ICMarkets is a very famous broker from Australia. At present, it can be said that ICMarkets forex exchange is one of the most popular brokers in the trading community in the US and attracts a large number of customers. huge goods.
Among reputable forex exchanges, ICMarkets is probably the most popular among US traders, whether they trade at ICMarkets or not. So when mentioning ICMarkets, most traders give positive comments, because of the reputation and professionalism that the exchange has built over the past time.
Not only US traders, if you go to websites specializing in evaluating trading platforms such as Forex Peace Army, and ICMarkets, you will receive good and satisfied reviews. So it is not difficult to understand why ICMarkets is chosen by traders with many years in the profession to trade. So is ICMarkets a reputable forex trading platform for you to accompany? Let’s Learn Forex Trading through the following article ICMarkets reviews to better understand this Forex exchange.
Introducing the ICMarkets trading platform
ICMarketsis a Forex broker established in 2007 and headquartered in Australia.
This is a developed country, owns a main currency in international trade activities (AUD), and has many large financial institutions located here.
In the field of foreign exchange, ICMarkets andPepperstoneare the two largest brokerage exchanges in this country.
Many investors know Pepperstone and often compare this brokerage with ICMarkets, but not many people know that ICMarkets has 4 times more traffic than Pepperstone and at the same time they also have more customers than them. much superior.
After more than 12 years of formation and development, ICMarkets has now become the largest brokerage exchange in Australia and also one of the exchanges with the largest trading volume in the world.
Talking about popular brokers and having the largest number of customers in US today, we can mention: ICMarkets and Exness.
While Exness is increasingly winning the hearts of US traders with its policies, ICMarkets still almost maintains its strength.
– But ICMarkets is even more terrible than that when the average monthly trading volume they had in 2018 was above$400 billion and increased by~$600 billion in 2019.
Operational certificates and insurance for investors of ICMarkets
It’s not a coincidenceICMarketsGain the trust of many traders around the world. In addition to service quality, ICMarketsIt also brings peace of mind about the legal regulations and insurance policies they have for their customers.
Being regulated by the world’s leading organizations in the financial sector is a prerequisite for building trust with customers.
License and certificate to operate ICMarkets exchange
For ICmarkets reviews, it is very important to see what types of licenses this exchange has. Let’s see which organizations around the world ICMarkets is licensed by.
- ICMarkets trading exchange is authorized and managed by the Australian Securities and Investments Commission (ASIC). It is one of the most trusted financial regulators in the world. ASIC requires licensed exchanges to comply with specific rules and regulations that they set forth. Ensuring fairness and transparency for financial markets in Australia.
- ICMarkets also Australian Financial Services License (AFSL) number 335692 and is licensed to perform financial services in Australia.
- In addition, ICMarkets is also a member of the Australian Financial Complaints Authority (AFCA), which is an Australian-approved external dispute resolution scheme that helps to fairly resolve disputes between consumers and service providers.
ICMarkets’ investor protection policy
- ICMarketsadhere to strict regulations regarding customer accounts as segregated accounts (Segregated account)
These accounts will be kept separate from the company’s operating funds and not used for any other improper activities.
It is also used to identify assets belonging to the customer and as a basis for compensating the customer in case anything happens to the company (e.g. bankruptcy). - Once an account is funded for trading, client funds are held in trust accounts at National Australia Bank (NAB) and Westpac Banking Group. ICMarketsMust complies with customer account handling rules, applying strict policies and procedures about such accounts.
- ICMarkets also has a professional indemnity insurance agreement with Insurance company Lloyds of London. To protect its investors.
- Additionally, ICMarkets is also placed under one Externally Audited. To ensure compliance with legal obligations and operational processes.
It can be seen that ICMarkets implements legal and customer protection policies very well.
With a series of information that I just mentioned above. I believe that you can partly give your assessment of the reputation of the ICMarkets trading platform.
Types of accounts & spreads on the ICMarkets trading platform
Currently, the exchangeICMarkets offers 3 main account types for traders. Each account type has its advantages and disadvantages.
Depending on each person’s trading style and strategy, there are different account options.
Below are some detailed features and suggestions on how to choose the right account type.
