IC Markets is a low-cost CFD broker that allows tading on more than 1700 instruments. Clients in UK are registered under CySEC. Check pros and cons before opening your account.
IC Markets is a CFD broker that was launched in 2007. IC Markets is not regulated by the Financial Conduct Authority in the UK. However, they have temporary permissions to operate their business in the UK as they are regulated in EEA country (Cyprus).
IC Markets stands out as an online forex and CFD broker recognized for its competitive pricing and rapid trade execution. Traders appreciate the broad range of financial instruments accessible through IC Markets, encompassing forex, commodities, indices, and cryptocurrencies. The platform is favored for its low spreads and consistent trading conditions.
One notable feature of IC Markets is its flexibility in trading options. Traders have the choice between commission-based and spread-only trading for CFDs across various financial instruments. The broker supports multiple trading platforms, providing users with diverse options to suit their preferences. Additionally, IC Markets facilitates convenient methods for both deposits and withdrawals, contributing to a user-friendly trading experience.
We have comprehensively covered every aspect of IC Markets to assist the traders in making an informed decision. This review of IC Markets (EU) Ltd is specifically done for clients in the UK.
IC Markets UK Pros
IC Markets UK Cons
Table of Content
|IC Markets (EU) Ltd
|CySEC, ASIC, FSA
|Year of Establishment
|MT4, MT5, cTrader
|1700+ CFDs on forex pairs, commodities, indices, shares, ETFs, cryptocurrencies
IC Market Safety Pros
IC Market Safety Cons
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 the United Kingdom, the Financial Conduct Authority (FCA) is the top-tier regulatory authority.
IC Markets is not regulated by FCA but they are authorized by FCA in the UK. They have permission to carry out business activities in the UK with new as well as existing customers. The current status of IC Markets (EU) Ltd can be checked at the online FCA register with reference number 827935.
Any firm that is regulated in any country of the European Economic Area (EEA) can offer certain products or services in the UK. Although, it must meet the minimum standards and compliance across all EEA countries. Following are the details of regulated entities of IC Markets:
The clients in the UK are registered under Cyprus Securities and Exchange Commission (CySEC) regulations. 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 the UK.
IC Markets is authorised in the UK with temporary permissions because they holds a CySEC license. Clients registered with IC Markets (EU) Ltd are protected by the ‘Investor Compensation Fund’ of Cyprus. IC Markets (EU) Ltd is a member of the Investor Compensation Fund as they are regulated by CySEC.
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 the UK are not registered under ASIC regulation.
IC Markets has been in the CFD trading business since 2007 and is a considerably old broker. Clients must not confuse legitimate and regulated IC Markets entities with fake ones. There are a few clones of IC Markets that are using their name and regulation to scam clients in the UK.
According to our review, IC Markets can be considered safe for trading in the UK. CySEC-regulated IC Markets (EU) Ltd is a safer choice in the UK compared to the offshore regulated entity. The third-party risk of choosing IC Markets in the UK is average but higher when compared with brokers regulated by FCA.
IC Market Fees Pros
IC Market Fees Cons
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.
|Raw Spread Account Account
|US Tech 100 Index
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.
We have compared the spreads on major currency pairs for several other brokers in the UK. The following table compares the spreads incurred on the Standard account with no commission involved.
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 GBP, EUR, and USD as a base currency in the UK. The minimum deposit amount is $/€/£ 200. For any 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. Live trading account can also be opened with an offshore entity i.e. IC Markets Global instead of IC Markets (EU) Ltd. Clients need to select the Raw Trading Ltd under regulated entities for this.
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. In the same step, clients also need to enter their Taxpayer Identification Number (TIN). The account cannot be opened without a valid TIN number.
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: 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 5: Deposit
Before you start trading, you need to make an initial deposit. The minimum initial deposit amount is $/€/£ 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 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 best demo accounts among FCA regulated brokers in the UK. 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 Market Deposit/Withdrawal Pros
IC Market Deposit/Withdrawal Cons
IC Markets accept 4 methods for deposits and withdrawals from clients in the UK. Each method takes a different time to process. All these methods can be used to deposit in USD, EUR, or GBP. Deposits made in an account with a different base currency than deposit currency are automatically converted to account currency.
Cryptocurrencies or local bank transfers are not available at IC Markets in the UK. Credit/Debit cards, Neteller, Skrill, and Wire Transfer are the only accepted methods for deposits and withdrawals.
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 the UK. The research tools are however limited when compared with other forex and CFD brokers in the UK.
The research tools include a market analysis blog and an economic calendar. They publish blogs on price prediction, market sentiments, and trends to assist the 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.
Market Analysis: IC Markets often provides daily market analysis and insights, including technical and fundamental analysis, covering a variety of financial instruments such as forex pairs, indices, commodities, and more.
Economic Calendar: An economic calendar is a tool that displays important economic events, announcements, and indicators with potential impacts on the financial markets. IC Markets may provide an economic calendar to help traders stay informed about upcoming events.
Trading Central: IC Markets might offer access to Trading Central, a third-party research provider that offers technical analysis, trade ideas, and research reports on various financial instruments.
Webinars and Seminars: IC Markets could host webinars and seminars on trading-related topics. These live sessions may cover trading strategies, market trends, and more, often conducted by industry experts.
Multiple articles are available at IC Markets describing the advantages and analysis techniques that can be helpful for traders in the UK.
Compared with other ASIC-regulated forex and CFD brokers in the UK, 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 the UK. The number of available instruments is higher than many regulated CFD brokers in the UK.
|Number of Instrument
|1:20 for Gold, 1:10 for others
IC Markets employs a Straight Through Processing (STP) and Electronic Communication Network (ECN) execution model for its trading accounts. STP involves sending client orders directly to liquidity providers, such as banks and financial institutions, without any interference from the broker. With IC Markets, your trade order is forwarded to their partnered liquidity provider.
On the other hand, ECN is a technology that enables direct interaction between traders and liquidity providers in a transparent marketplace. Traders can access real-time price quotes and execute trades at the best available bid and ask prices from multiple liquidity providers.
IC Markets is well-known for its fast trade execution speed, made possible by their STP/ECN execution model. The implementation of ECN technology ensures swift and efficient trade execution with minimal slippage. This is particularly advantageous for high-frequency traders and those who require precise order execution.
It is important to acknowledge that trade execution speed may vary due to factors like market liquidity, account type (Standard or Raw Spread), chosen trading platform (e.g., MetaTrader 4, MetaTrader 5, cTrader), and internet connection speed. The broker’s infrastructure and proximity of servers to liquidity providers can also impact execution speed.
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:
Overall, the customer support service for UK clients is very good at IC Markets. Clients in the UK can reach out for support through multiple methods at any time on any day.
Yes. IC Markets can be chosen to trade CFDs in the UK but clients must know that they are riskier than all the brokers that are regulated by the FCA. They are regulated in an EEA country, hence can be chosen to trade CFDs in the UK.
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 the UK.
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 majority of the beginners lose money while trading forex.