IC Markets review: Unbiased Analysis & Expert Insights
This comprehensive IC Markets review delves into the offerings, fees, and overall trading experience provided by this popular broker. We aim to provide an unbiased analysis to help you determine if IC Markets is the right choice for your trading needs.
IC Markets Trading Instruments
IC Markets offers a substantial range of trading instruments, totaling 3,583 across its various entities. This wide selection caters to diverse trading strategies and preferences.
Clients can access a variety of markets, ensuring ample opportunities for diversification. The table below highlights key investment products available.
- Forex Trading (Spot or CFDs): Yes
- Tradeable Symbols (Total): 3583
- Forex Pairs (Total): 61
- U.S. Stock Trading (Non CFD): No
- Int’l Stock Trading (Non CFD): No
- Social Trading / Copy Trading: Yes
- Cryptocurrency (Physical): No
IC Markets Cryptocurrency Offerings
For those interested in digital assets, IC Markets cryptocurrency trading is available via CFDs. It’s important to note that direct trading of the underlying physical cryptocurrency assets is not offered.
Retail traders in the U.K. are unable to access crypto CFDs due to regulatory restrictions across all brokers.
IC Markets Fees and Spreads
Our IC Markets review finds that the broker’s trading costs are highly competitive, rivaling industry leaders. This is largely due to its low effective spreads and accessible commission-based accounts.
IC Markets fees can vary based on the trading platform, account type, and the regulatory entity you choose. They operate under Australian, Cypriot, and Seychelles regulatory bodies.
IC Markets Account Types
IC Markets offers three distinct account types to suit different trading styles:
- Standard Account: This is a commission-free account where costs are incorporated into the spread.
- Raw Spread Account: A commission-based account designed for traders seeking tighter spreads, available on MetaTrader platforms.
- cTrader Raw Spread Account: Also a commission-based account, offering very tight spreads on the cTrader platform.
IC Markets Spreads Comparison: cTrader vs. MetaTrader
The commission structure for the cTrader Raw Spread and MetaTrader Raw Spread accounts is very similar. The primary difference lies in the chosen platform.
The cTrader-linked account has a slightly lower commission at $3.0 per side per 100,000 units, equating to $6.00 per round turn. The Raw Spread account (MetaTrader 4 or 5) charges $3.5 per side per 100,000 units, or $7.00 per round turn.
IC Markets lists an average EUR/USD spread of 0.02 pips (August 2021). When factoring in commission for the cTrader account, the all-in cost is approximately 0.62 pips, which is highly competitive. For MetaTrader, this figure is around 0.72 pips.
The commission-free Standard account offers an average spread of 0.62 pips, making it an attractive option for many traders. IC Markets also provides discounts for active traders who exceed 100 standard lots per month.
Here’s a quick look at some key features related to IC Markets fees:
- Minimum Initial Deposit: $200
- Average Spread EUR/USD – Standard: 0.62 (August 2021)
- All-in Cost EUR/USD – Active: 0.62 (August 2021)
- Active Trader or VIP Discounts: Yes
Execution Model
IC Markets employs an agency execution model, meaning orders may experience positive or negative slippage but without requotes or instant execution. While routing orders to numerous liquidity providers, IC Markets also acts as a dealer, managing some counterparty risk.
Mobile Trading Apps
IC Markets provides mobile applications for all its supported platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These apps are available for both iOS and Android devices, offering robust functionality.
While the mobile offerings are strong, leading brokers in the mobile space often provide proprietary trading apps with unique features. Both MetaTrader and cTrader mobile apps offer similar functionality and charting capabilities.
The choice between them often comes down to individual preference and whether you utilize desktop platforms for automated trading. Automated trading is not supported on the mobile versions; they are best for managing existing positions or executing manual trades.
Copy trading is also available on mobile through supported third-party platforms like ZuluTrade.
Conclusion
Our IC Markets review highlights a broker with highly competitive pricing, a vast array of trading instruments, and flexible account options. The tight IC Markets spreads and low commissions make it an attractive choice for many traders, particularly those focused on forex.
While direct physical IC Markets cryptocurrency trading isn’t offered, CFD options are available. The robust platform selection and emphasis on low-cost trading firmly establish IC Markets as a strong contender in the online brokerage landscape.
