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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. 

itBit

itBit Review
Trader's rating 1
Editor's rating 4

Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 *0.20% taker fee, 0% maker fee

*The OTC Trading desk for large orders charges a 0.10% flat fee per transaction.

 

itBit is a New York licensed US bitcoin exchange that offers services both to small retail and large and institutional clients. The service for smaller clients is called simply “exchange”, while the institutional service is called “OTC Trading Desk”. It is a “boutique service specializing in large bitcoin trades starting over 100 bitcoins”. It offers a deep orderbook, personalized trading support and competitive pricing. This service charges a flat fee of 0.10% per transaction. Additionally, itBit offers personalized service for active traders with a 30-day trading volume over 2,500 bitcoins.

 

Currently itBit offers trading only in Bitcoin against USD, EUR and SGD.

 

Unlike many exchanges who do not require verification at initial registration itBit does require immediate account verification, even before letting the users into their account. For the purpose one needs to provide a copy of government ID and proof of residence, which is more or less the industry standard. The verification process, particularly for foreign clients, takes a few days. For the institutional clients, there is a set of required documents that include incorporation or sole proprietorship proof.

 

ItBit does not offer leveraged trading, but there are cryptocurrency exchanges who do so, like Kraken, bitFlyer, Coincheck, Poloniex, etc. There is also a large number of forex brokers like IG, HYCM and easyMarkets, for example, who offer leveraged trading on CFDs on some of the most popular cryptocurrencies.

 

>> Forex brokers offering leveraged Bitcoin trading <<

 

The Company. Security of Funds

 

Company Country Regulation
itBit Trust Company, LLC USA  NYDFS

 

itBit is a New York based cryptocurrency exchange established in 2013 that operates legally in all 50 states, but also accepts international clients.

 

So far there are no unified rules and requirements for the US cryptocurrency exchanges, but the state of New York has introduced a license. In the spring of 2015 itBit has become the first US bitcoin exchange to get a charter from the New York State Department of Financial Services (NYDFS) under the state banking laws. There are two major cryptocurrency exchanges who have a New York bitcoin license: Coinbase and its institutional platform GDAX.

 

itBit employs robust security measures, such as two-factor authentication, multiple layers of platform security and 100% bitcoin cold storage. The company adheres to the CryptoCurrency Security Standard (CCSS) , which is a set of procedural requirements for secure handling of bitcoins established by C4, BitGo Inc. Additionally, all USD assets,  FDIC-insured and all fiat and bitcoin customer assets are fully protected and backed by mandatory capital reserves. Furthermore, the funds of itBit’s US customers are held exclusively in regulated US banks and do not leave American soil. ItBit also provides its US customers with the 1099 forms for tax reporting. 

 

The exchange also is fully compliant with the US anti-money laundering and know-your-customer procedures and requirements.

 

Trading platform

 

We could not gain access to itBit’s trading platform. We noticed, though, that the exchange provides access to market data with charts, the order book and the bitcoin network with a hash rate, market cap, mining revenue and average confirmation charts to anyone who visits the site. We find this fairly convenient.

 

We also came across user comments that the mobile web interface of the exchange is quite slow, but this could be actually caused by slow network and not by the platform itself.

 

Methods of payment

 

The only payment method for fiat currencies itBit accepts, is bank transfer and nothing else. This is quite inconvenient, as the bank transfers, especially the international ones, are far from instant and come with hefty fees. There are also default withdrawal limits of USD $2, 500 daily and USD $15, 000 monthly, but they can be changed. This, however, is done through printing out, filling in and e-mailing a two-page from and we find this a bit tedious.

 

The fact that itBit does not accept payments with credit/debit cards is quite inconvenient, especially for international clients who must pay through the nose for bank fees and wait several days for their payment to be processed.

 

>> crypto exchanges who accept credit cards <<

 

Conclusion

 

The best thing about itBit is that it is a regulated and strict cryptocurrency exchange. It takes rules, regulations and security very seriously and this is a very good thing.

 

However, those who wish to remain anonymous or register and start trading quickly, should go elsewhere and look for exchanges that do not have such strict and lengthy verification requirements. Those who have nothing to hide, though, would be absolutely fine with itBit.

 

A plus of itBit is the offering of special services and lower fees for the large traders.

 

What we do not like about this exchange is the fact that it does not accept credit and debit cards as payment. This, as we said, is not very convenient for a number of reasons.

 

Another minus of itBit is the fact that it does not offer other cryptocurrencies, besides Bitcoin. For those interested in trading in more than one or another altcoin, most exchanges have a somewhat larger selection. There are also platforms like Bisq and LiteBit who have a pretty big portfolio.

 

Pros Cons
NY regulation No anonymity
Robust safety Bitcoin only
Special service for large traders No credit/debit cards accepted
Accepts fiat currencies  

 

 

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