Should You Trade with IC Markets? Read This Broker Review First
About IC Markets
IC Markets is based in Australia and has many advanced features, including algorithmic and social trading. It has a tier-1 license from the ASIC, and other licenses. IC Markets was founded in 2007 and offers a variety of trading products with 291 trading instruments.
IC Markets is a licensed broker with a variety of trading products and features. But should you trade with IC Markets? Broker Complaint Registry conducted a thorough investigation of IC Market’s trading services. We have created this broker review to guide you in your financial decisions.
The first thing to look for before signing up with any broker is whether or not they are licensed, and if so, what kind of licenses they have. IC Markets has several licenses, including one tier-one license (ASIC) and one tier-2 license (CySec) and it has additional licenses from Seychelles and the Bahamas. Therefore, IC Markets more than satisfies the criterion of being a regulated broker.
Not only is IC Markets regulated, but it has licenses from top-tier brokers. This is also important to consider since even if a broker is regulated, holding a license does not necessarily validate the broker’s legitimacy or indicate real oversight. In some cases, brokers can manage to get a license from a third or fourth-tier regulator with minimal requirements.
Although IC Markets has high caliber regulation, that does not mean that clients will never have a problem with this broker or may not need to make a complaint at some point. However, it should reassure potential clients to know that IC Markets is regulated and by all appearances, legitimate.
Accounts, Fees, Spreads and Commission
The minimum required to open an account is $200, which is a bit high for the industry. However, its commissions and spreads are competitive. The standard account has spreads only and the cTrader and Raw account combined spreads with commissions. The difference between cTrader and Raw is the type of platform that is used.
The spread on the EUR/USD is 0.1 pips. If 0.6 commission is added, as in the cTrader account, the total is 0.7 pips which is a decent rate by industry standards. Traders who are more active are given special discounts based on the amount they trade.
IC Markets offers 291 trading instruments, including 231 CFDs and 60 types of currency pairs. The CFDs area divided among various types of assets. Cryptocurrencies can only be traded through CFDs and not by owning the underlying assets.
IC Markets offer fewer trading products than many of its competitors, but it should be enough for traders who like to focus on CFDs and forex.
Technology and Platforms
Technology is where IC Market shines. It offers MetaTrader 4 and 5, like many brokers as well as cTrader with features that facilitate algorithmic or automated or social copying trading. IC Markets offers an impressive selection of plug-ins and tools that are useful for advanced traders. Traders who use at least 15 standard lots will have access to VPS or third-party Virtual Private Servers.
Research and Education
Although its plug-ins and features make IC Markets stand out, traders who are looking for a lot of educational and research tools may be disappointed. However, it does offer guidance for fundamental and technical analysis. Its offerings for beginners are basic, with a 101 series.
Advanced traders who are accustomed to using their own research methods may not mind the lack of selection in this area. However, novice traders who require more information and guidance may find IC Market’s services in this category lacking.
Pros and Cons of IC Markets
- Top tier Regulation
- Impressive features for automated and social copying trading
- A solid selection of plugins and tools
- Lack of Research and Educational resources
- Not a huge selection of trading products
- A solid selection of plugins and tools
Should You Trade with IC Markets?
After performing an exhaustive investigation of IC Markets, Broker Complaint Registry has concluded that IC Markets is a legitimate broker that offers many advanced trading features. It is ideal for traders who like cutting-edge features such as social copy trading, automated trading, and third-party trading.
Its variety of trading products is not huge, but those who like to focus on forex and CFDs should be happy with this broker. However, first-time traders who require more instruction may require a broker with more educational resources.
It should be noted that even though IC Markets is a regulated broker, that doesn’t mean that you are guaranteed smooth sailing. Problems and disputes can arise even with the best financial services. There can be errors and glitches or other things can arise that require a broker complaint. If problems persist, it may be necessary to approach the regulator.
Disputes with legitimate brokers may not be as disturbing as broker scams, but they are complex and require guidance. If, for instance, there was a fee you feel you shouldn’t have been charged or a disputed transaction, it is necessary to find experts who can provide guidance on how to resolve the problem.
A regulator should be informed in some cases, but they can’t give you the personal attention experts in broker complaints can. If you have a complaint with any broker, speak to Broker Complaint Registry today.
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