Is IC Market Reliable Enough For Forex Trading?
Among the leading online forex trading brokers, IC Market is probably the most chosen broker by the forex trading community in the world. Most traders give positive reviews about IC Market.
If you are looking for a trusted forex broker regulated by the world’s leading regulatory bodies, with fast execution speed, and low spreads, then IC Market should be a good choice for you. Let’s learn with us: Is the IC Market broker trusted and safe for you to trade forex in the world? Find out the answer by knowing the reviews and the type of account you have!
What is IC Market?
IC Market is an online Forex trading broker founded in 2007 and headquartered in Australia. IC Market has now become the largest forex broker in Australia and also one of the largest trading platforms in the world (In 2019, IC Market has set a record trading volume value of $646 billion in March). IC Market is known as a True ECN forex broker with very low spreads and commissions.
IC Market broker review
Is trading on IC Market safe? – This is what most traders are attracted to like more and more scam brokers are growing. So, is IC Market safe to invest in?
It is no coincidence that IC Markets remains trusted by a large number of traders around the world. Apart from the quality of service, IC Market also provides peace of mind regarding legal provisions and insurance policies for its clients. Below is information on legal, operating licenses, and insurance for traders on IC Markets.
IC Market operation certificate and license – IC Market’s parent company are International Capital Markets Pty Ltd, headquartered in Sydney, Australia. Below are the operating licenses that IC Markets owns and complies with.
IC Market brokers are authorized and regulated by the Australian Securities and Investments Commission (ASIC), which is one of the regulatory bodies that ensure fairness and transparency for financial markets in Australia.
IC Market is a member of the Australian Financial Complaints Agency (AFCA), an agency that specializes in resolving disputes between consumers and service providers.
Insurance for traders on IC Market – IC Market is regulated by ASIC so you can rest assured that your funds are always kept safe in a segregated account, this will avoid unauthorized use of customer funds, and be used as a basis for compensating clients if the company goes bankrupt. IC Markets also has a professional insurance agreement with London-based Lloyds Insurance to protect its traders.
Account types and trading fees on IC Market
IC Market provides 3 main account types: Standard Account, Raw Spread Account (MT4, MT5), and Raw Spread Account (ctrader) (remarks: Raw Spread Account was previously called True ECN). In addition, IC Market also provides Islamic accounts (accounts for Muslims).
Each account type has its advantages and disadvantages, depending on the trading style and strategy of each person who chooses the appropriate account. Below are the 3 main account types for you to choose from and open on IC Market.
Standard Account provided by IC Market – Standard Account only charges spreads without commission and spreads at IC Market are quite low compared to other forex brokers (Spreads start from 1.0 Pip), this is the point chosen by many traders.
Raw Spread Account (MT4, MT5) – This account type is highly valued and chosen by many traders. The advantages are low spreads, averaging only 0.1 pips for EUR/USD and the commission is quite competitive, still 7 USD/lot.
Raw Spread accounts on IC Market have a very fast execution speed, almost no delays. So this account type is suitable for traders who like Scalping or Day traders, even “swing traders” with an average order holding time of several days are also completely suitable.
The downside of this type of account is that the spreads can stretch quite strongly when there is strong news or at the time of the opening/closing session.
Raw Spread Account (cTrader) – Raw Spread cTrader account from IC Markets with low spreads and commissions, perfect for Day traders and Scalping enthusiasts. However, due to habits and various supporting tools (indicators, EA.), so most traders still trade mainly on the MT4 platform and some on the MT5.