Traders are constantly on the lookout for a broker that provides them with a robust and user-friendly online trading platform for executing their transactions quickly and efficiently. This is one of the key reasons why, more and more brokers in Australia are now looking at launching and operating fresh and innovative trading platforms that help their clients in meeting their trading needs and aspirations.
Here, we have reviewed the performance of yet another Australian forex broker-IC Markets that has recently emerged as one of the leading brokers in the country. We reviewed the broker’s performance in six different categories and also analyzed whether they offer adequate features, tools and resources for trading or not.
When you go through multiple online trading websites, you’ll notice that most of them offer a good looking portal and a couple of easy to use trading tools and features. However, this may not reveal whether they’re actually worth your time or not. This is where our experience and knowledge will come handy. Together with our team of professional and experienced traders, we have tried to analyze IC Markets tools, features and other offerings. Thus, from opening a demo account to using some of their key features, tools and trading platforms, we took every possible step to determine whether the broker offers an accurate and easy to use online trading portal or not. With IC Markets, traders have the option of opening different types of trading accounts including that of Standard, True ECN, cTrader ECN and Islamic/Swap Free. In addition to this, traders can also set up a ‘Live’ account as well as a ‘Demo’ account for trading. Also, the minimum amount required for trading is $200 or any currency that is equivalent of the same.
However, one of the major reasons behind the broker’s popularity is its highly transparent platform and trading procedures. Our professional traders went a step ahead to determine whether the broker delivers what they promise or not. In IC Market’s case, our findings were truly distinct and worth every traders attention. As a new or even experienced trader, you may have several trading related queries and concerns at the back of your mind. For instance, you may want to find out the amount of fees or commission that you are required to pay for opening an account with IC Markets or may simply be interested in understanding the type of leverage or spreads that the broker offers to its traders. These and more questions keep crossing a trader’s mind, which is why it is important to have the right opinion or advice from a trusted or experienced source.
Below, check out a comprehensive review about IC Markets (International Capital Markets Pty Ltd) and find out whether they’re worth your time and attention or not.
Choosing the right trading platform is vital to successful trading. In fact, traders should consciously pick a platform that allows them to trade with ease and enjoy complete control over their money. This is where, IC Markets certainly offers a lot to its clients. As an ASIC regulated broker, IC Markets offers a wide variety of trading tools and features in addition to low cost transactions to traders around the globe. The broker also offers demo accounts for newbie traders with multiple leverage options, which further helps them in meeting their strategies and trading goals. With IC Markets, traders have the option of trading more than sixty currency pairs as well as four metals.
In addition to the mobile and web based platforms, they have a wide range of advanced trading tools that aid traders in making well informed and appropriate trading decisions. For instance, apps such as sophisticated alarm, market & data, market manager and trade terminal among others not only enhances a trader’s trading experience but also provides them with necessary support for trading with ease and perfection.
In the case of IC Markets, the broker offers the highly sophisticated and easy to access MetaTrader 4 and MetaTrader 5 platforms to its clients. Apart from being rich in features, both the platforms are extremely easy to use and can be easily customized in accordance with the trader’s requirements. The MetaTrader 4 platform not only provides traders with numerous charting options but also has some of the finest tools for managing orders. In fact, the platform also allows its users to keep a track of their positions in a quick and hassle free manner. With their software hosted at the Equinix NY4 data center, the IC Markets Meta Trader 4 platform is widely preferred by traders, expert trading advisors and scalpers world-wide. Hence, when you choose to trade through the IC Markets MT4 platform, you don’t have to worry about security or safety of your funds. Being a trader, you obviously want that kind of support and assistance from your broker and IC Markets ensure that you enjoy that level of support and stability.
On the other hand, their MetaTrader5 platform is even more fast and efficient. It is aimed at enhancing a trader’s trading experience and provides them with speedy execution, one click trading, automated trading and ECN connectivity, in addition to trading multiple assets from one single platform. Our team found that the MetaTrader 4 and MetaTrader 5 platforms were not only user-friendly but also offered a number of features to traders, big and small.
