Founded in 2007, IC Markets is a global forex broker based in Australia. They are a team of financial specialists whose goal is to provide trading solutions to both retail and institutional clients. IC Markets is regulated by the Seychelles Financial Supervisory Authority (FSA), Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC).
Their company has several branches and they are continuously expanding their approach. They work by assisting international and European entities, as well as establishing a Chinese Support Center and offering truly competitive business terms.
Trading does not come without risk. The whole game of trading is the balance between risk and benefit. We should opt for the one which has low or average risk and more benefits. ICMarkets copy trading is considered safe with an average risk. It has an overall trust score of 85 out of 99.
Australian Securities and Investment Commission (ASIC) which are tier-1 regulators have authorized IC Markets to operate and this is the reason why IC Markets is considered safe. IC Markets is doesn’t run a bank and it is not a publically traded company. Apart from that, it is regulated by 3 tier regulators, namely:
- One tier-1 regulator
- One tier-2 regulator
- One tier-3 regulator
Pros and Cons of IC Markets
IC Markets offers low forex commissions. It also features a simple and quick account opening process, as well as free and user-friendly depositing and withdrawing options. A plus point is, the account opening process is fully digital and it takes only one day for the account to get approved. It means the process is very quick and easy to use.
Trading and non-trading costs are both low at IC Markets. Plus there are no fees for withdrawal or inactivity and an average of 10 currencies are offered. IC Markets is a reputable broker that offers a wide range of platforms, including cTrader, MT5, and MT4. IC Markets has good search functions and an option for price alerts.
It provides free education and 24/7 customer service. There is a choice of spread foundation and raw spread accounts, as well as a variety of instruments available. It has good customizability options as well and it offers a clear fee report.
Customers from all over the world are welcome at IC Markets. The United States, Canada, and Israel are significant exceptions.
On the downside, the product portfolio of IC Markets is limited, with only CFDs and forex available. Plus there are high financing rates for CFDs. Also, there are delayed and irrelevant responses received on the live chatbox.
The proposal varies per company and is larger when dealing with an offshore entity; we discovered several spreads that were higher than the average.
There is no two-step verification login, which is safer and there is no touch ID or Face ID to log in. Although it is much better in many ways it has a poor design. Finally, non-EU clients are not protected as investors.
How to Open Your Account on IC Markets?
The account opening process at IC Markets is simple, quick, and completely digital. The account gets approved within one business day after completing the online application, which takes around 10-15 minutes.
There are five steps of account opening at IC Markets
- Fill up your email address and other contact information.
- Now, fill in your personal details, such as your mailing address and date of birth
- The next step is to select your account type and base currency
- Fill out a questionnaire concerning your trading experience
- For the verification of your identity, upload a copy of your passport or ID, as well as a bank statement or utility bill, to prove your identification and residency
What is the IC Markets minimum deposit?
The minimum deposit to open a live account at IC Markets is $200, regardless of the type of account you pick, which includes Raw, Standard, and cTrader accounts.
What are the Different Funding Options Available?
There are over a dozen different ways to fund your account, ranging from credit cards to bank transfers. There is also an option available for third-party payment services like UnionPay and PayPal.
Is It Safe to Invest Money at IC Markets?
The degree of protection of your cash depends depend on whatever organization maintains your funds; IC Markets is regulated in Australia, the Bahamas, Cyprus, and Seychelles. So we consider IC Markets as a good and safe option to invest your money.