IC Markets is an Australian-based forex and CFD broker that has been in operation since 2007. The company is regulated by the Australian Securities and Investments Commission (ASIC) and has gained a reputation as a reliable and trustworthy broker in the industry. In this review, we will discuss the pros and cons of IC Markets, as well as customer reviews of the company.
IC Markets Pros
- Low spreads: IC Markets offers some of the lowest spreads in the industry, making it an attractive option for traders who are looking to keep their trading costs low.
- Range of trading instruments: It offers a wide range of trading instruments, including forex, CFDs, commodities, indices, and cryptocurrencies, allowing traders to diversify their portfolios.
- Multiple trading platforms: IC Markets offers several trading platforms, including the popular MetaTrader 4 and MetaTrader 5 platforms, as well as cTrader, which provides an ECN trading environment.
- Fast execution: It uses a combination of tier-1 banks and dark pool liquidity to provide fast execution speeds and minimal slippage.
- Excellent customer support: It provides 24/7 customer support through a range of channels, including email, phone, and live chat. The support team is knowledgeable and responsive, providing quick resolutions to any issues that may arise.
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IC Markets Cons
- No negative balance protection: IC Markets does not offer negative balance protection, which means that traders can potentially lose more than their account balance in the event of a significant market event.
- Limited deposit options: IC Markets only accepts a limited number of deposit methods, including bank transfer, credit/debit card, and some e-wallets.
- Inactivity fee: IC Markets charges an inactivity fee of $15 per month for accounts that have been inactive for more than 12 months.
IC Markets Reviews By Users and Customers
Overall, customer reviews of IC Markets are positive, with many traders praising the company’s low spreads, fast execution speeds, and excellent customer support. Some traders have noted concerns over the lack of negative balance protection and the inactivity fee, but these issues are not uncommon in the industry.
IC Markets has generally positive customer reviews across multiple review websites such as Trustpilot, Forex Peace Army, and Google Reviews.
- On Trustpilot, IC Markets has an “Excellent” rating with an average score of 4.7 out of 5 based on over 2,000 reviews. Many customers praise the company’s low spreads, fast execution speeds, and helpful customer support. Some negative reviews mention concerns over the lack of negative balance protection and the inactivity fee.
- Forex Peace Army, a popular forex review website, also has positive reviews for IC Markets. The company has a score of 4.6 out of 5 based on over 3,000 reviews. Many customers praise the company’s fast and reliable execution speeds, as well as its range of trading instruments. Some negative reviews mention concerns over server issues and occasional slippage during high volatility periods.
- Google Reviews also has positive reviews for IC Markets. The company has an average rating of 4.4 out of 5 based on over 500 reviews. Many customers praise the company’s low spreads and fast execution speeds, as well as its helpful customer support.
Comparison with Alternatives
In comparison to other Australian-based forex and CFD brokers, IC Markets stands out for its low spreads and fast execution speeds. However, some competitors offer negative balance protection and a wider range of deposit options.
Some popular alternatives to IC Markets include Pepperstone, Plus500, and FP Markets, each of which offers its own unique advantages and disadvantages.
It’s important for traders to carefully consider their needs and preferences when choosing a broker to ensure they find the best fit for their individual trading strategies. Visit ThinkMoneyTrader for more financial bytes like this.