IC Markets Pros and Cons - Leading Forex CFD Provider
We regard the Australian forex broker as IC Markets one of the best forex companies on many forex brokers list. Founded in 2007, many people consider it one of the safest companies to work with. Forex trading brokers score highly when they follow regulation.
IC Markets is one of the most revered companies you can ever work with. IC Markets fall under regulation by one of the top Australian regulators, Australian Securities and Investments Commission (ASIC).
One of the unique things that put IC Markets on the top forex brokers list is that they offer CFDs. The CFDs are very complex instruments that bring high risk. Forex trading brokers dealing with CFDs will tell you that the losses are rapid because of the leverage.
Most of the people who trade CFDs (74-89%) lose money. So, even though this is an option offered by IC Markets, you will need to think about it before you try it out.
If you are looking for a broker who will make it easy for you to open an account and get free deposits and withdrawals, IC Markets is a good place to start.
As always, you will need to look at the trading fees to get a clear picture of what you are signing up for. Compared to many forex trading brokers, IC Markets has low trading fees. Depending on the account type you have, the costs will differ.
Since it is difficult to compare the fees of the contenders on the forex brokers list, we use a calculation of all the fees for a typical trade between two pairs; EUR/USD and EUR/GBP.
Compared to competitors like Pepperstone and Oanda, IC Market fees are lower.
In comparison with Pepperstone and Oanda, the financing rates for IC markets are average. They are more or less on the same level as the other forex trading brokers. If you are looking to trade on margin and hold your position for long, financing costs might increase.
As with their trading fees, IC Markets has low non-trading fees. You will not be charged for inactivity, account or withdrawal. Compared to the competition on the forex brokers list, this works for them.
- They have very low trading fees
- The account opening is easy and quick
- The deposit and withdrawals are free
- MetaTrader and cTrader is available on the web, mobile, and desktop
- they have a wide range of tradable products with full support
- No investor and negative balance protection
- Beginners might have a hard time navigating the many choices provided
The minimum deposit at IC Markets is $200. Customers from around the world, with a few exceptions, can sign up. You will have three account types that have different fees and platforms available to choose from.
You can also get an Islamic account, if eligible with a flat commission that works based on specific rules. The best way to enjoy this King of many Forex brokers list is to sign up and see what they offer. You can Create a Demo Account or Real Account form Here.