IC Markets Review: What You Need to Consider if you are UK based

Summary:
• Are you considering to open an account with IC Markets? Read our IC Markets Review for 2020 as we cover what you should know before trading with IC Markets.

IC Markets is a licensed broker that allows traders from different parts of the world to trade in various asset classes including FX, commodities, stocks, bonds, futures, cryptocurrencies, indices, and precious metals. It has competitive spreads although its commissions are higher than those of its competitors making them expensive. A major downturn is that they lack FCA regulation, and if you visit their main page from the UK you will end up on their offshore entity. Keep on reading our IC Markets review to figure out if this broker is for you. 

IC Markets Overview

Regulation & Licensing	Regulated by Seychelles’ Financial Services Authority (FSA). It has an Australian financial services licence (AFSL No.: 335692). It is also licensed to operate in Seychelles as a securities dealer (Securities Dealer License No.: SD018).
Accepted Jurisdictions	Worldwide except for the United States, Iran, Iraq, Canada, Zimbabwe, Cuba, Liberia, Niger, Côte D’Ivoire, Ghana, and Togo
Assets offered	Currencies, precious metals, indices, commodities, stocks, bonds, cryptocurrencies, futures
Platforms available	MetaTrader 4, MetaTrader 5, cTrader
Mobile compatibility	Yes, it is mobile compatible. You can access the trading platforms on iOS, Android, and web.
Payment types accepted	Credit and debit cards, PayPal, Neteller, Skrill, UnionPay, wire transfer, Bpay, FasaPay, Broker to Broker, POLI, Thai Internet banking, Rapidpay, Klarna, Bitcoin Wallet, and Vietnamese Internet banking
Languages	Over 15 languages including English, Spanish, Portuguese, Deutsch, and Italian

IC Markets Review: Account Types

IC Markets have three types of accounts that are designed to suit the needs of different traders. The accounts are Raw Spread account, ctrader account, and the Standard account.

Features	cTrader Account	Raw Spread Account	Standard Account
Account currencies	AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF	AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF	AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF
Available leverage	30:1	30:1	30:1
Minimum deposit	$200	$200	$200
Starting spreads	0.0 pips	0.0 pips	1.0 pips
Commission per trade	$3.0 ($6.0 per lot round-turn)	$3.5 ($7.0 per lot round-turn)	$0.0
Decimal pricing	4 decimal places	4 decimal places	4 decimal places
Swaps/rollovers	Yes	Yes	Yes
Trading instruments	Currencies, precious metals, indices, commodities, stocks, bonds, cryptocurrencies, futures	Currencies, precious metals, indices, commodities, stocks, bonds, cryptocurrencies, futures	Currencies, precious metals, indices, commodities, stocks, bonds, cryptocurrencies, futures
Min. lot size per trade	0.01	0.01	0.01
Max. lot size per trade	200	200	200
Demo account	Yes	Yes	Yes
Swap/rollover free	No	No	No
Copy-trading support	Yes	Yes	Yes
Islamic account	Yes	Yes	Yes

IC Markets Regulation

IC Markets is not actively redirecting UK citizens to their Cyprus entity. Instead, they promote their Seychelles company. This entity is authorised and regulated by the Seychelles’ Financial Services Authority (FSA). However, they don’t offer the same features and protection as the UK FCA so UK and Europeans should explore all risk and benefits of opening an account with an offshore broker.

The company also has an Australian financial services licence (AFSL No.: 335692), however, the Australian regulator has started to crack down on Europeans opening accounts with Aussie brokers, to mitigate leverage restrictions set by the European regulators.

IC Markets Spreads and Costs

IC Markets offers different spreads for its trading platforms. Through its 25+ liquidity providers, the company has been able to maintain low spreads. For instance, the spreads on its cTrader and MetaTrader can reduce to 0.0 pips.  As for the commissions, different account types have different rates as shown in the figure below.

Additionally, the spreads of different trading instruments are subject to change. As such, you should rely on the details displayed on your trading account. What’s more, commissions only apply to precious metals and Forex. As for cryptocurrencies, futures, bonds, and indices traded on all the firm’s account types, the client is not subjected to any commission. For detailed information about their spreads and commission rates, you can head on to the company site.

As for the swap rates, they are applied for positions held overnight. One can find these rates at either the company’s cTrader or MetaTrader trading platform.

Non-trading Fees

Just like its trading fees, IC Markets’ non-trading fees are rather low. To start with, it does not charge its clients any inactivity fee (this is the charges incurred for not executing any trading activity for a specific period of time).

Moreover, the broker does not have any deposit or withdrawal fees. However, for an international bank wire transfer, its banking institution will charge you a processing fee of 20 AUD.

IC Markets Customer Service

IC Markets has a well-established customer care structure that is geared towards enhanced customer satisfaction. To begin with, its representatives are ready to respond to your calls at any time including during the weekends. The company’s international phone number is +61(0)280144280 while that of Australia is +1300600644. You can also contact the company via email ([email protected]) or the live chat option on their website.

IC Markets Account Opening Process

The process of opening an account with IC Markets is rather easy. If you are a beginner, it is beneficial to increase your skills and knowledge on trading by opening a demo account. To do so, go to the company’s website and click on ‘Try a Free Demo’. You will be asked to input your personal details including your official name, email address, and phone number. The next and final step in this process is the trading account configuration, after which you can start trading on your demo account.

For the experienced traders, open a live account by going to the homepage and clicking on ‘start trading’. Just like the demo account, you will be requested to fill in your personal details. The subsequent steps involve providing certain information about yourself, trading account configuration, declaration, and funding your account.

Once you successfully register for a live trading account, you will have access to the firm’s Client Portal. However, to fully access the services offered by this broker, you will have to upload the relevant documents for proof of identity and proof of address.

Minimum Deposit

The minimum deposit when trading with IC Markets is $200. This figure applies to all its account types; cTrader account, Raw Spread account, and Standard account.

Deposit and Withdrawal Fees

IC Markets does not charge its clients any deposit or withdrawal fees. However, it is important to note that you may be charged by your bank (especially if it is an international financial institution) when transferring funds to or from your trading account.

IC Markets Education Offering

IC Markets’ educational resources are designed for traders of all levels of experience. Video tutorials are one of the educational tools for the firm’s clients. The availed videos offer detailed information on FX and CFD trading as well as IC Markets’ trading platforms. The company also has Web TV; an educational resource created in collaboration with Trading Central. These short videos offer extensive coverage on commodities, currencies, and equities at a global scale.  

Conclusions

While the IC Markets’ commissions are a bit high compared to those of its competitors, it has competitive spreads. Additionally, it offers high leverage and a wide array of financial instruments that traders can trade. However, as a UK based trader, it is disappointing that they don’t have offices here or are UK FCA regulated. 

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IC Markets Review: FAQs

Q: What is the minimum amount needed to start trading with IC Markets?

A: you can open a trading account with a minimum deposit of $200

Q: What account types are available?

A: In addition to its free demo account, IC Markets has the raw spread, Islamic, and standard accounts.

Q: Is IC Markets regulated?

A: Yes, IC Markets is regulated by the Financial Services Authority of Seychelles.