Raw Spread Account
- Minimum deposit: $200
- Maximum leverage: 1:500
- Spread Type: Float
- Spread from (pips): 0 pip
- Commission: 7$/lot
- Minimum volume: 0.01 lot
- Stop Out Level: 50%
This is the most popular account type of the exchange ICMarkets. The best account type has extremely low transaction costs and is highly appreciated by the US trading community.
Its advantages are super low spreads, on average just 0.1 pip for EUR/USD. And the commission fee is quite competitive, $3.5 per lot per side.
Additionally, account Spreadbelong to ICMarkets has extremely fast order matching speed and almost no latency.
During many years of trading, I have never encountered any case of order requote for ICMarkets’ Raw Spread account. This is one of the factors that makes me consider ICMarkets as one of the most reputable Forex exchanges today.
Therefore, this type of account is very suitable for those who trade during the day(day trader)or scalp. Even swing traders with an average holding period of several days are completely suitable.
Disadvantages of the accountRaw Spread(as well as account typesECNc other brokers) The spread can widen quite a bit whenever there is strong news or at the time of closing/opening trading sessions between days.
However, this is a common characteristic of ECN accounts, because you will trade directly with the market price, so you are forced to accept price periods.
Raw Spread Account (cTrader)
Account cTraderof the exchange ICMarketsHave spread andcommissionshort. Suitable for day traders and scalpers (scalping). cTrader accounts have the following characteristics:
- Minimum deposit: $200
- Maximum leverage: 1:500
- Spread Type: Float
- Spread from (pips): 0 pip
- Commission: 6$/lot
- Minimum volume: 0.01 lot
- Stop Out Level: 50%
Because cTrader is not popular, I do not recommend it. Especially newbies trading on this platform.
Standard account
- Minimum deposit: $200
- Maximum leverage: 1:500
- Spread Type: Float
- Spread from (pips): 1 pip
- Commission: Are not
- Minimum volume: 0.01 lot
- Stop Out Level: 50%
This is also the account type that operates on the ICMarkets MT4 and MT5 platforms
Order execution speed and latency are equivalent to true ECN.
The standard account has no commission fee but in return, its spread is much larger than True ECN and cTrader. Average 1.0 pip for EUR/USD pair.
Many traders’ ICmarkets reviews are good partly because of their competitive spreads. However, the spread on this standard account is still quite high and of course, if you are a Scalper, ECN is the best choice for you.
See more: Opening and verifying an ICMarkets account
ICMarkets trading platform
ICMarkets provides a full range of the most popular trading platforms today. Include MetaTrader 4, MetaTrader 5, Meta WebTrader from cTrader.
MetaTrader 4/5
With friendliness, ease of use, and full support of trading tools. MetaTrader 4/5 is still the trading platform most chosen by traders.
Currently, ICMarketswith Raw Pricing connectivity allows you to trade with liquidity from the world’s leading investment banks, insurance funds, and shadow liquidity institutions. Therefore, ICMarkets ensures that customers can trade without price manipulation and order requoting.
ServerMetaTraderbelong toICMarketshas low latency of less than 1 millisecond for major VPS providers. Servers are located at the NY4 data center or through dedicated lines to nearby data centers.
This incredibly low latency is ideal for EA traders. Or experts following the Scalping school.
Special: ICMarketsThere are no order spacing requirements and there is a zero freeze level, which means you are allowed to place your stop loss orders anywhere you want.
Meta WebTrader Platform
WebTrader belongs toMetaTraderis a user-friendly trading platform. Allows you to enjoy the environment Raw Pricing No Dealing Desk from everywhere in the world.
WebTrader offers the same spreads, pricing, and trading features as the MetaTrader desktop version with a control panel that allows you to personalize.
cTrader platform
cTrader is a trading platform from the UK company Spotware. When you trade on cTrader, you trade on a true ECN platform.
- Beautiful interface.
- Can connect via the cloud to save templates or indicators so they can be used anywhere.
- Upload to Myfxbook conveniently.
- Has the US and can also adjust the US time zone.
- And many other features….
Besides, cTrader also has many disadvantages such as not supporting many Indicators or EAs. And the mobile trading platform is not smooth. For ICmarkets reviews when trading on the phone, there are many mixed opinions.
Trading tools
I HAVE/MEMBERED
For managers who have to manage many different accounts at the same time.ICMarketsprovide them with software HAVE.
SoftwareI HAVE Connected all attribution settings directly to the server MetaTrader 4belong toICMarkets.This helps managers just focus on their accounts. All other accounts are handled seamlessly by software HAVE.
