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IC Markets

IC Markets Review
Trader's rating 4
Editor's rating 3.8

Trading Accounts

 

Account type/Platform Minimum deposit Minimum trade size Maximum leverage  Typical Spread Swap-free
(MT4) Standard  $200 0.01  1:500 1.1 pips on EUR/USD Yes
(MT4) True ECN $200 0.01  1:500 0.1 pips on EUR/USD + $3.5 per standard lot per side Yes
cTrader ECN $1000 0.01  1:500 0.1 pips on EUR/USD + commission of $3.00 per standard lot per side No

 

IC Markets offers its clients a choice of three live account types, available on two different platforms. The Standard account is a commission-free one, and True ECN one provides tighter spreads, but a commission of $7 round turn applies.


Micro lots are available for trade on all account types and, of course, the broker provides free Demo accounts, which are always appreciated by inexperienced traders.


What is more, IC Markets provides swap-free service to investors of Islamic belief, who are able to open Sharia-compliant accounts.


The Company. Security of Funds


Incorporated in Sydney, Australia in 2007, IC MARKETS is a NDD broker providing trading in more than 80 instruments, including a number of currency pairs, various CFDs on indices, commodities and futures, as well as precious metals. It also offers trading in some of the most popular cryptocurrencies - Bitcoin, Litecoin, Ether, Dash and Bitcoin Cash.


The company behind the IC MARKETS brand is International Capital Markets Pty Ltd., which holds an Australian Financial Services License and is regulated by the Australian Securities and Investment Commission (ASIC).


ASIC requires licensed companies to comply with various rules and to meet certain requirements. Clients’ money is to be kept in segregated trust accounts, separated from the companies’ operating funds. As for the minimum capital requirement, forex brokers must hold at least $ 1 million in order to prove their good financial standing and to operate legitimately.


Despite the regulation and the requirements set to Australian brokers, one should be aware of the risks of trading on margin. Returns and gains are not guaranteed. ASIC, the Australian Government nor any other person guarantees any funds in your account.


We would also like to point out that unlike many EU-based brokers, Australian ones are not covered by any compensation scheme. 

 

In 2008, IC Markets got a license from the Cyprus Securities and Exchange Commission (‘CySEC’) and can now offer its services thoroughout the European Union and the EEA.


Trading Conditions


Minimum Initial Deposit
Traders are required to deposit $200 in order to open an account with IC Markets, which is an average initial amount. In comparison, Plus500 requires $100 and XM (holding, among others, also an ASIC license) demands just $5 from its clients as a start.


Average Spreads & Commissions

IC Markets offers variable spreads, the typical ones on its commission-free account amounting to 1.1, which is average. Spreads on the ECN accounts, on the other hand, are as low as 0.1 pips on EUR/USD on average, involving a commission of $6/$7 per standard lot round turn on the cTrader and MT4 respectively. So, trading costs of such account holders amount to just 07 – 0.8 pips, commission included, which is really attractive, especially considering that one can open such ECN MT4 account for just 200 bucks.


In comparison, XM also offers variable spreads starting from 0.0 pips on EUR/USD and applies commission of $5 on its Zero account, while spreads on its commission-free accounts start from 1.0 pips.


For further information, you may look up real-time spreads of 15 leading brokers here.


Maximum Leverage

Clients of IC Markets use leverage ratios up to 1:500 and such maximum leverage rate is considered high. Some jurisdictions cap leverage to significantly lower levels (i.e. 1:25 in Japan), because higher leverage involves higher risk of losses in excess of initial investments.


Most brokers usually offer leverage of up to 1:200 or 1:400, for instance global broker FXCM, also holding an ASIC license, provides leverage up to 1:400, and Plus500 – up to 1:200. Nevertheless, many brokers provide leverage ratios equal to or exceeding 1:500.


Trading Platforms


While most brokers provide just the MT4 and/or their in-house platform, IC Markets offers its customers a choice of three popular platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader. 


MT4 is the most widely used forex platform, available to the broker’s clients as Mac, iPhone/iPad and Android versions, as well as a Web Trader version. MT4 provides all the tools and resources a trader needs: a number of technical indicators, advanced charting package, wide range of Expert Advisers (EAs) and extensive back-testing environment. EAs are especially popular among experienced users, as they allow full automatization of trades, so traders may sit back, while the software does all the work.


If you are running EAs, it is vital that your platform is connected to our servers 24 hours a day. The best solution in this case is VPS and IC Markets has partnered with Commercial Network Services, NYCServers and BeeksFX VPS, to provide a customized low latency solution for their clients. The VPS seamlessly connects traders to the Equinix NY4 grid using cutting edge technology and providing excellent execution.


