IC Markets Review One Of The Famous Brokers Suitable For Beginners

The best and the biggest ECN makes IC Markets Brokers proud. This broker is ASIC supervised and offers platforms such as MetaTrader4, MetaTrader5, and cTrader. IC Markets is highly recommended for both novice and experienced traders who want faster execution and lower spread charges.

Based in Sydney, IC Markets is the best representative of Australian brokers with outstanding credibility and reputation.

For novice traders, the IC Markets account structure is very attractive and easy to understand and they understand that customer retention can be achieved through the adoption of low spread values, availability of cutting-edge trading technology, fast trade execution, and high-quality customer service.

IC Markets for Beginners

IC Markets is one of only a few pure ECN brokers that novice traders can reach. While many other ECN brokers fail to provide education and analysis and often force traders to self-educate through third-party materials, IC Markets provides a full range of study materials, independent market analysis, and webinars to provide traders with comprehensive education about forex bonus trading. IC Markets also supports the three best software options and 24/7 customer service.

Educational Materials

IC Markets provides a free Education Hub that can be accessed by anyone, both those who have registered with IC Markets and those who have not. Unlike brokers where educational materials are structured in a way, educational materials at IC Markets come in the form of blog posts organized by topic. And unlike other ECN brokers, it is clear that IC Markets has invested heavily in training traders of all levels of experience.

The most important elements of education are:

  • Basics in Forex
  • Technical Analysis
  • Fundamental Analysis
  • Risk management
  • Trading Psychology
  • Trading Plan

Videos to help clients run the trading software are also available. These videos cover topics such as how to download a Demo Account, how to use One-Click Trade Manager, how to hedge orders on MetaTrader 4, and how to use the Trade Terminal.

A series of webinars recorded and spoken by educators with extensive knowledge in the Forex field complement the existing reading articles. The webinars cover technical analysis topics such as chart patterns, Fibonacci trading, trading based on candlesticks, and how to do Fading and Scalping. In addition, there are additional sections on Market Structure, Market Dynamics, and Professional Trader Psychology.

Analysis Material

IC Markets publish market analysis on their blog, so clients who have registered and have an account can access Trading Central analysis. Trading Central is an independent institution, and this tool is highly recommended for new traders who want to learn technical analysis or who want to get a neutral opinion on their trades.

Customer Service

IC Markets has a customer support service that operates 24 hours 5 days. Through live chat, email, and telephone, their team can be contacted by customers. Live chat and phone support can help customers with common questions or problems. However, issues around more specific departments such as the account management department can only be contacted via email.

We have lots of suggestions on how to improve their service to customers, but we have never had a problem contacting their staff and getting clear answers to our questions.

Trading Conditions

The main focus of IC Markets is to create the best possible trading conditions; this can be achieved by focusing on finding the best conditions from a network of equity providers and technologies that allow for fast trade execution.

IC Markets works with many equity providers to provide its clients with the best trading conditions and the smallest spreads. Cutting-edge technology developed in-house is also available to provide the best trading conditions and more control over the trades made by the clients.

IC Markets has servers in London and New York, enabling fast trade execution and low latency, resulting in less slippage and better trading results.

Account Types Offered

IC Markets offers two types of live accounts and one demo account. Each live account type requires a minimum deposit of 200 USD, the maximum leverage applied is 500:1 and there are 64 currency pairs to trade. It is very rare for a broker to offer similar features for two very different categories of accounts. Swap-free account options are also available for all account types for Muslim clients.

Demo Account — IC Markets demo account will not expire unless you have been inactive for 30 days. This demo account gives you initial capital, but if you spend it, you can contact customer service to replenish it again.

Standard Account—Standard account differs somewhat from the way IC Markets charges a fee for trades made. This account does not charge commissions for trading, but the spreads charged are higher than on Pure ECN accounts. Spreads are applied to start at 1.0 pips, making this account a better choice for those who only trade occasionally, or who have limited capital. Leverage for this account is standard at 500:1.

Pure ECN Account (True ECN Account)—Pure ECN accounts are for more professional traders or those who trade in large volumes. If you are a scalper, or someone who opens and closes a large number of trades every day, this account is the best choice for you. Spreads are low, starting from 0.0 pips, but with a commission fee of 3.5 USD per standard lot, and the allowable leverage is up to 500:1.

Deposits And Withdrawals

Deposits via Credit/Debit Cards, Paypal, Skrill, Qiwi, Webmoney, Moneybookers, China Union Pay, FasaPay, bank transfers, Bpay, transfers between brokers, and also branch deposits. Deposit payments are generally completed quickly, usually within 12 hours.

All withdrawals made before AEST/AEDT are processed on the same day but remember that there is a time lag before the money reaches you. This time lag depends on the withdrawal method you use.

Depending on the withdrawal method used, additional fees or limitations may apply. However, Additional withdrawal fees are not charged by the IC markets Broker. The total cost is:

  • Credit/Debit Card Withdraw—No Fee
  • Australian domestic bank transfer—No Fee
  • International bank transfer—AUD 20
  • Withdraw via Paypal/Neteller/Skrill—No Fee

IC Markets does not apply any fees to inactive accounts. However, a client’s account may be frozen if it has no balance and has not been used for more than 6 months.

Tyler Mathews

Tyler Mathews