Things to consider

There are many aspects to assessing a broker’s services in general, maybe even too many to list. Below, we’ll focus on the most important criteria that should be taken into account when determining whether a broker is good for beginners.

A beginner-friendly broker should have:

  • an excellent web and mobile trading platform
  • low fees
  • great educational tools
  • good customer service
  • an easy account opening process
  • low minimum deposit

Safety is also very important, but since we recommend only safe brokers regulated by top-tier authorities, this is one thing you don’t have to worry about.

More and more people are looking to become a player on financial markets either as traders or investors. However, when researching the basics, it can be easy to feel overwhelmed by the sheer amount of information available online.

This is where BrokerChooser offers a helping hand. The reason is simple: choosing the right service, especially when you are taking your first steps in trading, is highly important.

In this article we’ll check whether IC Markets is the right choice for a starting trader.

Is IC Markets good for beginners
Is IC Markets good for beginners?

Based on our scoring methodology, IC Markets is not considered good for beginners. If you'd like to see alternatives, check out our picks for the best brokers for beginners.

Let's take a look at its services one by one, following the criteria we set above, to get the whole picture.

  • 💻 IC Markets's web platform has some good things to offer: Clear fee report. Good customizability (for charts, workspace). Order confirmation. However, some things may not be suitable for beginners. Areas of improvement: No two-step (safer) login. No price alerts. Poor design.
  • 📱 Sadly, IC Markets's mobile platform is not its strongest side, but there are a few positive aspects to it: User-friendly. Good search function. Price alerts. On the other hand, there are some things that could be improved: No two-step (safer) login. No Touch/Face ID login.
  • 💰 Fees are one of the most important aspects when it comes to trading and IC Markets does well in some areas: Low trading fees. Low non-trading fees. Low forex fees. However, charges may be higher compared to some competitors. Areas of improvement: High financing rate for CFDs.
  • 🕖 An account opening process is great when it is seamless from the get-go. IC Markets does an excellent job in this area: Fast. Fully digital. Low minimum deposit.
  • 📚 IC Markets's education materials are a great place to start: Demo account. Trading platform tutorial. Educational videos. This makes IC Markets's material worthy reading.
  • 📞 Phone support. Live chat. Fast response time. 24/7 availability. However, there is some room for improvement in IC Markets's customer service: Slow and not very useful live chat.
  • 💰 Low minimum deposits and low-cost transactions are attractive for new traders. IC Markets's deposit and withdrawal processes have some good things to offer: Credit/Debit card available. No deposit fee. Several account base currencies.

Is IC Markets good for beginners
Overview of IC Markets's services

Let’s take an overall look at how IC Markets compares to its peers when it comes to platforms, fees, account opening and education tools. Our scores are on a scale of 1.0 to 5.0, from worst to best.

IC Markets services vs. similar brokers
IC Markets Pepperstone Vantage
Web platform score 2.8 stars 2.8 stars 2.8 stars
Mobile platform score 3.8 stars 3.8 stars 3.8 stars
Fees Low Low Low
Account opening score 5.0 stars 5.0 stars 5.0 stars
Education score 4.5 stars 5.0 stars 5.0 stars
Customer service score 3.6 stars 4.5 stars 5.0 stars
Deposit and withdrawal score 4.9 stars 4.3 stars 4.5 stars

If you wish to read more about IC Markets, click 'Visit Broker' to go to the broker's website. We also have a detailed review of the broker that you can read by clicking on the 'More' button.

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73.59% of retail CFD accounts lose money

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Is IC Markets good for beginners
Is IC Markets safe to use?

We hear more and more stories each day about clients who lost their money to scammers from Telegram or through unregulated services. BrokerChooser only features brokers that have top-tier regulators. As such, IC Markets is a safe and trusted broker.

If you’d like to know more, check out our deeper dive into IC Markets's safety.

Is IC Markets good for beginners
Where can I find more information?

If IC Markets is not the right broker for you, go ahead and check out our picks for Best Brokers for Beginners in 2021 for some alternatives.

Also, if you feel that some things weren’t clear when it comes to the brokerage world, no worries. We have lots of content to cover your questions. You can find our articles in the Education section of our site.

For example, if you want to know how to buy shares online and how the whole process works, there’s an article about that. If you’d like to learn more about investing in stocks or what short selling is, we have articles about these topics too.

We have also written a few materials that focus on recent events in the news. Like what happens with brokers after Brexit or what a short squeeze is.

We hope you found all of the information above useful. If you have any questions, we’d love to hear from you, just write to us at [email protected]. See you there!

Author of this article

Ádám Nasli

Author of this article

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo-trading, programming and trading.

Ádám Nasli

Broker Expert

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo-trading, programming and trading.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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