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IC markets Account Verification Procedure

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.

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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.

XM Deposit and Withdrawal Methods

by Fxigor

Xm.com broker review
XM is one of the leading foreign exchange (forex) brokers in the world, and millions of traders worldwide are using XM for forex trading. Many of these forex traders are investing large amounts of money for forex trading and would like to find out the XM deposit and withdrawal methods so that they can make a decision accordingly. One of the factors affecting the choice of the deposit or withdrawal method is the country in which the trader is residing. In each country, some payment/withdrawal methods are popular due to a number of factors, and the trader will usually use that method since the fees will be less. Unless specified the currencies for the deposit and withdrawal methods are USD, EUR, GBP, CHF, HUF, PLN, AUD. Some of the deposit/withdrawal methods for XM are discussed below.

XM Deposit and Withdrawal Methods are online payment methods that XM forex broker allows for traders. XM.com deposit and withdrawal methods are Credit card, debit card, Neteller, Skrill, UnionPay, Bank Wire.

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XM deposit methods

Credit/debit card

XM accepts deposits using credit and debit cards from Visa, Visa Electron, Mastercard, Maestro. The minimum deposit amount is $5, and the amount is immediately credited to the forex account of the user. There are no fees for using this deposit method. Since most people have a debit or credit card, this deposit method is widely preferred. However, most credit and debit cards have a limit, so the amount which can be deposited is also limited.

Electronic payment

All the electronic payment methods have no fees and a minimum deposit of $5. Neteller, Skrill, and Unionpay are some of the electronic payment methods. For Neteller and Skrill, the amount is credited to the forex account immediately, while for Union pay, the deposit will be processed within 24 hours. Cash only accepts USD deposits and Przelewy24 accepts PLN deposits, and the amount is instantly credited to the forex account. For Bitcoin, deposits in only three currencies USD, EUR, JPY are accepted, and it may take up to one hour for the payment to get processed.

Banking

For Sofort Banking, deposits are only accepted in Eur & GBP. Though the minimum amount is $5, and there are no fees, the processing time for the deposit will vary depending on the country. For conventional Bank transfer of deposit amount in the forex account, at least two hundred USD or equivalent will have to be deposited in the forex account at a time. The fees depend on the bank which is used. The amount deposited in the bank account will be credited to the forex account within two to five business days.

Withdrawal requirement

If a user wishes to withdraw his money from the XM account, they will have to provide the Know Your Customer (KYC) documents which are specified. These documents are necessary to prevent money laundering according to the requirement of the various regulatory bodies in different countries. XM has an online and offline form where personal information and background details of the customer have to be provided. This information will help XM in providing better service to their customers.

Compared to deposits, there are fewer withdrawal methods which are discussed below. Unless specified the XM user will have to withdraw at least five USD at a time and there are no fees for withdrawal. The processing time for the withdrawal request is usually 24 hours on working days if the customer has completed the KYC requirements and submitted the documents required. These documents are the identity proof and proof of address of the trader. However, the amount will be credited to the linked bank account usually only after three to five business working days.

Credit cards and electronic payment

Visa, Visa electron credit and debit cards, Maestro and Mastercard credit cards can be used for withdrawing funds. Unionpay is another option for fund withdrawal. Similarly, Skrill ( earlier called Moneybookers) and Neteller are electronic payment methods used for fund withdrawal. Bitcoin can also be used for withdrawing the money in the XM account, though funds can be only withdrawn in USD, EUR, and JPY. Usually, credit/debit card withdrawals are given top priority by XM, followed by Bitcoin withdrawals and Neteller/Skrill (e-wallet) withdrawals.

Bank wire transfer

Many of the forex traders are trading in large amounts, and they prefer to make bank wire transfers to withdraw their profit.

The smallest amount permitted for making a withdrawal to a bank account is two hundred dollars. The fees for withdrawal will vary based on the bank selected by the trader. The amount is usually credited to the bank account two to five business days after the withdrawal request is made. XM may process the bank withdrawal requests more slowly.

Fund safety

To keep the funds of their clients the forex traders safe, XM is taking all measures to prevent unauthorized access of their information systems. All the funds of their clients are segregated and kept with the most reputed banks worldwide. Additionally, XM is also offering negative balance protection to their clients. XM has a risk management system implemented which will ensure that the loss of the trader will be limited to the amount deposited with XM only.