IC Market’s cTrader platform is a not only innovative but an excellent ECN i.e. Electronic Communication Network platform, which has been specifically designed for metals and forex trading. The platform offers a host of features and functionality, including multi-bank liquidity, in-built market depth as well as VWAP trading, which makes it an ideal choice for traders for both professional and new traders. Thus cTrader is not only quick and efficient but also one of the most user-friendly platforms available in the market today.
With the cTrader web platform, traders can trade from anywhere, irrespective of their location. They also have the option of making the most of the broker’s ECN spreads and there are no restrictions on placing orders or even trades. In fact, traders can trade micro lots and enjoy level II pricing. The cTrader patfrom also allows traders to enjoy one click trading and acquire real time trading reports including trade or transaction history. The platform also offers advanced charting as well as technical analysis tools to traders, enabling them in placing profitable trades on a regular basis.
The fact that you can access your trading account even while travelling or when you’re away from your office and desktop, is certainly an added advantage for traders who wish to keep a track of the latest market developments and their current or last positions anytime, anywhere. During our review, we found that the IC Markets mobile apps are designed for both the iPhone and Android phone users, allowing them to access their accounts, forex charts and signals on a consistent basis. In fact, we derived excellent results after using the mobile apps as well as the advanced apps offered by the broker. Right from opening our accounts to managing positions and even accessing templates was simple and convenient.
During the process of reviewing the broker’s offerings, we also discovered that IC Markets also has the Multi Account Manager feature for its clients. This particular feature not only enables a trader to allocate their funds but also generate real-time reports of their trading performance as well as commissions with ease and perfection. The MAM software is an excellent choice for financial traders or even money managers who use Expert Advisors and want to manage multiple trading accounts from a single user interface.
Traders also have the option of using its Myfxbook AutoTrade, Zulu Trader and Signal Trader features. These features are excellent for those who have just stepped into the world of trading, as it allows them to copy one or more trades of the successful online traders and improve their performances in the long run.
Trading conditions was the next category where we reviewed IC Markets performance and offerings. Remember, as an online trader you don’t want to get stuck up every now and then. Besides, you also look forward to placing successful trades, which is possible only when the conditions or environment for trading are apt and excellent.
Our team of professional and experienced traders wanted to determine whether IC Markets offered good enough conditions and environment for trading or not. As a result, they reviewed the Spreads, Leverage and speed of execution provided by the broker. Read on to find out what we discovered in our review.
IC Markets provides transparency when it comes to liquidity of forex pairs. The broker displays the volumes available for every currency pair anytime, anywhere. As a result, higher liquidity, varied spot prices as well as low latency leave traders with tight spreads.
We also discovered that when it came to executing orders, the IC Markets platform was highly efficient and quick, which makes it an excellent choice for automated and high volume trading. This is also beneficial for traders who want to open or close their positions on a regular basis.
Deposits and Withdrawals
Yet another aspect that must be taken into account, at the time of choosing a broker is whether they offer quick and comfortable deposit and withdrawals options and methods or not. While, most brokers claim that they offer speedy deposits and withdrawals, the fact is that many of them don’t transfer funds into a trader’s account, even after several days of placing a withdrawal request. However, when our team reviewed IC Markets deposit and withdrawal procedures, they discovered the broker to be both quick and consistent in their performance. In fact, IC Markets provides ten different options for funding in ten different currencies including AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD and CHF.
Additionally, the broker encourages its clients to deposit money into their accounts via the Secure Client Area. This enables them in funding their accounts in real time utilizing Skrill, Webmoney and Credit Card. When it comes to depositing funds, traders can deposit the same via debit or credit cards, PayPal, Bank Transfer, Skrill, Local Bank Transfer, NETELLER VIP, Qiwi, BPAY Deposit, China Union Pay, FasaPay and Broker to Broker transfer. Also, the broker holds all the funds in Segregated Client Trust Accounts with NAB (National Australia Bank) as well as Westpac Banking Corporation.
The broker does an excellent job of ensuring that all the funds are held safely and securely with them. As a result, they rely on the SSL technology for processing payments. IC Markets also applies no extra fees or charges for depositing or withdrawing money. However, traders are liable to pay fees for making or accepting payments from any international banks.
