Find out details about the current ICMarkets account in the trading market. ICMarkets accounts are provided for traders to easily choose. Evaluation of account types and detailed opening instructions for new market participants. Learn Forex Trading will share all information with investors in the article below.
How many types of ICMarkets accounts are there?
At ICMarkets, traders usually only hear about two types of accounts: Standard and Raw accounts. Because the ICMarkets system used for most popular brokers only has the two types mentioned above. But in fact, IC Markets offers up to 3 types of accounts for real users, 1 demo account.
ICMarkets live account (Real account)
According to the introduction to the ICMarkets account system, it can be seen that the exchange has 4 types of real accounts. However, below we only talk about 3 main types of accounts. While on a Muslim account, you must prove that you are a Muslim to use it.
ICMarkets Standard account
An account type that does not have an official commission fee but does have a spread fee. That is, if brokers carry some major pairs such as EUR/USD, GBP/USD, USD/JPY, and AUD/USD, the average difference is 1-1.5 pips. For example, if you profit 5 pips on ICMarkets gold spread, minus the interest cost, it will be about 3.8 pips (approximately), or in unusual times the difference will expand to 5-8 pips or more.
ICMarkets Raw Spread account
In the ICMarkets account system, this is the account chosen by most traders. Longtime traders also choose this type of account because of its convenience. The commission fee for 2-way transactions of this account type is 7 USD/ 1 lot.
Although there is a commission fee, the upgraded features of this account are interesting and premium. That’s why many traders choose this type of account to register when using ICMarkets.
If you go into practice, you will see that major pairs like EURUSD have very low spreads of about 0.1 pips. That is why ICMarkets Raw Spread is of interest and choice to traders.
See more: Instruct with an ICMarkets open account swiftly
ICMarkets cTrader Raw Spread account
This account type trades exactly like the RAW Spread account and has similar spreads. Even the commission fee for this account is 6 USD/100k USD which is the same as RAW Spread. But this account is traded on the IC Social platform and was formerly Ctrader.
The copy trading platform is user-friendly, easy to use, and growing. Although not as popular as RAW Spread, this is the fastest-growing account type. If you want to explore, Learn Forex Trading also has an article about this type of account. Please follow and register to try it out!
ICMarkets demo account
Starting with an ICMarkets demo account is a way for new traders to gain experience. An excellent risk-free environment allows traders to find the best trading strategy. The remaining features and market conditions of the Demo account will not be different from the real account. This is virtual money, but please take advantage of the demo account to have the best experience.
See more: ICMarkets Demo: Trade live on the test platform
Analyze the pros and cons of ICMarkets account groups
ICMarkets account groups provided on the market today include 2 types. As mentioned above there are real accounts and demo accounts for traders to consider.
- If you choose a real account, you will receive 3 more options. Standard, Raw speed, and IC Social accounts. The variety of choices along with different account levels will depend on each individual’s finances.
- Each person will have different choices and you can open up many options. However, the downside is that trading with real money means losing money.
- If you choose a demo account, the advantage is that you will learn from experience. No real money is lost, but even if you win, you won’t get any money. In addition, the demo account will not have many choices but only 1 account.
How to choose a suitable ICMarkets account
After consulting the above account types of ICMarkets, investors will consider it very carefully. Which account type will you choose for your upcoming transactions? Below are a few reviews to help investors decide on the appropriate ICMarkets login option:
Compare according to needs
Each person’s personal needs are different. If you want to win and make real money, choose Real Account. If you are someone who just wants to learn about the exchange and gain trading knowledge, a Demo account is the choice.
Compare according to transaction ability
If you are a Swing trader, it means you only hold orders for less than 1 month. At this time, the Standard ICMarkets account is a more reasonable choice because the entry point (open order) and exit point (close order) are not important to you to be accurate.
Choose an ICMarkets account based on finances
If you are a scalping trader, that means you only hold orders for a few minutes. Usually has an average profit closing around 10 pips. You should choose the RAW Spread account because this type of account is very beneficial. From opening the order and then closing it, you only lose about 0.3 pips plus a fixed commission of 7 USD/lot. Take profit and you will have 0.9 pips.