Forex trading without any deposit

Many people are interested in forex trading, yet do not have the money to take the risk. However, it is still possible to get some experience in forex trading without making a deposit

No deposit bonus

To encourage people who are curious about forex trading, XM is offering a $30 no deposit bonus to all those who create a new account with XM. This allows the new trader to take the risk of trading without risking his own money. The amount is directly credited to the live trading account and helps the trader understand market conditions

Demo account

XM also allows new traders to create a demo or virtual account to trade in forex with virtual money. For each account that has been created, the trader will be given $50,000 in virtual money, which he can use for trading, becoming familiar with the features, and testing strategies. A trader can create any number of demo accounts, to practice trading. If the demo account is inactive for a long period, it will be deleted immediately.

LMFX Review

June 7, 2020 by Fxigor

For the first time, we decide to write about a nonregulated broker…

LMFX is nonregulated forex broker formed in the year 2008, the online broking company LMFX offers services in trading for institutional as well as trading clients worldwide. In the Forex trading, LMFX has a goal of offering its clients with highly competitive conditions for trading to CFD, forex, indices, and commodities.

With LMFX traders get comprehensive types of desktop and mobile MT4 platforms. However, it also lacks research, regulation along with customer service.

LMFX also offers competitions in trading, where the clients trade for winning exciting prizes along with high leverages.

Overall, the broker gets low scores across the board instead of the competitors in the market. So, what are the benefits and disadvantages of LMFX?

PROS

* More than 10,000 traders worldwide
* Only $50 minimum deposit required
* Tradable and good varieties of assets available
* A new and young company formed in 2009

CONS

* Poor customer support
* Unregulated
* Hedging not allowed

IS THE LMFX REGULATED?

The broker isn’t regulated through government-owned agencies but this is operated through Global Trade Partners Ltd. Well, the Global Trade Partners Ltd has been registered in the Republic of Macedonia.

LMFX claims that it strictly follows the regulations and laws in the country. According to them, this is beneficial for the traders as it allows them for providing high leverage which is more than 1:1000 with the Premium Account.

Also, the broker has thorough policies for Anti-Money Laundering with Segregated Accounts.

According to LMFX traders, funds can be sent to the individual accounts of clients holding separate pool funds for company funds.

Brokers go on the state meaning that accounts get segregated, and LMRX no longer offers services to all its clients. Also, client fund will get returned as they’ll get accounted for correctly before trading activities get terminated.

In case when LMFX gets liquidated, then brokers say “all designated funds as the funds of clients, and are held in client accounts, get returned to clients as per funds that were held by the company, minus all costs related to distribution and administration of all these funds.”

However, issues with all these statements would be that LMFX remains unregulated – which leaves no way for ensuring that all procedures are intact and in fact will happen provided the occurring situations.

Again, now to be specific and quite clear in answering the vital question of whether the LMFX is regulated or not? The answer here is no.

Being unregulated, it is advised for traders to exercise caution, mainly while dealing with any offshore unregulated broker. The protections investors have gone through the regulations don’t apply for unregulated brokers such as LMFX.

DIFFERENT LMFX ACCOUNTS AND THEIR FEES

LMFX FEE

The fees would differ based on account type with present market conditions. Also, broker charges commission with various other fees such as:

* The LMFX charges fees for inactivity
* Withdrawal fees would vary depending on the method of your payment
* A deposit fee is charged by LMFX
* Commission is charged for CFD shares
* Variable and Fixed Spread

LMFX provides both variable and fixed spreads but these are subjected to change. It means that either it can be 0 pips, or also might be more than 25 pips.

The fixed spread can be a lot high depending on the volatility of the market.

TYPES OF LMFX ACCOUNTS

Different flexible accounts are meant to suit the styles and requirements of different traders. Clients select between the premium of brokers, fixed and zero accounts with varying spreads leverage, and commissions with various differences that get outlined below.

Traders also open LMFX demo accounts for getting the feel for conditions and trading markets online. A lot of experienced traders can test the strategies and also experience trading platform without paying any cost.

With Demo Account you get:

* Trading from the selected platform
* Enable strategies and EA testing
* Close real market condition replicas
* Unlimited usage

The newly added customers require registering firstly with LMFX, and the existing clients are able to login their Wallet while opening a trading account through there.

PREMIUM ACCOUNT

A minimum $50 deposit is required for maintaining a premium account with its variable spreads beginning from 1 pip without any charged commission.

The minimum lot is 0.01 with a maximum total trading size is of 60. Leverage more than 1:1000 is available on such type of account.

The premium account is with a minimum size of trading at 0.01 lots with a $50 deposit. Clients can trade until 60 lots with a single trade. This also offers offerings for the flexible bonus with an account manager.

FIXED ACCOUNT

The fixed account of LMFX suits Expert Advisors and work fine with the fixed spreads. The minimum lot is 0.01, with 75 as maximum trading size, and this requires a minimum $250 deposit. The account also has the leverage of more than 1:400.