What is more, this broker provides Multi Account Manager MAM/PAMM options on MT4.

 

IC markets launched the MetaTrader 5 (MT5) platform in May, 2017. The MT5 sees a growing level of use recently, as MetaQuotes company tries to strengthen its presence on the market and ouphase its still more popular predecessor, the MT4.

 

In addition, IC Markets offers access to cTrader platform, which is custom-made for use in ECN environment. The IC Markets cTrader suite includes a PC, web and mobile versions, as well as automated trading software cAlgo.

Traders who are fond of automated trading are offered three more options with this broker: ZuluTrade, Myfxbook’s AutoTrade and Signal Trader's unique mirroring technology.


Institutional and high-volume traders (with minimum volume of $500 million per month) are also offered FIX API option to access market leading liquidity at affordable prices. The FIX Inside API can integrate the proprietary electronic and algorithmic client server, browser based, and mobile trading systems.


Methods of Payment


IC MARKETS offers its clients a variety of deposit/withdrawal methods: via credit/debit card, bank wire, BPAY, Neteller, Skrill, Webmoney, China UnionPay, FasaPay, PayPal and Qiwi.


What is more, this broker offers 10 flexible funding options in 10 different base currencies: AUD, USD, SGD, CHF, GBP, CAD, HKD, JPY, EUR, and NZD.


Conclusion


IC MARKETS is a reliable NDD Australian broker, offering competitive conditions for trading in a wide range of products on two platforms. To sum things up, here are the advantages and drawbacks with regards to IC MARKETS:

 

Pros  Cons
Low ECN spreads  No bonuses & rebates
Wide range of trading platforms & auto trading solutions  
ASIC-regulated   
High leverage levels available  

 

Country: Australia

Regulation: ASIC Australian Financial Services Licence Number 335692. 

FxPro

FxPro Review
Trader's rating 3.5
Editor's rating 4.5

Trading Accounts

 

Account type/Platform Minimum deposit Minimum trade size Maximum leverage Average Spreads Execution type
MT4
 
$100
 
0.01
 
1:500
 
fixed 1.6 pips
variable 1.4 pips
Instant
market
MT5 $100 0.01 1:500 1.4 pips  Market
cTrader $100 0.01 1:500 0.3 pips +$4.5* Market

 

*Commission is calculated per standard lot of 100 000 currency base units (per side).

 

Depending on the trading platform used, FxPro offers three basic account types – MT4, MT5, and cTrader (NDD). All three account types offer dynamic leverage up to 1:500 and micro tradeable lots.

 

Besides, FxPro offers its in-house built FxPro Markets platform.

 

In addition, the brokerage provides swap-free (Islamic) accounts to clients of the Muslim faith, as well as VIP services to high-net-worth individuals and those actively trading large volumes.

 

VIP clients benefit from free VPS service, no deposit fees, and receive trade recommendations, exclusive news reports and margin level alerts via email and SMS.

 

Trading Conditions

 

Minimum initial deposit

In order to open an account with FxPro, one has to invest $100, however the recommended minimum initial deposit is $500.

 

Spreads & Commission

FxPro offers a choice of fixed and variable spreads, commission-free (MT4 & MT5) and commission-involving (cTrader) accounts on an array of platforms.

 

In fact, the broker’s fixed spreads are quite good - 1.6 pips on EUR/USD, while most fixed-spread brokers provide such of 2 pips. FxPro’s variable spreads, on the other hand, are average – typical ones are around 1.4 (MT4 & MT5) or 1.2 pips (FxPro Markets) for the EUR/USD pair on commission-free accounts. The tightest spreads with this broker are available on cTrader accounts - 0.3 pips, however if we add the commission of $9 round trip, average trading costs per standard lot traded amount to around 1.2 pips.

 

In comparison, another major UK broker, IG, offers average spreads of 0.2 pips on its DMA accounts, where a commission of $5 per side per standard lot applies. For further information, you can check out the real-time spreads of 15 leading brokers here.

 

Maximum leverage

FxPro offers comparatively high leverage levels – up to 1:500. Despite the fact that such leverage levels are considered high, many other brokers offer leverage up to 1:500 or higher. In comparison, IG offers leverage up to 1:200.

 

In order to control the risk associated with it, the broker utilizes a dynamic forex leverage model on the MT4 and MT5 platforms, which automatically adapts to clients trading positions:

 

 

The Company

 

FxPro is an award-winning pure NDD broker that offers trading in on a range of instruments, including currency pairs, shares, spot indices, futures, spot metals and spot energies, on a selection of trading platforms. It provides its clients with access to top-tier liquidity, excellent trading conditions and the highest level of customer protection possible, including negative balance protection.  

