Choosing a foreign exchange broker can be a tough job, especially if the safety and security of your investments are your primary priorities.
To safeguard your investments, you need to work with experienced and reliable brokers when trading. If you’re a trader in Australia, you have full access to several trustworthy Australian Forex and contract for difference (CFD) brokers like IC Markets.
In this article, we’ll provide a comprehensive guide on everything you need to know about IC Markets when you’re trading.
What Is IC Markets All About?
If you’re a new trader in Australia, you may not have heard a lot about IC Markets. For starters, IC Markets is an Australian broker that offers tradable assets such as bonds, stocks, indices, commodities, and so on. In addition, this broker also provides CFDs for cryptocurrency, particularly Bitcoin.
Launched in the year 2007, IC Markets, also known as International Capital Markets, is a reputable forex and CFD broker since it’s regulated by the Australian Securities and Investments Commission (ASIC), a high-quality Australian regulation agency.
Being one of the world’s trusted brokers based in Sydney, Australia, they offer different account types and easy access to some of the best Intermarket trading rates. With superior technology and faster execution processes, IC Markets supports three basic types of accounts. These include:
- The True Electronic Communication Network (ECN) Account – It charges commission and tight spread, and the minimum required deposit is $200.
- The cTrader Account – It provides the same trading requirements, including the $200 minimum required deposit. It also charges commission and tight spread.
- The Standard Account – It’s the most accessible account type among the three. Using its $200 minimum deposit requirement, it features no commission but broader spreads.
Now that you know the basic account types of IC Markets, it’s time to get familiar with the steps for opening an account. The process is entirely digital, and it’ll only take a few minutes before you get the approval on the same day. Below are the steps to keep in mind:
- Provide your email address.
- Add your personal information.
- Pick the account type, including the base currency you want.
- Take a survey regarding your trading experience.
- Confirm your identity and address by uploading a copy of your identification card, bank statement, and so on.
Given the account types offered by IC Markets, it’s clear that the primary source of their profits is the commissions they get from trading. As they typically support true ECN accounts, traders can take advantage of the best spreads and some commission on trades.
If you’re looking for more information about IC Markets, visit some information service websites that cover several brokers for trading online.
What Are Their Trading Platforms?
When it comes to trading platforms, IC Markets utilizes some of the best. Their trading platforms are well-known in the sector, which include:
- MT4 – It’s easy to navigate with a variety of charting tools and technical indicators. Available in web-based and desktop versions, MT4 provides a stable performance across all brokers who use the platform.
- cTrader – This platform is best suited to new traders because of its modern appearance and assistance features. It comes with a vast amount of professional tools that provide efficient solutions and trading strategies.
- Mobile Platforms – They are functional and extensive mobile trading platforms. They run smoothly along with their technical tools and charting indicators, which come with a high degree of functionality. Also, the good thing about these platforms is that they can be downloaded on iOS devices and Android devices.
What Are Their Broker Fees?
Like other brokers, IC Markets charge specific broker fees for every transaction. Thus, working with this broker comes the following payments:
- Trading Fees – They are typically low since different account types use different cost structures. These fees only take place when you start trading.
- Financing Rates – They’re on average, which means the prices are almost the same with the competitors. They occur when you keep the money you borrow from the broker for more than one day.
- Non-Trading Fees – They’re similar to inactivity or withdrawal fees. The good thing is that they’re generally low compared to other competitors.
What Are Their Deposit Methods?
If you think about having a trading account at IC Markets, you can use a range of deposit methods to get you started. Ideally, this broker accepts different kinds of credit and debit cards, bank wires, and even PayPal to put in funds with them. If you’re in the region, your options include WebMoney, Neteller, Qiwi, and many more. You can also use broker-to-broker transfers at your disposal.
How Does Their Customer Support Work?
IC Markets has excellent customer support because of its 24/7 availability. You can contact them via live chat, email, and telephone. Although the live chat is a bit slow, they still answer your questions in the best way they can. The email support, on the other hand, works properly. They will respond to your emails within the day, and their responses are relevant and straightforward. Lastly, the telephone support of IC Markets is also great. The customer service staff will answer your call within the fastest time possible.
There you have it: these are all the essential things you need to know about IC Markets as a forex and CFD broker. Hence, there’s no question that they can be one of the best trading destinations. If you’re a trader in Australia, it would be best if you go for a local-based broker like IC Markets that can provide you with the services you need to be successful in the trading industry.
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