Also, a fixed account provides a Personal Account Manager with bonus offerings.

WHY IS LMFX RECOMMENDED?

LMFX is available with MetaTrader 4, available on Apple, Android, and Desktop devices. The MT4 platform has been popular among traders with an intuitive interface with great features. The MT4 lets you view instruments for trading while getting market quotes and loading charts.

The platform has more than 50 technical indicators allowing users in analyzing charts with the capability to create customized indicators. Traders also can set alerts with the various order types which are not supported.

The broker also provides an economic calendar.

TRADABLE ASSETS

The tradable assets are the best feature by LMFX. In total 161 trading tools are available with LMFX. The market has commodities, Forex, shares, oils, indices and metals.

IN WHAT AREAS IT CAN IMPROVE?

CUSTOMER SUPPORT

The Support for LMFX is not quite helpful, and it doesn’t help much for answering anything that is asked, and it mostly only links to the pages and mentions finding information by yourself.

The customer support team reaches you on the live chat available for five days a week and 24 hours a day.

Live chat isn’t of much help! Response from email support can take around a few hours or an entire week. Although the phone support is prompt.

EDUCATION

With LMFX clients get to know about some fundamentals. You get a few video tutorials, with beginner courses for trading along with the Metatrader4 course. Overall, the video course quality is standard and not much exciting, and there is plenty of scope for improvement.

WITHDRAWING MONEY THROUGH LMFX

After making $50 deposits, new traders have to sign up for a demo account for practicing before they sign up.

You’ll be asked questions regarding your trading experience which can take around 5 to 10 minutes. While you can start exploring the platform right at the moment, you’ll not make trades prior to approval, which takes about 3 working days based on individual circumstances.

FINAL THOUGHTS

Traders get nice tradable asset selection like CFDs assets, Forex, commodities, etc. Also, it does well to offer traders with account type selections for meeting different requirements.

Customer service is overall fine, but not too handy for new traders on platform or people trying to know more about the company before signing up.

Most importantly, with the LMFX REVIEW we come to know that it isn’t regulated and even while having segregating accounts, no way is there for making sure that you’re covered in high-risk situations because of the lack in regulation. Thus, new traders are cautioned for investments involving high risk.

DFSA Regulated Forex Brokers

by Fxigor

Dubai is one of the most populated cities in the UAE (United Arab Emirates). It is also one of the richest and has become a global hub for business in the Middle East. Most of the revenue comes from real estate, tourism, aviation, and financial services. This is one of the main reasons why it has become the home for the richest traders in the world. Since the main religion followed over there is Islam, there are present several religious rules and regulations that businessmen need to follow. Forex brokers have to adhere to the Sharia system of rules that satisfies various beliefs in Islam.

In this article, we will talk about DFSA.

Dubai Financial Services Authority (DFSA) is an organization that deals with regulations for the forex companies present in Dubai. It oversees the activities related to finance in that zone and strives to provide services in accordance with international standards. The DFSA regulates all financial services in the DIFC zone such as:
* Insurance
* Securities
* Trading in futures commodities
* Banking and Credit services
* Islamic Finances
* International equity exchange
* Custody and trust services
* Management of asset
* Companies for collective investment
* Exchange for international commodities and derivatives

All the trades related to Forex, stock, equities, and other financial instruments are regulated by an independent body called the DIFC (Dubai International Financial Centre). The center comprises 110 acres of the compound in the city which is free from the financial rules of the Dubai government. It has its very own court system and laws which is completely different from the rest of the city. It has its very own jurisdiction for commercial, civil, trust, corporate, security laws, and employment matters. A body called the DFSA(Dubai Financial Services Authority) is at the apex of this organization. This

When you are looking for DFSA regulated forex brokers, it is advisable to seek the services present in the DIFC. The DFSA regulations ensure that you place your trust in a legitimate booking service and there will be various ways to address your concerns if the need for any arises. When at first the DIFC was introduced, only brokers dealing in professional clients were able to operate. $1 million liquid assets were a requirement and brokers were also subjected to retail endorsement in case of retail clients. The increasing demand in Forex trading allowed the DFSA to revamp their regulations, making it much easier for different brokers to operate. A DFSA regulated broker can help you with

* Provide you with the latest news in regulations
* Enable you to understand basics in investing
* Provide anti scamming advice to consumers
* Provide information related to regulated firms
* Providing advice on complaint and dispute resolution

The above information provides an insight into the financial regulations of Dubai forex traders in accordance with DFSA. Choosing a DFSA certified one will definitely help to safeguard one’s investment. Picking a broker which is unregulated will put you in a position of losing all your capital. Forex trading is a risky business. Hence it is advisable to seek the services of a reputed DFSA forex broker in order to ensure financial stability.

