IC Markets is a well-established forex broker that has been operating since 2007. It is headquartered in Sydney, Australia, and regulated by the Australian Securities and Investments Commission (ASIC). IC Markets offers a wide range of trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader. It also offers a variety of account types, including retail, professional, and institutional accounts.

Trading Platforms

MetaTrader 4

MetaTrader 4 is the most popular trading platform in the world, and it is known for its user-friendly interface and powerful charting tools. The platform offers a wide range of features, including the ability to trade multiple currency pairs, access to a wide range of technical indicators, and the ability to use expert advisors. IC Markets offers MT4 as one of its primary trading platforms, and it is a popular choice among individual traders.

MetaTrader 5

MetaTrader 5 is the successor to MetaTrader 4, and it offers a number of additional features. The platform includes built-in technical analysis tools, the ability to trade on multiple currency pairs simultaneously, and the ability to trade a wider range of financial instruments, such as stocks and futures. IC Markets offers MT5 as an alternative to MT4, and it is a good choice for traders who are looking for more advanced features and tools.

cTrader

cTrader is a relatively new trading platform that has been gaining popularity in recent years. It is known for its fast execution speeds and advanced charting tools. The platform offers a range of features, including the ability to trade multiple currency pairs, access to a wide range of technical indicators, and the ability to use expert advisors. IC Markets offers cTrader as an alternative to MT4 and MT5, and it is a good choice for traders who are looking for a more advanced trading platform.

Account Types

Retail Accounts

Retail accounts are designed for individual traders, and they offer a range of features, such as low spreads, fast execution speeds, and access to a variety of trading tools. IC Markets offers several different types of retail accounts, including standard, ECN, and pro accounts. Each account type has its own unique features and pricing structure, and traders can choose the one that best meets their needs.

Professional Accounts

Professional accounts are designed for high-volume traders, and they offer a number of additional features, such as reduced commissions and the ability to use expert advisors. IC Markets offers professional accounts to traders who meet certain criteria, such as having a minimum account balance and demonstrating a high level of trading experience. These accounts are typically used by institutional investors, such as hedge funds and banks.

Institutional Accounts

Institutional accounts are designed for large institutions, such as banks and hedge funds. These accounts have their own unique fee structure, which is negotiated on a case-by-case basis. IC Markets works with a number of institutional clients, and it is able to offer customized solutions to meet their specific needs.

Fees and Commissions

Retail Accounts

Retail accounts at IC Markets are charged a commission on each trade. The commission rates vary depending on the account type, but they are generally low compared to other brokers in the industry. For example, the standard account has a commission of $3.50 per lot, while the ECN account has a commission of $2.50 per lot.

Professional Accounts

Professional accounts at IC Markets are charged a spread mark-up rather than a commission. The spread mark-up is the difference between the bid and ask prices, and it is added to the raw spread to generate the final spread that the trader pays. The spread mark-up varies depending on the account type and the currency pair being traded.

Institutional Accounts

Institutional accounts at IC Markets have their own unique fee structure, which is negotiated on a case-by-case basis. These accounts are typically used by large institutions, such as banks and hedge funds, and the fees are tailored to meet their specific needs.

Customer Support

Live Chat

IC Markets offers 24/7 customer support via live chat. The customer support team is knowledgeable and helpful, and they can assist with a wide range of issues, such as account setup, trading platform issues, and withdrawals. The live chat feature is easy to use and provides a quick and convenient way to get assistance.

Phone Support

In addition to live chat, IC Markets also offers phone support. Traders can call the customer support team at any time, and they will be able to assist with a wide range of issues. The phone support team is knowledgeable and friendly, and they are able to provide personalized assistance to each trader.

Email Support

For traders who prefer a more formal method of communication, IC Markets also offers email support. Traders can send an email to the customer support team, and they will receive a response within a reasonable timeframe. The email support team is able to provide detailed and comprehensive answers to a wide range of questions and concerns.

Pros and Cons

Pros

• Regulated by ASIC, which is a reputable regulatory body
• Offers a wide range of trading platforms, including MT4, MT5, and cTrader
• Offers a variety of account types, including retail, professional, and institutional
• Low spreads and fast execution speeds
• Excellent customer support, available 24/7 via live chat, phone, and email

Cons

• Commission-based pricing for retail accounts
• Limited product offering (no stocks, bonds, or options)

Conclusion

IC Markets is a well-established and reputable forex broker that offers a wide range of trading platforms, account types, and fee structures. The customer support is excellent, and the spreads are low, making it a good choice for forex traders of all levels. However, the limited product offering and commission-based pricing for retail accounts may be a downside for some traders. Overall, IC Markets is a solid choice for those looking to trade in the forex market.