IC Markets is the trading name of International Capital Markets Pty Ltd, a retail and institutional CFD broker, founded in 2007 by a team of finance professionals who were also instrumental in the accomplishments of one of Australia’s top forex and CFD brokers. IC Markets is an over-the-counter broker that provides CFD trading in various underlying instruments and assets, including cryptocurrencies. The top forex broker started operations to bridge the gap between retail and institutional traders by offering trading conditions to individuals that are on par with those offered to high net worth and institutional clients. The outcome was the introduction of IC Markets Raw spread, which consists of high-speed execution, superior liquidity, and low bid-ask difference.

The CFD broker has revolutionized the online retail forex trading space by providing clients access to a range of markets comprising about 300 products from six asset classes, cutting edge technology, low latency connectivity, and superior liquidity. Also, clients have the choice of account types at their disposal, can pick between the MetaTrader and cTrader platforms, and a variety of exclusive trading tools on the MT4 and MT5 platforms.

The supervising authorities overseeing IC Markets comprise tier-I and tier-II watchdogs. The top CFD broker’s regulators include the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Authority of Seychelles.

Besides, IC Markets operates as separate entities in different countries, although they have retained their trade name. In Australia, IC Markets functions under the name International Capital Markets Pty Ltd, while in Europe, it is IC Markets (EU) Ltd, through the domain www.icmarkets.eu, and Raw Trading Ltd is the registered name of the firm under the supervision of the Financial Services Authority of Seychelles.

According to the mission statement of the top forex broker, the goal is to offer retail and institutional clients the most transparent trading experience so that they can focus entirely on their trading. Backed by 24/7 customer support, IC Markets is in the bracket of one of the lowest spread forex broker who believes in the core values of integrity, trust, honesty, fairness, reliability, innovation, and strong corporate governance.

In our review of the top forex broker, we cover the range of markets represented by the tradable products under various asset classes. Clients registering with IC Markets can access close to 300 financial instruments across six asset classes and two market segments- Spot and futures. The asset classes include forex, commodities, cryptocurrencies, stock, indices, and bonds. Highlighted below are the asset classes and the corresponding trading features-

Forex- Clients can trade in 60 FX pairs comprising major, minor, and exotic currencies with spreads starting from zero pips. Besides deep liquidity and high-speed execution, the top forex broker offers leverage of up to 500:1.

Commodities- The tradable commodities instruments include metals, energy, and agriculture pitted against the US dollar or CFD futures. IC Markets offers a range of 19 commodities CFDs.

Cryptocurrencies- The crypto product range at IC Markets covers CFDs in ten popular digital currencies, tradable 24/5, with a maximum leverage of 20:1.

Stocks- The CFD broker offering includes more than 100 stock CFDs listed on the Australian and US exchanges, including ASX, Nasdaq, and the NYSE. Besides, clients can also participate in some of the global macro themes, all of which are accessible only on the MetaTrader 5 platform.

Indices- Retail clients can gain exposure to stock indices from across the world through IC Markets’ offering, comprising 17 global indices. Unlike stocks which are accessible only on the MT5, you can trade indices on the MT4, MT5, and cTrader.

Bonds- Speculate on interest rates, diversify your strategy, or hedge your equities exposure by cherry-picking from the group of six Government bonds, including those issued in the US, Japan, Europe, and the UK.

Futures- Besides the asset classes mentioned above, the top CFD broker also allows clients to trade in four futures contracts, including the CBOE VIX Index, and the ICE Dollar Index, exclusively from the MetaTrader 4 platform.

Illustration of the range of markets at IC Markets

IC Markets provides a range of cutting edge trading platforms across all computers and mobile devices. The trading terminals comprise the MT4, MT5, and the cTrader. However, the product mix is platform-specific and depends on your account type. So, before you decide on your platform, choose your range of financial instruments from the Raw and Standard accounts.

The minimum lot-size on all the platforms starts at 0.01 (micro-lot). Clients can choose their leverage from 25:1- 500:1

In our trading review of one of the lowest spread forex brokers, we analyzed the cTrader desktop, the MT4 Web, and the MT5 mobile application from a demo account. Our CFD broker review covers all the essential parameters of the trading platforms, along with the custom indicators provided by IC Markets.

cTrader

The platform is available in 22 languages for clients registering for the cTrader Raw Spead account and the Islamic account. The state of the art trading terminal has a unique design, user-friendly interface, advanced trading features, and designed for high-speed order execution. Clients using the cTrader platform can monitor real-time streaming prices from multiple financial institutions associated with the CFD broker, deep liquidity, and access to 64 FX pairs and 16 stock indices. IC Markets has not imposed restrictions on hedging or scalping, and the platform supports both manual and automated trading.

