IC Markets is regulated by ASIC in Australia. It accepts local bank transfer and offers 24/7 customer support. Check our honest review of IC Markets for Australian clients before opening your account.
IC Markets is a CFD broker that was launched in 2007. IC Markets is regulated by the Australian Securities and Exchange Commission in Australia. IC Markets is safe for Australian clients due to ASIC regulation.
IC Markets allow commission-based as well as spread-only trading on CFDs of various financial instruments. They support multiple trading platforms and methods for deposits and withdrawals.
We have comprehensively covered every aspect of IC Markets to assist the traders in making an informed decision. This review of International Capital Markets Pty Ltd is specifically done for clients in Australia.
Table of Content
|Broker Name||International Capital Markets Pty Ltd|
|Regulation||ASIC, CySEC, FSA|
|Year of Establishment||2007|
|Trading Platforms||MT4, MT5, cTrader|
|Trading Instruments||1980+ CFDs on forex pairs, commodities, indices, shares, ETFs, cryptocurrencies|
Before choosing a broker to trade CFDs, it is of utmost importance to check the regulatory license and regimes that govern the broker. In the jurisdiction of Australia, the Australian Securities and Exchange Commission (ASIC) is the top-tier regulatory authority.
Australian clients at IC Markets are registered under ASIC regulation in Australia. Following are the details of regulated entities of IC Markets:
The ASIC license increases the safety ratings of IC Markets as it is a top-tier regulatory authority in the jurisdiction of Australia. Clients in Australia are registered under the ASIC regulation. The broker has its registered office in Australia at Level 4, 50 Carrington Street, Sydney, NSW 2000, Australia.
IC Markets holds the CySEC license by the name IC Markets (EU) Ltd under license number 362/18 and company number HE 356877.
IC Markets (EU) Ltd has its registered address at 141 Omonoias Avenue, The Maritime Centre, Block B, 1st floor, 3045 Limassol, Cyprus. The broker does not have a local office in Australia.
IC Markets has been in the CFD trading business since 2007 and is a considerably old broker. Clients’ funds are kept in segregated top-tier Australian bank accounts. National Australia Bank (NAB) and Commonwealth Bank of Australia (CBA) are the banks by IC Markets to keep the client’s fund separate from the broker’s fund.
IC Markets is a member of the Australian Financial Complaints Authority (AFCA). It is a dispute resolution scheme that resolves disputes between consumers and financial services providers that are members of AFCA.
According to our review, IC Markets can be considered safe for trading in Australia. The third-party risk of choosing IC Markets in Australia is low.
Fees are an important section that must be looked out for before opening a live account. For easier understanding and comparison, we have reviewed this section in 4 parts. All CFD brokers have these 4 components of fees:
The following table includes the details of spreads incurred with the Standard and Raw Spread Account at IC Markets.
|Trading Instrument||Standard Account||Raw Spread Account|
|US Tech 100 Index||1.807||1.807|
The Standard account at IC Markets has only spread as trading fees. The Raw spread account involves a very low spread but also incurs a fixed commission on each trade.
Overall, the spreads at IC Markets are low compared to the majority of other brokers in Australia. The commission is average while the swaps are also low. No non-trading charges are a major plus point in the fee segment.
IC Markets mainly offers 2 account types with different pricing structures. All the other features are nearly the same for both account types.
The commission-based trading is only available with CFDs of forex pairs and metals. For all the other instruments, only spread is incurred as trading fees for both the account types.
Each live account at IC Markets can be opened either with AUD, GBP, EUR, and USD as a base currency in Australia. The minimum deposit amount is AUD 200. For any other base currency of the account, the minimum deposit amount is 200 units.
According to our review, the minimum deposit amount is slightly higher compared to other brokers. The client has the ability to trade with all the instruments with multiple trading platforms and different pricing structures. This can suffice the trading suitability of different types of traders.
The account opening process at IC Markets is easy and can be completed within minutes. The approval of the account can take up to 1-3 business days before clients can start trading. Following are the steps involved in opening a live trading account at IC Markets:
Step 1: Personal Details
Clients can start the account opening process through the website and official app of IC Markets.
The first step to open an account at IC Markets is entering basic details like name, email, and phone number. The details should match exactly with that on the personal ID.
Step 2: Address
The next step in the account opening process is to enter the date of birth and address.
