Main Features

• Regulations: CySEC (Cyprus), ASIC (Australia), FSA (Seychelles)
• Supported Languages: English, Russian, Indonesian, Portuguese, Thai, Arabic, Italian, Spanish, Chinese, Vietnamese
• Products: Currencies, Stocks, ETFs, Crypto, Bonds, Indices, Commodities, Futures
• Minimum Deposit: $200
• Maximum Leverage: 1:30 (CySEC), 1:30 (ASIC), 1:500 (FSA)
• Trading Desk Type: ECN, No dealing desk

Our Take

Established in 2007 and headquartered in Australia, IC Markets is a well-balanced forex and CFDs broker offering over 2,200 tradable instruments.

Pros and Cons

What Sets this broker apart?

IC Markets distinguishes itself with a rare instrument offering. Metals like gold, palladium, and silver are denominated in different currencies, including USD, AUD, JPY, and EUR. This allows traders to exploit different cross-market correlations (for example, the Japanese economy and the price of gold). Moreover, the broker stands out for its diverse selection of platforms and tools.

Video Review

NOTE: I performed my tests on a Standard trading account using the desktop and mobile versions of the MetaTrader 5 platform. The account was opened with the brokerʼs Raw Trading Ltd entity. Some features and services may vary depending on where you reside and which entity you open an account with.

Is this broker right for you?

When reviewing a broker, we assess its suitability for implementing various trading strategies.

Trading Styles

• Casual Trading: Perfect Match - Details
• Social and Copy Trading: Perfect Match - Details
• Swing Trading: Perfect Match - Details
• Day Trading: Perfect Match - Details
• Automated Trading: Perfect Match - Details
• Scalping: Acceptable Choice - Details
• News Trading: Acceptable Choice - Details
• Investing : Not Recommended - Details

Regulations

In our reviews, we examine the licenses and regulations of each entity operated by a broker, allowing us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

This is what I discovered about the three entities operating under the IC Markets trade name:

>Raw Trading Ltd is licensed and regulated by the Financial Services Authority (FSA) of the Seychelles under license number SD018. We rate the FSA as a Tier-3 regulator.

>IC Markets (EU) Ltd is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 362/18. We rate CySEC as a Tier-1 regulator.

>International Capital Markets Pty Ltd is licensed and regulated by the Australian Securities and Investments Commission (ASIC) under license number 335692. We rate ASIC as a Tier-1 regulator.

Protections of Your Account

Understanding the Regulatory Protections of Your Account

Brokers operate multiple entities to serve clients worldwide. However, licenses obtained from regulators in different jurisdictions do not always entail the same degree of protection.

Some regulators mandate compliance with the strictest financial frameworks, while others are less rigid. That is why traders must familiarize themselves with the safety mechanisms ensured by the entity they want to open an account.

Here is what you need to be looking for in a broker in terms of safety mechanisms:

>Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the brokers corporate capital negates the risk of accounting errors. All IC Markets entities ensure the segregation of client funds.

>Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. Raw Trading Ltd entity is the only one that does not guarantee negative balance protection.

>Compensation scheme. A compensation scheme protects traders against the brokers liabilities if the company becomes insolvent. Clients of IC Markets (EU) Ltd are protected by up to EUR 20,000 under the Investor Compensation Scheme (ICF). Clients of Raw Trading Ltd are protected by up to $1 million under private indemnity insurance.

>Maximum leverage. Capping the maximum leverage restricts the extent of market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. The maximum leverage with IC Markets is 1:500, available with Raw Trading Ltd.

In our Trust category assessments, we evaluate factors tied to stability and transparency, including the brokers longevity, company size, and information transparency.

I concluded that IC Markets is a fairly transparent broker. Reviewing its legal documents, I discovered that everything was in order. All important information is readily available and easy to understand.

The broker has issued a best execution policy, which means that it is required to take all necessary steps to provide its clients with the best possible quotes under prevailing market conditions.

IC Markets has also issued private indemnity insurance for its offshore entity, demonstrating its commitment to providing its clients with optimal protection.

I concluded that IC Markets can be considered very safe to trade with due to the following factors:

>Authorized by three regulators

>Has a best execution policy

>Provide transparent legal documents

>Has issued a private indemnity insurance.