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.
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
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.