true in the context of which instruments they come to support. This thought extends nicely to the quality of their demo version. You can also rely on this broker to give you a lot to consider in the way of research and informational resources. These are elements that can appeal to new and experienced traders alike.
Competitive pricing for the commission-based accounts is another thing we like about IC Markets. With so many brokers and websites, few actually seem to see a point in aggressively competing with one another to offer lower fees, commissions, and the like. IC Markets tries to stay ahead of the game in this arena. You can’t help but admire that to a certain degree. The presence of CFDs across six of the top cryptocurrency pairs is another element to IC Markets that appeals to us. If you are even a bit interested in exploring cryptocurrency, it will probably appeal to you, as well.
Social copy-trading platforms can certainly go a long way towards making your life as a trader that much easier. You will be pleased to find that IC Markets supports this notion, as well. Everything associated with this trader is refreshingly straightforward. This is another reason why we can recommend them with ease to most traders.
Finally, let’s talk about the deep possibilities that are inherent in the various trading platforms made available to you. As we mentioned before, MetaTrader 5 is offered in not only the web version, but you can also use MT5 in its desktop variation, as well. The same can be said for MetaTrader 4, which is also available in an easy-to-use mobile version. Finally, if you also want to spend some time with the cTrader suite, you will be able to do that with ease. This is one of the best collections of platforms for trading to be found anywhere. Regardless of what you really want to do, you should be able to find a platform here that will take care of things.
IC Markets Cons
While IC Markets is a strong contender for your time and money, there are a few potential red flags that are worth keeping in mind.
While IC Markets has been reviewed in very favorable terms by many, some have still leveled customer service complaints, among other things. While there is ultimately no way to prove such accusations, it is still something that should be taken seriously. If you opt to research IC Markets beyond this review, make it a point to learn more about their customer service. This is one aspect of working with a broker that many new traders fail to take to heart.
The lack of a proprietary trading platform may bother some people. Quite frankly, we are surprised that a company with such attention to detail and variety would skip this element altogether. Many of the brokers you are going to come across will have their own platform, although the quality of these platforms can vary dramatically from one broker to the next. It doesn’t seem likely that IC Markets is going to change this anytime soon either. Still, the presence of major platforms like cTrader and MT4 and 5 should make up for it for most.
IC Markets Pricing
There are three different types of accounts that you can explore through IC Markets. Each one is going to come with different fees and other pricing considerations. There a commission-free account, with the only costs to consider in the form of spreads. For the other two accounts, you will have to consider not only the spread, but commissions. The minimum initial deposit is $200.
Clearly, we are pretty fond of IC Markets overall. From a strong collection of instruments to good ratings for reliability, security, and depth of product, we think IC Markets should be one of your first considerations.
David is a financial expert who graduated from the University of Fordham (Master in Finance) in 2001. He has 10+ years of experience in private equity and wealth management. With strong expertise in senior-level financial planning, personal financial analysis, and mortgages, David knows his way around personal finance. Before working at CCR he used to be a financial analyst at McKinsey.
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