IC Markets Forex Trading Review in the Philippines
- Raw spread costs
- Demo Account
- Filipino Traders Accepted
|Free Demo Account|
|US Traders Allowed|
- Easy account opening
- Free fundings and withdrawals
- Negative balance protection for EU clients
- Great and responsive phone call support
- No negative balance protection for non-EU clients
- Outdated MetaTrader4 platform
Cryptocurrency is quickly becoming quite a popular mode of financial transactions. Individuals as well as firms and big organizations are making trade and transactions via cryptocurrency. They are also investing in forex, CFD and spread betting for the same purpose. This has led to the formation of a number of trade agencies that are monetized from these trades. One such agency is IC Markets.
IC Markets is forex trading broker based in Australia. It made its debut in 2007, and since then, it has been revolutionizing forex trading with its services and platforms. IC Markets was awarded the best Forex Broker and the best trading app in 2020.
Now let us look deeper into the features and offerings of IC Markets and try to find the answer to questions, “What is ICMarkets?” and “Is it safe?”
What is IC Markets?
IC Markets is a revolutionary online forex broker platform headquartered in Sydney, Australia. It was founded by Andrew Budzinski in 2007, and so far, it has opened many branches around the world. It is licensed by ASIC with the number 335692.
It offers trade with forex, CFD, indices, bonds, and digital currencies. It has a huge number of users worldwide with a trust score of 80 out of 100. It is highly recommended for traders who have an interest in free deposits and withdrawals.
IC Markets Accounts
You are required to open a trade account to start trading in IC Markets. This platform is well-known for its easy account opening process. However, it does not allow making accounts from the US, Canada, and Israel.
You will have four options for opening a trade account. You can either sign up with PayPal, with Facebook, with Google, or create a new account with your phone number.
There are three types of IC Markets accounts: Standard accounts, True ECN MetaTrader accounts, and True ECN cTrader accounts. Each of them requires a minimum deposit for opening and one day for activation. IC Markets minimum deposit is $200.
After reviewing these account types, we found that the cTrader and MetaTrader accounts require commissions per every $100K. But the Standard account IC Markets does not require any kind of commission. Each of these accounts has its own set of benefits. You can choose any of these based on your trade strategy.
All accounts feature raw pricing. IC Markets refer a friend program allows you to win rewards by opening an account for your friend. The only notable difference between these accounts is their trade platforms and fee structure. The platform also offers IC Markets demo accounts for experiments and Islamic accounts.
Trade Instruments and Offerings
IC Markets let you trade with a limited range of products. But the available products are carefully selected by experts to grant you access to the most popular and liquid global markets filled with the best trading opportunities.
IC Markets trade offerings include Forex CFD, Indices CFD, Commodities CFD, Stock CFD, Bond CFD, Cryptocurrency CFD, and Future CFD. In forex trading, you have access to 60 currency pairs with tight spreads from deep liquidity. Indices CFD trade will grant you exposure to the world’s largest equity markets with a spread from 0.4 points and 23 indices.
In IC Markets, you can trade over 19 commodities with a leverage of 1:500.
There are 100 large-cap stocks available in IC Markets stocks CFD. These stocks also include the ones from globally popular companies. However, you can trade stock CFD in MetaTrader5 only.
In future CFD, you have access to 4 global futures to trade without any commissions.
If you are not familiar with any kind of IC Markets trade products, you can find an education section on its website to teach you all about CFDs.
Review of IC Markets
1- Platform Usability
IC Markets clients can get access to three third-party trading platforms: MetaTrader 4, MetaTrader 5 and cTrader. All platforms in IC Markets feature raw trades, which allow you to trade on an institutional level. All of these trading platforms are highly customizable with IC Markets trade tools too.
MetaTrader4 is the most popular platform. It allows clients to trade without any kind of dealing desk. It features 25 different pricing providers, making it one of the most competitive forex CFD providers. The cross-connection of MetaTrader4 ensures fast execution speed. The best part about MetaTrader4 is that it is commission-free and has no restrictions on trading. However, the interface of MetaTrader4 is outdated. The search bar is a little complicated because you cannot manually type in the name of the items you are looking for.
