Based on our review, IC Markets wasn’t able to get an impressive total score. For this reason, we highly recommend that you sign-up with much more stable brands such as Plus500, eToro or Pepperstone as alternatives so you can continue with your trading activities.
|Platform||MetaTrader 4, cTrader, Multi Account Manager – MAM/PAMM, FIX API|
|Minimum account size||AU$200|
|Minimum lot size||0.01|
|Spread on EUR/USD||0.1 pip|
|Payment methods||Credit/Debit Cards, Moneybookers, Wire Transfer/Bank Transfer, NETELLER VIP, Local Bank Transfer, Webmoney, China Union Pay, NETELLER, FasaPay, Broker to Broker Transfer, QIWI|
|Demo account||Up to AU$5,000,000 Virtual Money|
|Accepts Australian traders||Yes|
|Support||Mail, Phone, Fax, Email & Live Chat|
- Regulated in Australia (ASIC)
- True ECN pricing
- Accepts local payment options
- Dedicated support for Australian traders
- Average minimum account size
IC Markets is an online forex brokerage that is based and locally regulated in Australia. Based on their website, they advertise to offer a “true ECN trading environment” which promises online trading with institutional grade liquidity. These features sound great but were they able to deliver? Continue reading this review to know more.
Like most brokerages, they also provide access to the popular MetaTrader 4 forex trading software which includes charting functionalities and order management tools for efficiently monitoring your positions. They also offer access to the cTrader, an ECN (Electronic Communication Network) platform which is known for fast execution speeds. There’s also the Multi Account Manager – MAM/PAMM platform that is ideal for traders or money managers and the FIX API for high volume traders that have a high preference for deep liquidity. Such diversity warrants a Platform score of 9/10.
The platform designs are very simple and straightforward so the performance is never compromised. All the necessary elements and tools can be found on the main interface and are just a few clicks away. Overall, the layouts were fully optimized and this earns a Design score of 4/5.
The minimum account size when you register is AU$200. It’s not the lowest in the market but definitely not the highest either which is why the earned a Minimum Deposit score of 4/5.
Minimum Lot Size
If you want to trade with micro lots then you will be able to set the size to a minimum of 0.01. This will give you the flexibility to start small and increase it as the trade moves in your direction. With this size, IC Markets notched a Minimum Trade score of 4/5.
Their platforms allow trading on more than 80 instruments which is composed of currencies, metals and CFDs. This warrants a Tradable Assets score of 3/5.
Among the strongest advantages of this brokerage is that they offer true ECN pricing. In layman’s term, it basically means that the prices that you will be able to enjoy the best possible prices available from their platform and this is the reason why they have tight spreads of up to 0 pips. Such pricing deserves a Payouts score of 10/10.
Faster processing of withdrawals is now possible by simply accomplishing the withdrawal request form. If the request was received before 12:00 AEST then it will be processed on the same business day. Otherwise, it will be processed on the next business day. They do not impose any additional fees for Domestic Bank Transfers within Australia. This kind of speed and security deserves a Withdrawal Time score of 10/10.
Deposit and Withdrawal Methods
They accept various funding options and this includes credit and debit cards, Moneybookers, Wire Transfer/Bank Transfer, NETELLER VIP, Local Bank Transfer, Webmoney, China Union Pay, NETELLER, FasaPay, Broker to Broker Transfer and QIWI. This warrants a Deposit and Withdrawal Methods score of 5/5.
They have a local phone support for clients in Australia but if you prefer electronic communication, you may contact them via email or live chat. And since they have an office in Sydney, you may also visit them if you want to talk to one of their agents in person. And for the fast and friendly customer service, IC Markets was able to get a Customer Support score of 9/15.
Since they are providing a true ECN trading environment, real-time prices are shown by their platforms and fastest trade execution is possible. Based on the exhaustive tests that were done, their feeds were proven to be in real time and this merits a Quote Accuracy Score of 8/10.
Not only is IC Markets popular in Australia for being a locally regulated brokerage but it is also known for being a true ECN broker. It means that they are practice transparency which is one of the top characteristics of a trustworthy broker. Their strong presence in the Australian forex market is proven by the significant number of good reviews that they have received from traders over the years and this warrants a strong Reputation score of 14/20.
Trading with IC Markets has some pros and cons and overall, this broker managed to get a not-so-impressive total score in our metrics. If you’re searching for brokerage that has the complete package, it would be better to checkout other brands and see the difference.