Taking a closer look at the trading features of the broker, we have divided the key information into several categories here for you to review and see how IC Markets matches up with your trading needs and expectations.
When it comes to execution, IC Markets is an ECN broker offering some of the best execution speeds in the industry. As well as this speed of execution, they can also compete with the best on prices thanks to the wide range of top liquidity providers they have access to.
The prices you see through trading at IC Markets are the best on offer from more than 25 banks and other top providers, all with the best latency and some of the most competitive spreads around, starting at 0 pips.
The minimum order size you can trade with IC Markets is 1 micro lot. As a forex trader, this means you can open new positions from as little as $100 or 0.01 standard lots for non-leveraged trading. This will of course be lower if you apply leverage.
The low sized minimum order helps traders of all types get started and is particularly positive for new traders and beginners who want to start small and feel out what the broker has to offer.
IC Markets, unlike some of the other best forex brokers, completely allows you to engage in various trading techniques if you wish. This includes scalping, hedging, and the use of EAs in algo trading.
The excellent cost of trading makes IC Markets a very popular choice among scalping traders who are attracted by the low spreads and commissions in play. When it comes to EAs and Algo trading, these can be accessed both through MQL in the case of MetaTrader, and cAlgo in the case of cTrader. Therefore, there is something to fit all needs with IC Markets.
Risk management is a very important area for you as a forex trader at all stages of your journey. With IC Markets you will be glad to find that you can benefit from several trading tools to help effectively manage risk. The broker facilitates stop losses, take profits, limit order, and trailing stops on all orders. They also have margin calls in place on leveraged trading.
These order functions can help you to secure profits, manage losses, and set price points for exit and entry into trades in the most effective, efficient manner to ensure your risk management plans remain intact.
When it comes to trading hours, these are the times through the day when an asset is available for trading. With the forex and cryptocurrency market, these are available 24/7.
When it comes to other commodities, it really depends on the asset itself, though markets like metals, are open for trading 23 hours a day. The futures market also trades for 23 hours a day Monday to Friday.
The stock markets available through IC Markets which are the Australian Stock Exchange (ASX), Nasdaq, and NYSE follow their own national hours from Monday to Friday, and indices cannot be traded when the market for that particular country is closed.
Trading in bonds differs as follows depending on the area, but the timings are as follows, Monday to Friday:
- Euro bonds are opened from 9am to 8pm
- US bonds from 1am to 11:55pm
- UK bonds from 10am to 8pm
- JP bonds from 3am to 7pm
The times listed above are referred to as “Server Times” by IC Markets and these are typically GMT +2/+3 depending on the time of year.
IC Markets leverage is available around the world, though the amount of leverage you can access will vary depending on the regulation you are registered under, and the IC Markets entity you are associated with.
Traders based in Europe and registered with IC Markets (EU) Ltd. will have a maximum leverage of 30:1 increasing to 500:1 as a professional trader due to ESMA regulations.
If you are outside Europe and registered through the International Capital Markets Pty and Raw Trading Ltd entities then the maximum leverage on forex is 500:1 with IC Markets.
Platforms & Mobile
An essential part of any forex trading experience is the trading platforms a broker has to offer. Let’s take a look at what you will find with IC Markets in terms of trading platforms.
Charting and Trading tools
Firstly, looking at the range of charting and trading tools available, IC Markets does very well. Through their range of platforms they manage to provide for a total of 51 chart indicators in total, though this number is increasing all the time.
There are also 31 drawing tools available through the brokers platforms which are of course well-known for being highly customizable.
Considering desktop platforms first, IC Markets makes available all of the top choices in the field. MT4, MT5, and cTrader are all available here. All are highly respected in the forex trading sector and have been around for many years.
The IC Markets platforms are all highly customizable and cater for algorithmic trading through MQL EAs and C-Algo with cTrader. These high-end features along with the fact the platforms are very easy to use and will run on almost any device, make them hugely popular choices even if they do not look the prettiest on the eye. They are all available on both Windows and Mac.
IC Markets utilizes the WebTrader from MetaTrader, and the cTrader Web Platform to provide for online, in browser trading platforms. Both are closely linked to their desktop variants and provide for the same great range of features and functionality for a seamless online forex trading experience.
IC Markets provides for mobile trading very well too. They do so through the MetaTrader and cTrader respective apps offering your choice of platform on both Android and iOS. Again, the software is light and easy to run in all cases, and offers much the same experience as desktop trading with few of the details or functions lost with trading on the move.
Here are the broad range of markets that you can look forward to trading with IC Markets.
The broker offers forex trading in more than 60 pairs in total. This is an excellent range of choice and with some of the best spreads and trading conditions in the sector, IC Markets is a top choice for forex traders and scalpers too.
IC Markets offers more than 19 commodities for you to trade in. These include choices in energies, soft, and hard commodities that you can trade as both CFDs and futures.
There is an extensive range of indices to choose from, with 17 available in total. They are traded with no commission through any of the available MT4, MT5, and cTrader platforms and again the spread is very low starting from just 0.5pips.
IC Markets crypto trading is available on a total of 10 cryptocurrency markets. This represents a good level of choice if you are interested in trading crypto assets and you can trade both long and short in this category.
When it comes to IC Markets stock trading, this is facilitated through the MT5 trading platform only. You will have a decent range of choices here though. More than 120 stocks are available to trade and they are offered from some of the world’s major markets including the ASX, Nasdaq, and NYSE. Trading these as CFDs still also allows you to earn dividends if they are available.
IC Markets also offers commission-free trading in a total of 8 bonds. These cover major bonds from around the world including the US, EU, UK, and Japan.
Futures trading at IC Markets is available. Again this is on a commission-free basis and you will have a total of 4 futures markets to select from.
In terms of additional products or features that IC Markets offers, this is what we have found.
IC Markets VPS Service
The IC Markets VPS service is available to you for free once you have opened and closed a certain volume of trades. This volume stands at 15 lots per month. If you continue to meet this monthly number of trades, then your free VPS service will continue.
To offer this service, the broker partners with ForexVPS, Beeks FX VPS, and New York City Servers.
Social Trading – Copy Trading
Social and copy trading opportunities are both offered by IC Markets. This is made possible through a number of different connections. Firstly, Zulutrade works with IC Markets to offer copy and social trading if you have registered with them. This is available to EU traders only.
Through MetaTrader and cTrader too you could engage in copy trading through the use of EAs or cAlgo to follow trading strategies set out by others. Both platforms allow for these automated strategies to be implemented for your own trading if you have them available to you.
Trading Pros and Cons
Here then are some of the benefits and drawbacks we noted when it comes to the overall trading experience at IC Markets.