Step 3: Account Configuration
The trading account has to be configured with preferred trading platforms, account types, and base currency. Clients must research or inquire about all the selections before making any. Once chosen, the account configuration cannot be changed.
Step 4: Answer Few Questions
In this step, clients need to answer some basic questions about themselves.
Step 5: Document Verification
Once the account is configured, you will be redirected to the personal area. Demo trading can be started after step 3. Clients need to submit address and identity proof before they can start live trading. Once the documents have been verified by the executives at IC Markets, a confirmation mail will be sent to your registered email address with credentials for trading platforms.
Step 6: Deposit
Before you start trading, you need to make an initial deposit. The minimum initial deposit amount is AUD 200. Any of the accepted methods can be chosen for this according to convenience and preference.
Once the deposit amount is reflected in your account balance, trading positions can be opened on any available instrument.
IC Markets offers a very useful demo trading account which can be opened by any individual through their website. To open a demo account at IC Markets, clients need to click on ‘open a demo account’ on the login screen. Clients need to enter basic details like name, email, phone number, and address.
The demo account at IC Markets can be configured according to the requirements and desires of the clients. Clients can choose the trading platform of the demo account between MT4, MT5, and cTrader.
The fee structure for the demo account can also be chosen between the Standard and Raw Spread accounts. The Standard account has spread only fee pattern while the Raw Spread account involves commission with low spreads.
The base currency of the demo account can be chosen between USD, AUD, EUR, CHF, NZD, JPY, SGD, CAD, and HKD.
Clients can also select the leverage they wish to use with the demo account. The maximum leverage can be selected from 1:1 to 1:500. However, the maximum leverage on the demo account will be different for each asset class.
Clients can also select the initial deposit of virtual currency in the demo account the minimum amount is 200 while the maximum amount is 5,000,000 units of the base currency.
Once the demo account is configured, the login details of the demo account can be viewed under the accounts section on the dashboard. The trading platform chosen while configuring the demo account can be downloaded from the dashboard. The login ID and password can be used to log in and trade virtual currencies on the demo account.
According to our analysis and comparison, IC Markets offers the best demo accounts among ASIC-regulated brokers in Australia. The ability to configure the account as per the desires of the traders is a major advantage at IC Markets. Every type of trader can configure a suitable demo account for themselves.
IC Markets accept several methods for deposits and withdrawals from clients in Australia. Each method takes a different time to process. Following methods can be used to deposit in AUD. Deposits made in an account with a different base currency than deposit currency are automatically converted to account currency.
Credit/Debit Cards: Visa and Mastercard cards can be used to deposit and withdraw at IC Markets at no additional commission. The deposits are processed instantly with no processing time. This is the most popular method to transact in Australia as all local bank transfers are supported. Withdrawals can take 2 to 5 business days.
E-Wallet: A lot of e-wallets can be used for deposit and withdrawal at IC Markets. The processing time for deposit as well as withdrawal is instant with this method. PayPal, Neteller, Neteller VIP, Skrill, UnionPay, Bpay, FasaPay, Broker to Broker, Poli, Rapidpay, and Klarna are the accepted e-wallets at IC Markets.
Wire Transfer: Clients also deposit and withdraw through Wire Transfer. Wire transfer within Australia is free of the additional cost. International transfer may incur additional commission that has to be paid by the clients. The deposits and withdrawals through wire transfer can take 2 to 5 business days to process.
Cryptocurrency transfers are not available at IC Markets in Australia. However, a large number of methods are available to deposit and withdraw at IC Markets in Australia.
All trade orders and modifications are executed through trading platforms. IC Markets does not have its proprietary trading platform. MT4, MT5, and cTrader are the most chosen forex and CFD trading platform globally. IC Markets offer all three of these platforms for web, mobile, and desktop devices.
Web Trading Platform
The web trading platform at IC Markets is provided by MetaTrader and cTrader. Both these web trading platforms are third-party platforms. These are available in multiple languages and can be customised according to the client’s needs.
The cTrader platform has a modern-looking interface compared to the MetaTrader web trading platform. Traders cannot set price alerts and notifications on both the IC Markets web trading platform.
Mobile Trading Platform
The mobile trading platform at IC Markets is also provided by MetaTrader and cTrader trading platforms. The MT4, as well as the MT5 trading platforms, can be downloaded separately. ‘
The cTrader mobile trading platform is also available in multiple languages. It has a one-step login with no fingerprint or facial recognition.
