IC Markets Forex Broker Review
IC Markets was founded in 2007 and is one of the first Forex brokers to be established on the Australian continent. IC Markets is primarily based in Sydney, Australia, although their data centers are located in New York City, at the epicenter of Wall Street, and in London.
IC Markets execution times are so flawless, they’re even faster than US-based Forex firms like Oanda and FXCM. Expect little to no price slippage using IC Markets.
IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), and is also a member of the Financial Ombudsman Service (FOS).
IC Markets Account Spreads and Fees
IC Markets offers three different types of Forex trading accounts. The Standard account is ideal for beginning traders, it has no commissions but slightly higher spreads. This account type uses a dealing desk.
The True ECN account does not use a dealing desk to handle trade execution, and it’s an excellent fooption r traders with more experience and for those using EA’s. This account has no spreads, but has a commission of $3.50 per whole lot traded.
The cTrader account gathers its direct market data using superior servers, so expect some of the fastest execution times in the Forex industry. Spreads are minimal, starting at -0.3 pips, and come with a commission structure of $3.00 per $100k being traded. The cTrader account is utilized by scalpers and day traders.
All accounts require a minimum deposit of $200, and each come with a maximum leverage amount of 500:1.
There are several additional reasons why international Forex traders flock to IC Markets.
- Managed Accounts – Managed trading accounts are perfect for traders who don’t have the free time to commit to learning the financial markets. IC Markets offers managed accounts with an advanced Percent Allocation Management Module (PAMM), which allows traders to have their funds managed by an account manager under a limited power of attorney.
- CFD’s – Aside from Forex, IC Markets also offers CFD’s on major indices, some commodities such as oil and gold, and even a few Futures contracts are available through the IC Markets platform.
- Social Trading – IC Markets is fully compatible with a range of social trading and copy trading services, such as: Myfxbook, Signal Traders, Zulu Trader and more. Social trading is a great way for beginners to learn the ins and outs of Forex trading without undergoing a heavy amount of risk.