IC Markets is a broker with a long history. It received several licenses and, in theory, cannot be a scam. Let’s see what kind of feedback traders leave about it, and check the quality of trading conditions.
Table of Contents
Highlights
| 🏛️ Country | Australia, Cyprus. Seychelles |
| ⚠️ Regulation | ASIC, CySec |
| 🖥️ Website | icmarkets.com |
| 🎲 Demo Account | Yes |
| ⏳ Start Time | 2007 |
| 💲 Minimum Deposit | $1 |
| ⚖️ Minimum and Maximum Leverage | 1:1, 1:500 |
| ⚙️ Trading Platform | MT4, MT5 |
| support@icmarkets.com | |
| 📞 Phone | +61 (0)2 8014 4280 |
First Impression of Icmarkets.com
The official website looks very standard. We can’t call it an advantage. It uses a dark background, stock photos, and a lot of advertising. Additionally, IC Markets has several official websites. Clients from different countries use them. For example, those who live in the UK will go to another domain.
Partnership and Bonuses
IC Markets has an affiliate program. However, its conditions are not described in detail in the public domain. We only know that for each referral, the client can receive two types of payments. The first will be a certain percentage of the spread. The second one is fixed and is charged for each lot.
Account Opening on Icmarkets.com
Account opening is standard for all traders. You will need to fill out a rather large form. You have to write personal data: first and last name, date of birth, place of residence, identification document number, and contacts. After you fill in this information, you will need to choose a terminal and account currency.
Another large form is waiting for you in your Personal Area. Here you will have to fill in:
- Information about your income
- The amount of investment
- The number of trades per week
- Understanding of risks, etc.
Verification
The verification process is standard. IC Markets will ask you to upload two documents. The first is proof of identity. Use an ID card, passport, or driver’s license for this. The second one confirms the place of residence. Download utility bills, bank statements, internet or phone bills, etc.
- Simple verification
- Convenient form for uploading documents.
- It is not specified how long documents will be checked.
- Traders complain that in the process of work, the broker requires more documents than indicated there.
Trading Software
Like most brokers, IC Markets offers a self-developed terminal and MetaTrader. Clients do not particularly praise the first platform. It can work with lags and is worse than MetaTrader in performance. The company offers MT 4 and 5. It is a more acceptable option. Terminals work quickly. They have a lot of indicators, built-in news, and other useful features.
| Features | IC Markets | Vantage | Oanda |
|---|---|---|---|
| Demo Account | ✔️ | ✔️ | ✔️ |
| Mobile App | ✔️ | ✔️ | ✔️ |
| Own Development | ✔️ | ✔️ | ✔️ |
How Can I Trade With IC Markets?
The company offers CFD trading. Conditions differ by jurisdiction. If you open an account in the European area, you will get only 1:30 leverage and stricter regulation. Offshore branches offer huge leverage up to 1:500, etc.
All Info About Accounts
Accounts in IC Markets differ not depending on deposits, but on commissions. So, the Raw Spread account has minimal spreads, but a fixed commission per lot. And on the Standard account, spreads from 1 pip, but no commissions.
- Islamic account
- Demo account.
- IC Markets does not provide additional services.
- There is no difference between accounts if you are a retail investor with an average deposit.
Market Analysis and Education With Icmarkets.com
The website has an education section. It will be useful for beginners, but experienced traders will not find anything interesting there. IC Markets teaches the basics.
Deposit, Withdrawal, and Fees
There are several options available for deposits and withdrawals. You can use wire transfers, cards, Skrill, Neteller, and PayPal. There is no commission for withdrawing money for all methods except bank transfers. In this case, you will pay $20.
| Features | IC Markets | Axi | Oanda |
|---|---|---|---|
| Debit/Credit Cards | ✔️ | ❌ | ✔️ |
| Electronic Payments | ✔️ | ✔️ | ✔️ |
| Crypto Transfers | ❌ | ❌ | ❌ |
| Deposit Fee | ❌ | ❌ | ❌ |
| Withdrawal Fee | ✔️ | ✔️ | ✔️ |
How Can I Contact It?
IC Markets has enough contact information. You can contact it by phone, email, or live chat on the website.
- The address and other contact details are indicated.
- English-speaking support only.
- It’s hard to get in touch.
Is IC Markets Dangerous?
The broker has been working in the financial markets for a long time and many traders prefer it. However, there are also negative reviews. Let’s see what is the reason for this.
How Long Does The Broker Work?
IC Markets has been working since 2007. The international domain appeared a little later. It was registered in 2011. In any case, this is a rather decent period of work for a financial company.
How Is IC Markets Regulated?
The company has several licenses from reputable regulators, for example, ASIC and CySec. However, most of the branches are open in offshore zones. Clients cannot choose where they want to be served. If you do not live in Europe, your account will be registered in the offshore branch. Therefore, you will have other trading conditions and less strict control of supervisory authorities.
| Features | IC Markets | Axi | Vantage |
|---|---|---|---|
| European Zone | ✔️ | ✔️ | ✔️ |
| Asian Zone | ❌ | ✔️ | ❌ |
| American Zone | ❌ | ❌ | ❌ |
| African Zone | ❌ | ❌ | ❌ |
| Offshore | ✔️ | ❌ | ✔️ |
Frequently Asked Questions (FAQ)
How to Trade With IC Markets?
Is IC Markets Legit?
How Risky Is It?
Kevin Berry IC Markets is another big broker that makes big money on CFDs. It is easy for such companies to do this because contracts for difference are extremely risky. On average, three-quarters of clients lose everything they invest. And if companies open subsidiaries offshore to work with traders outside Europe, things become even easier. Huge leverage, bonuses and aggressive marketing, poor regulation, all play into the hands of such brokers. Just keep that in mind.
IC Markets rating
3 reviews about IC Markets
I do not understand why this broker is so praised. I have been trading with IC Markets for only three months and so far I am very dissatisfied. So, I will try to withdraw all my funds. There is inadequate support here, which only swindles money from me. They convinced me that in a week I would be able to triple the deposit. Quotes are not the same as real ones on the market. So far, I haven’t lost much money, but I don’t want to continue this story!
Please explain to me why the site says that scalping is allowed, but in fact, it is forbidden! I can’t withdraw more than 5 thousand dollars because I was accused of using scalping! I don’t understand the logic! Also, they are lying about their address. Before the quarantine, my wife and I flew to Seychelles and decided to stop by the IC Markets office. And you know what? Not found! These are typical scammers.
At first, their “experts” told me that I had to trade for half a year to make a profit. Then they demanded more money and I took out loans. Now they don’t answer my emails and calls, and there are more than two thousand left in my account that I can’t withdraw… Who knows what to do? Help!