Trading With IC Markets
This IC Markets review is a result of months of testing and exhausting all the brokerage firm’s features and offers. The reviewers gathered first hand information on all the functionality of the site and trading platforms that the broker has at its employ to arrive at an objective conclusion.
To establish fairness, the reviewing team also took into account other online reviews and client testimonies made about IC Markets. What this entailed is communication with other review teams and research across the world wide web. As such, the reader is given plenty of factors to weigh so that they may be able to make a pointed and informed decision on whether to enlist IC Markets’ services or not.
An Overview of IC Markets
IC Markets found its place in the trading industry as an issuer of counter derivatives. The transactions made through the broker are principal to principal procedures. IC markets notes through a footer at its website that the products that they issue out are, by no means, traded on an exchange.
What is important to note here, before the review delves into what the broker trades and does transactions for, is that IC Markets does not, in any way, issue or sell cryptocurrencies. It should also not be mistaken as an altcoin exchange service. It does however, trades Cryptocurrencies as CFDs.
Both the website and the company itself, IC Markets is being run by Raw Trading Ltd., a business entity based in Mahe, Seychelles. IKBK Holding Ltd. is the company that directly facilitates the operations of the IC Markets website in Limassol, Cyprus.
As a legal entity, IC Markets (EU) Ltd. is sanctioned under the strict provisions of the regulatory body, Cyprus Securities and Exchange Commission. IC Markets also holds a license to legally conduct its business in Australia.
What these legal information addresses is IC Markets’ legitimacy as a trading company, thus ticking off one major concern in assessing the firm as a viable trading partner.
As already pointed out earlier, IC Markets specializes in issuing over-the-counter derivatives. These Contract for Difference instruments are as follows:
1. Forex CFD
IC Markets allows for 24-hour forex trading 5 days a week. The firm allows for the trading of 60 currency pairs.
2. Indices CFD
The broker gives clients access to global Indices CFDs. The spreads start from 0.5 points across all provided 16 Indices.
3. Commodities CFD
IC Markets provides venue for the trading of commodities like energy, agricultural and metallic products against either the USD or as a Futures CFD. It was observed that the firm’s prices are tight. The lot sizes that it offers are flexible starting from 10c per point.
4. Stocks CFD
IC Markets gives its clients access to over 100 caps across the world’s most popular companies.
5. Bonds CFD
The firm also has provisions for the trading of government bonds.
6. Crypto CFD
Partnering with a CFD Provider that is FSA-regulated, IC Markets offers leverage of up to 1:5.
7. Futures CFD
IC Markets offers Futures CFDs through the employ of the MetaTrader 4 (MT4) Platform, one of the trading software that the firm had drafted.
Types of Accounts Offered
The accounts provided through IC Markets are tied to the trading platform that the trader chooses to use. To date, the broker offers 4.
Much like what other firms offer, IC Markets’ Demo Account is a good way to test out possible trading scenarios through simulation. The account is opened through their site, although the digital amount is not declared there. Through this, the trader would be allowed access to simulations done through IC Markets’ trading platforms namely MT4, MT5, cTrader, WebTrder, ZuluTrade, and Myfxbook AutoTrade.
The three official accounts, the Raw Spread (MetaTrader), the cTrader account, and the Standard Account (MetaTrader) share the same features and services. All these require only $200 to be opened. These offer leverage of up to 500:1 and trade 64 currency pairs. The accounts have provisions for Index CFD trading, One-Click Trading, and the opening of Islamic Accounts.
What the three accounts differ in are the bases in which their respective servers are located. The cTrader account is based in London while the Standard and the Raw Spread (MetaTrader) Account are based in New York. Another notable difference among the three is the programming language that each employs. For the cTrader Account, C# is used, with the Raw Spread (MetaTrader), and Standard account, MQL4.
What the three largely differ in is the type of trader that each caters to. The cTrader account was made specifically for Day Traders and Scalpers. The Raw Spread (MetaTrader) account was created with both EAs and Scalpers in mind. The Standard Account was made for Discretionary Traders.
If one is to look closely in to the offers and the minimum account that IC Markets offers, it is not difficult to assume that opening an account with the broker is of low risk and would definitely lead a trader into gains larger than what they put out.
It must also be pointed out, regardless of what the specific accounts cater to, upon review, the team had found out that these can easily be navigated through by any type of trader. Actually, the specificity or suitability is not even a question. Any type of trader can easily open any account and learn how each function merely by using them repeatedly.
As mentioned in the aforementioned segment, IC Markets offers industry-trusted trading platforms namely, cTrader, MT4, MT5, Myfxbook AutoTrade, and ZuluTrade.
These platforms are tied directly to the kind of account a trader chooses to open. And to the reviewing team’s opinion, each platform is functional and efficient depending on the type of trades the trader would be delving into. As such, the success that one would be achieving is reliant on the trading strategy that he or she would be choosing to employ, not solely the trading platform.
Conclusion and Recommendation
IC Markets offers a wide venue for lucrative trades through its highly-intuitive trading accounts and industry-respected trading platforms. Opening any account is budget friendly to both novice and seasoned traders.
IC Markets is licensed and duly regulated, accounting for transparency and trustworthiness.
With these premises, the reviewing team is in the opinion that this firm is one worth checking out. But of course, traders must be reminded of one pertinent reality: the success of a trade still depends on the due diligence and the trading strategies that a trader chooses to enact.