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IC Markets: True ECN Forex Broker (Review & Ratings)

IC Markets: True ECN Forex Broker (Review & Ratings)

IC Markets is an Australian-based online ECN forex broker firm. The company is one of the biggest online retail foreign exchange brokers. IC Markets specializes in CFDs over Forex, Indices , Commodities, Bonds, and equity markets in Asia and Europe.
IC Markets was founded in 2007 in Sydney, Australia by entrepreneur Andrew Budzinski. In 2009 the company received an Australian Securities and Investments Commission license.
In 2015 IC Markets announced that it would cover negative balances following the Swiss Franc flash crash which occurred on January 15 2015.
In September 2017 IC Markets announced record trading volumes for the month of August totalling 343 billion USD.

IC Markets Review

Contents
IC Markets Review
The Company. Security of Funds
Trading Conditions
Minimum Initial Deposit
Average Spreads & Commissions
Maximum Leverage
Trading Platforms
Methods of Payment
Conclusion
IC Markets offers its clients a choice of three live account types, available on two different platforms. The Standard account is a commission-free one, and True ECN one provides tighter spreads, but a commission of $7 round turn applies.
What is more, IC Markets provides swap-free service to investors of Islamic belief, who are able to open Sharia-compliant accounts.
The Company. Security Of Funds
Incorporated in Sydney, Australia in 2007, IC MARKETS is a NDD broker providing trading in more than 80 instruments, including a number of currency pairs, various CFDs on indices, commodities and futures, as well as precious metals. It also offers trading in some of the most popular cryptocurrencies – Bitcoin, Litecoin, Ether, Dash and Bitcoin Cash.
ASIC requires licensed companies to comply with various rules and to meet certain requirements. Clients’ money is to be kept in segregated trust accounts, separated from the companies’ operating funds. As for the minimum capital requirement, forex brokers must hold at least $ 1 million in order to prove their good financial standing and to operate legitimately.
We would also like to point out that unlike many EU-based brokers, Australian ones are not covered by any compensation scheme.
Trading Conditions
Minimum Initial Deposit
Traders are required to deposit $200 in order to open an account with IC Markets, which is an average initial amount. In comparison, Plus500 requires $100 and XM (holding, among others, also an ASIC license) demands just $5 from its clients as a start.
Average Spreads & Commissions
IC Markets offers variable spreads, the typical ones on its commission-free account amounting to 1.1, which is average. Spreads on the ECN accounts, on the other hand, are as low as 0.1 pips on EUR/USD on average, involving a commission of $6/$7 per standard lot round turn on the cTrader and MT4 respectively. So, trading costs of such account holders amount to just 07 – 0.8 pips, commission included, which is really attractive, especially considering that one can open such ECN MT4 account for just 200 bucks.
For further information, you may look up real-time spreads of 15 leading brokers here.
Maximum Leverage
Clients of IC Markets use leverage ratios up to 1:500 and such maximum leverage rate is considered high. Some jurisdictions cap leverage to significantly lower levels (i.e. 1:25 in Japan), because higher leverage involves higher risk of losses in excess of initial investments.
Most brokers usually offer leverage of up to 1:200 or 1:400, for instance global broker FXCM, also holding an ASIC license, provides leverage up to 1:400, and Plus500 – up to 1:200. Nevertheless, many brokers provide leverage ratios equal to or exceeding 1:500.
Trading Platforms
While most brokers provide just the MT4 and/or their in-house platform, IC Markets offers its customers a choice of three popular platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader.
If you are running EAs, it is vital that your platform is connected to our servers 24 hours a day. The best solution in this case is VPS and IC Markets has partnered with Commercial Network Services, NYCServers and BeeksFX VPS, to provide a customized low latency solution for their clients. The VPS seamlessly connects traders to the Equinix NY4 grid using cutting edge technology and providing excellent execution.
What is more, this broker provides Multi Account Manager MAM/PAMM options on MT4.
IC markets launched the MetaTrader 5 (MT5) platform in May, 2017. The MT5 sees a growing level of use recently, as MetaQuotes company tries to strengthen its presence on the market and ouphase its still more popular predecessor, the MT4.
Institutional and high-volume traders (with minimum volume of $500 million per month) are also offered FIX API option to access market leading liquidity at affordable prices. The FIX Inside API can integrate the proprietary electronic and algorithmic client server, browser based, and mobile trading systems.
Methods Of Payment
IC MARKETS offers its clients a variety of deposit/withdrawal methods: via credit/debit card, bank wire, BPAY, Neteller, Skrill, Webmoney, China UnionPay, FasaPay, PayPal and Qiwi.
What is more, this broker offers 10 flexible funding options in 10 different base currencies: AUD, USD, SGD, CHF, GBP, CAD, HKD, JPY, EUR, and NZD.
Conclusion

IC MARKETS is a reliable NDD Australian broker, offering competitive conditions for trading in a wide range of products on two platforms. To sum things up, here are the advantages and drawbacks with regards to IC MARKETS.

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