The cTrader server of the top CFD broker is in the LD5 IBX Equinix Data Center in London, which is home to over 600 buy and sell-side firms, exchanges, trading venues, market data, and service providers. The server is cross-connected between IC Markets and the broker’s liquidity providers for ultra-low latency and speedy order execution.

Key features of the cTrader desktop platform:

• The Raw pricing platform supports only Windows OS- Version 7 onwards.
• Start trading from the smallest micro-lots (0.01).
• Hedging/scalping allowed.
• Access level-II pricing.
• Order fills based on Volume Weighted Average Price (VWAP).
• The trading terminal comes with multiple order types, including market, pending, and trailing.
• You can place one-touch orders from multiple panels and pending orders even during weekends.
• Four chart types accessible in multiple time-frames.
• cTrader copy trades.
• Access the readily available cBots and indicators, modify the existing automated strategies, or create your own.
• The platform has a smart stop-out feature that starts closing out the largest positions when the margins drop below 50%.
• The cTrader servers are in LD5 IBX Equinix Data Center in London.
• The server has a latency of < 1milli seconds with major VPS providers in the LD5 IBX data center or through dedicated lines to the other data centers nearby.

Illustrated below is the cTrader desktop terminal

IC Markets’ MT4 Web terminal

The IC Markets MT4 Web Terminal is the standard offering from MetaQuotes, with the platform compatible with multiple browsers such as Windows Explorer, Google Chrome, Firefox, and Safari. The platform is for traders registering for the Raw, Standard, and the Islamic accounts. You can access all the product offerings from IC Markets, excluding CFD in stocks from the CFD broker’s MetaTrader servers in the Equinix NY4 data center in New York.

The web platform, in its default form, comprises the watchlist, chart and the toolbox- featuring all the open transactions in your trading account. Although the CFD broker provides several custom trading tools such as Autochartist, Trading Central, Multiterminal, Sentiment Trader, Session Map, Mini Terminal, Sophisticated Alarms, and the Correlation Matrix, they are only accessible on the desktop platform.

The browser-based terminal also has its limitations and does not feature all the trading tools found on the desktop version of the MT4, but the application connects to the same interface, just like the MT4 desktop platform.

Key features of the IC Markets MT4 Web platform:

• It is a multi-lingual platform that is accessible in 39 languages.
• It comprises of three chart types in eleven-time frames- from one minute to one month.
• It supports multiple order types with one-click order execution.
• You can trade from the micro lot with leverage of up to 500:1
• Raw spreads with no order or trade restrictions.
• Level II pricing.

The MT5 mobile application:

In our review of one of the best CFD brokers, we analyzed the IC Markets MetaTrader 5 mobile app on an Android device and delivered our evaluation below.

The MetaTrader 5 Mobile App for handheld devices is available for Android and iPhone users and is downloadable from the Android PlayStore or the Apple App Store. The mobile terminal broadly supports all the features of the desktop platform except for some drawing tools and Expert Advisors (EAs). The MetaTrader for Android devices is accessible on Android 4.0 and higher, while the MetaTrader iPhone is also compatible with iPad and iPad touch and is available on iOS version 7.0 or above.

Key features of the platform:

• User-friendly interface.
• Access all the financial instruments offered by IC Markets.
• Supports all types of order execution modes, including instant, market, and pending.
• You can monitor three types of charts in eleven-time frames with the option to execute one-click orders.
• Real-time interactive charting.
• More than 30 technical indicators.
• You can access raw pricing and speedy order execution.
• The app comes with customizable layouts, access to historical data, option to manage your accounts, and a handy tool for traders on the go.

The only drawback we found in the three platforms was the lack of real-time news. While the CFD broker updates the global macro-economic calendar, when it comes to market news, the only info you can find are some articles, posts, and market outlook in the broker’s blog.

Our CFD broker review on the trading conditions includes the spread, margins/leverage, and order execution at IC Markets. While the trading spread and the order execution are generally a constituent of the account types, the margins largely depend on the regulatory framework.

To begin, IC Markets has three account types- The Standard account, cTrader Raw Spread account, and the MetaTrader Raw Spread account. The spread from IC Markets starts from zero pips for the MetaTrader and CTrader Raw accounts, and are accessible on the MetaTrader 4, 5, and the cTrader platforms. The bid-ask difference between the Standard and Raw account categories only applies to forex and metals. For all the other products, the CFD broker has maintained identical spreads.

However, the average bid-ask difference in the real-time markets is always higher. Besides, for the account types where the spread starts from zero pips, the CFD broker charges a commission separately.