 

What is more, FxPro demonstrates a long-term commitment to transparency, as it regularly publishes trades execution statistics (slippage & requotes data). This brokerage is excellent choice for both savvy and novice traders. Beginners can take advantage of the broker's educational resources – video tutorials, webinars, live hangouts, etc. For more advanced traders, there are additional analytical tools like Trading Central and Autochartist. 

 

FxPro is the collective brand name of FxPro UK Ltd., an entity regulated by the UK Financial Conduct Authority (FCA), and FxPro Financial Services Ltd., which is licensed by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Board (FSB) of South Africa. In October, 2017 the broker was granted a license to operate in the UAE from the Dubai Financial Services Authority (DFSA).

 

Company

Country

Regulation

FxPro UK Limited

UK

FCA

FxPro Financial Services Ltd

Cyprus

CySEC

FxPro Financial Services Limited

South Africa

FSB

 

Security of funds

 

Both FCA and CySEC apply certain rules and requirements to regulated firms, thus ensuring a good level of credibility. Cypriot and UK brokers must hold at least €730 000 in order to prove their good financial standing, and are required to keep customer funds in segregated accounts, separated from the company’s operating funds. 

 

As a further guarantee to clients’ funds, all companies regulated in UK and Cyprus are covered by compensation schemes as additional guarantee to clients’ funds. All deposits with a UK regulated forex broker up to £50,000 per client are guaranteed by the Financial Services Compensation Scheme (FSCS) - UK’s statutory compensation scheme for clients of authorized financial services companies. Similarly, Cypriot Investment Firms are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default. 

 

What is more, FxPro Financial Services Limited is also licensed by the Financial Services Board (FSB) as a Financial Services Provider. South Africa is lately gaining popularity as a forex broker destination.

 

Trading platforms

 

FxPro supports MT4, MT5, cTrader and proprietary FxPro Markets platform.

 

FxPro Markets is the latest addition to the broker’s suite of trading platforms, available for web and mobile devices. It is a comprehensive, all-in-one trading solution, enabling clients to create and manage their trading accounts, deposit funds, and trade the markets, etc.

 

In spite of the number of improvements made to MT5 lately (and most importantly the hedging option added to it), MetaTrader 4 is still preferred by most brokers and experienced traders. That is why most brokers support it. MT4 provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs).

 

MT4’s successor, MetaTrader 5, allows the execution of orders in several financial markets and stock exchanges through a single trading account. This platform also features advanced charting package, trading and analysis tools, alerts, signals, and customizable indicators. 

 

Last but not least, FxPro offers access to cTrader platform, which is custom-made for use in NDD environment.  cTrader is fast, easy to use and provides pricing transparency and tight spreads.  The cTrader suite includes a PC, web and mobile versions, as well as automated trading software cAlgo.

 

FxPro provides ultrafast execution: 99.9% of orders executed within 50ms. In addition, its clients may run their MT4 Expert Advisors or cAlgo robots on the Virtual Private Server, without even needing to keep their trading terminal running.

 

Payment methods

 

Clients of FxPro Financial Services Limited are offered a wide range of payment methods: Bank transfer, Credit/Debit Card (including Visa, Visa Electron, Visa Delta, MasterCard, Maestro International, Maestro UK), PayPal, Skrill, Neteller, China UnionPay, mPay, FasaPay (for Indonesian clients), Webmoney (for Russian clients), Moneta, Boleto (for Brazilian customers), Netbanx (for Chinese customers), eProtections (for Japanese customers).

 

Clients of FxPro UK Limited may use only Bank transfer and Credit/Debit Card.

 

Withdrawals are proceeded by the broker’s Client Accounting Department within 1 working day.

 

Conclusion

 

FxPro is one of the most prominent names in the forex industry. The broker operates as a Hybrid Agency Model broker, offering Negative Balance Protection and enabling clients to access top-tier liquidity, wide range of trading platforms and financial instruments with lightning-fast execution. It is well-regulated and extremely reliable with its long-term commitment to transparence. Here are, in a nutshell, the advantages and disadvantages with regards to this broker:

 

Pros Cons
Strong regulation  No major disadvantages
Negative balance protection  
Multiple trading platforms offered  
Competitive spreads & pricing  
High leverage levels offered  
Pure NDD brokerage  
Fast execution speed  

 

 

Headquarters: Karyatidon 1, Ypsonas 4180, Cyprus

Tel: +357 25 969 222; Fax: +357 25 969 269; 
Email: [email protected];

Country: Cyprus, UK

Regulated by: FxPro Financial Services Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission under the license number 078/07

FxPro UK Ltd (a subsidiary of FxPro Financial Services Limited) is authorised and regulated by the FSA (Registration No 509956) 

Website: FxPro.co.uk

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