Introduction
IC Markets started primarily as an Australian brokerage but has since diversified its services as a result of regulatory actions in Australia and other jurisdictions. The main reason why this brokerage is being highlighted today is that the trading conditions found on IC Markets are arguably among the best in the industry.
IC Markets is a forex and CFD trading brokerage that serves the retail end of the market. Most of the discussion will focus on the global brand of IC Markets, as it serves a wider target market.
Regulation in IC Markets
The push by several regulators to “protect” their retail clients led to the tightening of leverage and margin conditions in Europe, the UK and Australia. As such, IC Markets was forced to make changes to its operational structure to conform to the new regulatory provisions. The company’s operations were split into various regulatory divisions as follows:
- The global brand is now handled under the name Raw Trading Ltd. This is the IC Markets registered brand name in Seychelles, and has a license number: SD018. This brand is regulated by the Financial Services Authority of Seychelles.
- The original Australian brand of IC Markets operates under the name International Capital Markets Pty Ltd. The license number of the company is 335692, regulated by the Australian Securities and Investments Commission.
- In Europe, IC Markets (EU) Ltd handles the brand out of Cyprus. It is licensed by Cyprus Securities and Exchange Commission, operating with CIF license 362/18.
- The brand has recently expanded to the Americas, targeting this market under the brand name IC Markets Ltd. The Securities Commission of The Bahamas regulates this brand, which operates with License No. SIA-F214.
Assets Traded
The IC Markets global brand has 61 currency pairs, 22 commodities, 25 indices and 11 bond products. The asset index has also been expanded to include 13 cryptocurrency products and about 1659 stocks which are traded as CFDs.
Many people do not really understand the benefits that come with trading such a robust and expansive asset index. If currencies are not your thing, trade stocks. If you prefer to follow entire markets, trade indices.
Trading Costs on IC Markets
Three types of accounts are offered to retail traders by the global brand of IC Markets.
a) The first is the Raw Spread Account on cTrader, which is a near-institutional offering that charges zero pips on spreads, but typical commissions of $3 per Standard Lot are charged. This means that the EUR/USD attracts a flat commission of $3.90 per trade, deducted at once.
b) The MT4 Raw Spread Account offers a spread-free account that comes with a commission of $3.50 per lot on each side of a trade (i.e. entry and exit). What this means is that a Standard Lot on the EUR/USD comes with a $2.75 commission for entry and another $2.75 commission for exiting the trade, making a round turn commission of $5.50.
c) The Standard MT4 Account offers a commission-free account type that comes with some of the lowest spreads in the market. The 30-day plan for the combination of the Global Alerts and FX Intraday packages costs $138.70 per month, while the 90-day plan for the combo package is $329.40, payable every quarter.
Access to Automated Signals Services
One of the important points traders would like to consider is if the IC Markets platform is amenable for use in trading with automated or copy traded signals. It is possible to connect the IC Markets platform with copy trading services or automated signals. This can be done using third party services such as SignalStart or via the MQL 5 Community website.
Integration of your IC Markets to a platform such as SignalStart requires independent subscription to a signals service on the provider’s column, then adding your IC Markets account login details. This process of linking your IC Markets account to the third party platform is done automatically.
On the MT 4 platform, you can click on the Signals tab in the terminal window to get the list of paid signals being offered. When you select a signals service listed in the Signals tab, the cost of the service is automatically deducted from your account balance.
Pros and Cons
What are the pros and cons of using the IC Markets as the preferred brokerage for FX and CFD trading?
- IC Markets offers trading conditions that are highly competitive in many aspects. Spreads are low and the commissions structure is easy to apply and understand.
- The IC Markets service also has provisions for integration with a virtual private server. Although VPS services come at a fee of $20 a month for the lowest-cost package, it is worth every penny.
- The news bar on the IC Markets trading platforms provide traders with actionable news releases, along with occasional analysis from reputable research outfits such as Trading Central, Autochartist, etc.
- Traders located in Australia, Europe and the UK have to trade with the restrictive leverage conditions that are available on the EU and Australian brands of IC Markets. This does not have to do with the brokerage itself, but is a fact that traders in those regions have to contend with.
- The process of funding accounts and conducting withdrawals on IC Markets is not straightforward, especially if you have deposited with cards. For instance, if you deposit with a card denominated in your local currency, it is very difficult to initiate a successful withdrawal with this method.
Customer Support
The customer support on IC Markets is great. There are many channels of contacting the IC Markets team. These are listed below:
Live chat: This is the most direct way to reach customer support on IC Market. It is available as a web application that can be accessed by clicking the tab on the right bottom corner of each page.
Phone: Toll-free number on +248 467 19 76
Email:
– rm@icmarkets.com (client relations)
– support@icmarkets.com (customer support)
Customer support is available 24/7.
Conclusion
The IC Markets platform is designed for stress-free trading, whether the trader does this manually or using automated signals services. The brand is regulated, which guarantees a large degree of investor protection.
Trading using signals or automated trading software is easy. The signals tab on the Terminal window ensures automated synchronization of the signals provider’s trades and that of the trader, ensuring there are no delays or lapses in any way.
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