Desktop Trading Platform
IC Markets offer 3 desktop trading platforms namely MetaTrader 4, MetaTrader 5, and cTrader. All these platforms can be downloaded on desktop devices and can be customized according to the requirement of the traders.
MT4 has a simple interface that looks similar to Windows 98. It is compatible with desktop devices with any configuration. MT4 is the most chosen forex and CFD trading platform globally. It was introduced by MetaQuotes Software in 2005 and is still used by a large number of traders.
MT5 is an upgraded version of MT4 launched in 2011. This platform allows easier access to algorithmic trading through the MQL5 language. The look and feel of MT5 are also better than MT4 with better visuals and features.
The cTrader was introduced in 2010 by Spotware Systems. As the name suggests, this platform uses the #c language for programming algorithmic trading. The interface is user-friendly with limited customisation.
IC Markets offer multiple tools to educate every type of trader in Australia. The research tools are however limited when compared with other forex and CFD brokers in Australia.
The research tools include a market analysis blog and an economic calendar. They publish blogs on price prediction, market sentiments, and trends to assist traders. No specific research tools are available for specific capital markets and instruments.
We found a rich variety of education tools at IC Markets. They offer a beginner’s course to understand the basics of forex and CFD markets that includes 10 lessons. Other offerings like podcasts, webinars, video tutorials, WebTV, etc can assist all types of traders to enhance their trading skills.
Multiple articles are available at IC Markets describing the advantages and analysis techniques that can be helpful for traders in Australia.
Compared with other ASIC-regulated forex and CFD brokers in Australia, IC Markets offer sufficient tools for educating the traders. However, the number of tools to support the traders in the research is much lesser.
All the available financial instruments at IC markets are traded via CFDs. Contract for Deposit (CFD) is a derivative instrument in which there is no buying or selling of physical assets. Only the price differences are speculated by the traders to book profit in short and long positions.
The leverage allows traders to open a much bigger position with smaller deposits. Although, involving high leverage is risky as bigger positions can wipe out the whole amount held in the trading account.
Following are details of available trading instruments at IC Markets:
There is a great variety of trading instruments that can be traded by opening an account with IC Markets in Australia. The number of available instruments is higher than many regulated CFD brokers in Australia.
|Asset Class||Number of Instrument||Maximum Leverage|
|Commodities||32||1:20 for Gold, 1:10 for others|
The customer support service at IC Markets is impressive. Clients can connect with the customer support staff via 3 means. We have separately reviewed our experience with the support staff with all three:
Clients can request to connect with a support executive through the chatbot. The connectivity time is less than a minute and sometimes can take up to 5 minutes. We tried to connect with an agent at different times in Australia. All of our queries were resolved and we found the executive to be very helpful and honest.
Overall, the customer support service for Australian clients is very good at IC Markets. Clients in Australia can reach out for support through multiple methods at any time on any day.
Yes. IC Markets is regulated by the top-tier ASIC and can be considered safe for trading CFDs in Australia. It allows opening AUD-based accounts with free local bank deposits and withdrawals.
The spreads and other trading costs are very low while no non-trading charges exist at IC Markets. Multiple instruments can be traded with different trading platforms and suitable account types. The customer support service is excellent in Australia.
Yes, IC Markets is an Australian CFD broker with ASIC regulatory license. It offers CFD trading on various instruments at low spreads and allows free local bank deposit and withdrawals.
Yes, IC Markets offer commission-free trading with low spreads. They also offer research and education tools to assist the traders. It is ideal for beginners but the majority of the beginners lose money while trading forex.
$200. IC Markets allows trading on more than 1900 instruments with a minimum deposit of $200. This is higher than many other ASIC regulated forex and CFD brokers in Australia.
IC Markets support multiple methods for deposits and withdrawals. For protection against money laundering, withdrawals can only be made through the methods used for deposits. IC Markets support credit/debit cards, bank wire transfer, PayPal, Neteller, and several other e-wallets to deposit and withdraw from live trading accounts.
The Australian Securities and Exchange Commission (ASIC) has restricted the maximum leverage offered by any regulated entity to 1:30. As IC Markets is an ASIC regulated broker, the maximum leverage at IC Markets for the Australian clients is 1:30.