IC Markets was incorporated in Sydney, Australia in 2007. IC Markets is authorised and regulated by the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (FSA). ASIC requires license holders to have in place internal risk management and all client’s money to be held in a segregated account. IC markets is also licensed by the Cyprus Securities and Exchange Commission (CySEC).
Clients can trade more than 200 financial instruments separated into forex, indices, commodities, stocks, bonds and cryptocurrencies. There are over 60 currency pairs that can be traded with up to 1:500 leverage. The average spread of the EUR/USD spread is 0.1 pips but there is a commission of USD3.50 per lot. IC Markets claims scalpers are welcome and if this fee per lot is not a problem, spreads offer ideal scalping conditions.
There are three types of accounts: Raw Spread (cTrader), Raw Spread (MetaTrader) and Standard account. The most popular is Raw Spread (MetaTrader) according to the company. IC Markets MetaTrader 4 and 5 platforms are the preferred choice for active day traders and scalpers because they are in the low latency data center in New York. In addition, the company provides the Executable Streaming Prices (ESP) that are aggregated from its 25 different liquidity providers directly to the clients. This means spreads are always tight especially during the important news, IC market claims. Level II market depth displays the price transparency with available trading volumes. Clients can choose between accounts with near zero spreads and commission per lot and spreads from 1.0 pips for majors and zero commission (Standard account).
The Terms and Conditions document shows that IC Markets acts as the principal in all client transactions and not as an agent. This means that the company is a market maker and although it claims to use ESP and 25 different liquidity providers, it is not obliged to hedge the client’s transactions. The company makes money when a customer loses, and this leads to a conflict of interest. In addition, we have found nothing about slippage or requoting, but the same document shows that an order can be rejected if there is market volatility.
Customers can fund their accounts using credit/debit card, Skrill, wire transfer, Neteller, FasaPay, China Union Pay and Bpay. The minimum deposit amount is USD200.
IC Markets also provides so-called AutoTrade, which is a kind of account mirroring (copy trading) service owned and operated by Myfxbook. This service allows clients to copy the deals of any investor directly into their IC Markets MetaTrader 4 account.
If you wish to be an Introducing broker (IB) to IC Markets or to participate in the white label program, you can check in the Partnerships section on the website.
We can say IC Markets is a well-regulated NDD broker, offering competitive conditions for trading above 200 instruments on two platforms. IC Markets welcomes scalpers and all kinds of traders. Keep in mind that near zero spreads are compensated by the commission per lot.