In this blog post, I will try to answer all queries related to the forex broker – IC Markets. I will review IC Markets with a tough benchmark so that you can decide whether you want to go with them or not! Unlike other resources on the internet, the sole purpose of this post is to answer all questions related to IC Markets and not to promote them.
If you are in a hurry and looking for a quick IC Markets rating then your quest ends below!
IC Markets Rating / Score
After analyzing IC Markets with a lot of factors like, support, slippage, leverage, transparency, regulation, spreads, account type etc. We can safely say that IC Markets is a good broker and they can be trusted!
IC Markets for Beginners
IC markets is a good choice for beginners in forex trading! The reasons being, they offer a demo trading account for your trading practice, they have a minimum possible deposit requirements, they have a very responsive technical support team, they offer different types of trading accounts to suit your style and the list goes on. I can safely say that IC Markets for beginners is not a bad idea, go for it! Below is the link to open an account with IC Markets.
Where is IC Markets Based?
IC Markets is headquartered in AUSTRALIA. Their working hours are similar to the timings in Australia.
IC Markets Requirements
The requirements for opening a trading account with IC Markets are not that complicated. Like every regulated broker, you need to complete your KYC before you can actually withdraw your trading profit. Apart from that, You should not be a resident of US / united states. IC Markets does not accept clients from U S. For information on other unaccepted countries, refer to their website help section.
IC Markets Market hours / IC Markets Opening times
IC Markets trading hours match with the actual forex market hours. Whenever the forex market is open, the trading on IC Markets accounts is open. if you want to know about IC Markets office opening times, then note that, they operate Monday to Friday – Australian time.
IC Markets bitcoin trading hours
IC Markets bitcoin trading hours are 24/7 throughout the year! Bitcoin trading is open all 7 days in the week on IC Markets.
IC Markets Trading Accounts Information
In this section, you will find answers to all the questions related to IC Markets trading accounts. IC Markets offers trading accounts on major trading platforms like metatrader 4, metatrader 5 & C Trader.
Below are the account types offered by IC Markets:
- Standard Account
- Raw Spread Account
- Islamic Account (Available for both standard and Raw spread accounts)
IC Markets Raw Spread Account – Minimum deposit & More
IC Markets offers an efficient Raw Spread account option for traders. IC Markets Raw Spread account has the minimum possible spreads, some currency pairs have literally a spread 0.0. IC Markets Raw spread account is a good option for day traders, scalpers, and EAs.
The server location of IC Markets raw spread accounts is New York.
The minimum deposit for IC Markets raw spread account is $200
IC Markets Standard Account – Minimum Deposit & More
IC Markets also offers a standard trading account. The commission is zero – $0 and the spreads start from 0.6.
The server location of IC Markets standard accounts is New York. The minimum deposit for IC Markets standard account is $200.
IC Markets ECN Account
IC Markets doesn’t offer an ECN account. So, is IC Markets an ECN broker? No, IC Markets is not an ECN broker
IC Markets Islamic Account Review – The IC Markets halal account
IC Markets offers a genuine swap free Islamic account, which means the trader doesn’t have to pay any overnight fees or interest. This is believed to be a IC Markets halal account as this account is according to the Islamic trading laws
IC Markets offers Islamic trading account on MT4 and MT5 with a leverage of 1:500.
You can open both standard or raw spread account as an Islamic account. IC Markets Islamic account is a good option for traders in the Muslim community, they can indulge in forex trading without breaking the Islamic trading laws.
Overall IC Markets Islamic Account Rating : 4.9 / 5
IC Markets Raw Spread Vs Standard Account
|Raw Spread Account||Standard Account|
|Leverage Up to 1:500||Leverage Up to 1:500|
|Spreads from 0.0||Spreads from 0.6|
|Trading Platforms: Metatrader & CTrader||Trading Platforms: Metatrader Only|
|Commission: $3.5 per lot||Commission $0 per lot|
|200 maximum positions||200 maximum positions|
|Suitable for EAs and Scalpers||Suitable for Discretionary Traders|
IC Markets Cent Account
Unfortunately, IC Markets does not offer a cent account. the only account options they offer are discussed in the above section.
IC Markets Account on Tradingview
Tradingview has become more popular among technical traders. As you might be aware, you can link your trading account on tradingview and directly take trades from Tradingview charts. unfortunately IC Markets tradingview is not available yet! It is possible that, in future, IC Marklets and Tradingview may partner to provide their trading services. You never Know!
So, How to connect IC Markets to TradingView? As discussed above, you cannot connect your IC Markets account to TradingView. However, it might be possible in future, if these two collaborate.
Does IC Markets have ZAR account?
YES! IC Markets offers trading accounts in ZAR currency.
IC Markets: Deposit, Withdrawal, Commissions, Fees, spreads & More
In this section, Let’s discuss the deposit, withdrawal, fee structure and more at IC Markets!
IC Markets Overnight Fees / IC Markets Swap Fee
Overnight Fee or Swap rate is nothing but the fee charged by a broker for the positions you hold overnight. IC Markets has very competitive swap rates. In fact, if you compare IC Markets overnight fees with that of other brokers, you can really notice a big difference.
The IC Markets overnight fees is different for each trading instrument. you can find all the IC Markets swap rates here.
IC Markets Gold Spread / XAUUSD Spread
IC Markets offers very competitive spreads for gold / XAUUSD!
Average IC Markets gold spread on Raw spread account is: 1.083
Average IC Markets gold spread on standard account is: 2.083
Does IC Markets accept bitcoin deposit?
