It is crucial to read the broker review before trading with the broker. You can find the IC Markets review in detail below.
What Is It?
IC Markets is regarded as a medium-risk broker with an average trust score (85/99). It is not a publicly-traded company, and it doesn’t run a bank. One top-tier regulator ASIC (Australian Securities & Investment Commission), one-second tier, and one tier-3 regulator have all given their approval to IC Markets.
Investments Options
Contents
The broker provides a combination of 291 tradable securities. The list below outlines the various investment options offered by IC Markets to its users.
Crypto: CFDs allow you to trade cryptocurrency, but you can’t trade the underlying asset directly, meaning users cannot purchase Bitcoin directly. Remember that crypto CFDs aren’t accessible to retail traders or United Kingdom inhabitants from any broker’s United Kingdom business.
- Forex Trading
- CFD Trading
- Cryptocurrency (CFD)
- Copy-Trading
- 3583 Tradable Symbols in total
- 61 Forex Pairs in total
IC Markets Review – Pricing
Generally, the broker stays up with the finest FX brokers for lower transaction expenses, namely Saxo Bank, IG, and CMC Markets, thanks to minimal deposit requirements for both accounts that are based on commission and modest impactful spreads.
Trade charges differ amongst the three types of accounts offered by IC Markets. The first one is the standard account. It is spread only and free of commission, while the Raw Spread and cTrader accounts have prices that are based on commission plus with spreads.
The cTrader has a tenth of a pip cheaper commission than that of the Raw Spread, rendering these accounts comparable. The most significant distinction is the platform that accounts holders can use. For instance, the latter, which employs MetaTrader 4 or MetaTrader 5, costs $3.5 on each side or $7.00 for a round-turn per lot. On cTrader, however, it costs $3.0 each side or $6.00 for a normal RT.
Effective spreads: On the euro and dollar pair, the broker quotes a typical spread of 0.1 pips. The all-in expenses amount to 0.7 pips (or 0.8 for Raw Spread Account on MT) upon applying the commission equal of 0.6 pips on the cTrader account, which really is attractive.
The broker also provides additional discounts to users who trade more than a hundred standard lots each month, similar to an active trader offering. In comparison to the other two accounts that are based on commission, the Standard plan, with typical spreads of 1.1 pips on the euro and dollar pair, is a less appealing choice.
The broker executes transactions on an agency basis, and that indicates that there aren’t any requotes or quick execution, thus orders could be susceptible to favorable or unfavorable slippage.
IC Markets Review – Platforms and Instruments
Because of its execution procedures (aka, not any requotes), as well as the ability to execute orders inside the spreads, the broker caters especially to algorithmic traders. MT and cTrader platform sets are both accessible, and social trading platforms complete out the package.
IC Markets supplies MetaTrader 4 as well as MetaTrader5 for web and desktop trading. The ATT package (Advanced Trading Tools), as well as AutoChartist and Trading Central extensions, are offered as add-ons for the desktop editions. These extensions should be downloaded individually, but they are well worth the effort in order to improve the standard MT service.
cTrader: The broker offers both web-based as well as desktop editions of its cTrader platform. Numerous trading apps are included in this suit, including cAlgo, which is used for automated trading, and cTrader Copy, which is used for social trading. Remember that the IC Markets’ Eu brand, IC Markets EU, does not offer cTrader.
MT Instruments: The broker offers the FX Blue LLP-developed Advanced Trading Tools add-on, and also downloadable plugins via Trading Central & AutoChartist.
VPS solutions: IC Markets supports many third-party VPS (Virtual Private Servers) offerings to house customer algorithms for users who trade at least 15 regular lots.
The Broker’s Myfxbook & ZuluTrade platforms that offer social trading are available throughout its global brands.
- Virtual Trading (Demo)
- Desktop Platform (Windows)
- MetaTrader 4 (MT4)
- MetaTrader 5 (MT5)
- cTrader
- Web Platform
- Charting – Trade From Chart
- 7 Watchlists – Total Fields
- Order Type – Market
- Copy-Trading
- ZuluTrade
- 51 Indicators in total
- 31 Charting – Drawing Instruments in total
IC Markets Review – Analysis
Despite having extensive social trading capabilities as well as a variety of platform add-ons, the broker’s analysis and research isn’t its greatest strength. In comparison to industry heavyweights like IG & Saxo Bank, there seems to be a deficit in the breadth of research and relevant tools accessible at this broker.
Market Research: On its blog, the broker blends their own technical & basic analysis information alongside regular industry research updates. The substance is only “alright.” The primary disadvantage is that the brokers’ platforms are missing video material and high-quality media headlines.
IC Markets Review – Educational Materials
Newbies will find a basic choice of material at IC Markets. Contents in its 101 class, for instance, cover everything from trade psychology through technical analysis, with roughly 12 or more articles for every area. Even with this foundation, the broker falls short of the depth and variety of training material that the best FX brokers for newbies provide.
The broker should explore increasing its instructional materials to incorporate further intermediate and advanced subjects, as well as providing additional video content, to improve its instructional service.
Trading on Mobile Devices
The broker has a mobile version of each of its three platforms, and it includes MT4, MT5, and cTrader, which are all available on iOS and Android. The selection is strong, but it’s worth noting that the mobile giants also provide their own trading applications.
Once we arrive at mobile, the MT and cTrader suites are very close in terms of capability and charts. Users’ choice of trading whether it be physical or with automatic trading systems on the desktop option, will probably determine which platform he or she utilizes.
However, automated trading is not available on mobile for the cTrader and MT platforms. This implies that both can solely be used to handle ongoing trades or physically open new ones. Lastly, social trading is accessible on mobile devices via the ZuluTrade application and other compatible platforms.
Verdict
The broker targets traders that use algorithmic techniques on the MetaTrader 4, MetaTrader 5, or cTrader platforms & require agency executing with attractive spreads and minimal costs. Because automated trading techniques can often do higher output than traditional traders, appealing to higher-volume traders allows IC Markets to accomplish much higher trading activities than its competitors.
IC Markets has a long way to go regarding its present basis, despite the fact that research and teaching aren’t its greatest strengths. Copy-trading on Myfxbook & ZuluTrade completes the company’s retail FX and CFD offerings.
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