VPS
Using VPS will ensure that you can run EA 24/24 without having to worry that your account may encounter unexpected problems related to network connections, computer failures, or simply failure. power-off.
If you trade with a volume greater than 15 lots/month. ICMarkets will provide you with free VPS with one of the providers ForexVPS, Beeks FX VPS, and New York City Servers.
Products are traded on ICMarkets
ICMarketsoffers a very diverse range of products in trading markets such as:
- Foreign exchange (Forex): more than 65 currency pairs, leverage up to 1:500, and spreads from 0.0 pip.
- Indices: With 17 global trading indices with spreads from only 0.5 points. Leverage up to 1:200 and no commission.
- Commodities: Over 19 products including energy, agriculture, and metals with leverage up to 1:500.
- Stocks: Over 120 stocks from ASX, Nasdaq & NYSE on the MT5 platform.
- Bonds:A variety of bonds are issued by governments around the world such as Japan, the UK, the United States, and some European countries. Leverage up to 1:200 and no commission.
- Cryptocurrency (Crypto): More than 10 popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dash, and Bitcoin Cash… with leverage up to 1:20.
- Futures: With 4 futures contracts including ICE Dollar Index and CBOE VIX Index. Leverage up to 1:200 and no commission.
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Products are traded on ICMarkets
ICMarkets customer care and support service
To see whether ICmarkets reviews are good or not, you can look at the customer care and support team. You can ask for support via Live chat or send a support request via email.
In the past, there were several times when the manager of ICMarkets in the US personally called directly from Australia to the US to help me answer the questions I was wondering.
In general, I highly appreciate the customer service and support team of ICMarkets trading exchange.
However, there is a downside if you connect via Live chat. That means you will have to spend a lot of time waiting to be supported by a US supporter.
Deposit and withdrawal methods of the ICMarkets trading platform
Deposit money on the Icmarket trading platform
ICMarkets offers many different deposit methods and most of them are the same“instant”. That means an instant deposit. After just a few seconds when you make a deposit request, the money will immediately go into your account for you to trade.
ICMarkets We do not charge any fees when you add money to your account. However, please note that when you deposit money via Visa/Mastercard, fees will be charged according to the regulations of international banking organizations.
ICMarkets will not be responsible for this fee.
Withdraw money on Icmarket
Similar to deposits, ICMarkets also does not charge fees for any form of withdrawal.
The time it takes for money to arrive in your account depends on the form you choose. Usually, you will receive money within 24 hours of making the withdrawal order.
According to assessments, depositing and withdrawing money via the Internet Banking portal is the most convenient and cost-effective today. The exchange rate difference between deposit and withdrawal is extremely low.
Compared to Skrill and Neteller Then ICMarkets deposit and withdrawal methods Internet Banking helps you eliminate one step of converting money (buying or selling Net & Skrill). Furthermore, buying and selling Net and Skrill through dealers in US also costs very high fees (several %).
If you deposit money via Visa/Mastercard when you withdraw money. You are only allowed to withdraw the exact amount of money you deposited, then you must withdraw via another form.
In addition, withdrawal time via Visa/Master portal is quite slow. It takes 2-7 days and you will also have to pay a fee according to the regulations of international banking organizations (about 2-3%).
Conclude
ICMarkets is a reputable trading platform, Licensed and regulated by the most trusted financial regulators in the World.
Most importantly, as a forex trader like you. I have never encountered any trouble during either the transaction or deposit or withdrawal process.
So, with the ICmarkets reviews above. I believe that the ICMarkets trading platform deserves to be one of the best choices for you.
To summarize, Learn Forex Trading can summarize the advantages and disadvantages of ICMarkets as follows:
Advantage
- Extremely reputable, regulated by trusted regulators
- Transaction costs are among the best in the world (if not the best)
- Service quality during the transaction process is extremely good, and smooth and there are no cases of order requote.
Defect
- Not diverse in securities products
- The live response speed from the support team is quite slow. Usually, you will get better support via email or phone.
- The first minimum deposit requirement for an ECN account is quite high: $200
I am always willing to listen and answer your questions. If you have any questions, don’t hesitate to comment below!
Good luck!
Risk warning: Derivatives trading carries a high level of risk to your capital. And you should only trade with money that you can afford.