According to IC Markets, based on data from third-party providers from 1st January 2019- 8th August 2019 shows that 62 percent of the time, the spread on the EURUSD pair was 0.0 pips, making them one of the lowest spread forex broker.

Illustration of the account types, trading platforms, indicative spread, and commissions

As mentioned earlier, the margins offered by the top forex broker are broadly in line with the regulatory recommendations. CFD brokers registering retail customers in Europe come under stringent guidelines that curb the maximum leverage they can offer. However, the watchdog is more flexible when it comes to professional clients, leading to variations in the margins between retail and professional clients.

On the other hand, when it comes to AISC-regulations, the supervisory body has not imposed any restrictions on the quantum of margins forex brokers can offer clients. So, clients listing under the Australian watchdog have the privilege of lower margins and higher leverage. Besides, traders are allowed to hedge positions since the forex broker does not follow the first in first out (FIFO) rule. Also, since IC Markets nets trades, clients are not charged for hedged positions.

Illustration of the maximum leverage offered to clients under ASIC and CySEC

IC Markets is an ECN-STP broker and does not operate a dealing desk. The CFD broker sources all prices from external liquidity providers via ECN or directly, which it then passes on to clients without intervention. The aggregated sp[read for the Raw Spread account comes from 25 institutions via the broker’s equinox servers located in London and New York, ensuring low latency trades and order execution at lightning speed.

When it comes to order-types, IC Markets provides the instant, market, pending, and trailing orders on all its platforms. The order categories are available in three durations- Day only, Good until Date, and Good until Cancelled.

According to IC Markets, the average order execution time is 36.5 milliseconds, which includes the time from the trade is received, processed, and confirmed as executed by the CFD broker.

IC Markets does a phenomenal job of offering educational resources to beginners as well as professional traders. These come in the following forms:

• Quality Educational Articles

Extensive coverage on general concepts about foreign exchange for the benefit of beginners to understand how the forex market operates. The blogs cover different aspects of the trading process under the following categories:

• Forex Trading 101
• Technical Analysis 101
• Fundamental Analysis 101
• Trading Psychology 101
• Trading Plan 101

Also included are multiple related topics within each group to enhance the understanding of a specific concept.

• Web TV

This section offers coverage on commodities, currencies, and global equities in short video formats.

• Video Tutorials

Video tutorials are highly useful for introducing first-time traders to the MetaTrader 4 platform. The high-quality videos give you insights on how you can install MetaTrader 4 to getting your account verified, placing different order types and more.

• Forex Glossary

A separate section for forex glossary can come in handy for new traders learning about forex trading.

IC Market has an in-depth knowledge base to answer most of the questions that traders generally pose. However, if you still need to reach out to the helpdesk, the forex broker offers a 24/7 dedicated customer support desk. You can get in touch with the customer care personnel via phone, email, live chat option, and various social media channels. Plus, there are separate details for IC Markets Chinese Support Center

The CFD broker’s customer service is available in Russian, Spanish, Arabic, and Chinese, besides English.

We got in touch with the customer helpdesk via Live Chat on multiple occasions and have views when it comes to the quality of service. There were instances when we were 25th in the queue, and it took the customer support executive almost 15 minutes to get to us. Sometimes, we were 2nd or 3rd in the line and it took a couple of minutes before we could start interacting with the support staff.

IC Markets should weigh in on improving the client helpdesk, which is below par in comparison with the other forex brokers. Even when we connected with the support personnel and asked them a couple of questions about the CFD broker’s products/services, the answers were needlessly long at times and did not cover the key points. However, if you look at the positives, the IC Markets helpdesk is open 24/7, an option hardly presented by most of the other forex brokers.

Tabled below are the primary modes of communicating with IC Markets

Based on our in-depth study of IC Markets, we are convinced that the top forex broker is also one of the best in the industry under several parameters. From the account types to the minimum initial deposits, range of markets to trading platforms, trading conditions, and trading styles, the CFD broker tops it all.

With an average spread of 0.1 pip on the EUR/USD pair during the European and North American trading sessions, IC Markets is not only one of the lowest spread forex brokers in the industry but delivers them with raw prices and ultra-quick order execution.

When it comes to trading, clients can execute trades from 1 micro lot (0.01) to 200 lots (25 million) through the forex broker’s bridge. The technology adopted by IC Markets sorts and ranks the prices over multiple pricing providers, ensuring the best price for all trade sizes. Besides, the CFD broker offers a low minimum deposit on all the account types, excellent leverage, and supports all categories of trading, including discretionary, day trading, scalping, and automated trading on the C# and MQL4 programming languages.

Finally, the top forex broker backs it all up with 24/7 customer support, tier-I regulations, and several instant funding methods, transforming IC Markets into one of the best forex brokers globally.