1. Hotforex DFSA Regulated forex broker
HF Markets (DIFC) Ltd is authorized and regulated by the Dubai Financial Services Authority (DFSA) under license number F004885.

2. Fxpro DFSA regulated broker
Fxpro is registered with license F003333.

The Best Islamic Forex Broker

by Fxigor

How Does Islamic Trading Account Work?

Sharia law or Islamic law is applicable for Muslims and prohibits them from earning any interest on the money they invest or keep in a bank. Since many Muslims are interested in investing in Forex, some brokers are now offering Islamic forex accounts that comply with sharia law. In this Islamic account, forex trading without interest is possible and it is also called a no riba forex account. The broker is considered Sharia-compliant, if he does not charge the trader, or does not pay the trader the standard interest on open forex trades.

There are a large number of forex brokers who offer a special type of account in which there are no interest payments or charges. This can affect the cost of the trading for the forex trader since typically the forex broker will make a profit from the interest payment from a trade account. In some cases to compensate for the loss of the interest income, the broker may charge spreads or commissions for the Islamic account which are slightly higher. However, since forex brokers are interested in increasing their market share in Islamic countries, they often do not charger higher commissions on forex accounts. So forex traders benefit from opening an Islamic account.

Using an Islamic account will affect the cost of trading. The forex trader will find it is easy to adopt a trading style which is long term, especially if the trader is following the trends. There is no additional cost involved in waiting for a longer time so that the trade will make the maximum profit since the trader does not have to pay any kind of interest. In most cases, an Islamic account does not have any additional restrictions on the trades which can be made. It has been noticed that a few forex brokers are known to force forex traders to close the trades opened for a long term in an Islamic account after a specified period. Hence before opening the Islamic account, it is advisable to check the broker’s rules for the closure of long term trades

1. Hotforex Islamic account

One of the best Islamic forex brokers is Hfmarkets or Hotforex. They offer special Islamic accounts which do not incur swap or rollover charges for holding positions overnight. Spreads are from 1 pip and account can be in USD currency or EUR currency.

2. IC Markets Islamic account

If you’re a Muslim who is searching for the best available trading account in the Islamic world, then IC Markets is the ideal account for you.

According to Islamic customers, charging or receiving interest isn’t allowed. For catering to large global Islamic finance demand where the interest isn’t part of the business model of a broker, IC Markets are good for offering trading account with the swap-free choice.

The IC Markets swap-free Islamic forex accounts, ensure that rather than paying the interest, clients get billed at the flat rate fee for financing. Whether you’re looking to trade on indices markets, commodities or forex, you’ll remain assured that you won’t need to pay any interest on Islamic account with IC Markets.

With IC Markets swap-free forex trading becomes quite simple for the clients. This lets you change both the Standard account and Raw Spread Types for swapping free. It means that you’re simply able to trade on the MetaTrader 4 (MT 4), web trader or MetaTrader 5 (MT5), and also cTrader platform through IC Markets trading account.

Holding periods and rates are subjected to change and reflect high-risk conditions in the market at a particular time.

With IC Markets you get some best conditions for trading with ASIC regulated brokers. Thus, clients get assured that all their trades get locked through state of art infrastructure set up for trading.

* Minimum deposit of $200
* Allows bank transfers, credit cards, and PayPal
* Has over 60, 000 users.
* Has demo, mini, standard, zero spread, raw spread, and Islamic accounts.
* Variable spreads.
* Supports several platforms.
* Only offers email support

3. AvaTrade Islamic account

The global forex trading giant Avatrade has its own Islamic account for trading living up to the reputation of the company. After offering clients with the trading options on the fixed spreads, they always make sure that they’re able to work accordingly to all strategies.

Avatrade’s company ethos respects the beliefs of their clients and therefore ensure correct Islamic regulations are followed.

After opening a standard account, the account manager helps you in changing to a swap-free trading account while ensuring that the trading account remains compliant with the Sharia law. Islamic account requests are generally processed in one or two business days.

* Minimum deposit of $250
* All payment options
* Over 200,000 users.
* Offers a demo, mini, micro, standard, and Islamic account.
* Both fixed and variable spreads.
* Supported by all trading platforms
* Has both live, phone, and email support.

4. OctaFX Islamic account

* Minimum balance of $5
* No Paypal
* Over 30,000 users.
* Provides dem,o, micro, mini, standard, zero spread, and Islamic accounts.
* Variable spreads.
* Offers no live customer support.
* Supports mobile apps.

CONCLUSION

We have looked at some of the viable options you can use for Islamic forex trading. Make sure that consider all the factors and specs we looked at before settling on one.

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