The speed of deposit and withdrawal is another aspect that must be taken into consideration at the time of depositing and withdrawing money. While, most brokers are good at accepting funds, they take a lot of time in releasing money. In the case of IC Markets, however, you won’t face much of an issue. Any withdrawal request placed with the broker before 03:00 GMT is processed on the same day itself. Remember, as a trader, you may need money for various reasons including to pay for your personal or medical bills or for several other emergency situations.
With IC Markets, all you need to do is log into the Secure Client Area and place a request for withdrawal with the broker. Also, the International Telegraphic Transfers are processed within 3-5 days, after a request has been successfully placed by the client.
Needless to mention, financial regulations are an important aspect for choosing a broker. However, traders need to understand that trading with a regulated broker does not necessarily imply that their funds are safe and secure. However, it does mean that the broker is reliable and efficient. While, traders are themselves responsible for their money, they must always choose a regulated broker to be on the safe side. Below, find out whether IC Markets is duly regulated by appropriate bodies and authorities or not.
IC Markets is duly regulated and authorized by ASIC or the Australian Securities and Investments Commission. As a result, the broker is required to keep adequate amount of capital and must also have adequate risk processes as well as procedures for risk management and training of staff.
In addition to this, the broker also holds the Professional Indemnity Insurance from Lloyds of London and is a Member of external dispute resolution scheme – FOS. The above regulatory bodies require the broker to remain transparent and fair, on all accounts.
It is extremely important to partner with a broker who has strong and effective banking relationships with the leading banks across the world. This is one area where you certainly won’t have to think much when it comes to opening a trading account with IC Markets. The broker has partnered with some of the leading banks, which means you won’t have to worry about banking and related issues.
Thus, every time you fund your account, the money is deposited into segregated accounts with Westpac Banking Corporation and National Australia bank. Hence, the broker duly complies with the Australian Client Money Handling rules and regulations and also employs stringent procedures and policies with regard to maintaining and operating of all the trading accounts.
This also implies that the broker in no way uses the money for any other purposes aside to maintaining the margins required for covering the positions chosen by the traders.
Well, this is one area where every broker needs to be highly co-operative and proactive in terms of dealing with the clients. Traders, whether experienced or not, may have several trading related queries and concerns at the back of their minds and hence it is impertinent for the broker to provide them with appropriate answers to traders every time. It is also necessary for resolve matters and issues concerning trade positions, withdrawals, deposits, spread etc. quickly and amicably.
This is one of the primary reasons why you can always rely on IC Markets. The broker offers excellent customer support in the form of Live Chat support, phone calls, fax and emails. In case of any issues, queries or grievances, clients can contact the support staff and have their matters resolved without any delay.
While, this may not be one of the key aspects for choosing a broker, there’s no harm in picking a broker that offers enough trading education or materials to their clients. This is especially true for traders who’re new to trading and don’t understand much about the trading techniques or dynamics. Below, find out what the broker has to offer to its clients when it comes to providing an insight into the trading industry and practices in general.
IC Markets has a separate category referred to as the ‘Education’ section for traders, new and old. This section provides in-depth information around trading methods, techniques and markets. From learning more about the general trading concepts to understanding the forex market as well as familiarizing oneself with general forex terms, traders can access a great deal of information as and when they desire.
Traders can acquire information on a wide variety of topics and subjects including Advantages of Forex, Advantages of CFDs and also access forex calculators as well as calendars, as per their requirements. Additionally, the broker also offers handy video tutorials to simplify trading for new or inexperienced traders. Apart from teaching forex trading techniques, these videos also answer all the questions and concerns pertaining to online trading.
IC Markets has also set up a blog for their clients, which provides them with a great deal of news, updates and information around fundamental analysis, technical analysis and trading market in general. Traders must understand that market analysis and reports always come handy when it comes to placing trades or opening and closing positions. Thus, brokers can easily refer to the broker’s blog and acquire well researched market reports and fresh content for trading on a regular basis.
To sum up, IC Markets offers an excellent trading environment as well as multiple trading tools to their traders. With features such as Depth of Market, ladder trading, in-built spread monitoring and automated trading, traders can enjoy quick, smooth and hassle-free trading anytime, anywhere. The broker also offers hedging and scalping as well as flexible leverage options, which makes it an excellent choice for online traders.