IC Markets Review 2023 – Is IC Markets Broker Trustworthy?
IC Markets operates since 2007 with headquarters in Syndey, Australia. They are owned by International Capital Markets Pty LTD.
Besides many different live trading accounts, they offer as well an Islamic account for specific users. Moreover, a vast of different options are available. Must be remembered, that all assets are tradeable on third-party trusted trading software. Read our IC Markets review for more.
|Broker status:||Regulated Broker|
|Regulated by:||ASIC, CySEC, FSA|
|Owned by:||IC Markets (EU) Ltd|
|Cryptocurrencies:||Yes – BTC, BNB, XRM|
|Types of Assets:||Forex, Commodities, Indices, Shares, Cryptos, Bonds, Futures|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Is IC Markets a Licensed Broker?
As a broker that offers CFD and FX trading services, they should have a valid license. We checked the register of the most reliable Tier 1 regulators like FCA, BaFin and ASIC. Luckily, IC Markets broker holds a license of ASIC since 2007. However, in FCA and BaFin register we couldn’t find any records of IC Markets.
However, the European entity IC Markets (EU) Ltd is registered in Cyprus and licensed since 2008. by CySEC. Lastly, but the most importantly, they have entities based in Seychelles and Bahamas. Such offshore companies are usually the ones where traders are transferred. Yet, those don’t provide any protection for traders.
As the broker is listed as regulated by 3 institutions, IC Markets is mostly a trustable one. However, some IC Markets reviews are raising concerns and traders find it unattractive. Check it out.
Why Is Trading On a Licensed Broker’s Platform Preferable?
First and foremost, they provide transparency. All trading conditions are reasonable and go in the client’s favor. Secondly, the security and comfort that the license provides. Brokers are not allowed to lure you with fake adverts, lie to you openly, etc. Thirdly and most importantly, you are entitled to compensation in some worst-case scenarios.
IC Markets Available Online Trading Platform
Generally speaking, licensing trading platforms is a crucial factor in choosing a broker. That’s why we always look for trusted platforms, that IC Markets provides. It’s all a personal preference. However, all options are quite suitable for everyone.
As an industry-standard clients can’t make the mistake of choosing MT4/MT5. They provide reliable and fast order executions on the platform. Above all, they provide advanced indicators, charting optimizations, EAs, social and copy trading. As expected, all versions are available for any device.
This is one of the biggest competitors to Meta Trader. The main advantages of cTrader are smart stop-out and allowed scalping. These options are great for day traders. The same features as with Meta Trader, this software offers on a vast of devices. Moreover, accessing cTrader through mobile devices is not decreasing the availability of trading tools.
What Traders Are Saying About IC Markets
Checking reviews on TrustPilot is not the only way, but it’s quite reliable in other traders’ opinions. There are more than 27.000 comments at the moment about IC Markets reviews. But the negative comments are the ones that raise suspicion for some traders. Although it’s only 2% clients of a kind, that comes up as 500 clients on that number.
IC Markets’s Trading Assets and Instruments
In general, IC Markets trading company offers a wide range of instruments. They are divided into 7 different classes. Those groups are:
- Forex USD/JYP, GBP/AUD
- Commodities Oil, natural gas, s
- Indices DJI, FTSE100,
- Shares Apple, Coca-Cola,
- Cryptocurrencies BTC, USDT, ADA
- Bonds Government, treasury
- Futures QQQ, IMW
Thus, the broker offers competitive trading conditions.
IC Markets Service Countries
As per the company disclaimer, they don’t offer services to some countries like the US, Canada, Israel, New Zealand and a couple more. However, their clients are coming mainly from countries like:
- United Kingdom
- South Africa
Some countries have very specific laws regarding trading, like the UK for example.
What Are The Different IC Markets Account Types?
IC Markets offer only 3 live account types. They depend on the platform you would like to use. Those are:
- cTrader account $1000
- Raw Spread account $200 / Meta Trader
- Standard account $200 / Meta Trader
They provide a very low spread, but leverage is still 1:500. After all, not approved by ESMA rules that allow only 1:30 for all retail traders.
IC Markets Offers Islamic Accounts
Islamic accounts include financial inclusion. They are often offered because of Shariah law, that is forbidding interest-based income. That way they make a sure fair distribution of wealth.The broker provides this account to Islamic people.
Can a Trader Use a Demo Account?
Important to realize is that with IC Markets trading company you can use a demo account. Besides their micro-lots availability, you still have to deposit money. With a demo, you are investing virtual funds. But it’s completely realistic compared to their live accounts.
What Methods Of Deposit And Withdrawal Do IC Markets Accept?
Since IC Markets broker is licensed by multiple entities, they need to provide trusted options. We always recommend using cards in the beginning. Especially because they have offshore companies. The reason for that is the availability of chargeback if something goes wrong. After you gain trust in the broker, it’s up to you.
Payment Methods Available
In this case, the available payment options are divided into a couple of groups. Those are:
- Cards Visa/Master card
- Bank transfers
- E-payments PayPal, Neteller and more.
Additionally, all methods can be done only from the client’s side. Nobody can ask you for your banking details.
IC Markets Protection Of Client Funds
On the positive side, the broker offers a guaranteed stop loss. But negative balance protection is not mentioned anywhere. On the negative side, an Australian-based entity doesn’t offer any compensation scheme through its license. And in Europe, it’s only up to 20.000 EUR, through the CySEC. All that is valid if you are trading with those entities.
What happens sometimes is that traders get transferred to an offshore broker. Double check everything before you invest money.
IC Markets Terms & Conditions – What You Need to Know
As can be seen, all T&Cs are transparent. Clients know what they get into from the first moment. However, some clients from IC Markets reviews found this broker unattractive. Check everything out yourself, before you make any moves.
Leverage, Spreads and Fees
Besides high leverage, which is not allowed according to ESMA rules, other conditions are quite solid. Spreads are very low. Starting even from 0.0 pips. As for fees, only on ECN accounts do clients have a commission of 7$ per trade. However, additional fees only depend on the payment provider.
What Should I Do If I Have IC Markets Problem?
Firstly, you can share your opinion with us. Otherwise, you can reach their regulator to find a solution. Secondly, you can get in touch with our fund recovery team. Book your free consultation now!
What Is IC Markets?
IC Markets broker offers FX and CFD services worldwide through 4 of its entities.
Is IC Markets a Regulated Broker?
Yes. Some of the entities are regulated. Yet, they have offshore companies that are related to ICMarkets broker. Besides that, those offshore entities don’t have obligation to protect clients.
Is IC Markets Available in the United States or the UK?
Company services are forbidden in the US, but in the UK traders can freely trade with IC Markets.
Does IC Markets Offer a Demo Account?
Yes. Besides a couple of straightforward live accounts, traders can try their platforms and services with virtual funds.