MetaTrader5 is an improved version of MetaTrader4. It is complete with all kinds of advanced technology, such as charting and order management tools to help clients monitor and modify their investments. This platform has an IC Markets margin call of 1:500 leverage. While researching, it became clear to us that MetaTrader5 was designed with the sole purpose of providing a user-friendly platform with advanced technology.
On the other hand, cTrader is a favorite trade platform among forex traders. It has a unique design and user interface with advanced features. The IC Markets version of cTrader grants access to 64 currency pairs and 16 major equity indices. It also features a variety of funding and withdrawal methods. The low latency technology makes it one of the fastest trading platforms.
IC Markets download is easy since you can download a software of each of these platforms in order to trade.
2- Security and Client Protection
If you are concerned about security in IC Markets, then rest assured because this platform is regulated by top-tier global financial authorities such as ASIC, FSA and CySEC. It is important to keep your data safe because your IC Markets PayPal account contains your banking information, and you do not want this information to get leaked. as it provides negative balance protection for European Union Clients and investor protection based on the entity you are registered in.
However, IC Markets is not listed in the stock exchange, and almost no financial information about it publicly accessible.
The cost of opening an IC Markets trade account is $200. Apart from that, IC Markets is famous for its no cost fundings and withdrawal methods.
4- Deposit and Withdrawal Methods
IC Markets has a wide range of funding options with its base currencies. You can easily deposit money from your bank accounts without any kind of cost. Deposits through credit/debit cards are instant, but bank transfers can take several days.
Withdrawal methods are almost similar to its deposit methods. IC Markets withdrawal fees are zero for credit/debit cards and Australian bank accounts. However, international bank transfer costs are as high as AUD 200. As it takes 2 business days for the withdrawal to be completed.
5- Customer Support
IC Markets do not have the best customer service system. You have three methods of connecting with the help desk: Live chat, email, and phone calls.
Among these three, the phone call support is the best. You will be connected with the help desk within a minute and get answers to any of your queries.
The email support is functional but not very efficient. You will receive answers to your email within a day.
The live chat, however, is very questionable, and we would recommend you to avoid using it. The average response time of each message is more than 10 minutes. Most of the answers are not relevant and helpful at all.
Overall, we’d rate the customer service of IC Markets 3.6 out of 5. However, this could improve if they redesign the live chat support with quick and relevant responses.
IC Markets is a great platform for beginners. It’s not only easy to open an account on this platform, but you can also expect secure deposits and withdrawals. The MetaTrader5 and cTrader platform give you a smooth experience of trade with their advanced tools. We would, however, advise you not to use the MetaTrader4 platform because it has an outdated layout with complicated tools.
Oanda vs IC Markets
In order to help you understand where IC Markets stands in the trading landscape as a broker, we compare it with a similar trade agency. And Oanda seems to be the perfect competitor. So, here is a side by side comparison between both brokers
|Risk||73.5% of retail CFD accounts lose money||74.25% of retail CFD accounts lose money|
|Trade Instruments||Only Forex and some CFD||Limited range of products|
|Costs||High bank withdrawal costs||No funding and deposit fee|
|Safety||Negative balance protection||Negative balance protection for EU clients|
|Support||Very poor||Mostly good and helpful|
What is IC Markets?
IC Markets is an online Forex broker headquartered in Australia. It offers its service worldwide but does not accept traders from the US, Canada and Israel.
How to trade with IC Markets?
First, you have to open a trade account in IC Markets for $200. And then you can select your desired trade platform and start trading.
Is IC Markets legit?
Yes, IC Markets is licensed by ASIC. Its license number is 335692.
Can you trade at IC Markets from the Philippines?
Yes. IC Markets allows traders from the Philippines to use te platform.
Does IC Markets offer a demo account?
Yes, it does.
How to withdraw from IC Markets?
IC Markets withdrawal takes two business days. You can withdraw via credit/debit cards or your bank account. The withdrawal of international banks will cost AUD 200.
In short, IC Markets is a great trading place for advanced and beginner level traders. It is a safe and trusted online forex broker. It may have some shortcomings in terms of its outdated MetaTrader4 platform and live chat support, but it’s a great trading place with countless opportunities. Its user-friendly interface and education section make it a perfect choice for beginners too. Overall, we would rate IC Markets 4.4 out of 5.Visit Broker