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Regulated by the top-tier ASIC in Australia
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Founded in 2007
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Investor protection is €20k to EU clients and $0 to others
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Clean track record: no major regulatory incidents or fines
Our take on IC Markets
Australia’s IC Markets is a worthy option if low-cost forex/CFD trading is all you’re after and you’re not very picky about your choice of platform.
It has a competitive product selection that includes crypto, and a flexible fee structure offering very tight spreads with a reasonable commission. You can set up your account in no time and enjoy various deposit and withdrawal options, all free of charge.
IC Markets is not recommended for long-term investors, as you can’t trade stocks, ETFs or funds. The MetaTrader platform used by IC Markets has its limitations in design and functionality but will be familiar to many forex traders.
- Low forex fees
- Easy and fast account opening
- Free deposit and withdrawal
- Offers standard and raw spread accounts
- Limited product selection
- Slow live chat support
- No investor protection for non-EU clients
IC Markets summary
🗺 Country of regulation | Cyprus, Australia, Seychelles |
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🛡️ Negative balance protection | Yes |
💰 FX commission per lot | $3.50 commission per lot per trade |
💰 EURUSD spread | 0.0 |
💰 Inactivity fee charged | No |
💰 Withdrawal fee | $0 |
💰 Minimum deposit | $200 |
💵 Available base currencies | EUR, USD, GBP, AUD, SGD, NZD, JPY, CHF, HKD, CAD |
💵 Conversion fee of deposits in non-base currency | Exchange rate received from liquidity providers plus a mark-up. We used the EURUSD trading fees for the calculation. |
💳 Deposit with bank card | Available |
👛 With electronic wallet | Available |
🕖 Time to open an account | 1 day |
🎮 Demo account provided | Yes |
💵 Number of currency pairs | 65 |
🛍️ Products offered | Forex, CFD, Crypto |
For a more comprehensive, in-depth look at the broker's services and features, simply expand on the sections below.
Fees
- Low trading fees
- Low non-trading fees
- Low forex fees
- High financing rate for CFDs
Account opening
- Fast
- Fully digital
- Low minimum deposit
Deposit and withdrawal
- Credit/Debit card available
- No deposit fee
- Several account base currencies
- Some restrictions apply to withdrawals
Web trading platform
- Clear fee report
- Good customizability (for charts, workspace)
- Order confirmation
- No two-step (safer) login
- No price alerts
- Poor design
Mobile trading platform
- User-friendly
- Good search function
- Price alerts
- No two-step (safer) login
- No Touch/Face ID login
Desktop trading platform
- Clear fee report
- Good customizability (for charts, workspace)
- Price alerts
- No two-step (safer) login
- Poor design
Markets and products
Research
- Trading ideas
- Quality news flow
- User-friendly
- No fundamental data available
Customer service
- Phone support
- Fast response time
- 24/7 availability
- Slow live chat with mixed usefulness
Education
- Demo account
- Trading platform tutorial
- Educational videos
- webinars
- Videos are hard to find on the site
Safety
- Negative balance protection
- Long track record
- Not listed on stock exchange
- Financial information is not publicly available
Bottom line
IC Markets is a great forex broker.
Its forex fees are low and opening an account is fast and easy. Deposits and withdrawals are free of charge and the process is user-friendly. The education section on the website is great.
On the other hand, IC Markets offers only forex and CFD products for trading. In addition, live chat support could be better, and non-EU clients are not covered by any investor protection scheme.
Feel free to try IC Markets as you can open an account within a day and there is no inactivity fee.
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74.32% of retail CFD accounts lose money