IC Markets allows you to deposit using a lot of payment methods, but unfortunately bitcoin is not one of them. IC Markets does not accept bitcoin deposit or any cryptocurrency deposit for that matter.
The available deposit options at IC Markets are: Credit & Debit cards, Paypal, Neteller, Skrill, Union Pay, Wire Transfer, BPay, FasaPay, Broker to Broker, Poli, Thai Internet Banking, Rapid Pay, Klarna, Vietnamese Internet Banking.
How long do IC Markets Withdrawal Take?
The withdrawal time at IC Markets depends on the withdrawal method that you are using to withdraw your profit. For example, if you withdraw to your bank via wire transfer at IC Markets – it may take 7 to 21 working days. If you are choosing to withdraw to digital wallets like Skrill or Neteller, it is processed within 24 hours and you will receive your withdrawal from IC Markets within 24 hours!
IC Markets KYC
IC Markets is very strict with their KYC verification policy. For you to be able to withdraw your trading profits, IC Markets KYC is must. To verify and complete KYC at IC Markets you need to provide a valid photo ID and residential address proof.
So, how long does IC markets verification take? IC Markets processes all your kyc documents within 2 working days. Typically IC Markets verification takes 48 working hours.
IC Markets Highest Leverage
The highest Leverage offered by IC Markets is 1:1000. The previous highest leverage offered by IC Markets was 1:500, but they changed IC Markets highest leverage to 1:1000 in October 2022.
IC Markets Forex Spreads
IC Markets forex spreads are one of the best spreads offered in the brokerage industry. Their forex spreads start from 0.0 in Raw spread account! The spreads for each forex pairs is different, you can find all the information related to IC Markets forex spreads here.
IC Markets Education
IC Markets Education is a section on their website which offers abundant forex knowledge. You can find a lot of posts and video tutorials in IC Markets education section. Not many brokers offer trading education, if they do offer, then it just means that they are legit and they are trader friendly. IC Markets education is one such initiative to help technical traders.
IC Markets withdrawal fees
IC Markets offers withdrawal free of charge except for withdrawal through Bank Wire Transfer. Below list gives you the breakdown of IC Markets withdrawal fees for various methods.
- Withdrawal Via Credit and debit cards : Free
- PayPal Withdrawal : Free
- Neteller withdrawal : Free
- Skrill Withdrawal : Free
- Bank Wire withdrawal: AUD10 to AUD20 depending on your country.
IC Markets lot size
IC Markets allows traders to hold a maximum of 200 positions!
- IC Markets lot size for forex pairs is a maximum of 100 lots per position
- IC Markets lot size for stocks is a maximum of 500 lots per position.
What is the minimum deposit on IC Markets?
The Minimum deposit on IC Markets is $200 for all the accounts; Raw spread, standard and Islamic accounts.
IC Markets VPS
IC Markets VPS (Virtual Private Server) is for those who are looking to automate their trading. IC Markets offers VPS from reputed VPS Services. But Wait! The good news is that you can avail Free IC Markets VPS! Yes, that’s true. If your round turn trading volume is more than 15 lots per month, IC Markets will sponsor you a VPS free of cost!
IC Markets Vs Octafx
1. IC Markets is an Australian forex broker that was founded in 2007. The company is regulated by the Australian Securities and Investment Commission (ASIC). Octafx is a British Virgin Islands-based forex broker that was founded in 2011. The company is regulated by the Financial Conduct Authority (FCA).
2. IC Markets offers three account types: Standard, Raw Spread, and cTrader. Octafx offers two account types: Standard and ECN.
3. IC Markets charges a commission of $0 per lot on Standard accounts and $3.5 per lot on Raw Spread and cTrader accounts. Octafx does not charge any commissions on Standard accounts, but charges a commission of $4 per lot on ECN accounts.
Other FAQs on IC Markets
1. Does IC markets have volatility 75 index?
No! IC Markets doesn’t have volatility 75 index.
2. Does IC Markets Operate in Kenya?
Yes! IC Markets is available for residents of Kenya.
3. Does IC markets accept US clients?
No, IC Markets does not accept clients or traders from US / United States.
4. Is IC Markets Legit?
Yes! IC Markets is 100% legit and they are based in Australia.
5. Is IC markets a regulated broker?
Yes! IC Markets is a regulated broker. IC Markets is regulated by the following financial authorities.
- ASIC – Australian Securities and Investments Commission
- CySEC – Cyprus securities and exchange commission
- FSA – Financial Services Authority
- SCB – Securities Commission Bahamas
6. Does IC markets accept Indian clients?
Yes! IC Markets accepts Indian Clients / Traders. Indian residents can easily open a trading account with IC Markets.
7. Is IC markets available in Nigeria?
Yes! IC Markets is available and operational in Nigeria.
8. Is IC markets legal in India?
Forex trading in India is a big debatable topic. forex trading as a whole is not legal in India as per Reserve Bank of India Guidelines. However, IC Markets allows Indian traders to have trading accounts with them.
9. How to contact IC markets?
Easy Peasy! You can contact IC Markets via E-mail – Support@icmarkets.com.
10. Does IC markets have Nas100?
Yes, IC Markets has Nas100 (which is same as US100 or Nasdaq).
11. Is there IC Markets Dubai?
IC Markets allows residents of Dubai to open trading accounts with them. However, they do not have any offices in Dubai.
12. Is IC markets regulated in US / united states?
No! IC Markets is not regulated in us or united states, and hence they do not accept clients residing in the states.
Now that you know everything about IC Markets, it’s time to make a decision. I would recommend trying them out with a small amount first and then scaling up if you’re happy with their service. Regardless of what you decide, I hope this blog post has helped clear some things up for you!