General instructions for opening an ICMarkets account
After knowing what type of account you should open with the sharing above. Investors want to have a trading account at ICMarkets. The content below will be detailed instructions for investors to realize their wishes.
Where to open an ICMarkets account?
Currently, ICMarkets provides many different trading platforms for users. Therefore, users have many addresses to open trading accounts. For example, you can use the ICMarkets account website or use the app to open an account on the App. Below are specific instructions for you.
How to open an ICMarkets account using many methods
As mentioned above, there will be many methods to open an ICMarkets account. Below are specific methods and steps for you to use.
Open an account on the Website
To open an account on the website, traders will have to go through 5 specific steps. Below are instructions on how to open your account.
Step 1: Visit the homepage
You can access the homepage of IC Markets via the link: ICmarkets.com. Next, select the language for easy operation. Selecting START TRADING or OPEN ACCOUNT will lead you to the registration interface.
Step 2: Fill in personal information
The trader’s basic personal information that needs to be filled in is in the photo instructions. Then click NEXT.
Next, you will be transferred to the interface to fill in detailed personal information. Traders should fill in details and accuracy as required by the exchange. Completed => Tick the box I was introduced by a broker (ID) then enter the referral code and select => NEXT.
Step 3: Set up an ICMarkets account
Set up an ICMarkets account by choosing the trading platform, account type, and currency. Investors choose a trading platform, there are 3 options: MetaTrader 5, cTrader, and MetaTrader 4. This is chosen according to each person’s preferences and experience.
Next, select the account type as introduced above. Select the account’s specified currency, select USD, and tick the box to Receive notifications and special programs => NEXT to move to step 4.
Step 4: Complete the questionnaire
During the registration steps, the exchange will ask if you have previous trading experience. If you are just starting and have no experience, you do not have to take the test. If you have experience, you will do a test with the system’s available answers (based on your own trading experience). Next, select Submit and Next.
Step 5: Verify the ICMarkets account
Verify your trading account by completing the entire ID upload. The registration system will ask users to verify identification documents as shown in the photo. The steps are to go to Profile => Upload Documents, select Browse to upload the necessary documents, and click on the UPLOAD box.
So the user has completed the registration steps and successfully verified the ICMarkets accounts. Now you can choose to deposit money and start making transactions. And if you do not use a computer but use the App. Please move on to the instructions below.
Register an ICMarkets account on the App
The way to open an ICMarkets account on the App is the same as on the Desktop. You still have to complete all 5 steps as above, just do it on your phone.
- Visit the home page
- Fill in information
- Set up a trading account
- Fill out the questionnaire
- Verify account
Register an account using the same app as the website
At each step, users still operate in the same way as opening an account on a Desktop. The registration interface on the App is only a little different but not difficult. So you just need to pay a little attention to be able to open an ICMarkets account on Mobile easily.
Epilogue
Thus, Learn Forex Trading has helped you discover about ICMarkets account and how to open a product account. Hopefully, through the article, you can understand more about ICMarkets and account types. Along with that, know how to register to successfully own an ICMarkets account. You can now start your extremely exciting trading experience!
FAQ about ICMarkets accounts
To help investors better understand ICMarkets accounts. Below, let’s answer a few questions related to the exchange’s account.
How much money does the minimum ICMarkets account need?
Currently, all ICMarkets accounts require a minimum deposit of 200 USD. The exchange leverage ratio will support 1:500. Compared to other exchanges, this is a high level of regulation. But that also ensures your experience is the best.
Is it possible to use multiple ICMarkets accounts?
It can be said that there are many types of trading accounts at ICMarkets. Each type of account will be suitable for different transactions and different customers. Therefore, investors can completely open many other types of customer accounts to use.
Is an ICMarkets Demo account the same as a real account?
When you open an ICMarkets demo account, you will see no difference from a real account. The only thing is that the money in the demo account is virtual. You will get an experience completely similar to a real account.
