ICMarkets is a popular broker for traders dealing with foreign currency (forex), precious metals, contracts for differences(CFD) using scalping, and other strategies. The lower commissions and spreads charged by IC markets are one of the reasons why it is more popular compared to other brokers. IC Markets are one of the biggest CFD brokers in Australia and were founded in Sydney in 2007, by a group of finance professionals. Though it handles CFD markets in North America, Europe, and Asia, the customer base is even larger including Hispanic, Latin American countries like Argentina, Colombia, Spain, and Mexico.

In this text, we will see how looks IC markets Account Verification Procedure.

To open an account with ICMarkets, the user will have to first complete the form with personal information like name, email, mobile number, and country. The trader should choose an individual account, then write the birth date, address with zip code, province. The user can specify who referred him to the website. The trader will have to choose between the trading platforms, Crader, Metatrader 4 and Metatrader 5, with Metatrader 4 usually preferred. The trade can choose between the true ECN or standard account. The default currency is USD dollar, and the user can opt for special offers. The trader has to indicate his experience in trading forex, beginner or better, answer the security question and then accept the terms and conditions.

After the registration is complete the user name, the password will be sent by email, which should be noted down.

IC markets Account Verification Procedure is based on verification of the identity of every trader before they can use the trading account. Hence a photo of the identity card, passport, or driver’s license will have to be uploaded. Proof of residence should also be uploaded to confirm the address. The files should be selected and uploaded. The IC markets staff will approve the uploaded documents and verify the account, usually within 24 hours. The proof of residence should be less than three months old for approval. If all the documents submitted are approved, the account status shows approved and the user can start trading.

Features

The Australian Securities & Investment Commission(ASIC) has authorized and regulated ICMarkets to protect investors and customers, specifying the financial regulations. The ICMarkets offices are located at Limassol and Sydney. The transactions are directly carried out using the LP & ECN system. There is no dealing desk, so ICMarkets has a very reliable market for interbank currency. The trading instruments are forex, precious metals, CFD. Trading platforms are Metatrader 4, Metatrader 5, ctrader. The spreads are low and vary from 0.0 pips for some accounts. The maximum leverage is 1:500. The minimum lot size is 0.01 lots. The minimum deposit is $200. The deposit and withdrawal methods are VISA, Mastercard credit cards, Neteller, PayPal, Skrill, Bank wire transfer and Bitcoin

Opening a trading account

Deposits and other aspects.

Traders can make deposits using the options on their menu for deposit funds, with the minimum amount being $200. Beginners to forex trading who wish to start practicing trading, without taking the risk of investing their money can open a demo account. There is an option for opening a demo account in the accounts menu. The trader will then have to specify the trading platform, currency, account type, leverage, initial deposit amount. After all the information is provided, the trader will receive an email with login details of the demo account.

IC Markets Trading platforms

Metatrader 4: This is the most popular trading platform for forex at present, using the latest design and technology. It is easy to use, efficient with fast trade execution. The developers Metaquotes are always innovating to add new features. It has multiple tools for market analysis especially several dozens of inbuilt technical indicators. The expert advisor’s modules make an evaluation, design, and implementation of automated systems for trading possible.

cTrader: This electronic trading platform of ICmarkets is suitable for precious metals and forex. Customers get a lot of liquidity with this platform which features thirteen stock indices, up to 64 currency pairs with streaming prices from banks worldwide. It has very spread from 0.0 pips for most of the major forex pairs. There are also no trading restrictions, so traders can link, trade with liquid traders worldwide.

Metatrader 5: This popularity of the trading platform is increasing since it is an improved version of Metatrader 4 from Metaquotes, with access to more markets for trading and additional features to make trading, investing easier.

IC Markets Review

IC Market is an Australian broker, founded in 2007, and by now has already become very popular as a broker. It launched the retail foreign exchange division only in 2010, while in the meantime, they were doing on the development of their business structure.

This broker works on the MetaTrader 4 and cTrader platforms. It has liquidity from 50 providers, among which are top banks and leading brokers. For the reason of good liquidity, IC Markets can spread about 0,1 pips on the prime currency pairs, and therefore gives ideal conditions for high-frequency scalpers and traders. They will upgrade from MetaTrader4 to MetaTrader 5 in the near future, as the team has already been working on implementing the new platform.
The IC Markets is aiming to smaller traders, as they put a minimum deposit of 200 USD on the MetaTrader4 platform, and on cTrader, the minimum deposit is 1,000.00 USD.

IC Market does not offer bonuses. Many share the opinion that having bonuses might be an advertisement for a broker, but it mainly is nothing in favor to user. It usually has a catch written in small letters that by taking a bonus, you must give more than you get, or to get a bonus of a dollar, you must trade there for a year, with millions of transactions per day, etc. so by having no bonuses, clients have no worry that their “extra” money would be impossible to withdraw.
IC Market has lately been focusing on Asian markets, they have Chinese and Japanese websites, they are trading with Russian and Chinese currencies.

This forex broker offers nice education videos. For example, see How to Hedge an Order in MetaTrader 4 :

Main Forex websites give good reviews by clients. Considering IC Markets 4 operational years of existence, they have many reviews, which means that they have plenty of clients, which again means that they earned trust and confidence by doing good work. It is worth noting that Forex administrator points put that there are unusually plenty of reviews, which is explained by IC Markets as they ask their clients to leave comments if they are satisfied with the services. Minor numbers of comments reflect technical bugs.

Users are generally happy with the IC Markets, and no reports of manipulation with prices, nobody complained about withdrawal issues yet so far, and no reports on unfair broker conducting were posted by users.
The fact that users leave lots of reviews, of which most are very positive, only shows that marketing by IC Markets is strong and that they put much effort into it. That is a sign of a serious business in general, and as they manage to keep clients satisfied, it shows that they stand behind their words.

Another indicator of IC Market’s seriousness is that they offer a platform that is made mainly for ECN trading – cTrader, and MetaTrader4, a platform possible to be used with a lot of success in ECN trading. And, very important, they are very transparent about their liquidity providers and their technology. Good conditions for the traders are provided with what they
offer.

This forex broker is excellent because it offers tight spreads and excellent PAMM and MAMM accounts. See youtube video about MAMM Manager accounts functions: