Blog

November 12, 2020

Pros And Cons Of IC Markets: A 2019 Review

The IC Markets is the world’s largest true ECN Forex broker which also offers a large platform for trading foreign currencies as well as other assets. This Australian-based company allows traders to deal with different assets such as CFDs, majors, energies, metals, and agricultural products which they can include in their respective portfolios. 

The IC markets is also regulated by the Australian Securities and Investments Commissions or ASIC, which is considered one of the world’s strictest licensing financial bodies, thus making traders feel at ease when working on their trades. Read the review on trading platforms in order to determine which one should be utilized for your trading career. 

With countless of features available, here are some of the pros and cons that the IC Markets platform offer as of 2019: 

Pros  

1. Offers support in different languages

Clients who are interested in starting a career in trading Forex and other variables may find the IC markets as one of the most versatile platforms available for foreigners. It means that non-English traders may understand the conditions without needing an interpreter.  

As of 2019, the site offers crucial information in the following languages: 

  • English 
  • Japanese 
  • Polish 
  • Chinese 
  • Danish 
  • Dutch 
  • German 
  • Afrikaans 

The supported multiple languages allows it to be one of the most versatile and readily-available platforms for multilingual people. If you speak any of the languages mentioned, you’d be happy to know that the platform and support can accommodate your inquiries.

2. Offers demo account

A demo account is a simulation that imitates the movement of the Forex market where traders can practice different trading strategies as well as get a feel of the overall program. While there are a lot of trading platforms, only few offer demo and trial accounts.  

A demo account is especially helpful because of the following reasons:

  • Gives experience on the platform for beginners who are just starting their trading career 
  • Gives practice and experience to those who are planning to adapt different trading strategies 
  • Allows anyone to try their platform without risking investment 
  • Helps make decisions about whether you should register or trade in IC Markets 

Getting a platform with a demo account is an important consideration for beginners and experienced traders alike because it means that you can check out and learn how to get rich without risking money.

3. No inactivity and withdrawal fee

Aside from its low deposit fees, the IC markets also doesn’t require an inactivity fee. This refers to the amount charged to investors who haven’t made any purchases or sold any items within a specific period of time.  

Additionally, the Australian platform also doesn’t include a withdrawal fee for traders who are looking to retrieve some of their funds from their account. This results in a cost-effective yet still reliable option for traders who are cautious with their money.

4. Offers live chat support

Live chat support is a good way to get in touch with the company in case you have any questions regarding the processes. Interested clients will be glad to know that the company’s official website offers a live chat platform that enables visitors to contact with a representative.  

This is to address any questions, concerns, and inquiries you may have prior to starting an account or upon dealing with the trading platform on your end. 

Cons

1. Limited Assets

The IC Markets platform is great for foreign exchange platform but it doesn’t give much opportunity for portfolio expansion. However, if you’re not after versatility or expansion,  then you can take advantage of how easy trading can be done on their platform. 

As of 2019, here are the trades that IC Markets do not offer:  

  • Bitcoin 
  • Altcoins 
  • Indices 
  • United States Stocks 
  • United Kingdom Stocks 
  • Penny stocks 
  • Exchange-traded funds or ETFs 
  • Initial Public Offerings or IPOs  

IC Markets is considered disadvantageous for those who are looking to expand their range of trading instruments, making it less versatile compared to other older platforms from other companies. If you’re looking into other options, make sure that these trading platforms are also regulated.

2. Needs experience to get an account

There are a lot of trading platforms for beginners, but IC Markets takes priority on experienced traders. If you are interested in opening an account with the IC markets, here are some of the items you need to submit:

  • A minimum deposit fee of 200 USD or equivalent. 
  • A scanned copy of your passport, national ID, or driver’s license which should be in color 
  • A copy of a utility bill or a bank statement within the past three months where the name of your address in written 
  • Additionally, you may be asked to answer a few questions which gauges on how much trading experience you have which is necessary before you can make any trades. 

All in all, the IC markets is still considered one of the best ECN brokers because it utilizes electronic communication networks to connect traders to different participants of the market.  

While it deals with limited assets compared to other platforms, the IC markets is still considered one of the most reliable tools due to it being regulated by the ASIC. The group of which requires that every new client should pass few basic requirements to ensure that they understand the different risks and opportunities of trading. 

Final thoughts 

With that being said, the IC markets still continues to be one of the most reliable ECN brokers in the market due to their commitment to security and customer service. However, traders who are looking for platforms that deal with more assets may need to find another alternative, especially if they want to deal with cryptocurrencies, IPOs, and stocks on the side. 

With countless of platforms available on the internet, it is still very important to weigh in your options equally by visiting the company sites, reading reviews on reliable sources, and listing down what other assets you are interested in dealing with besides Forex. While it is time-consuming, learning to be patient makes it a worthwhile investment in the end. 

Expresso Wi-Fi
About Joe Robinson