IC Markets Review 2020 Explained Actual Pros and Cons – IC Markets Broker Review : IC Market, a well-known broker, was established in 2007 and headquartered in Australia. The broker has built its name effortlessly by continuously providing excellent products and services to their clients. There are several assets available to trade on the different trading platforms with them, both web and mobile. The broker is suitable as well as famous for both novice and professional traders due to its easy user interface. If we believe some reliable data, then the IC market facilitates around 500,000 trades /day.
However, if it is suitable for you or not is the question! And, that’s why here we would list and review the pros and cons of them for you. After that, the decision would be yours.
Pros of IC Markets Broker
Fees & Spreads
The charges of trading on IC market vary from account to account. There is no fee but only spread costs for selling in a standard account.
However, if you want to trade on premium accounts like ‘cTrade’ and ECN, then you would be charged for your trades along with the spread fees. But, remember, there are lots of other advantages of using premium accounts like more tools, expert advice, and tight spreads.
The spread charges start as low as 0.0 and average of 0.1; the IC market is one of the cheapest brokers in the market.
Regulations
IC is one of the most well-established market brokers among traders. It is regulated under the financial body ASIC (Australian Securities & Investment Commission), which is a rigorous and authentic governing agency. IC market came under them in 2009 with the license number 335692.
Moreover, the IC market regulation is also a member of the Financial Ombudsman Service (FOS). All this makes sure that the clients and their funds are secure with the IC market and not exploited at all. These bodies also make sure that there is no delay in resolving any customer queries. And, failure in any of the services might not be right for IC markets.
Not to mention, the company is also registered with CySEC, the financial body of Cyprus, and FSA, the authority of Seychelles.
Platforms
No client might go disappointed when it comes to trading platforms on the IC market. They have the top three in-demand platforms, i.e. MetaTrader4, MetaTrader5, and ‘cTrader’. These three would cover the needs of every trader, from beginners to advance.
The difference between them is the number of tools, user interface, signals, etc. While the MT 4 and cTrader are common and old ones, MT5 is a new platform, and not every broker facilitates them.
Deposit & Withdrawals
The IC market’s deposit and withdrawal methods are fast, smooth, and easy to understand. Your money would be credited in your account within three to five working days, and the deposit option consists of more than ten currencies. It includes major ones like AUD, USD, EUR, JPY, etc. and also contains small nation’s currencies like NZD, HKD, CHF, HKD, SGD and many more. The payment platforms also have a wide variety like debit/credit cards, wire transfers, cash deposits, PayPal, China Union Pay, FasaPay, etc.
But, remember, there is an IC market withdrawal fee of $25 for international transactions.
Customer Support
IC broker also gets ahead of many other trading platforms when it comes to customer service. The IC market customer support team is available for 24 hours and five days a week, working hard but polite. The methods of contacting them are live chat, phone, and emails.
Apart from it, you can get your common queries solved at their FAQ portal also. Also, the average connection time to an executive was less than a minute, most of the time.
Cons of IC Market Broker CySEC
Bonuses
There is currently no bonus or offer available for any use on IC brokers, and if they sometimes do, that also does not seem to benefit customers. However, their approach is somewhat different as they do not want any trader to get influenced, do over trading, or misinterpret them. Moreover, they believe in their service and products that these kinds of tactics would not be useful for them.
Assets
The asset range of IC brokers is indeed wide but would not be able to fulfill every trader’s needs. There is no trading option for users of stock, commodity, Indices, and metals markets; only CFDs of them are available. Apart from them, forex and cryptos are available for buying and selling.
So far, most of the top currencies and cryptos are available, and in total, there are around 80+ instruments in the IC market.
Research Tools
The research and analysis tools are less than industry standards in the IC market. Indeed there are several fundamental and technical instruments available, both in-house and third party, but there are no pattern recognition ones. The available tools include economic calendars, news headlines from Myfxbook, and social trading by Zulutrade. And, the ones that are not available are charts, patterns, indicators, and signals.
Thus, the main useful tools are not available on their website.
So, this was the IC broker review from our side. Although these are not the only attributes of the IC market, however, we have covered the major ones here. Apart from it, general things like minimum deposit and leverage include in the conclusion post. Keep Reading!
Conclusion
IC Markets Review: IC market broker is an utterly safe broker to trade with because of working and being licensed under top tier financial authorities. The IC market’s leverage also goes up to 1:500, which is on par with most brokers. However, note that the minimum deposit amount is $200 to start a trade with them.
Although the research tools are limited, they are enough for any beginner trader to start. Further, the trading platforms are also one of the best. If you are someone walking behind bonus and offers, then IC broker might not be for you!
However, remember that not every bonus provider is a good broker.
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